Greek Talks With Creditors Deepen as Payment Clock Ticks

Bloomberg

by Nikos Chrysoloras

4:58 PM EEST

May 30, 2015

Greek officials and creditor institutions are locked in talks for another weekend as both sides work against a payment deadline to avert default and a euro-region exit.

“The key issue is to resolve the situation so that Greece can remain a member of the euro area,” the European Commission’s vice president, Jyrki Katainen, told Finland’s YLE TV1. “Unfortunately over the past six months things have turned for the worse in Greece, purely for political reasons.”

The standoff between Greece’s anti-austerity coalition and creditors over the terms attached to the country’s emergency loans has triggered a liquidity squeeze, tipping the economy into a double-dip recession.

John Nash's Game Theory and Greece

MAY 29, 2015 2:00 AM EDT

By Mohamed A. El-Erian

Bloomberg

Economics and finance suffered two tragedies in the past week: the death of the Nobel laureate John Nash and his wife in a horrible car accident, and more delays from Greece and its creditors in reaching an agreement on a path out of the costly and protracted crisis.

Jacob Lew Warns Time Is Running Out to Reach Greek Debt Deal

By JACK EWINGMAY 29, 2015

The New York Times

DRESDEN, Germany — The United States Treasury secretary on Friday once again warned eurozone countries that they should not delay reaching a deal on further aid for Greece, highlighting a growing sense that negotiations are moving too slowly to avoid the country’s disorderly exit from the eurozone, with repercussions for the global economy.

Jacob J. Lew, the Treasury secretary, has used meetings of Group of 7 finance officials and central bankers here this week to push for faster action for Greece. He repeated that message on Friday as the meetings concluded, warning of the risks if Greece and its eurozone partners do not reach an agreement soon.

Greece open to compromise to seal deal this week: interior minister

 May 30, 2015 7:47am EDT Related: WORLD, GREECE

ATHENS

Reuters

Greece's government is confident of reaching a deal with its creditors this week and is open to pushing back parts of its anti-austerity program to make that happen, the country's interior minister said Saturday.

Greece and its EU/IMF creditors have been locked in talks for months on a cash-for-reforms deal and pressure is growing for a deal, since Athens risks default without aid from a bailout program that expires on June 30.

Greece's Cuban Path to a Parallel Currency

8 MAY 28, 2015 7:24 AM EDT

By Leonid Bershidsky

The idea of a parallel currency for Greece is worthy of consideration, with even German Finance Minister Wolfgang Schaeuble broaching the possibility as Greece fails to reach an agreement with its creditors. It could work -- albeit not in the way suggested by the pretty models circulated by economists in recent months.

Only Greece Can End Its 'Groundhog Day' Misery

10 MAY 29, 2015 2:00 AM EDT

By Mark Gilbert

In the film "Groundhog Day," Bill Murray is condemned to relive the same 24 hours on an endless loop. The happy ending (he gets the girl) only comes when he changes his destiny by becoming a nicer person. If Greek officials want their own happy ending (they get the money and the country doesn't go bankrupt), they must change their behavior. The universe isn't poised to intervene favorably on Greece's behalf.

IMF's Lagarde considers Greek exit a possibility

Published: May 29, 2015 2:49 a.m. ET

Market Watch

FRANKFURT--The managing director of the International Monetary Fund considers a Greek exit from the eurozone a possibility, but such a step probably wouldn't mean the end of the euro, she told German newspaper Frankfurter Allgemeine Zeitung.

Time Politicians Handed Greece an Ultimatum

Time may have come for the eurozone to offer Greece a political solution

By SIMON NIXON

May 27, 2015 4:43 p.m. ET

The Wall Street Journal

The Greek government has spent the past four months demanding a “political solution” to its debt crisis. The time may have come for the eurozone to offer it one.

Until now, Europe’s political leaders have been reluctant to be drawn into the process, preferring to hide behind the officials in the institutions formerly known as the Troika: the European Central Bank, the International Monetary Fund and the European Commission. Partly, that reflects practical and legal reality: elected politicians do not have the capacity or capability to negotiate the details of bailout programs.

ECB Says Contagion Risk Exists If Greek Deal Not Reached Quickly

by Jeff BlackAlessandro Speciale

11:55 AM EEST

May 28, 2015

Bloomberg

Yields on sovereign debt issued by other euro-area countries could rise if an agreement on Greece’s bailout isn’t reached soon, the European Central Bank said.

U.S. urges EU, IMF to be flexible with Greece

Wed May 27, 2015 12:31pm EDT Related: GREECE

LONDON | BY DAVID MILLIKEN AND JEMIMA KELLY

Reuters

The United States urged international creditors to show more flexibility in negotiations with Greece's cash-strapped government to avert a possible Greek default and exit from the euro zone with incalculable consequences.

U.S. Treasury Secretary Jack Lew issued the warning on Wednesday in a stopover in London on his way to a meeting of Group of Seven finance ministers in Dresden, Germany.

U.S. Urges Greece, Creditors to Strike Debt Deal

Treasury chief Jacob Lew warns against complacency

By JASON DOUGLAS

Updated May 27, 2015 10:08 a.m. ET

The Wall Street Journal

LONDON—U.S. Treasury chief Jacob Lew on Wednesday urged Greece and its creditors to “double down” in their efforts to reach a deal to solve the nation’s debt crisis, saying no one should be complacent about the risks to the world economy from a Greek default and possible exit from the eurozone.

Addressing students in London before traveling to a meeting of finance ministers and central bankers from the Group of Seven industrialized nations in Germany, Mr. Lew said that although eurozone is in “a more stable place” than it was at the height of the currency union’s debt crisis in 2012, it would be wrong to assume that a disorderly Greek exit would be painless.

The G-7's Problem: Can the World Deal With a Greek Default?

by Paul GordonAlessandro Speciale

2:00 AM EEST

May 27, 2015

Bloomberg

When the world’s top finance ministers and central-bank chiefs meet in Dresden this week, they may struggle to stick to an agenda set by their German hosts that doesn’t mention Greece.

The Group of Seven meeting starting on Wednesday will officially focus on big-picture themes of economic growth, tax evasion and strengthening the global financial architecture. Yet the most pressing matter for many of the policy makers attending is whether Greece can stay in the euro, and whether the world can handle the consequences if it can’t.

