UPDATE 1-Greece's Alpha Bank prices share issue at 0.04 euros a share

Thu Nov 19, 2015 4:18am EST Related: FINANCIALS

Reuters

Nov 19 Greece's Alpha Bank on Thursday priced its share offering to fill a capital shortfall revealed in a European Central Bank health check, becoming the second Greek lender to raise funds from private investors without resorting to state aid.

Alpha priced the new shares at 0.04 euros each or 2.0 euros after a one-for-50 reverse share split, translating to a 35 percent discount to Wednesday's closing price.

Greece's fourth-largest lender sought to raise 1.55 billion euros ($1.65 bln) from investors to fill a 2.74 billion euro capital gap under the ECB stress test's adverse scenario.

Greece and Eurozone Creditors in Deal to Unlock $13 Billion

By NIKI KITSANTONISNOV. 17, 2015

The New York Times

ATHENS — Greece and its international creditors said on Tuesday that they had reached agreement on the country’s next round of economic changes, a deal that is meant to unlock as much as 12 billion euros, or about $13 billion, in loan money.

Athens had initially hoped the money would be dispensed after the Greek Parliament passed a package of economic measures last month.

But eurozone finance ministers said then that the steps did not fully meet the conditions required for the next milestone payment from the country’s €86 billion bailout package.

Finnish parliament will debate next year leaving euro zone

Mon Nov 16, 2015 7:25am EST Related: WORLD

HELSINKI | BY JUSSI ROSENDAHL

Reuters

Finland's parliament will debate next year whether to quit the euro, a senior parliamentary official said on Monday, in a move unlikely to end membership of the single currency but which highlights Finns' dissatisfaction with their country's economic performance.

The decision follows a citizens' petition which has raised the necessary 50,000 signatures under Finnish rules to force such a debate, probably the first such initiative in any country of the 19-member euro zone.

Kurds enter Sinjar 'from all directions' - Kurdistan security council

Fri Nov 13, 2015 7:52am GMT Related: WORLD

NEAR SINJAR TOWN

Reuters

Kurdish peshmerga forces entered Sinjar "from all directions" on Friday to begin clearing the northern Iraqi town of Islamic State militants, the Kurdistan regional security council said in a tweet.

U.S. targets 'Jihadi John' in Syria air strike

Fri Nov 13, 2015 5:57am GMT Related: WORLD, UK, SYRIA, MIDDLE EAST

WASHINGTON | BY PHIL STEWART AND MARK HOSENBALL

Reuters

The United States on Thursday carried out an air strike in Syria targeting the Islamic State militant known as "Jihadi John," who participated in gruesome videos showing the killings of American and British hostages, officials said.

One U.S. official, speaking on condition of anonymity, said the strike likely killed Mohammed Emwazi, a British citizen, but cautioned that it was too soon to make any determination.

Euro Eyes Parity Once More

Bloomberg

Vassilis Karamanis

Following a failed attempt at parity earlier this year, the euro may be set to make a more convincing foray at 1.0000 to the U.S. dollar, as a crucial driver for further weakness in the common currency is now on a substantially different path, Bloomberg strategist Vassilis Karamanis writes.

Greek Strike Shows Conflict Within Government Over Austerity

By NIKI KITSANTONISNOV. 12, 2015

The New York Times

ATHENS — Hundreds of thousands of Greeks walked off their jobs on Thursday to protest austerity economics, as officials of the leftist-led government wrangled with the country’s international creditors over the terms of Greece’s third bailout. At least one Athens protest turned violent.

The 24-hour walkout shut down public services, forced the cancellation of flights and disrupted public transportation across the country. Ferries remained moored in ports, hospitals were operating with reduced staff, and museums and archaeological sites were closed.

Creditors Withhold 2 Billion Euro Bailout Payment From Greece

By NIKI KITSANTONIS NOV. 9, 2015

The New York Times

ATHENS — Greece’s international bailout program has hit snags, delaying release of the next payout of rescue money.

Despite a weekend of negotiations by telephone, Greek officials and the country’s foreign creditors remained at odds. At a meeting in Brussels on Monday, eurozone finance ministers debated whether Athens had met the first set of conditions to unlock the next installment of the bailout of 86 billion euros (about $92 billion).

The ministers decided to delay the release of the payout, a sum of €2 billion, but indicated it might be dispensed soon.

Eurozone Finance Ministers Won’t Release $2.15 billion Loan to Greece

Disagreements over new foreclosure rules continue, two European officials say

The Wall Street Journal

By GABRIELE STEINHAUSER and  VIKTORIA DENDRINOU

Updated Nov. 9, 2015 4:05 a.m. ET

BRUSSELS—Eurozone finance ministers won’t release €2 billion ($2.15 billion) of funding for Greece at their meeting here Monday amid continued disagreements over new foreclosure rules, two European officials said.

