By Zachary A. Goldfarb June 24 at 12:51 AM
The Washington Post
The United Kingdom voted Thursday to leave the European Union, a historic turn that underscored the deep fraying of the European political and economic union. It will take days, months and years to fully grapple with the consequences, but the earliest reactions from markets seemed to confirm experts' fears that Brexit would be deeply disruptive. While markets have previously been buffeted by global financial shocks -- including Greece's crisis last year -- many experts did not think the U.K. would actually take the gamble of leaving the E.U. It's certainly possible that markets will calm down overnight and throughout the weekend — no one can promise to offer an accurate forecast — but immediate signs from across the world were alarming.
Friday, June 24, 2016
Thursday, June 23, 2016
ECB lends a helping hand to Greece
Greek's ailing banks will be given access to the European Central Bank's refinancing program. The move brings Greece closer to financial normalization, a gift for its compliance in passing tough austerity measures.
Deustche Welle
Cash-strapped Greek banks will be able to borrow cheap money from the ECB starting June 29, the ECB's Governing Council decided on Wednesday.
This requires that the ECB waives its minimum rating requirement, allowing Greek banks to post government-guaranteed debt - even though it is rated as "junk" - as collateral in exchange for ECB funding.
Greek brokerage Euroxx said the move "will be essential for the reduction of Greek banks' funding costs, which along with the gradual easing of capital controls should also help the all-important return of deposits into the system."
Pound, Euro Rise Ahead of Brexit Vote
Recent polls suggest stronger support for the “Remain” camp easing investors’ fears
The Wall Street Journal
By CHELSEY DULANEY
Updated June 22, 2016 4:49 p.m. ET
The pound and euro rose against the dollar on Wednesday, as markets were relatively calm a day ahead of the U.K. vote on continued European Union membership.
The pound was recently quoted up 0.3% at $1.4691. The euro recently rose 0.5% to $1.1297.
The referendum over the so-called Brexit is scheduled for Thursday. The U.K. Treasury has estimated a British departure from the EU would drag down the pound by at least 12%. Analysts expect the euro also would be negatively impacted in the event of a Brexit, which could raise questions about the future of the 28-member bloc.
U.S. warns China against provocations once court rules on sea claims
Wed Jun 22, 2016 6:43pm EDT
WASHINGTON | BY DAVID BRUNNSTROM AND MATT SPETALNICK
Reuters
The United States warned China on Wednesday against taking "additional provocative actions" following an impending international court ruling on the South China Sea that is expected to largely reject Beijing's broad territorial claims.
A senior State Department official voiced skepticism at China's claim that dozens of countries backed its position in a case the Philippines has brought against Beijing and vowed that Washington would uphold U.S. defense commitments.
WASHINGTON | BY DAVID BRUNNSTROM AND MATT SPETALNICK
Reuters
The United States warned China on Wednesday against taking "additional provocative actions" following an impending international court ruling on the South China Sea that is expected to largely reject Beijing's broad territorial claims.
A senior State Department official voiced skepticism at China's claim that dozens of countries backed its position in a case the Philippines has brought against Beijing and vowed that Washington would uphold U.S. defense commitments.
Wednesday, June 22, 2016
Greece's bailout funds released; EU's Juncker hails Greek efforts
Tue Jun 21, 2016 8:16am EDT Related: WORLD, GREECE
Reuters
Greece got more than 7 billion euros in bailout funds on Tuesday after a review of the country's progress in implementing economic reforms, the head of the euro zone's bailout fund told reporters in Athens.
Greece needs the money to pay off growing state arrears, maturing ECB bonds and International Monetary Fund loans. Talks with its foreign creditors over Greece's efforts to implement a reform program have dragged on for six months.
Friday, June 17, 2016
Greece Gains Fresh Loans From Eurozone Fund
Approval of $8.4 billion in loans should ensure Greece doesn’t default to creditors this summer
The Wall Street Journal
By VIKTORIA DENDRINOU
June 17, 2016 3:48 a.m. ET
LUXEMBOURG—Senior officials from eurozone finance ministries agreed Friday on a disbursement of fresh loans to Greece worth some €7.5 billion ($8.4 billion), bringing to a conclusion a protracted review of the country’s bailout and ensuring the country doesn’t default to its creditors later this summer.