Greece and creditors play down fears of imminent default

Tue May 26, 2015 6:51pm EDT Related: GREECE, IMF

ATHENS/BRUSSELS | BY LEFTERIS PAPADIMAS AND JAN STRUPCZEWSKI

Reuters

Greece and its European creditors on Tuesday sought to play down fears that Athens would default on a payment to the International Monetary Fund next week.

Running short of cash to pay public sector salaries, pensions and debt obligations, senior members of Prime Minister Alexis Tsipras's government have said openly that Greece does not have the money to pay 300 million euros to the IMF on June 5.

The threats have spooked financial markets, which fear a default could forces Greece out of the single currency, pushing the European and global economies into uncharted territory.

Greece, The EU And The IMF Are Dancing With Death

MAY 25, 2015 @ 11:50 PM

By Frances Copolla , contributor

The Forbes

Over the last few months, the world has been watching with interest and growing concern the intricate moves in the deadly dance of Greece, the EU and the IMF. The latest move in the dance comes from Greece itself. The Interior Minister has announced that Greece cannot meet scheduled debt repayments to the IMF in June.

This does not mean that Greece intends not to pay. Rather, it is warning that intransigence by the EU may force it into an IMF default.

Greece’s Governing Syriza Party Divided Over Debt Terms

Faction of Prime Minister Alexis Tsipras’s left-wing party says it favors default and a eurozone exit over swallowing measures creditors are demanding

The Wall Street Journal

By STELIOS BOURAS

Updated May 25, 2015 9:08 p.m. ET

ATHENS—As financial pressure mounts on Greece to sign a deal with its foreign lenders, Prime Minister Alexis Tsipras is facing what may be his biggest problem yet: the struggle within the ruling Syriza party over whether to swallow creditors’ tough terms or default.

Dissent is spreading within left-wing Syriza against the economic policies Greece is likely to have to enact in return for fresh bailout funding from other eurozone governments and the International Monetary Fund.

Grexit and the Morning After

 MAY 25, 2015 9:24 AM

The New York Times

By Paul Krugman

We just had another electoral earthquake in the euro area: Podemos-backed candidates have won local elections in Madrid and Barcelona. And I hope that the IFKAT — the institutions formerly known as the troika — are paying attention.

The essence of the Greek situation is that the actual parameters of a short-run deal are clear and unavoidable: Greece can’t run a primary budget deficit, because nobody will lend it new money, and it won’t (and basically can’t) run a large primary surplus, because you can’t squeeze even more blood from that stone. So you would think that an agreement for Greece to run a modest primary surplus over the next few years would be easy to reach — that is what will happen, so why not make it official?

Greece Rules Out Capital Controls if Bailout Talks Fail

By THE ASSOCIATED PRESSMAY 25, 2015, 8:24 A.M. E.D.T.

The New York Times

ATHENS, Greece — Greece's government on Monday ruled out restricting access to bank accounts and the free movement of money if there is no breakthrough soon in tortuous talks with bailout creditors and its dwindling cash reserves dry up.

The possibility of imposing capital controls — part of a chain of events that could lead to Greece leaving the euro if things take a disastrous turn — "simply does not exist," said Gabriel Sakellaridis, spokesman for the radical left-led government.

Less Than Surprising News; Greece Can't Make The June IMF Payments, Default Looms

By Tim Worstall, Contributor

MAY 24, 2015 @ 5:57 PM

Forbes

This isn’t exactly the most surprising news we’re going to be told today but Greece is announcing that it simply won’t be able to meet the upcoming repayments due to the IMF in June. We’ve all known that at some point this moment would come: without the unlocking of the final tranche of the earlier, seconed, bailout there was no imaginable manner in which Greece could make all the payments due over the summer. Not unless some miracle happened with tax revenues that is, and as the country’s back in recession that’s not going to happen either.

Greece Urges Creditors to Compromise as IMF Payment Nears

Bloomberg

by Marcus Bensasson

4:41 PM EEST

May 23, 2015

Greece called on the country’s creditors to compromise on demands to break an impasse over the release of funds for its cash-strapped economy as a deadline neared for payments due next month to the International Monetary Fund.

The Heat Is on Greece’s Alexis Tsipras, From Inside and Out

By NIKI KITSANTONIS

MAY 24, 2015

The New York Times

ATHENS — With Greece in the final stretch of negotiations with its creditors, aimed at unlocking rescue loans the country needs to avert an imminent default, Prime Minister Alexis Tsipras faces growing pressure from the ranks of his own party.

Greek Talks Break Up as Earlier Optimism Evaporates

by Arne DelfsJonathan StearnsHelene Fouquet

(Bloomberg) -- Late-night negotiations between the Greek, French and German government leaders ended without any sign of a breakthrough that will unlock bailout funds and ensure Greece’s future in the euro region.

With time running out for a deal to free up the remaining 7.2 billion-euro ($8 billion) tranche of aid, talks between Prime Minister Alexis Tsipras, President Francois Hollande and Chancellor Angela Merkel broke up shortly before 1 a.m. on Friday in the Latvian capital Riga with the three agreeing only to stay in close contact.

Greece To Be Granted A Bailout Extension; Eurozone Lacks Credibility

MAY 22, 2015 @ 1:22 AM

Stephen Pope

CONTRIBUTOR

Forbes

Since the general election of January 25th when the Syriza led coalition government  was elected it has has failed on six occasions to present to its international creditors a meaningful set of reforms that would have paved the way for the next tranche of bailout money to be advanced and so avoid a default.

The far left of centre government has known the timetable and yet has been totally shambolic in the propositions its has offered to the European Union. It has argued against austerity whilst expecting international sources of finance to simply let the struggling nation off the hook.

These investors are getting killed in Greece

By Ivana Kottasova

 CNN Money

http://money.cnn.com/2015/05/21/investing/greece-investors-losses/

Meet the Greekoholics: The investors who are losing big money in Greece but can't kick the habit.

Most international investors shunned Greece a long time ago, scared off by its never-ending debt crisis. But a bunch of brave -- or possibly shrewd -- fund managers have defied the consensus and bet big on the country, which continues to flirt with default and exit from the euro.

