Showing posts with label Greek Crisis. Show all posts
Showing posts with label Greek Crisis. Show all posts
Friday, December 2, 2016
Tired of Syriza, Greece embraces a mainstream party
The centre-right New Democracy party is dull, technocratic and leading the polls
Dec 3rd 2016 | ATHENS
The Economist
THE headquarters of New Democracy, a centre-right political party, is in an unexpected part of Athens. The building, surrounded by warehouses, housed a branch of a Japanese technology firm before standing derelict for years. Few other political types are nearby. The rent, at €9,800 ($10,400) a month, is a tenth of what the party’s old office used to cost. Yet the relocation, which happened in August, is also symbolic. As the opposition party has moved to a cheaper part of town, so too does it hope that it can present itself to the public as a new, improved alternative to the Greek government. With Alexis Tsipras, the prime minister (pictured, on the left), growing less popular, New Democracy may well have a chance.
Tuesday, November 29, 2016
Eurogroup should be 'realistic' on Greece fiscal targets: Dijsselbloem
Tue Nov 29, 2016 | 4:45am EST
Reuters
The chair of the Eurogroup of euro zone finance ministers said on Tuesday that European lenders should be "realistic" in the fiscal targets they set for Greece after 2018, when a program of financial aid will end.
"We need to be realistic," Jeroen Dijsselbloem told the economic affairs committee of the European Parliament, saying that the International Monetary Fund has a point when it says "running a primary surplus of 3.5 percent for a very long time is a huge thing to ask".
Reuters
The chair of the Eurogroup of euro zone finance ministers said on Tuesday that European lenders should be "realistic" in the fiscal targets they set for Greece after 2018, when a program of financial aid will end.
"We need to be realistic," Jeroen Dijsselbloem told the economic affairs committee of the European Parliament, saying that the International Monetary Fund has a point when it says "running a primary surplus of 3.5 percent for a very long time is a huge thing to ask".
Greece can meet 2017 primary surplus, must conclude bailout review- cenbanker
Tue Nov 29, 2016 | 3:25am EST
Reuters
Nov 29 Greece can achieve a primary budget surplus of 2 percent next year, the head of the country's central bank said on Tuesday, warning that the main risk for the economy would be a failure to conclude a crucial bailout review.
"Despite the positive projections ... serious risks remain," Yannis Stournaras told a conference in Athens. "The main risk would be the eventuality of failing to reach agreement on the second bailout review and any delays in implementing the programme or backtracking."
Reuters
Nov 29 Greece can achieve a primary budget surplus of 2 percent next year, the head of the country's central bank said on Tuesday, warning that the main risk for the economy would be a failure to conclude a crucial bailout review.
"Despite the positive projections ... serious risks remain," Yannis Stournaras told a conference in Athens. "The main risk would be the eventuality of failing to reach agreement on the second bailout review and any delays in implementing the programme or backtracking."
Wednesday, November 23, 2016
RPT-INSIGHT-Euro zone nations turn to hedge funds to meet borrowing needs
Tue Nov 22, 2016 | 2:00am EST
Reuters
(Repeats story published on Monday)
* Belgium, Italy and Spain see spike in hedge fund take-up
* Bankers warn trend could exacerbate market volatility
* Risks stir memories of euro zone's sovereign debt crisis
* Long-dated bonds sustain heavy losses in recent sell-off
By Abhinav Ramnarayan and Helen Reid
Reuters
(Repeats story published on Monday)
* Belgium, Italy and Spain see spike in hedge fund take-up
* Bankers warn trend could exacerbate market volatility
* Risks stir memories of euro zone's sovereign debt crisis
* Long-dated bonds sustain heavy losses in recent sell-off
By Abhinav Ramnarayan and Helen Reid
Greece to continue bailout talks, aiming to finish before December 5
Tue Nov 22, 2016 | 1:42pm EST
Reuters
Greece will continue talks with international creditors on fiscal and labor reforms, aiming to wrap up the second review of its bailout program by early next month ahead of a euro zone finance ministers' meeting, government officials said on Tuesday.
Mission chiefs of the creditor institutions overseeing the program's implementation - the euro zone's ESM rescue fund, the European Central Bank, the International Monetary Fund and the European Commission - left Athens on Tuesday, leaving remaining issues to be resolved by technical staff and via teleconference.
Reuters
Greece will continue talks with international creditors on fiscal and labor reforms, aiming to wrap up the second review of its bailout program by early next month ahead of a euro zone finance ministers' meeting, government officials said on Tuesday.
