Greek banks dodge disaster after a last minute loan from Europe July 20, 2015 Greece averted further financial ruin yesterday after meeting a major €4.2bn (£2.9bn) payment to the European Central Bank (ECB), made possible by a loan from the EU. If Greece had missed it, the ECB was expected to completely cut off emergency lending to Greek banks, which economists said would be “D-day” for the banking system. [...]
French bull run enters 10th day as Greek agreement lifts markets July 20, 2015 French stocks climbed for the 10th consecutive day yesterday. The Cac 40, a basket of stocks of the 40 biggest companies listed on the main Paris stock exchange, rose 0.35 per cent yesterday. But since 7 July it has climbed 11.68 per cent. A rise over the last 10 days during which markets were open [...]
How the Eurozone could survive without building a European super state July 20, 2015 When the euro was adopted, British sceptics argued that it was impossible to have a single currency without a single country. They suggested that you need central control of fiscal policy to stop governments from borrowing too much. It was also argued that you would need huge fiscal transfers to depressed countries given that they [...]
International Monetary Fund and European Central Bank confirm Greece payment July 20, 2015 Greece has paid off its arrears to the International Monetary Fund (IMF) and the European Central Bank (ECB) today after it became the proud recipient of a €7.16bn (£5bn) emergency bridging loan from the European Union today. European markets clised slightly higher, with the FTSE 100 closing 0.2 per cent up, Dax 0.53 per cent [...]
Angela Merkel calls for action on Greek banking rules as lenders reopen July 19, 2015 Greek banks opened again today after a three-week closure, as European politicians try to restore trust inside and outside of Greece after it narrowly avoided bankruptcy with a last-minute financial reforms deal last week. German Chancellor Angela Merkel called for swift aid talks so that Athens can also lift withdrawal limits, which were previously set [...]
Greek crisis: Government orders banks to re-open Monday as Alexis Tsipras reshuffles cabinet July 18, 2015 The Greek government has ordered the cash-strapped country's banks to re-open on Monday ahead of talks regarding a third bailout deal. It will also mean the Greek people can withdraw a maximum of €420 (£291) a week, in place of the stricter limit of €60 a day currently in place. Greece was forced to close [...]
Former Greek finance minister Yanis Varoufakis says that Greek reforms are going to fail July 18, 2015 Former Greek finance minister Yanis Varoufakis has said that the economic reforms Greece has signed up to are "going to fail" ahead of talks on a third bailout for the cash-strapped country. He told the BBC that the medicine administered to the Greek economy by its so-called "troika" of creditors – the European Union, the European Central [...]
Greek debt crisis: How are European parliaments voting? July 17, 2015 Greece needs a third bailout deal, and this week it had a vote which may have thrown up more trouble than calm for Alexis Tsipras, as many of his party defected and voted against the measures. Germany, France, Finland and Austria also had lengthy debates and votes this week, all voting heavily in favour of [...]
Greek debt crisis: German MPs vote in favour of negotiating third bailout deal with Greece July 17, 2015 It’s Chancellor Angela Merkel’s birthday, and to celebrate the German parliament has voted in favour of starting negotiations with Greece for a third bailout deal. There was a clear majority in the Bundestag with 439 voting in favour against 119 votes against. 40 lawmakers abstained. Merkel, who has been a tough negotiator previously, was urging [...]
IMF’s Christine Lagarde says Greek plan not viable without debt reduction July 17, 2015 IMF chief Christine Lagarde has said that the deal between Greece and its creditors will be "categorically" impossible without some form of debt relief. "The answer is quite categorically not," she said in response to questions on the viability of the €86bn (£59.8bn) three-year aid package on France's Europe1 radio station. Lagarde added any debt [...]