They love it when things are not looking rosy.

The Way Out for Greece

21 MAY 21, 2015 12:01 AM EDT

By Konstantine Gatsios & Dimitrios A. Ioannou

Bloomberg

A widely told narrative of the economic crisis in Greece holds that it is the product of excessive austerity, imposed by arrogant outsiders who misread the situation. The only way out, the story goes, is to break the resulting recessionary spiral with a policy of fiscal stimulus.

This account doesn't stand up to scrutiny and needs to be countered if the current brinkmanship over Greece's bailout is to end well.

Greece should quit euro 'temporarily': Ifo's Sinn

Dhara Ranasinghe

2 Hours Ago

CNBC

Cash-strapped Greece should be allowed to leave the euro zone temporarily, the president of Germany's influential Ifo Institute for Economic Research told CNBC on Thursday.

Talk that Greece is on the brink of a debt default that could trigger its exit from the euro zone has grown this week. A senior ruling party official said on Wednesday that Greece would be unable to make a payment to the International Monetary Fund on June 5 unless it received more aid from its creditors.

Greek Finances to Stagger On Longer Than You Think

While Greece says a deal is near, the country has enough money to last weeks, maybe even two months.

 Bloomberg

by Ben Sills

1:16 PM EEST

May 19, 2015

Greece will probably struggle through June before finally running out of money in early July.

That's the assessment of economists at Bloomberg Intelligence, who concluded that Greek lenders have enough collateral to keep emergency funds flowing from the European Central Bank for another eight weeks, so long as policy makers don't tighten the terms of liquidity. Tax revenue may be enough to keep the government afloat for about the same amount of time, economists Jamie Murray and David Powell said in a research note. The 3.5 billion-euro ($3.9 billion) payment due to the European Central Bank on July 20 may be the end of the road.

Euro, bond yields tumble as ECB hints at faster pre-summer buying

LONDON | BY MARC JONES

Tue May 19, 2015 7:27am EDT

Reuters

The euro tumbled on Tuesday and the region's stocks and bonds jumped after the European Central Bank signalled it would speed up its 1 trillion euro bond-buying programme for the next two months ahead of an expected summer lull.

World stocks were already testing all-time highs after another jump in Chinese stocks and a record close on Wall Street, and European markets shot up after top ECB policymaker Benoit Coeure talked of adjusting the bank's buying programme.

Greece's Turn to Resist a Referendum

MAY 18, 2015 2:00 AM EDT

By Mohamed A. El-Erian

Bloomberg

In 2011, overwhelming opposition from Greece's European partners forced Prime Minister George Papandreou to withdraw a proposal for a referendum seeking a “clear mandate” from voters to carry out European Union-backed policies. Last week, the opposite scenario unfolded: Germany suggested that the Greek government hold a plebiscite on whether to accept creditors' demands for economic reforms or ultimately leave the euro zone. This time, however, it was Greece that demurred.

This role reversal reveals at least three consequential aspects of the changes, real and perceived, in the interactions between Greece and its European partners:

Greece’s Debt Battle Exposes Deeper Eurozone Flaws — Horizons

4:32 pm ET

May 17, 2015 EUROPE

By  MICHAEL J. CASEY

The Wall Street Journal

To understand why Greece and its creditors have failed to put its debt burden on a sustainable path, look beyond the headlines about the intransigence of the left-wing government in Athens and the tested patience of officials in Berlin and Brussels.

Blame lies with the monetary union’s flawed political structure, where a highly integrated financial system coexists with fragmented and unpredictable governance. That structure means it’s dangerous to assume that bigger eurozone economies such as Spain or Italy won’t also see a revival of investor concerns about their own debt levels when the European Central Bank ends its monetary support for the region’s bond markets.

Greece must choose between 2 catastrophes

The Guardian

LARRY ELLIOTT, THE GUARDIAN

MAY 17, 2015, 10:03 AM

Yanis Varoufakis rues the day when Greece joined the euro.

The Greek finance minister says his country would be better off if it was still using the drachma. Deep down, he says, all 18 countries using the single currency wish that the idea had been strangled at birth but understand that once you are in you don't get out without a catastrophe.

All of that is true, and explains why Greece is involved in a game of chicken with all the other players in this drama: the International Monetary Fund, the European commission, the European Central Bank and the German government.

Greek Endgame Nears for Tsipras as Bank Collateral Hits Buffers

Bloomberg

by Nikos ChrysolorasVassilis Karamanis

12:00 AM EEST

May 18, 2015

Greek banks are running short on the collateral they need to stay alive, a crisis that could help force Prime Minister Alexis Tsipras’s hand after weeks of brinkmanship with creditors.

As deposits flee the financial system, lenders use collateral parked at the Greek central bank to tap more and more emergency liquidity every week. In a worst-case scenario, that lifeline will be maxed out within three weeks, pushing banks toward insolvency, some economists say.

Greece Remains Defiant as It Seeks Deal With Creditors This Week

by Paul TugwellRebecca Christie

4:09 PM EEST

May 17, 2015

Bloomberg

Greece’s government said it won’t back down on election pledges to end austerity even while seeking to agree on a deal with creditors as soon as this week to unblock financing and avert a default.

“We’re striving for a mutually beneficial agreement by Friday,” Nikos Filis, spokesman for the parliamentary group of Prime Minister Alexis Tsipras’s Syriza party said Sunday in comments broadcast on Mega TV. “Our mandate from the Greek people is to reach an agreement where we stay in the euro area without harsh austerity measures,” he said, adding that “tough negotiations” will take place before a summit meeting of European Union leaders in Riga, Latvia, on May 21-22.

Germany urges Greece to undertake reforms to unlock funds

Sun May 17, 2015 9:09am EDT

BERLIN | BY MICHELLE MARTIN

 Reuters

German politicians kept up the pressure on Greece over the weekend to implement reforms, with Economy Minister Sigmar Gabriel warning Athens in an interview that a third aid package would not be on the cards unless the Greeks made some changes.

Greece is fast running out of cash and talks with its lenders have been deadlocked over their demands for Greece to implement reforms, including pension cuts and labor market liberalization.

