Tag Archives: eurozone

Greece is at risk of not getting some 750 million euros next month that it won under a debt relief deal with the euro zone last year because it has not completed agreed reforms, euro zone officials told Reuters on Monday. The money is part of about 4.8 billion euros …

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Long time not heard. The magic word that causes hair-raising and spine-chilling to million of Greeks: GREXIT. A Canadian rating agency said on Monday it considers Greece runs a “moderate” risk of exiting the eurozone. Canadian international ratings agency DBRS warned in its report that while the other 18 eurozone …

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Belgium will pay a total of 221.8 million euros to Greece in the context of profit central banks made from Greek bonds, Belgian business newspaper L ‘Echo reports. The money is from the ECB and EZ central banks Security Markets Program. “In the midst of a crisis, the European Central …

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Price hikes in food, fuel, services and other essential goods drove the annual inflation rate in Greece to 1.0 percent in June 2018, from 0.8 percent in May, the Greek Statistics Authority and the Eurostat that uses the ELSTAT data said. According to ELSTAT statement, inflation rate rose 1% between …

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German Chancellor Angela Merkel and French Emmanuel Macron agreed on Tuesday to create a budget for the euro zone. They met at Meseberg by Berlin  and agreed also on some other EU reforms like reducing the number of EU Commissioners and take again steps on the migration crisis. The meeting, …

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All lights ‘set on green’ for end to Greek bailout, said Luxembourg finance minister, Pierre Gramegna, on Friday. Gramegna is one of 19 euro zone finance ministers who will meet next month to hammer out what Greece hopes will be a post-exit plan for substantial debt relief following eight years of …

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Greece recorded the lowest growth rate in 2017 among the EU member-states, according to the  annual report of the European Central Bank released  on Monday. The Greek GDP amounted to 1.4%, compared with a 2.3% average in the eurozone, while Ireland’s figure stood at 5%. According to the report, the …

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The European Commission unveiled its vision of a rebooted eurozone, including the creation of a European version of the IMF. The European Monetary Fund should be created by 2019. The European Commission unveiled its vision of a rebooted eurozone on Wednesday, including the creation of a European version of the …

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It was the first Eurogroup meeting without Greece being on the agenda and the last Eurogroup meeting for outgoing German finance Minister Wolfgang Schaeuble. End of an era. End of the Schaeuble era. His colleagues paid tribute to the longest serving member. They signed on an European Union flag and …

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The leader of Germany’s pro-business Free Democrats (FDP), a possible junior partner in Chancellor Angela Merkel’s next coalition government, has called for a tougher stance on fiscal and euro zone policy – without so far claiming the finance ministry. Merkel is trying to form a three-way coalition with the FDP …

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The President of the European Commission, Jean-Claude Juncker revealed his vision of a European Union in full integration. In his speech about the State of the EU 2017,  Juncker called to speed up the EU integration. His speech at the European Parliament lasted more than one hour. Below some quotes …

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German Chancellor Angela Merkel considers that the situation in Greece of strict austerity, bailout agreements and income decreases “is in a much better state than a year ago.” She also expressed confidence that when Greece implements the outstanding 100+1 austerity measures of the third bailout agreement and its revisions  “more …

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European Commission President Jean-Claude Juncker has claimed he “fought hard” in 2015 to prevent Greece being expelled from the single currency, and ensure the stability of the economically ravaged country. Greek society may beg to greatly differ. In an interview with Politico.eu, Juncker claimed he stuck up for Greece against stiff opposition …

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Greek Economics Minister Dimitris Papadimitriou has accused German Finance Minister Wolfgang Schaeuble of being “dishonest” by blocking debt relief for Greece despite his acknowledgement that Athens has implemented significant reforms. Papadimitriou told German newspaper Die Welt in an interview published on Thursday that Schaeuble first had acknowledged that Greece had …

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“Poor Alexis Tsipras”,  “Greece’s debt relief is hostage to Berlin’s elections politics”, “Greece is Germany’s de facto colony.” Based on an interview with Polish Foreign Minister Witold Waszczykowski, where he explains why Poland does not want to join the Eurozone, Politico EU writes, among others: From the beginning of the …

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Opponents of Greek debt relief claim there will be an extra financial burden on Eurozone member states and their taxpayers. This is not true, says Eric Dor, Director of Economic Studies at IESEG School of Management in Lille, France. Below Eric Dor’s position Why a lengthening of the maturities of …

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The Eurogroup meeting on Monday was another disgrace for the 18 eurozone finance ministers. According to reports by Brussels correspondents, German finance minister Wolfgang Schaeuble spent hours of discussing with Poul Thomsen, the Europe representative of the International Monetary Fund, on the Greek issue. Behind closed doors. The rest of …

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From Monday afternoon till Tuesday dawn of Tuesday, Greek government and creditors’ representatives sat in Hilton hotel for the fine touch on outstanding issues. The results is an additional austerity measures package without extra financing. This practically means a two-year extension of the bailout agreement Greece and the European creditors …

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European Commission President Jean-Claude Juncker urged euro zone countries to draw up more debt relief measures for Greece next month. He said that Athens needed help after making “huge progress” in its economic reforms. “Further pension cuts is a bad advice,” Juncker said. In an interview to Greek economic news …

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What is happening to Europe of austerity? Difficult to explain. Cheshire Cat has a post about it. Calvinomics  I have given up using economics to explain the rationality behind what happens in Europe. ‘European values’, as represented by every treaty since Maastricht 1992, are the rules and order of ordoliberalism. …

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