The Wall Street Journal
By VIKTORIA DENDRINOU
June 17, 2016 3:48 a.m. ET
LUXEMBOURG—Senior officials from eurozone finance ministries agreed Friday on a disbursement of fresh loans to Greece worth some €7.5 billion ($8.4 billion), bringing to a conclusion a protracted review of the country’s bailout and ensuring the country doesn’t default to its creditors later this summer.
Thursday, June 9, 2016
Europe Prepares to Pick Who Can Run Greece’s Banks
Greece agreed to implement rules on bank boards as part of the country’s bailout last year
The Wall Street Journal
By MAX COLCHESTER and STELIOS BOURAS
June 8, 2016 5:30 a.m. ET
ATHENS—European authorities are seeking to replace a third of the board members at Greece’s major banks, among the toughest actions by regulators since the financial crisis. And Louka Katseli is a major target.
The former socialist parliamentarian was named chairwoman of National Bank of Greece SA last year, one of several politicized appointments that European regulators say saps investors’ confidence in Greek banks and makes it harder to clean up a mountain of bad loans.
The Wall Street Journal
By MAX COLCHESTER and STELIOS BOURAS
June 8, 2016 5:30 a.m. ET
ATHENS—European authorities are seeking to replace a third of the board members at Greece’s major banks, among the toughest actions by regulators since the financial crisis. And Louka Katseli is a major target.
The former socialist parliamentarian was named chairwoman of National Bank of Greece SA last year, one of several politicized appointments that European regulators say saps investors’ confidence in Greek banks and makes it harder to clean up a mountain of bad loans.
Wednesday, June 8, 2016
Greece Secures Bailout Money With Airport Real Estate Deal
By NIKI KITSANTONIS
JUNE 7, 2016
The New York Times
ATHENS — Greece on Tuesday signed a major privatization deal that will fulfill a key condition for the release of further bailout funding, but it will also displace thousands of refugees.
The deal, for a huge luxury real estate project on the site of the capital’s former international airport, was made in a memorandum of understanding between the state privatization agency, Taiped, and a consortium of Greek, Arab and Chinese companies. The land sits on a prime piece of coastline in Elliniko in southern Athens.
Elliniko is part of an ambitious privatization program by Greece’s leftist-led government and the country’s international creditors. Apart from Greece’s power board and other state companies, the portfolio of Greek assets for sale includes former government buildings, beaches and hotels.
The deal, which was frozen for a year and a half because of protests, was hailed as a breakthrough. Taiped’s chairman, Stergios Pitsiorlas, said the site, which covers four square kilometers, or 1.5 square miles, would accommodate “the largest urban regeneration project in Europe,” and create thousands of jobs for the debt-ridden nation. The site will also have the largest metropolitan park in Europe, he said. The office of Prime Minister Alexis Tsipras said the investment would help “restart the economy.”
Currently, however, the site is home to some 3,000 refugees who live in a makeshift settlement in the former airport building. The structure also houses several small companies, chiefly shipping and advertising firms. It had served as sports venues for the 2004 Olympics in Athens.
The government has promised to clear the site and relocate the refugees to a yet-to-be-determined location by November.
The deal was one of the few loose ends needed for creditors to sign off on 7.5 billion euros, about $8.5 billion, in bailout money after the approval of fresh austerity measures in recent weeks.
Addressing the European Parliament in Strasbourg, France, on Monday, Pierre Moscovici, the European commissioner for economic and financial affairs, said Greek authorities had done “95 percent of the changes necessary” to unlock the money.
First signed by the previous conservative-led coalition in November 2014, the privatization deal was held up after protests by local residents and authorities.
It was clinched after locals “came around to the idea,” Mr. Pitsiorlas said in an interview. The developers also agreed to demands by the Greek state for the site to include more green spaces, and to pay maintenance costs. The site will also have malls, golf courses and luxury homes.
The consortium of Lamda Development, the Abu Dhabi-based real estate firm Al Maabar and the Chinese conglomerate Fosun International has pledged 915 million euros, about $1 billion, to lease the plot for 99 years. Another 7 billion euros, about $7.9 billion, will go toward the creation of parks, luxury homes, golf courses and the extension of the public transportation and drainage network over 15 years. According to Mr. Pitsiorlas, the project would create more than 40,000 jobs.
The “new living standard” envisioned for Elliniko in a video on Lamda Development’s website is a far cry from the current state of the site, described as a “mass ghetto” by a local mayor, Yiannis Konstantatos.
