Mitsotakis' mission: Saving Greece from Tsipras

Kyriakos Mitsotakis, the leader of the Greek conservative party Nea Dimokratia, says he wants to "liberate" Greece from left-wing Prime Minister Alexis Tsipras. He tells DW how he intends to accomplish this.

Deutche Welle

If Greece were to hold elections tomorrow, the pro-European conservatives Nea Dimokratia (New Democracy, ND) would clearly win. According to polls, Kyriakos Mitsotakis, who has headed his party since January, has gained popularity. Many believe he would be a better prime minister than Alexis Tsipras.
The pro-European and neoliberal Mitsotakis, a scion of a Greek political dynasty, holds degrees from Harvard and Stanford. He has worked in politics and investment banking. His father, Konstantinos Mitsotakis, is a former Greek prime minister and his older sister, Dora Bakoyannis, former mayor of Athens, also served as Greek foreign minister and culture minister.

Eight Aboard Military Helicopter Seek Asylum in Greece

6:20 AM ET
Jul 16, 2016
Sat Jul 16 2016 09:20:46 GMT+0300 (GTB Daylight Time)
Niki Kitsantonis
ATHENS

The New York Times

Greece has arrested eight people aboard a Turkish military helicopter that landed in Alexandroupolis shortly before noon, the country’s Ministry of Public Order and Citizen Protection said.

The eight individuals have requested political asylum, the ministry said in a text message to reporters, and the helicopter has been placed under guard.

After the Brexit vote

The first signs of post-Brexit financial stress: property fund suspended
Jul 4th 2016, 16:45 BY BUTTONWOOD

The Economist

AFTER the initial post-Brexit sell-off in sterling and equities, financial markets had quietened down in the wake of the shock referendum result. The FTSE 100 even moved ahead of its pre-Brexit level.

But investor concerns have shown up in another market - property, Today Standard Life, the Scottish insurer, suspended redemptions in its UK Retail property fund, with £2.9 billion of assets under management. Here is the press release.

Nigel Farage, Who Spurred ‘Brexit,’ Resigns as Head of U.K. Independence Party

By STEPHEN CASTLE and STEVEN ERLANGERJULY 4, 2016


The New York Times

LONDON — He spent nearly 20 years pushing for Britain to leave the European Union, and having succeeded in his aim, he is now taking his leave.

Nigel Farage, the politician who probably did more than any other to force the referendum on British membership in the European Union, resigned on Monday as leader of the right-wing populist U.K. Independence Party, saying “I’ve done my bit.”

Mr. Farage, 52, has quit the post before — twice. But on Monday he sounded as if he meant it this time, telling reporters that “my political ambition has been achieved” and that “I want my life back.”

This economist thinks China is headed for a 1929-style depression

Published: June 30, 2016 2:23 p.m. ET

MarketWatch

Andy Xie is among the loudest voices warning of an inevitable implosion

By SUE CHANG
MARKETS REPORTER

Andy Xie isn’t known for tepid opinions.

The provocative Xie, who was a top economist at the World Bank and Morgan Stanley, found notoriety a decade ago when he left the Wall Street bank after a controversial internal report went public. Today, he is among the loudest voices warning of an inevitable implosion in China, the world’s second-largest economy.

Xie, now working independently and based in Shanghai, says the coming collapse won’t be like the Asian currency crisis of 1997 or the U.S. financial meltdown of 2008.

Brexit isn’t the most serious threat to the EU — the euro is

Updated by Timothy B. Lee on June 29, 2016, 10:10 a.m. ET

VOX

Central banks like the US Federal Reserve and the European Central Bank play a critical role in modern economies.

Money is an essential fuel for economic activity, and it’s the job of a central bank to supply enough to allow for robust economic growth. If they supply too much, they produce inflation. Producing too little can tip the economy into a recession — or make an existing recession worse than it would otherwise be.

Turkey Moves To Restore Relations With Russia And Israel On The Same Day

Closer ties could mean a boost to Turkish tourism, gas prospects for Israel and greater security cooperation.
 06/27/2016 03:19 pm ET | Updated 14 hours ago

The Huffington Post

Sophia Jones
Middle East Correspondent, The WorldPost

ISTANBUL — Turkish leaders on Monday announced a series of landmark moves meant to normalize ties with Russia and Israel after years of tumultuous relations with the two leading world powers.