Mission chiefs of the creditor institutions overseeing the program's implementation - the euro zone's ESM rescue fund, the European Central Bank, the International Monetary Fund and the European Commission - left Athens on Tuesday, leaving remaining issues to be resolved by technical staff and via teleconference.
Friday, November 18, 2016
EU Sees ‘Smooth Sailing’ If Greece Implements Needed Reforms
Richard Bravo
Matthew Miller
November 18, 2016 — 11:15 AM EET Updated on November 18, 2016 — 11:35 AM EET
Greece and the institutions managing its bailout, currently negotiating policy reforms in Athens, could clear the way for discussions next month to ease the terms of the nation’s debt burden, which could presage a successful resolution of its rescue program, according to the head of the euro area’s Economic and Financial Committee of finance deputies.
“You need to do the reforms and that will bring back growth and that will then unlock those measures which in reality we’ve already agreed on,” Thomas Wieser, head of the Euro Working Group, said in an interview with Bloomberg Television. “I’m very positive by the end of this year we’ll be there then it should be comparatively smooth sailing for the rest of the program.”
Matthew Miller
November 18, 2016 — 11:15 AM EET Updated on November 18, 2016 — 11:35 AM EET
Greece and the institutions managing its bailout, currently negotiating policy reforms in Athens, could clear the way for discussions next month to ease the terms of the nation’s debt burden, which could presage a successful resolution of its rescue program, according to the head of the euro area’s Economic and Financial Committee of finance deputies.
“You need to do the reforms and that will bring back growth and that will then unlock those measures which in reality we’ve already agreed on,” Thomas Wieser, head of the Euro Working Group, said in an interview with Bloomberg Television. “I’m very positive by the end of this year we’ll be there then it should be comparatively smooth sailing for the rest of the program.”
Who rules? Euro zone budget tensions surface
Thu Nov 17, 2016 | 11:51am EST
Reuters
By Alastair Macdonald and Jan Strupczewski | BRUSSELS
Berlin's brusque "Nein" on Thursday to a call from Brussels for it to loosen its budget to help the euro zone's struggling south exposed tensions over who should control the currency union and police its rules.
Wolfgang Schaeuble, whose German finance ministry rejected the European Commission's call for it to spend more, went public last month to say the EU executive had become too "political" to act as impartial enforcer of euro zone fiscal rules and should hand the role to a new supervisor.
Reuters
By Alastair Macdonald and Jan Strupczewski | BRUSSELS
Berlin's brusque "Nein" on Thursday to a call from Brussels for it to loosen its budget to help the euro zone's struggling south exposed tensions over who should control the currency union and police its rules.
Wolfgang Schaeuble, whose German finance ministry rejected the European Commission's call for it to spend more, went public last month to say the EU executive had become too "political" to act as impartial enforcer of euro zone fiscal rules and should hand the role to a new supervisor.
Wednesday, November 16, 2016
Obama Urges Europe to Address Its Debt Crisis
Leaders should favor growth over austerity in response to rising populism, president says
The Washington Post
By CAROL E. LEE and NEKTARIA STAMOULI
Updated Nov. 15, 2016 12:14 p.m. ET
123 COMMENTS
ATHENS—President Barack Obama urged Europe to resolve lingering issues from its debt crisis, saying on Tuesday that leaders should favor growth over austerity, as part of their response to the rising populism in Western countries exemplified by the election of Donald Trump.
Mr. Obama made the appeal after meeting with Greek Prime Minister Alexis Tsipras, who said it is time for Greece to receive significant debt relief from Europe.
The Washington Post
By CAROL E. LEE and NEKTARIA STAMOULI
Updated Nov. 15, 2016 12:14 p.m. ET
123 COMMENTS
ATHENS—President Barack Obama urged Europe to resolve lingering issues from its debt crisis, saying on Tuesday that leaders should favor growth over austerity, as part of their response to the rising populism in Western countries exemplified by the election of Donald Trump.
Mr. Obama made the appeal after meeting with Greek Prime Minister Alexis Tsipras, who said it is time for Greece to receive significant debt relief from Europe.
Obama Keeps Hope Alive for Crisis-Ridden Greece
Bloomberg
Marcus Bensasson
Eleni Chrepa
16-11-2017
When a U.S. president last visited Greece, the economy was booming, Athens had been awarded the Olympics and the country was preparing to join the euro.