Despite pressure from creditors to sell off state assets, a succession of governments have raised just over 2.5 billion euros from privatizations, including the leasing out of Greek regional airports and the Greek horse race betting organization, compared to an initial target of 50 billion euros.
JUNE 7, 2016
The New York Times
ATHENS — Greece on Tuesday signed a major privatization deal that will fulfill a key condition for the release of further bailout funding, but it will also displace thousands of refugees.
The deal, for a huge luxury real estate project on the site of the capital’s former international airport, was made in a memorandum of understanding between the state privatization agency, Taiped, and a consortium of Greek, Arab and Chinese companies. The land sits on a prime piece of coastline in Elliniko in southern Athens.
Elliniko is part of an ambitious privatization program by Greece’s leftist-led government and the country’s international creditors. Apart from Greece’s power board and other state companies, the portfolio of Greek assets for sale includes former government buildings, beaches and hotels.
The deal, which was frozen for a year and a half because of protests, was hailed as a breakthrough. Taiped’s chairman, Stergios Pitsiorlas, said the site, which covers four square kilometers, or 1.5 square miles, would accommodate “the largest urban regeneration project in Europe,” and create thousands of jobs for the debt-ridden nation. The site will also have the largest metropolitan park in Europe, he said. The office of Prime Minister Alexis Tsipras said the investment would help “restart the economy.”
Currently, however, the site is home to some 3,000 refugees who live in a makeshift settlement in the former airport building. The structure also houses several small companies, chiefly shipping and advertising firms. It had served as sports venues for the 2004 Olympics in Athens.
The government has promised to clear the site and relocate the refugees to a yet-to-be-determined location by November.
The deal was one of the few loose ends needed for creditors to sign off on 7.5 billion euros, about $8.5 billion, in bailout money after the approval of fresh austerity measures in recent weeks.
Addressing the European Parliament in Strasbourg, France, on Monday, Pierre Moscovici, the European commissioner for economic and financial affairs, said Greek authorities had done “95 percent of the changes necessary” to unlock the money.
First signed by the previous conservative-led coalition in November 2014, the privatization deal was held up after protests by local residents and authorities.
It was clinched after locals “came around to the idea,” Mr. Pitsiorlas said in an interview. The developers also agreed to demands by the Greek state for the site to include more green spaces, and to pay maintenance costs. The site will also have malls, golf courses and luxury homes.
The consortium of Lamda Development, the Abu Dhabi-based real estate firm Al Maabar and the Chinese conglomerate Fosun International has pledged 915 million euros, about $1 billion, to lease the plot for 99 years. Another 7 billion euros, about $7.9 billion, will go toward the creation of parks, luxury homes, golf courses and the extension of the public transportation and drainage network over 15 years. According to Mr. Pitsiorlas, the project would create more than 40,000 jobs.
The “new living standard” envisioned for Elliniko in a video on Lamda Development’s website is a far cry from the current state of the site, described as a “mass ghetto” by a local mayor, Yiannis Konstantatos.
Despite pressure from creditors to sell off state assets, a succession of governments have raised just over 2.5 billion euros from privatizations, including the leasing out of Greek regional airports and the Greek horse race betting organization, compared to an initial target of 50 billion euros.
Tuesday, June 7, 2016
Greek Merchants Cry Foul as Netflix, Airbnb Escape New Taxes
Nikos Chrysoloras
June 7, 2016 — 4:03 AM EEST
Bloomberg
For Panos Papadopoulos, what’s worse than the Greek government’s new taxes is that they don’t apply to his overseas rivals.
The chief executive officer of Forthnet SA, Greece’s biggest pay-television company, says the new levies make his battle against the likes of Netflix Inc. even harder. The story is similar for hotel-industry executives who say they face higher taxes that Internet-based services like Airbnb Inc. escape.
For its latest bailout tranche from creditors, Greece has reached deeper into its economy and is raising taxes on everything from beer, Internet use, phone services to pay-TV. It has increased the general sales levy and income taxes, prompting businesses to say growth will be damped in an economy that has shrunk by more than a quarter since 2008. Executives like Papadopoulos say what’s more galling is that the new levies give companies operating outside Prime Minister’s Alexis Tsipras’s jurisdiction an edge.
June 7, 2016 — 4:03 AM EEST
Bloomberg
For Panos Papadopoulos, what’s worse than the Greek government’s new taxes is that they don’t apply to his overseas rivals.