Strengthened relations — a result of a deal with Israel and a letter to the Russian president calling for restored ties — could lead to a boosted economy and tourism sector in Turkey, lucrative Mediterranean gas prospects for Israel and greater security cooperation at a crucial time in the region.

Greece’s Fragile Economy Faces New Tests After Brexit

“Our effort to exit the crisis becomes more complicated because this decision disrupts our economy,” says one Greek politician.
 06/27/2016 04:14 pm ET

The Huffington Post

The United Kingdom’s decision to leave the European Union in a so-called “Brexit” has sent shocks through Europe, raising questions about the continent’s political and economic future.

Markets around the world plunged in the wake of the unexpected referendum results. The Athens stock exchange fell by 15 percent in the immediate aftermath of British voters’ decision, while bank shares dropped by 30 percent.

Greece’s already-fragile economy faces new challenges in an increasingly unpredictable post-Brexit world. Especially worrisome are the potential effects Britain’s decision could have on two of the country’s essential industries: shipping and tourism.

World stocks, sterling fight back after Brexit beating

Tue Jun 28, 2016 5:11am EDT Related: HOUSING MARKET, DAVOS
LONDON | BY MARC JONES
Reuters

World stocks rose for the first time in three days and sterling and the euro climbed on Tuesday, as investors made a rush for Brexit-bashed assets hammered by some of the biggest falls since the 2008 collapse of Lehman Brothers.

Bargain hunting trumped still widespread uncertainty over Britain's vote to leave the European Union, as the bloc's leaders, including soon-to-be-ex UK Prime Minister David Cameron, headed for their first post-vote meeting in Brussels.

European shares .FTEU3 jumped 2.4 percent in early trading having plunged over 10 percent since Friday.

How Britain Could Exit ‘Brexit’

The Interpreter
By MAX FISHER JUNE 27, 2016

The New York Times

WASHINGTON — In the days since Britons voted to leave the European Union, the so-called “Brexit” referendum has created such severe turmoil that public attention is increasingly focused on an extreme option: Can they get out of it?

Prime Minister David Cameron said on Monday that he considered the referendum binding and that “the process of implementing the decision in the best possible way must now begin.” But he also said he would leave that process to his successor, after his expected resignation in October. This opens a window of at least four months during which time Britain could decide not to proceed, and avoid consequences from Europe.

'Why are you here?' Juncker asks Brexit lawmakers

Tue Jun 28, 2016 4:53am EDT Related: WORLD

Reuters

European Commission President Jean-Claude Juncker asked lawmakers of Britain's anti-EU UKIP on Tuesday why they had attended a European Parliament session to discuss the consequences of the British vote to leave the bloc.

"We must respect British democracy and the way it has expressed its view," Juncker said in a speech to parliament, words that were greeted by rare applause from the UKIP members present.

Having Won, Some ‘Brexit’ Campaigners Begin Backpedaling

By STEPHEN CASTLEJUNE 26, 2016

The New York Times

LONDON — Freed from the shackles of the European Union, Britain’s economy would prosper and its security would increase. Britain would “take back control” of immigration, reducing the number of arrivals. And it would be able to spend about 350 million pounds, or about $470 million, a week more on health care instead of sending the money to Brussels.

Before Thursday’s referendum on the country’s membership in the 28-nation bloc, campaigners for British withdrawal, known as Brexit, tossed out promises of a better future while dismissing concerns raised by a host of scholars and experts as “Project Fear.”

But that was before they won.

With financial markets in turmoil, a big drop in the pound and the prospect of further chaos, some supporters of Brexit are backpedaling on bold pronouncements they made just a few days earlier. “A lot of things were said in advance of this referendum that we might want to think about again,” Liam Fox, a former cabinet minister, told the BBC, including when and how Article 50 — the formal process for leaving the European Union — should be invoked.