That was in 1999, and as Barack Obama gives his keynote speech on Wednesday defending democracy in its birthplace, the spotlight will inevitably fall on Greece’s deterioration. Its journey to the brink of bankruptcy, dragging down financial markets worldwide, was among the defining international events of Obama’s eight years in office and few places better show the ensuing forces of populism that ultimately brought in Donald Trump to replace him.
Marcus Bensasson
Eleni Chrepa
16-11-2017
When a U.S. president last visited Greece, the economy was booming, Athens had been awarded the Olympics and the country was preparing to join the euro.
That was in 1999, and as Barack Obama gives his keynote speech on Wednesday defending democracy in its birthplace, the spotlight will inevitably fall on Greece’s deterioration. Its journey to the brink of bankruptcy, dragging down financial markets worldwide, was among the defining international events of Obama’s eight years in office and few places better show the ensuing forces of populism that ultimately brought in Donald Trump to replace him.
Monday, November 14, 2016
Barack Obama calls for 'meaningful debt relief' for Greece
US president says it is in world’s interest for Greece to stay in eurozone and praises EU as ‘one of greatest political and economic achievements of modern times’
The Guardian
The US president, Barack Obama, has signalled he will use a critical two-day visit to Athens this week to step up calls for the country to be given “meaningful debt relief”.
Weighing in on the potentially explosive issue of how best to revive the European Union’s most financially strained member state, the outgoing president said debt forgiveness would play a pivotal role in giving people hope. “I am a strong believer that to make reforms sustainable, people need hope,” he told the Greek newspaper Kathimerini before the trip, which will be his final state visit before leaving office. “The International Monetary Fund has said that debt relief is crucial to put Greece’s economy on a sustainable path and set the stage for a return to prosperity.”
The Guardian
The US president, Barack Obama, has signalled he will use a critical two-day visit to Athens this week to step up calls for the country to be given “meaningful debt relief”.
Weighing in on the potentially explosive issue of how best to revive the European Union’s most financially strained member state, the outgoing president said debt forgiveness would play a pivotal role in giving people hope. “I am a strong believer that to make reforms sustainable, people need hope,” he told the Greek newspaper Kathimerini before the trip, which will be his final state visit before leaving office. “The International Monetary Fund has said that debt relief is crucial to put Greece’s economy on a sustainable path and set the stage for a return to prosperity.”
Thursday, November 10, 2016
Greece to ease capital controls soon, needs debt measures: Stournaras
Thu Nov 10, 2016 | 5:50am EST
Reuters
By George Georgiopoulos and Balazs Koranyi | ATHENS
Greece will soon ease capital controls further but full liberalization will depend on progress in easing the country's debt burden, which is also a precondition for entering the ECB's asset buying scheme, central bank chief Yannis Stournaras said.
Propped up by three successive bailouts, Greece hopes to emerge from a long recession next year. But much of its outlook depends on getting a long-sought reduction of its huge debt pile, easing capital restrictions and inclusion in the ECB's 1.74 trillion asset buying scheme.
Reuters
By George Georgiopoulos and Balazs Koranyi | ATHENS
Greece will soon ease capital controls further but full liberalization will depend on progress in easing the country's debt burden, which is also a precondition for entering the ECB's asset buying scheme, central bank chief Yannis Stournaras said.
Propped up by three successive bailouts, Greece hopes to emerge from a long recession next year. But much of its outlook depends on getting a long-sought reduction of its huge debt pile, easing capital restrictions and inclusion in the ECB's 1.74 trillion asset buying scheme.
Greece's Golden Dawn says Trump win a victory for ethnically 'clean' states
Wed Nov 9, 2016 | 4:18am EST
Reuters
Nov 9 Greece's far-right Golden Dawn party hailed Donald Trump's election as president of the United States, calling it a victory against "illegal immigration" and in favour of ethnically "clean" nations.
Golden Dawn, Greece's third-largest party, took its first seats in parliament in 2012 on a backlash against austerity policies in Greece, which has received three international bailouts since 2010.
Reuters
Nov 9 Greece's far-right Golden Dawn party hailed Donald Trump's election as president of the United States, calling it a victory against "illegal immigration" and in favour of ethnically "clean" nations.
Golden Dawn, Greece's third-largest party, took its first seats in parliament in 2012 on a backlash against austerity policies in Greece, which has received three international bailouts since 2010.
Greece's bank fund may call for NBG shareholder meeting
Wed Nov 9, 2016 | 1:35pm EST
Reuters
Greece's bank rescue fund said it might call a special shareholder meeting at National Bank of Greece (NBGr.AT) after voting against the appointment of a new chairman.