The chief executive officer of Forthnet SA, Greece’s biggest pay-television company, says the new levies make his battle against the likes of Netflix Inc. even harder. The story is similar for hotel-industry executives who say they face higher taxes that Internet-based services like Airbnb Inc. escape.
For its latest bailout tranche from creditors, Greece has reached deeper into its economy and is raising taxes on everything from beer, Internet use, phone services to pay-TV. It has increased the general sales levy and income taxes, prompting businesses to say growth will be damped in an economy that has shrunk by more than a quarter since 2008. Executives like Papadopoulos say what’s more galling is that the new levies give companies operating outside Prime Minister’s Alexis Tsipras’s jurisdiction an edge.
In Greece’s Economic War of Attrition, Tsipras Counts on Peace
Marcus Bensasson
Nikos Chrysoloras
June 6, 2016 — 5:00 AM EEST
Bloomberg
From street protests and collapsing governments to eleventh-hour deals and financial lifelines, Greece has gotten used to lurching from crisis to crisis during its endless economic meltdown.
Prime Minister Alexis Tsipras is relying on it being different this time after finance ministers in the euro region agreed to disburse more funds and the European Central Bank on Thursday said it would be willing to let banks increase their access to its cheaper credit. Even Eurogroup head Jeroen Dijsselbloem, the face of Europe’s standoff with Tsipras last year, said “an important corner” had been turned.
Nikos Chrysoloras
June 6, 2016 — 5:00 AM EEST
Bloomberg
From street protests and collapsing governments to eleventh-hour deals and financial lifelines, Greece has gotten used to lurching from crisis to crisis during its endless economic meltdown.
Prime Minister Alexis Tsipras is relying on it being different this time after finance ministers in the euro region agreed to disburse more funds and the European Central Bank on Thursday said it would be willing to let banks increase their access to its cheaper credit. Even Eurogroup head Jeroen Dijsselbloem, the face of Europe’s standoff with Tsipras last year, said “an important corner” had been turned.
Saturday, June 4, 2016
French Prime Minister Expresses Support for Greece
France is interested in investing in Greece in areas of energy, transportation and tourism
The Wall Street Journal
By NEKTARIA STAMOULI
June 3, 2016 11:52 a.m. ET
0 COMMENTS
ATHENS—French Prime Minister Manuel Valls on Friday expressed his country’s interest in investing in Greece and promised the crisis-battered country more support with reforms needed to overcome the financial crisis, as well as help in dealing with the refugee crisis.
“A eurozone without Greece, a Schengen Treaty without Greece, represents another view of Europe that we do not share,” Mr. Valls said during a press conference with his Greek counterpart Alexis Tsipras.
He said he was confident the next bailout funds for Greece would be disbursed soon and added that he hoped a solution for Greece’s debt problems would be found.
The Wall Street Journal
By NEKTARIA STAMOULI
June 3, 2016 11:52 a.m. ET
0 COMMENTS
ATHENS—French Prime Minister Manuel Valls on Friday expressed his country’s interest in investing in Greece and promised the crisis-battered country more support with reforms needed to overcome the financial crisis, as well as help in dealing with the refugee crisis.
“A eurozone without Greece, a Schengen Treaty without Greece, represents another view of Europe that we do not share,” Mr. Valls said during a press conference with his Greek counterpart Alexis Tsipras.
He said he was confident the next bailout funds for Greece would be disbursed soon and added that he hoped a solution for Greece’s debt problems would be found.
Why Greece’s Syriza Party Is Embracing Austerity Now
COMMENTARY by Sotirios Zartaloudis JUNE 3, 2016, 1:00 AM EDT
Fortune
Question is, how long will it last?
For more than five years, Greece has been dominating the global news, with fears of default and an exit from the Eurozone or even the European Union (EU). While experts predict political and financial disaster, I would say Greece appears to be returning to some level of normalcy, although it still has a long way to go before it returns to economic and political stability.
Monday, May 30, 2016
Vague Promises of Debt Relief for Greece
By THE EDITORIAL BOARDMAY 30, 2016
The New York Times
European leaders congratulated themselves last week for reaching an agreement to provide more loans to Greece and eventually ease the terms of the country’s huge debt. But there is little to celebrate.
Greece is bankrupt in all but name. The country has a debt of more than 300 billion euros ($333 billion), or about 180 percent of its gross domestic product, a sum it cannot hope to repay in full.