Greek Prime Minister Rejects Further Austerity or Labor Changes

The New York Times

By NIKI KITSANTONIS

MAY 15, 2015

ATHENS — Greece’s prime minister, Alexis Tsipras, said in a speech on Friday that his government wanted a deal with the country’s creditors but that it would not enforce additional austerity measures, like further pension cuts.

Mr. Tsipras said Greece wanted a “unified agreement” that would restructure its huge debt, a thorny issue not on the agenda of the current talks.

Greece Aid Accord Looks Elusive as Tsipras Sticks to Red Lines

Bloomberg

by Paul TugwellChristos Ziotis

2:16 PM EEST

May 16, 2015

An agreement between Greece and its international creditors to unblock financing and avert a default looked elusive after Greek Prime Minister Alexis Tsipras said he won’t strike a deal at any cost.

“There’s no doubt that an agreement must be reached,” Tsipras said late Friday at a conference in Athens. “But those who think that the Greek side’s resistance can be tested or that its red lines will fade as time passes, would do well to forget it.”

Greece offers privatisation concession as Germany stays tough

Thu May 14, 2015 6:04pm BST Related: BUSINESS, IMF

ATHENS | BY RENEE MALTEZOU AND LEFTERIS PAPADIMAS

Greece on Thursday offered a concession to its international lenders by pushing ahead with the sale of its biggest port, Piraeus.

Greece has asked three firms to submit bids for a majority stake in the port, a senior privatisation official told Reuters, unblocking a major sale of a public asset as the EU and the IMF demand economic reforms from Athens.

Despite the conciliatory move, Germany's Bundesbank showed no sign of easing off on its hardline stance towards Greece.

Why Syriza Will Blink

Project Syndicate

Anatole Kaletsky

MAY 14, 2015 6

LONDON – Once again, Greece seems to have slipped the financial noose. By drawing on its holdings in an International Monetary Fund reserve account, it was able to repay €750 million ($851 million) – ironically to the IMF itself – just as the payment was falling due.

This brinkmanship is no accident. Since coming to power in January, the Greek government, led by Prime Minister Alexis Tsipras’s Syriza party, has believed that the threat of default – and thus of a financial crisis that might break up the euro – provides negotiating leverage to offset Greece’s lack of economic and political power. Months later, Tsipras and his finance minister, Yanis Varoufakis, an academic expert in game theory, still seem committed to this view, despite the lack of any evidence to support it.

Opinion: Why stock investors shouldn’t worry if Greece exits eurozone

MARK HULBERT

Published: May 13, 2015 5:01 a.m. ET

Market Watch

CHAPEL HILL. N.C. (MarketWatch) — Investors are needlessly worrying about the prospect of Greece defaulting on its debt and withdrawing from the eurozone.

Consider: If a Greek exit from the euro a “Grexit,” as this possibility is being called — were really a cause for worry, then why aren’t the recent British elections causing a huge panic? After all, the Tory Party’s resounding victory, along with its anti-European Union stance, is leading some to speculate that the U.K. could leave the European Union as soon as next year — a so-called Brexit.

Euro Pares Gains, Stocks Rise

Germany’s DAX, which is stocked with exporters, jumped as the euro slipped from its high

By JOSIE COX

Updated May 14, 2015 1:18 p.m. ET

The Wall Street Journal

The euro pared gains against the dollar in late trade Thursday, sparking a stock rally led by Germany’s DAX index, which is packed with exporters.

The Stoxx Europe 600 ended the day 0.6% higher, led by a more than 1.8% gain on Germany’s DAX and a 1.4% gain on France’s CAC.

The euro weakened slightly after European Central Bank President Mario Draghi said that the ECB’s vast stimulus efforts will remain in place “as long as needed” until officials are confident they will meet their inflation objective on a sustained basis. The ECB’s bond-buying program has sent the euro sharply lower since it was first announced in January.

The euro was trading around 0.2% higher at $1.138, but was down from $1.145 earlier in the day—its highest level since late February.

A stronger euro is generally seen as bad for companies in the eurozone that generate a big chunk of their revenue overseas. The dollar enjoyed a stellar start to the year but has reversed direction in recent weeks amid a number of disappointing U.S. data releases.

“There is no denying the performance of the U.S. economy is falling well short of expectations” and is pushing back bets for when the Federal Reservewill raise rates, which is weighing on the dollar, said Lee Hardman, an economist at Bank of Tokyo-Mitsubishi UFJ.

BNP Paribas strategists also said the dollar weakness was likely to continue in the near term but added they broadly expect the buck to recover as the Fed gets closer to raising rates.

Eurozone bond markets were mostly stable Thursday after a selloff in recent weeks.

The yield on the German 10-year government bond, or Bund, edged slightly lower on the day to trade at about 0.70%, having risen from its all-time low of 0.05% in late April. Yields rise as bond prices fall.

“The bond rout isn’t going away for the summer and will weigh on all asset classes,” said Nick Lawson, a senior trader at Deutsche Bank.

Peter Chatwell, a rates strategist at Mizuho, said investors were unlikely to start buying bonds again in a big way until the current patch of volatility subsides. “They are on the sidelines waiting for the market to calm down,” he said.

In commodity markets, Brent crude was around 1% lower in late trade at $66.65 a barrel. Gold was up 0.3% at $1,222 a troy ounce.

Write to Josie Cox at josie.cox@wsj.com

This may be a greater risk for Greece than default

CNBC

Dhara Ranasinghe

Greece's anti-austerity government may think it's being squeezed by its international lenders but that could be nothing compared to the pressure it faces from the country's voters, experts warn.

The left-wing Syriza-led government under Prime Minister Alexis Tsipras has said it would not rush into a referendum or snap election to secure public support for the unpalatable reforms it may need to introduce to secure more funds. But analysts say neither can be ruled out as Athens desperately tries to avert a bankruptcy.

Greece's Varoufakis says debt swap fills Draghi's 'soul with fear'

 May 14, 2015 10:10am EDT

ATHENS

Reuters

Repayment of what Greece owes to the European Central Bank should be pushed into the future, but it is not an option because it fills ECB chief Mario Draghi's "soul with fear", Greece's finance minister said on Thursday.