Senior officials from the currency union’s finance ministries were updated on Greece’s implementation of around 50 promised overhauls, known as milestones, during a conference call Sunday afternoon. While progress has been made on some issues—including measures to substitute a tax on private education, the governance of the country’s bailed-out banks and the treatment of overdue loans—Athens and its creditors will need more time to sign off on all overhauls, the officials said.

Οι καθαρίστριες του κ. Τσακαλώτου

Οι καθαρίστριες του κ. Τσακαλώτου

04 Νοέμβριος 2015. Posted in Εφημερίδα Καθημερινή

Του Πάσχου Μανδραβέλη

«Σιγά!», θα πει κάποιος. «Αυτό είναι το πρόβλημα της χώρας; Οι 165 καθαρίστριες του κ. Τσακαλώτου;». Φυσικά όχι, διότι στην Ελλάδα δεν υπάρχει ΤΟ πρόβλημα. Υπάρχουν χιλιάδες μικρά προβλήματα, που όλα μαζί αθροίζονται και δημιουργούν ΤΟ πρόβλημα.

The Greece Debt Watch

Inside the bailout bonanza.

Bloomberg

By Dimitra Kessenides

August 2015

Greece signs a third bailout deal with the European Commission, agreeing to sweeping reforms in exchange for fresh loans in the amount of €86 billion.

Fall 2015

Greek lawmakers raise the retirement age, cut pensions, and increase the sales tax.

Oct. 31, 2015

After stress-testing the country’s top four banks, the European Central Bank says they’ll need €4.4 billion ($4.8 billion) to €14.4 billion of additional capital.

Nov. 6, 2015

The deadline for banks to submit plans detailing how they’ll raise the additional capital.

Winter 2016

Euro area member states will discuss easing Greece’s debt burden, following the successful completion of the first bailout review.

March-April 2016

Lenders will assess how much progress the country has made toward fiscal health. An unsatisfactory review could lead them to demand more austerity measures, again raising the question of a Grexit.

Greece Set to Vote on Bailout Provisions

 NIKI KITSANTONISNOV. 5, 2015

The New York Times

ATHENS — Greek lawmakers on Thursday were poised to approve some of the economic changes that international creditors were demanding before unlocking the first loan installment from the country’s bailout program. But the legislation pointedly lacks some of the main measures demanded by lenders.

Resistance to Authority in Greece as Pessimism Takes Hold

By STEVEN ERLANGERNOV. 5, 2015

The New York Times

LONDON — Yiorgos Kaminis has the privilege and misfortune of being the mayor of Athens, the suffering heart of bankrupt Greece, marked by both the majesty of the Parthenon and a relentless wave of graffiti hooligans, whose work he does not have the money to scrape off.

Now 61, Mr. Kaminis was born in New York and lived there until the age of 5, studied in France, taught law at the University of Athens and was re-elected last year as the nonpartisan mayor of one of the world’s great cities.

Greece Sets Terms for Aiding $15.9 Billion Bank Recap

Nikos Chrysoloras

November 2, 2015 — 2:42 AM EET Updated on November 2, 2015

Greece’s government detailed under what terms it will help banks plug a 14.4 billion-euro ($15.9 billion) hole in their books identified by the European Central Bank, paving the way for the lenders to seek cash from investors for the second time in 18 months.

Greece sets mix of bonds, shares in state aid to recapitalise banks

Sun Nov 1, 2015 11:12pm GMT Related: BUSINESS

Reuters

Greece's bank bailout fund HFSF will provide state aid to recapitalise the country's main banks by buying a mix of contingent convertible bonds (CoCoS) and new shares the lenders will issue, the government said on Sunday.

The Hellenic Financial Stability Fund will supply 75 percent of the aid needed via CoCos and 25 percent in exchange for new common shares the banks will issue, the government's economic policy council said, finalising the architecture of the plan.

U.S. Says Greece Must Lift Bank Governance to Build on Progress

By Rebecca Christie,  Andrew Mayeda

Bloomberg

Greece must improve financial-sector governance now that its biggest banks are moving to sounder footing, the U.S. Treasury’s top international official said.

“There’s a meaningful stabilization of the Greek banks,” Nathan Sheets, undersecretary for international affairs, said in an interview ahead of Saturday’s stress test and asset quality review results.