Most of that money is owed to Germany, France, Italy and other countries in the eurozone. After an 11-hour meeting last week, the eurozone finance ministers said that they would lend another 7.5 billion euros to Greece next month to help it pay off debt and grant it some relief, possibly including lower interest rates and extended payment periods, but not until mid-2018.
The New York Times
European leaders congratulated themselves last week for reaching an agreement to provide more loans to Greece and eventually ease the terms of the country’s huge debt. But there is little to celebrate.
Greece is bankrupt in all but name. The country has a debt of more than 300 billion euros ($333 billion), or about 180 percent of its gross domestic product, a sum it cannot hope to repay in full.
Most of that money is owed to Germany, France, Italy and other countries in the eurozone. After an 11-hour meeting last week, the eurozone finance ministers said that they would lend another 7.5 billion euros to Greece next month to help it pay off debt and grant it some relief, possibly including lower interest rates and extended payment periods, but not until mid-2018.
Friday, May 27, 2016
Είμαστε και φαινόμαστε
Κυρίτσης Γιώργος|26.05.2016
Εφημερίδα Αυγή
"...Γι' αυτό ακριβώς ψηφίστηκε τον Σεπτέμβριο, για να μετακυλήσει όσο μπορεί τα βάρη στους μενουμευρωπαίους,..."
Του Γιώργου Κυρίτση
Thursday, May 26, 2016
Greece’s Inconclusive Debt Deal
Tuesday’s accord, rather being than a decisive break in Athens’ crisis, puts off thorny political decisions
The Wall Street Journal
By SIMON NIXON
May 25, 2016 5:12 p.m. ET
1 COMMENTS
Greece has a new debt deal—but then it was always going to get a new debt deal.
Time and again, the eurozone has demonstrated that it is bound together by impressive reservoirs of political will: not only the will of debtors such as the Greeks, for whom the euro is both a trusted store of value and a symbol of their common European destiny, but also the will of creditors, who have been unwilling to risk the great costs and inevitable political upheavals of a eurozone breakup. Indeed, the determination to reach a deal was even greater at a time the breakup of the European Union itself is on the table in the U.K.’s Brexit referendum.
The Wall Street Journal
By SIMON NIXON
May 25, 2016 5:12 p.m. ET
1 COMMENTS
Greece has a new debt deal—but then it was always going to get a new debt deal.
Time and again, the eurozone has demonstrated that it is bound together by impressive reservoirs of political will: not only the will of debtors such as the Greeks, for whom the euro is both a trusted store of value and a symbol of their common European destiny, but also the will of creditors, who have been unwilling to risk the great costs and inevitable political upheavals of a eurozone breakup. Indeed, the determination to reach a deal was even greater at a time the breakup of the European Union itself is on the table in the U.K.’s Brexit referendum.
Wednesday, May 25, 2016
Greece Begins Moving Refugees Out of Idomeni Camp
By NIKI KITSANTONISMAY 24, 2016
The New York Times
ATHENS — The Greek authorities began moving hundreds of refugees on Tuesday out of a sprawling makeshift camp near the village of Idomeni, on the border with Macedonia, a crucial point on the so-called Balkan trail for migrants that has been closed off for months.
A police operation started around 6 a.m., and by early evening more than 2,000 refugees had been taken by bus to state-run encampments near Thessaloniki, the second-largest city in Greece.
Riot police officers were stationed outside the area, as there were concerns that the operation would lead to unrest. But a spokesman for the Greek police, Lt. Col. Theodoros Chronopoulos, said the evacuation of the camp, which had 20,000 migrants at its peak in March and until Tuesday morning about 8,000, most of them Syrians, was carried out “completely smoothly” and would continue through the end of the week.
The New York Times
ATHENS — The Greek authorities began moving hundreds of refugees on Tuesday out of a sprawling makeshift camp near the village of Idomeni, on the border with Macedonia, a crucial point on the so-called Balkan trail for migrants that has been closed off for months.
A police operation started around 6 a.m., and by early evening more than 2,000 refugees had been taken by bus to state-run encampments near Thessaloniki, the second-largest city in Greece.
Riot police officers were stationed outside the area, as there were concerns that the operation would lead to unrest. But a spokesman for the Greek police, Lt. Col. Theodoros Chronopoulos, said the evacuation of the camp, which had 20,000 migrants at its peak in March and until Tuesday morning about 8,000, most of them Syrians, was carried out “completely smoothly” and would continue through the end of the week.