Yanis Varoufakis said Draghi, president of the European Central Bank, cannot risk irritating Germany with such a debt swap because of Berlin's objection to his bond-buying program.

Το καθήκον των δημοσιογράφων

ΠΟΛΙΤΙΚΗ 13.05.2015 : 12:46

ΠΑΣΧΟΣ ΜΑΝΔΡΑΒΕΛΗΣ

ΕΦ. ΚΑΘΗΜΕΡΙΝΗ

Και για να έχουμε το καλό ρώτημα στη φιλοκυβερνητική «Εφημερίδα των Συντακτών»: πότε ακριβώς έπρεπε να μάθουν οι Ελληνες ότι «φυγή καταθέσεων που κινήθηκε σε ομόλογα του εξωτερικού ή προς τα “στρώματα” ανέρχεται σε 30 με 35 δισ.»; Πριν χρεοκοπήσει η χώρα ή μετά; Δεν όφειλε να ενημερώσει η Τράπεζα της Ελλάδος έναν δημοσιογράφο, που έθεσε το ερώτημα, ότι «λείπουν 20 δισ. από τα χαρτονομίσματα που είναι σε κυκλοφορία»;

Eurozone Economy Improves, but Finland and Greece Stumble

By DAVID JOLLYMAY 13, 2015

The New York Times 

PARIS — The eurozone economy grew modestly in the first quarter, an official report showed on Wednesday, as a surprisingly strong showing in France helped to compensate for a slowdown in Germany.

The economies of Finland and Greece, however, contracted for a second straight quarter, meeting the technical definition of a recession.

Greece Is Back In Recession; This Does Not Bode Well For A Debt Deal

MAY 13, 2015 @ 1:05 PM

Forbes

Tim Worstall

CONTRIBUTOR

We’ve the GDP figures for the various eurozone countries out today and Greece is officially and definitively back in recession. This does not bode well for the ability of Greece and the troika to come to a debt deal as recessionary times mean that the Greeks will find it near impossible to run the primary budget surplus that any deal would be predicated upon. There is a contrary view which is that the Eurogroup will agree that a surplus isn’t possible in such circumstances but that’s almost certainly not the way to bet.

Greece plays down referendum option, economy stutters

ATHENS | BY ANGELIKI KOUTANTOU AND RENEE MALTEZOU

Wed May 13, 2015 1:23pm EDT Related: GREECE

Reuters

Greece's government on Wednesday ruled out rushing to a referendum to secure public support for unpopular reforms, opting instead to make a final push for a compromise with lenders by the end of the month.

Running out of both cash and options to pursue, Prime Minister Alexis Tsipras was to preside over his third cabinet meeting in four days later on Wednesday to seek a way out of an impasse in talks with lenders who refuse to dole out more aid.

Τα στοιχεία που έδωσε ο κ Στουρνάρας για τις πρώτες 100 ημέρες της νέας κυβέρνησης ΣΥΡΙΖΑ

Συγκεκριμένα στην επιστολή με ημερομηνία 6 Μαίου και ώρα 2.12μ.μ. που έφυγε από το Γραφείου τύπου του Γ. Στουρνάρα με παραλήπτη γνωστό δημοσιογράφο υπό τον τίτλο «ο λογαριασμός των 100 ημερών» αναφέρεται ότι:

-Η φυγή καταθέσεων που κινήθηκε σε ομόλογα του εξωτερικού ή προς τα στρώματα ανέρχεται σε 30 με 35 δισ.

-20 με 30 δισ. η πτώση αξιών προς εισηγμένες και μη

-10 δισ. τα ρέπος

-3 δισ. οι παγωμένες πιστώσεις του ΕΣΠΑ. Έπρεπε να έχουμε πάρει 4 δισ. και πήραμε μόλις 1.

-20 δισ. λείπουν από τα χαρτονομίσματα σε κυκλοφορία

-Δεν μπορεί να υπολογιστεί η απώλεια σε χρεόγραφα που έχουν ο ξένοι επενδυτές. Έχουν 70 δισ. στα χέρια τους.
-Απαξίωση των ακινήτων

-3 δισ. λιγότερα στην αγορά από τη μη εξόφληση των υποχρεώσεων του δημοσίου προς ιδιώτες

-Στη ζημιά πρέπει να προστεθεί η στάση πληρωμών των ιδιωτών προς τις τράπεζες που αύξησαν τα κόκκινα δάνεια. Οι τράπεζες απέκτησαν επιπλέον πρόβλημα και ίσως χρειαστούν επιπλέον ανακεφαλαιοποίηση

Greece Completes Latest IMF Loan Repayment

Country drew on its holdings of an International Monetary Fund reserve currency

The Wall Street Journal

By MARCUS WALKER and  STELIOS BOURAS

Updated May 12, 2015 2:13 p.m. ET

23 COMMENTS

ATHENS—Greece drew on its holdings of an International Monetary Fund reserve currency to make a loan repayment of around €750 million ($837 million) to the IMF, an unusual move that buys the country a few more weeks to reach a deal with creditors on fresh financing.

Greece Dodges Economic Bullet With Progress Toward Deal

Bloomberg

by James G NeugerStephanie BodoniKarl Stagno Navarra

8:32 PM EEST

May 11, 2015

Greece handed the European Central Bank an excuse to maintain the life support for its financial system by persuading its skeptical German-led creditors it’s serious about delivering the policies needed to escape a default.

Less than three weeks after a Greek aid meeting broke up in taunts and acrimony, Finance Minister Yanis Varoufakis assured euro-area governments that his country is aiming to strike a bargain to win the final installments of its 240 billion-euro ($268 billion) aid program.

“We are making faster progress,” Dutch Finance Minister Jeroen Dijsselbloem told reporters in Brussels on Monday after leading a meeting of euro ministers. “I’m not satisfied but just a bit more optimistic.”

Exclusive: Greece tapped its emergency IMF reserves to pay IMF debt - sources

ATHENS | BY LEFTERIS PAPADIMAS AND GEORGE GEORGIOPOULOS

Tue May 12, 2015 8:26am EDT Related: WORLD, IMF

reuters

Greece emptied an emergency IMF holding account to repay 750 million euros ($839 million) due to the international lender, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances.

