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1
Jul

Banks opened for Pensioners: Queues, fainting, outrage, chaos

Posted by in Economy, Society

In some bank branch, the first pensioner arrived already short after midnight. The second, half an hour later. The third around 2 in the morning. By 5 am the queues outside the banks in the big cities were already very long. Some pensioners had brought plastic stools and chairs, a […]

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1
Jul

IMF on missing payment: “Greece is now in arrears”

Posted by in Economy

Greece has defaulted on its IMF loan. It is the first Eurozone and the first developed country ever to do so. Below is the IMF’s full  statement on missing payment. Greece is “now in arrears”, not default. At least, not yet… “Greece can only receive IMF financing once the arrears […]

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1
Jul

Happy New Default :)

Posted by in Economy

At o1:00 a.m Greece default to its debts to the International Monetary Fund. According to the procedure, the IMF called Bank of Greece at o01:01 am to ask whether there was some mistake that the €1.6billion was not at the Fund’s account. BoG answered: “it is not a mistake!” Some […]

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30
Jun

Eurogroup rejects Greece’s Program extension, ECB to decide on Wed on ELA, IMF after midnight

Posted by in Economy

+++ Jeroen Dijsselbloem after Eurogroup meeting: “There could not be program extension, it expires tonight. The Greek proposal will be examined after the Referendum.” That was also Germany’s stance, to discuss again on Greece after the Referendum. A Eurogroup meeting via teleconference will be held 12:30 noon BE time (GR […]

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30
Jun

Greece requests ESM-Loan & Program Extension in order to avoid “technical default” – Tsipras’ letter full text

Posted by in Economy

In a letter sent today to Eurogroup head Jeroen Dijsselbloem, Greek Prime Minister Alexis Tsipras requests financial support from the European Stability Mechanism in form of two loans in order to serve Greece’s domestic and external debt and thus for the period of two years 2015-1027. In a two-page letter […]

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30
Jun

Referendum: Creditors hide in ATMs to scaremonger Greeks

Posted by in Very Mix

Referendum YES-supporters will meet Tuesday evening at Syntagma Square outside the Greek Parliament, after NO-supporters organized a huge protest on Monday evening. YES-supporters are backed by opposition parties like New Democracy and a lot of mainstream media journalists. And not only! Some Greeks had a very unpleasant experience Tuesday morning […]

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30
Jun

UPD5 June 30th: Last minute solution? Eurogroup meeting at 7 pm!

Posted by in Economy, Politics

Greece is one minute before 12. Midnight sharp we will not all turn into pumpkins but rather into default, should we believe local and foreign media. As the whole reporting about “Greece’s Doomsday” is strongly influenced by the pro or contra propaganda with regards to Referendum on upcoming Sunday, I […]

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30
Jun

Varoufakis threatens top EU court action to block Grexit

Posted by in Economy

Finance Minister Yanis Varoufakis threatened that Greece can take the EU and the Eurozone (?) to European Court of Justice in order to block a Greek exit from the euro area. “They cannot drive us away from the eurozone,” Varoufakis told UK’s Telegraph.   The Finance Minister said that the […]

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29
Jun

Fitch Downgrades Greek Banks to ‘Restricted Default’ on Capital Controls

Posted by in Economy

Credit ratings agency FITCH downgraded Greek banks to Restricted Default (RD) on Capital Controls imposed on Monday, June 29th 2015. FITCH STATEMENT: “Fitch Ratings has today downgraded Greece-based National Bank of Greece S.A. (NBG), Piraeus Bank, S.A. (Piraeus), Eurobank Ergasias S.A. (Eurobank) and Alpha Bank AE’s (Alpha) Long- and Short-term […]

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29
Jun

S&P downgrades Greece to CCC-, warns of Default and Grexit

Posted by in Economy

Credit ratings agency Standard & Poor’s downgraded Greece from CCC to CCC- and “negative outlook.” Further it warned of Default in 6 Months and put Grexit rates at 50%. S&P downgrade comes the day Athens imposed capital controls and a week-long bank holiday. “We interpret Greece’s decision to hold a […]

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