Global stocks climb as Brexit, Grexit risks ease
Wed May 25, 2016 5:26am EDT
LONDON | BY PATRICK GRAHAM
Reuters
Easing concerns over several major global risks helped stock markets rise robustly for a second day on Wednesday, underpinned by gains in oil and metals prices and data showing the U.S. economy can deal with a hike in interest rates.
Traders say several polls showing Britain will vote strongly to stay in the European Union in a referendum in June have done more than just support sterling, up 5 percent in trade-weighted terms from lows hit in April.
A new debt deal for Greece also looked to have headed off the risk of another round of uncertainty over its finances and even its future in the euro zone after a funding crisis a year ago, pushing European stock markets higher across the board.
LONDON | BY PATRICK GRAHAM
Reuters
Easing concerns over several major global risks helped stock markets rise robustly for a second day on Wednesday, underpinned by gains in oil and metals prices and data showing the U.S. economy can deal with a hike in interest rates.
Traders say several polls showing Britain will vote strongly to stay in the European Union in a referendum in June have done more than just support sterling, up 5 percent in trade-weighted terms from lows hit in April.
A new debt deal for Greece also looked to have headed off the risk of another round of uncertainty over its finances and even its future in the euro zone after a funding crisis a year ago, pushing European stock markets higher across the board.
Greece to Get $11.5 Billion Payout as Debt Relief Weighed
Ian Wishart
Corina Ruhe
Mark Deen
May 25, 2016 — 3:52 AM EEST Updated on May 25, 2016
Bloomberg
Greece’s creditors reached an agreement that will allow the release of 10.3 billion euros ($11.5 billion) of aid and committed to ease the nation’s 321 billion euros of debt.
At a meeting of euro-area finance ministers in Brussels Tuesday, the International Monetary Fund stood down from its hard-line stance after delaying the payout, having insisted that Greece’s program didn’t offer a path to fiscal sustainability.
I.M.F. Takes Firmer Stand Favoring Relief for Greek Debt
By JAMES KANTERMAY 17, 2016
The New York Times
BRUSSELS — The International Monetary Fund is increasing demands for Greek debt relief, setting up another potential standoff with creditors over the country’s bailout, and threatening to create more political and economic uncertainty at an already tumultuous time for Europe.
This I.M.F.’s position opens the next act in the long-running Greek debt crisis, casting the fund against Germany and many of the other eurozone creditors.
The fund is playing the role of the financial police, adamant that Greece will never return to growth if its debt burden is not sustainable. And Germany is the political pragmatist, leaning on Greece to stick with its austerity commitments lest it set a bad precedent for future bailouts and provoke unrest at home.
The New York Times
BRUSSELS — The International Monetary Fund is increasing demands for Greek debt relief, setting up another potential standoff with creditors over the country’s bailout, and threatening to create more political and economic uncertainty at an already tumultuous time for Europe.
This I.M.F.’s position opens the next act in the long-running Greek debt crisis, casting the fund against Germany and many of the other eurozone creditors.
The fund is playing the role of the financial police, adamant that Greece will never return to growth if its debt burden is not sustainable. And Germany is the political pragmatist, leaning on Greece to stick with its austerity commitments lest it set a bad precedent for future bailouts and provoke unrest at home.
E.U. Ministers Agree to Extend Another Lifeline to Greece
By JAMES KANTERMAY 24, 2016
The New York Times
BRUSSELS — Fearing a renewed crisis in Greece that could set off economic shock waves, policy makers across three continents have scrambled to strike a deal to ease the country’s debt burden. There have been meetings in the United States, a diplomatic blitz in Europe and talks in Japan.
In an agreement announced early Wednesday, Greece won additional pledges of debt relief, but nothing substantial until 2018 at the earliest, and only then if it continues to carry out painful reforms. Even so, the accord could help ease concerns about another flare-up of a crisis in Greece as the region deals with a mass influx of migrants and a continuing terrorist threat.
The New York Times
BRUSSELS — Fearing a renewed crisis in Greece that could set off economic shock waves, policy makers across three continents have scrambled to strike a deal to ease the country’s debt burden. There have been meetings in the United States, a diplomatic blitz in Europe and talks in Japan.
In an agreement announced early Wednesday, Greece won additional pledges of debt relief, but nothing substantial until 2018 at the earliest, and only then if it continues to carry out painful reforms. Even so, the accord could help ease concerns about another flare-up of a crisis in Greece as the region deals with a mass influx of migrants and a continuing terrorist threat.
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