With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month.

Greece Moves to Pay Debt, but European Finance Ministers Unsatisfied

By LIZ ALDERMAN and JAMES KANTERMAY 11, 2015

New York Times

BRUSSELS — The government of Greece, quickly running out of cash, moved on Monday to quell fears of an imminent default on its debts, authorizing its treasury to make a big loan payment to the International Monetary Fund.

While Athens once again managed to pull together enough cash to avoid a default, it is not clear how much longer Greece can continue to scrape by.

Asia stocks, euro falter as Greek crisis saps confidence

Tue May 12, 2015 1:24am EDT Related: GREECE

TOKYO | BY SHINICHI SAOSHIRO

Reuters

Asian stocks were mostly lower and the euro sagged on Tuesday as barely perctible progress on talks between debt-strapped Greece and its creditors kept investors edgy.

Spreadbetters expected jitters over Greece to continue weighing on Europe, forecasting a slightly lower open for Britain's FTSE, Germany's DAX and France's CAC.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent. Decliners included shares in South Korea, Hong Kong, Malaysia and Thailand, while Chinese equities bucked the trend and rose modestly.

IMF Works With Greece’s Neighbors to Contain Default Risks

Discussions with authorities in southeastern Europe aimed at girding for potential failure of bailout talks

 The Wall Street Journal

By GABRIELE STEINHAUSER

May 10, 2015 6:04 p.m. ET

0 COMMENTS

BRUSSELS—The International Monetary Fund is working with national authorities in southeastern Europe on contingency plans for a Greek default, a senior fund official said—a rare public admission that regulators are preparing for the potential failure to agree on continued aid for Athens.

I.M.F. and Central Bank Loom Large Over Greece’s Debt Talks

By PETER EAVIS, JACK EWING and LANDON THOMAS Jr.MAY 10, 2015

The New York Times

Greek leaders have fought fiercely in recent months with politicians from other European countries over relief on Greece’s vast debt load.

Yet the power to decide the fate of Greece lies not just in the hands of these national governments, but also with unelected officials at two powerful institutions: the European Central Bank and the International Monetary Fund. Each is a creditor to Greece, and each is expecting the country to repay it billions of dollars of debt in the coming weeks.

Merkel Pressed to Give Up on Greece as Germans Urge Strong Euro

Bloomberg 

by Brian ParkinRainer Buergin

4:05 PM EEST

May 10, 2015

German Chancellor Angela Merkel is coming under growing pressure from within the ranks of her own party bloc to give up on Greece for the sake of the euro.

Members of Merkel’s Christian Democratic bloc are openly challenging her stance of keeping Europe’s most-indebted country in the 19-nation currency region. Even some officials in the Finance Ministry are leaning toward the conclusion that the euro area would be better off without Greece, two people familiar with the matter said.

Making Sense of the Options for Greece

 10, 2015

Political Economy

By HUGO DIXON | REUTERS

Greece seems to lack a strategy for extricating itself from its parlous state.

Not only does the government, led by Alexis Tsipras, lack a credible plan for reaching agreement with its eurozone creditors and the International Monetary Fund, it doesn’t seem to have a thought-out fallback plan of how to default while containing the damage.

Greek financial markets have perked up in the past few weeks, largely because Yanis Varoufakis, the combative finance minister, has been sidelined from discussions with the creditors.

Documents Distributed by Greece’s Yanis Varoufakis Baffle Eurozone Officials

Officials say files differ greatly from what has been discussed in technical talks in Brussels

 The Wall Street Journal

By VIKTORIA DENDRINOU

Updated May 8, 2015 3:38 p.m. ET

30 COMMENTS

BRUSSELS—Economic plans and growth estimates distributed by Greek Finance Minister Yanis Varoufakis to some of his eurozone counterparts have baffled officials involved in the talks over its international bailout.

Officials say that the files differ greatly from what has been discussed at the technical level in Brussels in recent days and underline how Mr. Varoufakis continues to complicate progress toward a financing deal.

U.S. Urges Greece to Reject Russian Energy Project

By JAMES KANTERMAY 8, 2015

The New York Times

ATHENS — The United States, wading into the international efforts to shape Greece’s economic and geopolitical orientation, is pushing the leftist government in Athens to resist Russia’s energy overtures.

A State Department envoy in Athens urged Greece on Friday to embrace a Western-backed project that would link Europe to natural gas supplies in Azerbaijan, rather than agree to a gas pipeline project pushed by Moscow.

Greece Needs Some Post-Soviet Medicine

11 MAY 7, 2015 10:12 AM EDT

By Leonid Bershidsky

Bloomberg

The Greek government just pushed a law through parliament to rehire some of the public sector employees dismissed as part of previous creditor-dictated reforms. That's a strange move for a government already struggling to meet the existing public payroll, but to anyone familiar with post-Soviet economies, it's just a flashback.

Greece deal: Seriously, what's holding it up?

Holly Ellyatt   | @HollyEllyatt

5 Hours Ago

CNBC

Since coming to power at the end of January, you'd be forgiven for thinking that Greece's leftwing government had spent all of its time in talks with its international lenders.

Negotiations over the country's bailout program, reform measures and financial needs have seemingly dragged on and Greece has rarely been out of the headlines since Prime Minister Alexis Tsipras and fiery Finance Minister Yanis Varoufakis took the helm in January's election and started trying to steer Greece away from economic disaster.

Greece Will Make Next Debt Payment, Varoufakis Says

By JAMES KANTERMAY 7, 2015

The New York Times

BRUSSELS — Greece’s finance minister said on Thursday that the country would make its next major loan repayment to the International Monetary Fund on time, but there were few signs of an immediate breakthrough in a long-running stalemate between the government in Athens and its international creditors.

The sorry saga of Syriza

In its first hundred days Greece’s government has failed dismally. A crunch looms

May 9th 2015 | From the print edition

Charlemagne

The Economist

IN RECENT months the walls of the B. & M. Theocharakis Foundation in Athens have been lined with mementoes of European support for Greece’s freedom. “Philhellenism”, an exhibition, tells the story of the material and moral backing that Romantics like the English poet Byron gave Greece during its independence fight against the Ottomans. The contemporary resonances are obvious. Showing some children around, Dimitra Varkarakis, who with her husband, Michael, owns the works on display, pointed to a German painting. One girl stopped short. “Aren’t we in a fight with Germany?” she asked. “No,” replied Mrs Varkarakis. “We are all friends.” After recounting this tale she casts Charlemagne an earnest look. “Europeans,” she says, “must love each other.”

