Tag Archives: Grexit

Delia Velculescu, the new representative of International Monetary Fund in Greece, arrived in Athens Thursday afternoon with her luggage full of austerity measures: cuts in main and supplementary pensions, cuts in civil servants’ wages, ‘cuts’ in early retirement. Velculescu will start her meetings with Greece’s financial ministry team to whom …

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The impact of a possible Grexit for the Greek economy and society has been outlined in a study conducted by consultancy firm Ernst & Young in cooperation with Oxford Economics. “The study was launched in March 2015 and completed end of May 2015. The purpose was to provide information to …

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What if the Brussels Agreement was adopted by the Greek government and the Parliament. The fear-mongering against the Greeks continue. After the creditors tried everything in this direction, after we critical observers thought we had seen everything… surprise! Another card was pulled out: tanks in the streets of Athens. An …

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In her euro-hegemonic role Germany failed to properly handle the Greek Crisis. What economics have been whispering among themselves after the scandalous Brussels Agreement of July 13th is now on the public discussion. One of IMF’s former European bailouts official, Ashoka Mody made it very clear in his article on …

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German Finance Minister Wolfgang Schaeuble goes to bed and wakes up with only one fixed idea in his mind: Grexit. He will never stop undermining the Greek deal, claiming that a debt relief within the Eurozone was not possible, but only possible with a temporary Grexit. Speaking to German radio …

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Prime Minister Alexis Tsipras was interviewed by state ERT TV on Tuesday evening. It was his first interview after the Brussels agreement on Monday morning with the Euro leaders. Below I copy paste my tweets with Tsipras’ answers to journalists’ questions. Tsipras’ answers: Schaeuble told Varoufakis in March, tell your …

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Former Finance Minister Yanis Varoufakis had a plan: once the ECB forced Greece’s banks to close, he could act unilaterally and 1. issue IOUs 2. apply a ‘haircut’ to the Greek bonds issued to the ECB in 2012, 3. reducing Greece’s debt and 4. seize control of the Bank of …

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Slightly touched and with the signs of a negotiations marathon, Prime Minister Alexis Tsipras described the agreement as “the best possible outcome” after 6 months of hard negotiations. Speaking to reporters covering the Euro Summit in Brussels, Tsipras “photographed” German Finance Minister Wolfgang Schaeuble describing him as the most extreme …

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After Greek government sent its Proposals to Creditors, now ball is in the court of  Eurozone. Some ‘positive’ signals already came from France and Malta in the sense of “Greek proposals could be basis for negotiations.” And I write this post, there have been no other comments by the rest …

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Euro Leaders agreed to give Greece a chance to submit new proposals by 8:30 a.m. Friday, July 10th. Two days later, a full Summit with all 28 European Union members will take place. A crucial decision will be taken: “to start negotiations for a two-year program,” as Merkel said or …

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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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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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As early as 6 o’clock in the morning the’ technical teams’ sat down and picked up the negotiations thread, the institutions and Greece left down in the early morning hours of Thursday. The midnight meeting between Greek Prime Minister Alexis Tsipras and the creditors ended at 12:30 without positive result. …

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The governor of Central Bank of Greece, Yiannis Stournaras wrote his annual report and forwarded it to the Greek Parliament and Tsipras’ cabinet. In his 141-page report Monetary Policy 2014-2015, the former Finance Minister of Samaras-Venizelos government warned that Greece faces an “uncontrollable crisis”, if a deal cannot be reached …

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The bailout standoff between Greece and its creditors has reached an unprecedented escalation with the default clock ticking. Two weeks before the key €1.5-billion payment to the IMF on June 30th that threatens Athens with a “credit event”, the two sides do not seem able to reach an agreement that …

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In a recent poll conducted by German state broadcaster ZDF program “Political Barometer” 51 percent of the German spoke in favor of a Greek exit form the eurozone. “Only 41 percent said that the country should remain in the euro,” notes magazine Der Spiegel in an article “Half of Germans favor …

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The smiles and hugs and optimism in Brussels on Wednesday. The next day.. the bomb.  The International Monetary Fund delegation left the Greek negotiations “upon a decision of IMF Europe director Poul Thomsen” as Skai TV reported this morning. A little later IMF‘s spokesman Gerry Rice was telling media in …

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Greece leaving the eurozone, dubbed the ‘Grexit’, would be a major blow for the European Union, as it would trigger a domino effect and eat deeply into taxpayers’ pockets, said the Greek Prime Minister Alexis Tsipras “I think it’s obvious. It would be the beginning of the end of the …

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Have you ever wondered what would have been the narrative on Greece had the economic crisis occurred in Before Internet time? The world would have been much quieter even thought one cannot literally claim that the Internet is loud – though it certainly is metaphorically speaking. Greek crisis the without …

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There would be “havoc” if Greece left the euro zone and adopted an alternative currency, Willem Buiter, global chief economist at Citi, told US-network CNBC. “I really think the notion that Greece exits with or without a shadow currency or a proper currency (is ridiculous). Greece has not, historically, been …

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