Greece Outlines Bank Recapitalization Plan

Vote into law is expected on Saturday evening

By NEKTARIA STAMOULI

Oct. 30, 2015 5:14 p.m. ET

0 COMMENTS

ATHENS—Greece unveiled its bank recapitalization framework Friday and is expected to vote it into law Saturday evening, hours after the European Central Bank releases results of its health check on the country’s four big banks.

This will be the third capital increase of the country’s battered lenders since Greece’s debt crisis erupted in 2010 and has to be completed by the end of the year, before the deposit bail-in instrument becomes effective at the beginning of 2016.

According to the draft bill, the lenders will be able to use common or preferred shares, as well as other financing instruments to be bailed in.

Greece's deputy finance minister gets bullet, threatening letter in post

Mon Oct 26, 2015 4:58pm EDT 

ATHENS

Reuters

Greece's deputy finance minister on Monday got a letter in the post with a bullet in it and a note comparing him to a collaborator with Germany's Nazi forces who occupied the country in World War Two, the Greek finance ministry said.

Many Greeks blame Germany, Europe's biggest economy, for the austerity programs linked to the country's 86 billion euro ($95 billion) international bailout agreed in August.

Greece needs to recapitalize its banks by year end: Dombrovskis

Tue Oct 27, 2015 5:53am EDT

ATHENS

Reurers

reece needs to have its biggest lenders recapitalized by the end of the year, EU Commission Vice-President Valdis Dombrovskis said on Tuesday.

"We all agree to finalize bank recapitalization by end of this year," Dombrovskis said after meeting Greece's central bank governor Yannis Stournaras.

Dombrovskis is in Athens for talks on reforms Greece needs to complete before a review which would unlock new aid for the country under an 86 billion euro bailout.

Greece’s Long Road From ‘No’ to ‘Yes’

OCT. 26, 2015

Nikos Konstandaras

New York Times

ATHENS — Greeks will commemorate the Oct. 28 national holiday in a very different country from what it was a year ago. The anniversary marks the day in 1940 when a Greek government rejected an ultimatum from Fascist Italy to allow its troops to enter the country. The “No” (“Ochi” in Greek) united a deeply divided country behind a right-wing dictatorship and thrust Greece into World War II on the side of the Allies. “No” is a symbol of defiance. But now Greeks must decide what they want, rather than what they reject.

Greece, lenders assess bailout compliance; Finance Minister says economy healthier

Wed Oct 21, 2015 11:17am EDT

ATHENS | BY RENEE MALTEZOU AND LEFTERIS PAPADIMAS

Greece and its international lenders began talks on Wednesday to test its compliance with terms of an 86 billion-euro bailout deal, as authorities said a recession this year would be milder than expected.

Athens got its third multi-billion euro lifeline from creditors this year, pulling it back from the brink of crashing out of the euro. But it needs to fix a creaking pensions system, raise taxes and plug capital gaps in its banks this year.

Team leaders from three European Union institutions and the International Monetary Fund are reviewing reforms Athens adopted on Oct. 16 and future "milestones" Greece must pass soon to be eligible for a loan payment of 3 billion euros.

Euro Falls Against Dollar

ECB’s Nowotny suggests officials should use more policy instruments to raise competitiveness

The Wall Street Journal

By IRA IOSEBASHVILI

Oct. 15, 2015 2:14 p.m. ET

0 COMMENTS

The euro fell against the dollar Thursday, after a member of the European Central Bank suggested officials should use more policy instruments to raise the region’s competitiveness.

The euro was recently down 0.7% at $1.1392, giving back most of the previous day’s gains. The Wall Street Journal Dollar Index, which gauges the buck against a basket of 16 currencies, was unchanged at 86.62.

The Hidden Debt Burden of Emerging Markets

OCT 9, 2015 8

Carmen Reinhart

Carmen Reinhart is Professor of the International Financial System at Harvard University's Kennedy School of Government.

Read more at https://www.project-syndicate.org/commentary/hidden-debt-burden-emerging-markets-by-carmen-reinhart-2015-10#FXJpvBLv1lmqBq1A.99

LIMA – As central bankers and finance ministers from around the globe gather for the International Monetary Fund’s annual meetings here in Peru, the emerging world is rife with symptoms of increasing economic vulnerability. Gone are the days when IMF meetings were monopolized by the problems of the advanced economies struggling to recover from the 2008 financial crisis. Now, the discussion has shifted back toward emerging economies, which face the risk of financial crises of their own.

EU to Assess Greek Debt Burden, Servicing Costs After Review

 Rebecca Christie

Bloomberg

The European Commission said it will assess Greece’s debt burden and servicing costs once Prime Minister Alexis Tsipras shows his nation will meet the commitments under its new bailout program.