Brexit: France and Germany 'in agreement' over UK's EU exit

37 06 2016
BBC

German Chancellor Angela Merkel and French President Francois Hollande have said they are in "full agreement" on how to handle the fallout from the UK's decision to leave the European Union.
Mr Hollande warned that "separated, we run the risk of divisions, dissension and quarrels".
The two will hold talks later in Berlin amid a flurry of diplomatic activity in the wake of so-called "Brexit".
The pound fell further in early trading in Asia on Monday as markets reacted.
UK Chancellor George Osborne made a statement before the start of trading in the UK in a bid to calm markets.
He said the UK was ready to face the future "from a position of strength", although he accepted the economy would have to confront challenges and that further volatility on financial markets was likely.

Nervous Greeks worry Brexit may lead to Grexit

By Richard Galpin
BBC News, Athens
26 June 2016
BBC

Its people and government are embittered by the imposition of harsh austerity measures by the EU and IMF.
Those bailout conditions have brought years of deep recession and high unemployment, but have done little to reduce Greece's huge debt burden.
And as a frontline country in the migrant crisis, Greece feels let down by Brussels and EU member states, in its struggle to cope with the arrival of more than a million refugees and migrants over the past 18 months.
The anger shows in a pan-European survey published by the Pew Research Center earlier this month, in which Greeks top the table in their response to many of the questions asked.
For example, 71% of those who took part had an unfavourable view of the EU - far higher than in the UK.
More than 90% disapproved of the way the EU was handling economic issues and the migrant crisis.

Sterling and euro struggle as Brexit shock lingers

 Mon Jun 27, 2016 3:37am EDT
LONDON | BY ANIRBAN NAG

Reuters

Sterling stayed under siege on Monday, holding above a 31-year low against the dollar, with sentiment distinctly sour after Britain opted to exit the European Union, triggering shockwaves across global markets.

The euro was also under pressure, pulled down by sterling, as Brexit clouded the future of the European Union. Safe-haven currencies like the yen and the Swiss franc extended gains, much to the discomfiture of the Japanese and Swiss central banks.

Sterling was down 1.8 percent at $1.3460 GBP=D4, having hit a trough of $1.3228 on Friday, its lowest since 1985. It recovered from a low of $1.3356 struck in Asia on Monday after British Chancellor George Osborne sought to assure markets that he was staying on and that the economy was in good shape.

Brexit: what happens when Britain leaves the EU

Updated by Timothy B. Lee on June 24, 2016, 12:20 a.m. ET

Vox

Voters have voted in favor of Brexit: British exit from the European Union. That means that in the coming months, British and European leaders will begin negotiating the terms of Britain's departure.

Britain's exit will affect the British economy, immigration policy, and lots more. It will take years for the full consequences to become clear. But here are some of the most important changes we can expect in the coming months.

The process of leaving the EU will take years

A Brexit vote is not legally binding, and there are a few ways it could theoretically be blocked or overturned. However, as the BBC notes, "it would be seen as political suicide to go against the will of the people as expressed in a referendum."

China Is Not Trying to ‘Rule the Waves’

 06/23/2016 02:10 pm ET

The Huffington Post

Liu Xiaoming
China’s ambassador to Great Britain

LONDON — “Rule, Britannia! Rule the waves!” This was the patriotic chant of the British Royal Navy when the British Empire was taking shape. That naval power was the force that enabled Britain to rise to world dominance 250 years ago.

Today, some suggest that China is singing a 21st-century version of this famous song with new verses: “China rule the waves“. These commentators imply China is turning the South China Sea into a “South China Lake“ by building military bases and blocking the freedom of navigation.

Britain shocks world: breaks with European Union, British leader steps down

The Washington Post

By Griff Witte, Karla Adam and Dan Balz June 24 at 3:51 AM
LONDON — British voters defied the will of their leaders and international allies by cutting ties with the European Union in a stunning result Friday that threw financial markets into turmoil and forced Britain’s prime minister to resign.

As Britain absorbed the ground-breaking news, the political fallout reached to the highest level with Prime Minister David Cameron saying he would step down after championing the campaign to remain in the European Union.

Five alarming immediate reactions to Brexit from the markets

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.

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."