The rescue fund, known has HFSF, which holds a 40 percent stake in NBG, said in a statement on Wednesday that it might call an extraordinary shareholders meeting on the issue.
"HFSF... is contemplating calling an extraordinary general meeting taking into account that the smooth cooperation between the board of directors of NBG and the controlling shareholder is essential," the fund said.
Reuters
Greece's bank rescue fund said it might call a special shareholder meeting at National Bank of Greece (NBGr.AT) after voting against the appointment of a new chairman.
The rescue fund, known has HFSF, which holds a 40 percent stake in NBG, said in a statement on Wednesday that it might call an extraordinary shareholders meeting on the issue.
"HFSF... is contemplating calling an extraordinary general meeting taking into account that the smooth cooperation between the board of directors of NBG and the controlling shareholder is essential," the fund said.
Tuesday, November 8, 2016
Euro founding father Otmar Issing warns about project's future
By Colletta Smith and Mark Syred
BBC 5 Live
7 November 2016
BBC News
Prof Otmar Issing told the BBC's Wake up to Money that faultlines across the eurozone remain, citing economic weakness in Greece, Portugal and Italy.
The European Central Bank's first chief economist also warned about the impact of negative interest rates.
And he said political pressures threatened central banks' independence.
Prof Issing told the BBC that structural problems in the eurozone and dwindling public support in some countries were still major problems.
BBC 5 Live
7 November 2016
BBC News
Prof Otmar Issing told the BBC's Wake up to Money that faultlines across the eurozone remain, citing economic weakness in Greece, Portugal and Italy.
The European Central Bank's first chief economist also warned about the impact of negative interest rates.
And he said political pressures threatened central banks' independence.
Prof Issing told the BBC that structural problems in the eurozone and dwindling public support in some countries were still major problems.
Wednesday, November 2, 2016
An economist who was in the middle of the storm recounts Greece’s financial crisis
The Boston Globe
By Jonathan Schlefer
GLOBE CORRESPONDENT NOVEMBER 01, 2016
When economist George Papaconstantinou returned to Greece after working for a decade at the Organization for Economic Cooperation and Development, he settled into a series of comfortable government and academic jobs. Then, to his surprise, PASOK, the social-democratic party, asked him to run for Parliament. He lost the first time but won in 2007. He also began advising the party leader, George Papandreou, on economic issues. Named PASOK’s press spokesman, he helped give the party a fresh, young image, contributing to its landslide election victory in 2009.
For Greeks, property equals debt
2 Nov 2016
Nikos Konstandaras Contributing Writer
The New York Times
People are turning their backs on what used to be a pillar of the country’s economy and society: real estate.
At law courts throughout Greece, people are lining up to file papers renouncing their inheritance. Not necessarily because some feckless uncle left them with a pile of debt at the end of his revels; they are turning their backs on what used to be a pillar of Greece’s economy and society: real estate. Growing personal debt, declining incomes and ever higher taxes as Greece’s depression grinds on have turned property and the dream of easy money into dread of a catastrophic burden.
Nikos Konstandaras Contributing Writer
The New York Times
People are turning their backs on what used to be a pillar of the country’s economy and society: real estate.
At law courts throughout Greece, people are lining up to file papers renouncing their inheritance. Not necessarily because some feckless uncle left them with a pile of debt at the end of his revels; they are turning their backs on what used to be a pillar of Greece’s economy and society: real estate. Growing personal debt, declining incomes and ever higher taxes as Greece’s depression grinds on have turned property and the dream of easy money into dread of a catastrophic burden.
Thursday, October 27, 2016
UPDATE 1-Greece names Total-led consortium preferred bidder for offshore gas drilling
Wed Oct 26, 2016 | 1:05pm BST
Reuters
Oct 26 Greece named on Wednesday a consortium of France's Total, its biggest oil refiner Hellenic Petroleum and Italy's Edison as the preferred bidder for an offshore gas drilling block in the west of the country.
Greece, which signed up to a third bailout last summer, has made several fruitless attempts over the last 50 years to find big oil and gas reserves. Its debt crisis and important findings in neighbouring countries has prompted the country to step up those efforts.
Reuters
Oct 26 Greece named on Wednesday a consortium of France's Total, its biggest oil refiner Hellenic Petroleum and Italy's Edison as the preferred bidder for an offshore gas drilling block in the west of the country.