For debt relief talks to proceed, Greece needs to implement the reforms it has already passed, enact further required measures and pass its first program review, European Union Economic Affairs Commissioner Pierre Moscovici told reporters Monday in Brussels. At that point, he said, authorities can review “under what conditions the Greek debt will be sustainable” and how to “reduce the servicing of the debt.”

Greece’s Parliament Begins Debating First Austerity Bill

Ministers to vote Friday on further economic overhauls agreed in new bailout program

The Wall Street Jornal

By NEKTARIA STAMOULI

Oct. 12, 2015 12:29 p.m. ET

ATHENS—Greece’s parliament Monday began debating the first bill containing tough austerity measures and economic overhauls agreed under its new bailout program.

The bill, which is expected to go to a vote on Friday, includes stricter pension rules, tax hikes and tougher fines for tax evasion.

Under the deal Greece struck with its international creditors, which foresees up to €86 billion ($96 billion) in fresh loans, the omnibus bill—so-called because it wraps a number of proposed reforms into one bill—will pave the way for the disbursement of the next €2 billion in bailout funds.

The Case for Euro-Optimism

By ULRICH SPECKOCT. 6, 2015

The New York Times

WASHINGTON — Europe is declining, disintegrating, collapsing — for many observers, the only question left is how long this ugly drama will last. Across the Continent, optimism about the future of the European project is in short supply.

Perhaps the lone holdout is Germany, where Chancellor Angela Merkel continues to tell her critics that, from the Greek financial meltdown to the refugee crisis, a common solution is at hand. “We can achieve that,” she has said.

Quarterly review: Grexit and China fears drain investor confidence

Chris Flood

Sunday, 4 Oct 2015 | 5:57 AM ET

Financial Times

The threat of a Greek exit from the eurozone drained investors' confidence in the second quarter of this year, causing fund sales in Europe and the US to falter.

Investors' appetite for new fund allocations was also blunted by a sharp correction in China's stock market and uncertainty about the timing of a US interest rate rise.

Greece Aims to Return to Capital Markets Within Next 20 Months

Prime Minister Tsipras said Greece would return to growth in the first half of 2016

The Wall Street Journal

By NEKTARIA STAMOULI ,  STELIOS BOURAS and  VIKTORIA DENDRINOU

Updated Oct. 5, 2015 3:55 p.m. ET

2 COMMENTS

ATHENS—Greek Prime Minister Alexis Tsipras affirmed his commitment to the country’s new bailout program and said Greece could return to capital markets within the next two years.

In his first speech to Parliament since winning September’s elections, the Greek premier said his government would press ahead with its austerity plan, and pledged to soften some of the policies demanded by international creditors.

“We are fully aware that despite the positive aspects of the agreement, it also contains tough points,” he said.

Greece Unveils Tough Draft Budget for 2016

By NIKI KITSANTONISOCT. 5, 2015

The New York Times

ATHENS — As Greece’s economy remains on shaky ground, its government unveiled on Monday a tough draft budget for 2016, heralding a series of tax increases and spending cuts to comply with creditors’ demands for a third bailout.

CORRECTED-Greece to unveil painful 2016 draft budget

Mon Oct 5, 2015 5:41am EDT

Reuters

By Renee Maltezou and Lefteris Papadimas

ATHENS, Oct 5 (Reuters) - Greece will unveil a painful 2016 draft budget on Monday meant to satisfy international creditors, projecting the economy will stay in recession next year before returning to growth in 2017, in line with the estimates by the country's lenders.

After seven months of heated negotiations with its EU/IMF creditors, Athens agreed in July to implement spending cuts and economic reforms in exchange for an 86 billion euro bailout that kept it in the euro zone under strict supervision.

Greece's Euro-Area Ties Risk More Strain Amid Refugee Crisis

By Ian Wishart Nikos Chrysoloras

Bloomberg

First overwhelmed by debt and now overwhelmed by refugees, Greece offers a tempting target for European leaders left to handle the fallout.

With wounds only just healing after the euro area agreed to throw Greece another financial lifeline, the country’s inability to process tens of thousands of refugees turning up at its doorstep threatens to reopen them all over again. Local Greek authorities are inundated by some 3,000 arrivals a day, most of whom are allowed to head north through the Balkans toward Germany and Scandinavia, sewing political tensions as they go.

Greece’s Battered Conservatives Square Off in Leadership Fight

Incumbent Vagelis Meimarakis faces rivals for job of raising New Democracy party from Sept. 20 election defeat to Alexis Tsipras’s left-wing Syriza

The Wall Street Journal

By STELIOS BOURAS

Updated Oct. 2, 2015 5:24 p.m. ET

0 COMMENTS

ATHENS—Greece’s opposition conservative party, New Democracy, launched a leadership contest on Friday after its recent heavy election defeat to Prime Minister Alexis Tsipras’s Syriza.

