Tag: Greece

• Tuesday, July 7th 2015 - 07:11 UTC

  New Greek finance minister, Oxford educated but equally hard line

  

  New Greek Finance Minister Euclid Tsakalotos may be less flamboyant than his predecessor Yanis Varoufakis, but his views on his country's debt crisis are no less stridently held. While most commentators appear to agree that Mr Tsakalotos, 55, will be less bombastic than Mr Varoufakis in his dealings with international creditors, some argue that his negotiating stance could even be more hard line.

• Tuesday, July 7th 2015 - 07:01 UTC

  Greek finance minister ousted because he favored a 'parallel currency'

  

  Yanis Varoufakis, who was Greece's finance minister until Monday morning, was reportedly pushed from his job after he told a journalist that Greece could introduce a parallel currency in the weeks ahead. Cash is flooding out of Greek banks at the moment, and the government desperately needs money to make payments due later this month.

• Monday, July 6th 2015 - 07:22 UTC

  “An outright victory of democracy and dignity” said Cristina Fernandez on the Greek vote

  

  Argentine President Cristina Fernández used her Twitter account on Sunday to celebrate the result of a Greek bailout referendum saying it was “an outright victory of Democracy and Dignity. The Greek people have said NO.”

• Saturday, July 4th 2015 - 07:33 UTC

  Greece 'Yes' and 'No' voters tied for Sunday's referendum, shows latest poll

  

  Greeks packed city squares for dueling rallies late into the night Friday, as polls showed a dead heat between the 'yes' and 'no' camps ahead of a bailout referendum Sunday that could be Greece's most important vote since it joined the European Union.

• Wednesday, July 1st 2015 - 05:41 UTC

  Greece in IMF 'arrears'; it will default when it misses commercial payment

  

  Greece on Tuesday became the first developed country to join a roster that includes some of the world’s poorest and worst governed nations, including Iraq, Sudan, Somalia and Zimbabwe. Those are a few of the countries that have missed payments to the IMF as Greece did Tuesday, when it failed to make a loan payment of about 1.5 billion Euros, or $1.7 billion, to the fund.

• Tuesday, June 30th 2015 - 07:14 UTC

  EU leaders warn Greeks the referendum vote means “yes or no to the Euro zone”

  

  European leaders have warned Greeks that rejecting creditors' proposals in a snap referendum called for Sunday would mean leaving the Euro. German Vice Chancellor Sigmar Gabriel said the vote would be “yes or no to the Euro zone”.

• Monday, June 29th 2015 - 06:20 UTC

  Greek banks closed and Tsipras takes the dispute with ECB and IMF to the brink

  

  Greek banks are to remain closed and capital controls will be imposed, Prime Minister Alexis Tsipras announced. Speaking after the European Central Bank (ECB) said it was not increasing emergency funding to Greek banks, Tsipras underlined Greek deposits were safe.

• Wednesday, June 17th 2015 - 05:46 UTC

  Stiglitz comes to the rescue of Argentina and Greece on debt restructuring

  

  Nobel Prize-winning economist Joseph Stiglitz has reiterated his support for a wider system of control on international sovereign debt restructuring, citing the examples of Argentina, Greece and Ukraine to back up his assertion that the area needs more supervision to protect those involved.

• Saturday, June 13th 2015 - 07:17 UTC

  Global share markets slump as Greece nears a default cliff

  

  Shares on European stock markets have fallen amid reports that senior EU officials have discussed a possible Greek default for the first time. The Athens stock exchange closed on Friday nearly 6% lower. Germany's Dax and France's Cac 40 ended more than 1% lower. Shares also fell in the US, with the Dow Jones index dropping 0.8%.

• Saturday, May 30th 2015 - 08:51 UTC

  US and Germany disagree about a world economy 'possible accident' if Greece collapses

  

  The United States warned on Friday of a possible accident for the world economy if Greece and its creditors miss their June deadlines to avert a debt default. Germany said there was no sign of a breakthrough. The ongoing debate is taking place in Dresden, Germany in the framework of G7 Finance ministers and central bank chiefs meeting.