Greece Faces Pending Deadline as ECB Eyes Haircut Option

by Karl Stagno Navarra,

Alessandro Speciale Greece needs to show it’s serious about reaching an agreement with international creditors next week or risk tighter liquidity rules being imposed on its banks.

European Central Bank officials want progress at a meeting of euro-region finance ministers on May 11 or they will consider tightening Greek banks’ access to emergency liquidity they need to stay afloat, said two officials who spoke on condition of anonymity as the talks are private. One policy maker said they’re prepared to raise haircuts -- the discounts imposed on collateral pledged by Greek banks in return for funding -- to levels seen last year. An ECB spokesman declined to comment.

The move reflects growing frustration among top decision makers with the game of brinkmanship shown by Greek Prime Minister Alexis Tsipras’s government since it came to power 101 days ago. As talks drag on, Greek bank deposits are shriveling and ECB liquidity has become the country’s chief lifeline.

Greece’s scariest deficit has nothing to do with money

Published: May 7, 2015 2:00 a.m. ET

Market Watch

By ELLIE ISMAILIDOU

MARKETS REPORTER

Ancient Greece was once a magnet for the world’s intellectual elite. Scholarly work out of Athens contributed to everything from logic and philosophy to the politics that formed the basis of modern civilization.

But as the Hellenic Republic struggles to strike an agreement to repay more than €300 billion it owes international creditors, it’s also facing the depletion of its most important asset: human capital.

Greek Banks Are Having Trouble Trading Foreign Currencies

by Vassilis Karamanis

8:43 PM EEST

May 6, 2015

Greek banks are increasingly being hampered from trading currencies, one of most liquid markets, as international dealers cut back credit lines and costs soar, according to people with knowledge of the trades.

International securities firms are curtailing trading with Greece’s major lenders that may expose them to the risk of a default by the nation and the possible use of capital controls to stem outflows from banks, the people said, asking not to be named because they are not authorized to speak publicly.

Those threats are adding to concern that the euro would decline in the event of a default or a Greek exit from the currency region, leaving counterparties exposed to multiple risks, said the people.

E.C.B. Doubts Add to Uncertainties on Greek Debt Lifeline

By JACK EWING and LIZ ALDERMANMAY 6, 2015

The New York Times

FRANKFURT — As Greece mounts an 11th-hour diplomatic offensive across Europe to secure financial aid that it desperately needs to avoid a default, patience with Athens is wearing thin at the European Central Bank.

That could pose big problems for Greece, since the central bank is the country’s biggest creditor and a necessary source of financial support for struggling Greek commercial banks.

ECB Mulls Tighter Greece Rules After 100 Days of Tspiras

Bloomberg

by Karl Stagno NavarraAlessandro Speciale

11:14 AM EEST

May 6, 2015

European Central Bank officials will debate tighter rules for the liquidity that Greek lenders rely on for survival, two people familiar with the matter said, a move that underscores the fragility of the country’s financial system.

The Governing Council will discuss Wednesday whether to raise discounts on the collateral Greek banks pledge in exchange for emergency funding, said the people, who are familiar with the agenda and asked not to be identified. Governors will also review how much more Emergency Liquidity Assistance to offer Greek banks.

Greece Sparks Meltdown in Euro-Area Bonds as Italy, Spain Tumble

Bloomberg

by Anchalee WorrachateEshe Nelson

12:00 PM EEST

May 5, 2015

A slump in euro-area government bonds gathered force on concern Greece’s talks with creditors will fail to clinch a deal in time to prevent a default.

As Greek bonds tumbled, the repercussions spread across the region, with Spain’s 10-year yield rising the most since June 2013 to the highest this year. German bunds, the region’s benchmark sovereign securities, were swept up in the selloff with Treasuries after an unexpected jump in growth for U.S. service industries.

IMF Speaks of More Potential Financing for Greece

Less success in meeting original bailout terms would mean more new money needed

The Wall Street Journal

By IAN TALLEY

May 5, 2015 2:46 p.m. ET

The International Monetary Fund said Tuesday IMF officials didn’t push for large-scale debt relief in recent negotiations for emergency financing for Greece, but rather underscored that more financing would be needed if Athens failed to live up to its original bailout conditions.

“IMF European Department Director Poul Thomsen pointed to the trade-off that needs to be made in reaching agreement in the current discussions,” the IMF said in an emailed statement, referring to the negotiations held in Riga, Latvia, late last month.

Greece blows hot and cold in race to avert cash crunch

Tue May 5, 2015 3:33pm EDT Related: GREECE, IMF

ATHENS/BRUSSELS | BY LEFTERIS PAPADIMAS AND JAN STRUPCZEWSKI

(Reuters) - Greece blew hot and cold with its euro zone partners on Tuesday as it struggled to avert a potentially catastrophic funding crunch this month, when it must make a big debt repayment to the IMF as cash reserves dry up.

Finance Minister Yanis Varoufakis said after talks in Paris and Brussels that he expected euro zone finance ministers to acknowledge next Monday progress towards a cash-for-reform deal, opening the way to easing Athens' liquidity crisis.

Greece Says Compromise Not Possible Under Current Conditions

 Bloomberg

by Marcus BensassonEleni Chrepa

5:25 PM EEST

May 5, 2015

Greece blamed international creditors for the failure to end the impasse over its fiscal crisis, clouding the outlook for talks that some officials had said were making progress.

No deal will be possible until the European Commission and the International Monetary Fund agree to a common set of demands, a government official said on condition of anonymity. Taken together, there are too many red lines and creditors need to better coordinate their message, the official said.

IMF spokeswoman Angela Gaviria said in an e-mail that she had no immediate comment. A European Commission spokesman wasn’t immediately available for comment.

