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Tag Archives: default

German FinMIn: Greece’s 6th Tranche Decision on Oct 13th

German Finance Minister Wolfgang Schaeuble decided on his own when the Eurogroup meeting will take place and take decisions about Greece’s sixth tranche! According to German DIE ZEIT online, Schaeuble said: “Greece’s 6th tranche will be decided during Eurogroup’s Oct 13 extra meeting. It will be paid only if conditions are …

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Q&A: How Will a 50% Greek “Haircut” Affect Our Lives?

The rumors and the scenarios about a 50% ” Haircut” of the Greek debt and an “orderly default” , call it also “controlled bankruptcy”, keep whirling around the heads of ten million Greeks causing increased uncertainty and depression. With the tax hikes and the income decreases, the Greek household have already …

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Guest Post: Greece will Default But at What Conditions & Consequences?

Greece’s Finance Minister Evangelos Venizelos’s meetings in Washington last night were ‘celebrated’ here with missals (“Not Debt Restructure” Greek press) and flourish promises. Greek Fin Min told Greek media that the Troika will come back to Athens, the 6th bailout tranche will be released and Greece will meet all its …

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BBC: Road Map of Greece’s Debt Crisis Odyssey

BBC has published a road map of Greece’s debt crisis odyssey. The graph tree based on questions with Yes and No concludes in gloomy perspectives like Moral Hazard, Political Turmoil, Global Meltdown  and Depression. Even the “Pyrrhic Victory” should the government renegotiate its debts would lead to a banks collapse. …

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50% Greek “Haircut” or German Rescue Plan with “Treuhand”?

While the scenarios over the weekend claim a Greek haircut of 50% and the most odious preconditions with more austerity measures and the Troika be seated in Athens for a decade,  Greek Finance Minister EvangelosVenizelos meets with German Finance Minister Wolfgang Schaeuble in Washington. Tomorrow he will hold meetings with IMF-Chief Christine …

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New Greek Patriotic Doctrine: “Pay or Argentina!”

 That the majority of Greeks and their elected politicians live in parallel universes is not a secret. The deeper the crisis, the wider the gap. Then while the citizens struggle to cope with a tsunami of taxes, levies and high prices, the politicians think that the crisis in not here …

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Can the New Austerity Measures Prevent a Greek Default?

There must be “something rotten in the state” of… Greece. While austerity measures drain the Greeks, freeze the market and deepen the recession, the government seems unable to take control of its expenses or to raise revenues due to … the recession. The State Deficit amounts  to €18,086 million in January-August 2011, …

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Greek FinMin: We Are Lucky To Be Under International Control

This unbelievable sentence was worded by Greek Finance Minister Evangelos Venizelos on Wednesday morning while he was informing the parliament about his talks with the Troika on Tuesday night and stressing the need of new austerity measures. In a speech sprinkled with dramatic tones, Venizelos spoke of  “absolute fiscal derailment” …

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Was Greek Austerity ….For Fun so far?

Austerity measures imposed to Greeks in the late months were not enough. They were not serious either. Greek Finance Minister Evangelos Venizelos said under the pressure of Greece’s lenders to tight fiscal discipline said yesterday: “The measures must be serious, definitive and concrete.” A semantic interpretation shot in many people’s heads. That …

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Greece at Knife’s Edge – Claims, Rumors & Scenarios

The developments in Greece are dramatic and the tension has been extremely high in the last hours, after Prime Minister George Papandreou decided to cancelhis visit to USA and this in the middle of the road. He was flying Athens-Washington via London and he was in the British capital when he spoke …

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EU Under TinFoilHat-Protection: No Greek Default, No Euro Exit

Europeans send reassuring messages just hours before the critical teleconference between Papandreou, Merkel and Sarkozy and hours after  Kassandra’s bombshells heralding Greek default and pushing for exit from the euro zone.   EU economic and monetary affairs Commissioner Olli Rehn said on Wednesday morning: “A Greek default or euro exit would carry …

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Greek PM Fevers Ahead Talks with Merkel-Sarkozy on Sept 14

Feverish meetings were held in the office of Greece’s prime ministers’ office on Tuesday ahead the teleconference of George Papandreou and German Chancellor Angela Merkel and French President Nicolas Sarkozy on Wednesday, Sept 14th 2011. The meeting with top economists of the country were made under the specter of an …

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German Experts Warn of Greek Default, orderly or not…

The situation is critical. There is immense pressure on Greece to stick to the reforms it has agreed upon with its lenders. The weekend was a horror for the markets  only due to ‘alleged  bankruptcy rumors’ and a nightmare for Greeks due to the new property levy, the sixth in …

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Greece State Deficit Out of Control

 This country makes me really wonder. After a series of taxes imposed to everything that stands, flies, crowls or swims the State Budget managed again to be in red, a nice hole of -4.586 billion euros for the execution of state budget during January-August 2011.  How do they do it??? From the …

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Greece Denies Alleged Default, Germany Denies “Plan B”

Athens denied claims that Greece is going to default over the weekend. “It is not the first time that such a organized wave of ‘rumors’ about an alleged default apprear. This is a bad game and an organized speculation directed against the euro and the euro zone as a whole” Finance Minister …

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Greece Able to Pay only Salaries & Pensions

Does the Greek state owe you money? You’d better forget about the payment – I hope for the time being… Then Greece apparently faces shortage of funds, the possibility of the 6th bailout tranche ( eight billion euro) is in the air, and national media reported recently that Greece has money until …

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Banking Source Reveals 8 Points of Eurozone ‘Greek Deal’

Greek private television ALTER named 8 points from the plan currently under discussion at the Eurozone Summit for the solution of the Greek debt crisis. ALTER cited a Greek high rank official from the banking sector, who spoke under conditions of anonymity. The rescue plan for Greece includes among others: 1) …

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Greece – Euro Zone Summit

With eyes turned to Euro Zone Summit and holding their breath Greeks monitor the overwhelming developments in Brussels, lurk for the slightest official or off the record comment that could hind or imply a positive or negative development for the Greek debt crisis. The aim is to reduce the massive Greek debt, to help …

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Merkel puts Papandreou Under Pressure

German Chancellor Angela Merkel has undeniably a new hobby: playing with the nerves of the EU and particularly with the nerves of the Greek prime minister. Of course, in Greece we have a particular expression, it starts with ‘balls’ and ends with ‘breaker’ but it would be too rude to write it down here …

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