Greece, which signed up to a third bailout last summer, has made several fruitless attempts over the last 50 years to find big oil and gas reserves. Its debt crisis and important findings in neighbouring countries has prompted the country to step up those efforts.
Tuesday, October 25, 2016
Greece Set to Receive Fresh Loans Under Bailout Agreement
Eurozone bailout fund officials expected to sign off on disbursement Tuesday
The Wall Street Journal
By VIKTORIA DENDRINOU
Oct. 24, 2016 2:45 p.m. ET
1 COMMENTS
BRUSSELS—Greece’s creditors are expected to approve €2.8 billion in fresh loans for the debt-ridden country after it completed a set of key economic overhauls, three eurozone officials said Monday.
The disbursement of the next slice of financial aid, to be officially signed off by the eurozone bailout fund on Tuesday, marks the formal end of the first review of Greece’s up-to-€86 billion bailout, which was agreed to in August last year.
The loans will comprise of €1.1 billion to be used for debt servicing and €1.7 billion to repay arrears owed to domestic contractors.
The Wall Street Journal
By VIKTORIA DENDRINOU
Oct. 24, 2016 2:45 p.m. ET
1 COMMENTS
BRUSSELS—Greece’s creditors are expected to approve €2.8 billion in fresh loans for the debt-ridden country after it completed a set of key economic overhauls, three eurozone officials said Monday.
The disbursement of the next slice of financial aid, to be officially signed off by the eurozone bailout fund on Tuesday, marks the formal end of the first review of Greece’s up-to-€86 billion bailout, which was agreed to in August last year.
The loans will comprise of €1.1 billion to be used for debt servicing and €1.7 billion to repay arrears owed to domestic contractors.
Monday, October 24, 2016
Opinion: Appearance and reality in Greece
Greece's euro crisis has disappeared from the headlines, but the problem has still not been resolved. And since nothing much is changing in Athens, it will soon be a hot topic once again, says Spiros Moskovou.
Deutsche Welle
"I hereby declare the nonprivatization of the state electricity company DEI to be one of Syriza's key political concerns," Energy Minister Panos Skourletis announced at the governing party's conference in Athens last weekend. Yet last May, the government of Prime Minister Alexis Tsipras, together with the Greek parliament, approved an initial list of state-owned businesses for privatization.
An important point here is the sale of a quantity of shares in DEI. The whole privatization package is intended to bring in revenue of 2.5 billion euros ($2.7 billion) for the Greek treasury by the end of the year.
Deutsche Welle
"I hereby declare the nonprivatization of the state electricity company DEI to be one of Syriza's key political concerns," Energy Minister Panos Skourletis announced at the governing party's conference in Athens last weekend. Yet last May, the government of Prime Minister Alexis Tsipras, together with the Greek parliament, approved an initial list of state-owned businesses for privatization.
An important point here is the sale of a quantity of shares in DEI. The whole privatization package is intended to bring in revenue of 2.5 billion euros ($2.7 billion) for the Greek treasury by the end of the year.
Sunday, October 23, 2016
Monetary Policy And Political Problems To Drive The Euro Lower
OCT 22, 2016 @ 11:57
Stephen Pope , CONTRIBUTOR
Forbes
Over the past week, foreign exchange markets have been offered opposing views on the next play in European and American monetary policy. The differences are wider than the Atlantic Ocean.
In Europe, the Bank of England (BOE) faces many problems as the falling level of Sterling threatens to ignite inflation from its current 1.0% at a time when the economy is struggling to accommodate the uncertainty over the terms of Brexit.
A larger dilemma faces the European Central Bank (ECB). With a tepid economy, GDP growth just 0.3% and unemployment of 10.1% coupled to a fragile banking system it is obliged to hold open the door for further monetary stimulus in December and maintain that accommodation deep into 2017.
Stephen Pope , CONTRIBUTOR
Forbes
Over the past week, foreign exchange markets have been offered opposing views on the next play in European and American monetary policy. The differences are wider than the Atlantic Ocean.
In Europe, the Bank of England (BOE) faces many problems as the falling level of Sterling threatens to ignite inflation from its current 1.0% at a time when the economy is struggling to accommodate the uncertainty over the terms of Brexit.
A larger dilemma faces the European Central Bank (ECB). With a tepid economy, GDP growth just 0.3% and unemployment of 10.1% coupled to a fragile banking system it is obliged to hold open the door for further monetary stimulus in December and maintain that accommodation deep into 2017.
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