In Greece Syriza Is Still, After Three Months, Insisting On The Same Red Lines

MAY 4, 2015 @ 1:12 PM

By Tim Worstall

CONTRIBUTOR

Forbes

We were all rather hoping that the intensive negotiations over the weekend would produce something of a breakthrough in the Greek debt deadlock. But if today’s reports are to be believed that’s not quite what has happened. Syriza, negotiating for Greece, is still insisting upon the same red lines that must not be crossed they were insisting upon three months ago. And those are the very red lines that the Eurogroup, negotiating on behalf of the creditors, insists must be crossed. Specifically, they are insisting that the welfare state must be made more generous, something entirely unacceptable to the creditor side.

Greece Hurtles Toward IMF Deadline as EU Demands Concessions

by Anabela ReisFrancine Lacqua

1:55 PM EEST

May 5, 2015

Bloomberg

Euro-area finance chiefs urged Greece to bow to their terms for releasing aid within days to avert a cash crunch.

With Greek officials fanning out across the continent to plead their case, Portuguese Finance Minister Maria Luis Albuquerque warned Tuesday that the currency bloc won’t make contingency plans to prepare for a possible breakdown in talks and encouraged Greek Prime Minister Alexis Tsipras to take the offer on the table.

As the Euro Slides, a Coin Meets Its Waterloo

By DANNY HAKIMMAY 4, 2015

New York Times

BRUSSELS — Here at the Belgian Royal Mint, machines called giraffes spit out as many as 850 euros a minute.

At times during the summer of 2008, that many shiny coins would have been worth $1,360. Now it is just under $950, a symptom of Europe’s inability to navigate through crisis. Even as the region’s outlook improves ever so slightly, the currency just cannot shake the specter of moribund growth and the troubles of Greece.

But at the mint, there were more immediate concerns during a recent visit. Like the Battle of Waterloo.

Greece's undeclared domestic default takes hold

By Giorgos Christides

Thessaloniki, Greece

4 May 2015

BBC

When will Greece run out of money? The question has been vexing European capitals and the markets for months, as the stand-off between the new government in Athens and its eurozone creditors remains unresolved.

So far, Greece has managed to both service its external debt and pay for wages and pensions.

But the worst kept secret in the country is that for thousands of people, businesses and institutions relying on government pay cheques, in every practical sense, Greece is already out of money.

Greece has not received any loans from the eurozone or the IMF since August 2014.

There is €7.2bn (£5.3bn;$8bn) left in the country's bailout program, but creditors refuse to release the money before their demands for further reforms, spending cuts and tax increases are satisfied by Athens.

The Greek government, led since January by the leftist Syriza party of Prime Minister Alexis Tsipras, is refusing to "violate its anti-austerity mandate".

Greece aims for deal with lenders, IMF hard on reforms: minister

Mon May 4, 2015 4:52am EDT Related: GREECE, IMF

Greece aims for deal with lenders, IMF hard on reforms: minister

ATHENS

(Reuters) - Greece intends to meet debt payments this month and reach a deal with its international lenders to unlock remaining bailout aid, but the International Monetary Fund insists on tough labor reforms, the country's labor minister said on Monday.

Struggling amid a cash crunch, Athens faces debt repayments to the IMF totaling nearly 1 billion euros this month. It has been borrowing from municipalities and government entities to meet obligations.

Greece's Firebrand Finance Minister Deserves to Be Heard

MAY 4, 2015 2:00 AM EDT

By Mohamed A. El-Erian

Bloomberg view

I have never met or spoken to Yanis Varoufakis, Greece's finance minister. Yet I feel I have gotten to know him through his writing and interviews, and by reading about his interactions with both the official and private sectors in Europe. That's why -- though I understand the rationale for the decision -- I was saddened last week when Prime Minister Alexis Tsipras sidelined Varoufakis from Greece’s complicated and consequential negotiations with its European creditors and the International Monetary Fund.

Greece Targets May Deal as Breakthrough Remains Elusive

Bloomberg 

by Nikos ChrysolorasJeff BlackMarcus Bensasson

4:02 PM EEST

May 3, 2015

Greece said it would push for an agreement with its creditors on a reforms agenda in May amid signs that the two sides are still far apart after four days of intensive negotiations.

Differences remain on issues ranging from fiscal assumptions to asset sales and labor and pension reforms, according to three people familiar with the negotiations. Still, progress has been made in a much improved atmosphere, they said. Another official said that Greece should have enough cash to get through the week and make a 200-million-euro payment to the International Monetary Fund on May 6. The people spoke on condition of anonymity as the talks are confidential. Negotiations resume Monday.

Greek Aid Talks Gain Urgency as Breakthrough Remains Elusive

 Bloomberg

by Nikos ChrysolorasJeff Black

4:02 PM EEST

May 3, 2015

Greece and its international creditors are still far apart on key elements of the country’s bailout agenda after four days of intensive negotiations.

Differences remain on issues ranging from fiscal assumptions to asset sales and labor and pension reforms, according to three people familiar with the negotiations. Still, progress has been made in a much improved atmosphere, they said. Another official said that Greece should have enough cash to get through the week and make a 200-million-euro payment to the International Monetary Fund on May 6. The people spoke on condition of anonymity as the talks are confidential. Negotiations resume Monday.

Is GREXIT a threat to Greece’s security?

By Nicholas Sambanis and Ioannis Galariotis May 3 at 10:16 AM

The Washington Post

Greeks wave their national flag. (Petros Giannakouris/AP)

As the threat of GREXIT looms, it is fair to ask what, if any, consequences such an event would have for Greece’s security.  In recent statements published in the news daily Kathimerini, European Commissioner Dimitris Avramopoulos said Greece’s remaining in the euro zone constitutes a security guarantee. That message, which was also conveyed by Prime Minister Alexis Tsipras in recent statements, was given in the context of a conversation about the security implications of the illegal immigration problem in Greece. Rising numbers of illegal and undocumented migrants with ethno-religious differences from the generally homogenous Greek population is a problem that has been used successfully as a mobilization device by parties nursed by extreme ideological positions. Popular Orthodox Rally (LAOS) leader Giorgos Karatzaferis skillfully brought the issue to the forefront of political debates in the country in early 2000s, and the neo-fascist party Golden Dawn built its electoral success on extremist anti-immigrant rhetoric.