Rival candidates nominated themselves to lead New Democracy’s challenge against the ruling left-wing Syriza in a party vote expected by mid-November. The contest could determine how strongly Greece’s conservatives push for market-oriented overhauls to free up the sclerotic Greek economy.

Greece must stick to program to exit bailout: PM

Sat Oct 3, 2015 10:14am EDT Related: WORLD, GREECE

ATHENS | BY RENEE MALTEZOU

Reuters

Greece must implement its bailout program fast to achieve its main aim of regaining access to market financing and escaping international supervision, re-elected leftist Prime Minister Alexis Tsipras said on Saturday.

Speaking to lawmakers of his Syriza party on the day a new parliament was sworn in, the premier said he aimed to complete the first review of a 86 billion euro bailout agreed in August as soon as possible so Athens could open negotiations with its euro zone partners on debt relief.

UPDATE 1-Greece seeks alternative to power grid sale-energy minister

Mon Sep 28, 2015 6:35am EDT Related: STOCKS, M&A, BONDS, MARKETS

 (Reuters) - Greece wants to make its power grid operator ADMIE independent instead of privatising it, its energy minister said on Monday ahead of an expected bailout review by the country's international lenders next month.

Under its latest EU/IMF bailout, Athens has agreed to start the privatisation of ADMIE in October or find alternative ways to open up its electricity market. ADMIE is owned by dominant power utility PPC.

The country has also agreed to sell a 17 percent stake in PPC, potentially in 2016.

For thousands fleeing war, transit through Greece continues unabated

Fri Sep 25, 2015 10:25am EDT Related: WORLD, AFGHANISTAN, GREECE, SYRIA

PIRAEUS, GREECE | BY KAROLINA TAGARIS

They cheered, waved and flashed the victory sign when their boat, packed with thousands of mainly Afghan, Syrian and Iraqi refugees, docked at Greece's main port of Piraeus on Friday.

As the stream of arrivals from Turkey across to Greece's islands continued unabated, nearly 4,000 people were ferried from the eastern islands of Lesbos and Chios to the mainland on Friday morning on two government-chartered ships.

The New "Syriza" Unmasked!

Justine Frangouli-Argyris Become a fan

Journalist and writer

Huffington Post

Posted: 09/23/2015 5:42 pm EDT Updated: 09/23/2015 5:59 pm EDT

Opinion polling in Greece throughout the recent pre-election period pointed to a close outcome, indicating that, perhaps, the leftist "Syriza" party may be tied to the right-wing "New Democracy" in order to form a government. However, the opening of the ballot box brought about great exasperation with the pundits.

Greece’s Leader Starts Big Economic Overhaul

By SUZANNE DALEYSEPT. 21, 2015

The New York Times

ATHENS — Alexis Tsipras moved swiftly to form a new Greek government on Monday after his convincing victory in the national election a day earlier, with some officials close to him suggesting that he would create a new ministry solely dedicated to carrying out the tough bailout package he reluctantly agreed to last summer.

While Sunday’s election consolidated his power and rid his leftist Syriza party of its most rebellious faction, Mr. Tsipras has a daunting job ahead by almost any standard, starting with the need to push through Parliament legislation carrying out widespread changes to business and the economy.

Greek Vote Spells Investor Opportunity

Alexis Tsipras’ Greek election win could spell further gains for the country’s high-yielding government bonds

The Wall Street Journal

By RICHARD BARLEY

Sept. 21, 2015 9:29 a.m. ET

Alexis Tsipras’ political gamble in calling new elections in Greece has paid off, returning his Syriza party to government. Buying Greek bonds also represents a gamble, but a potentially attractive one.

After Greek Election Victory, Alexis Tsipras Faces Two Immediate Crises

Newly sworn-in prime minister must carry out contentious bailout plan and tackle migrant crisis

The Wall Street Journal

By STELIOS BOURAS And  NEKTARIA STAMOULI

Updated Sept. 21, 2015 2:34 p.m. ET

22 COMMENTS

ATHENS— Alexis Tsipras was sworn in as Greece’s prime minister on Monday after his left-wing Syriza party decisively beat its conservative rivals. But there is no honeymoon period for the 41-year-old leader.

He must quickly address a double challenge: the implementation of politically explosive pension cuts and other austerity measures under Greece’s bailout plan, and a migration crisis that Greece’s parties have mostly avoided dealing with.

Volkswagen's Disastrous American Strategy

SEPT 21, 2015 10:46 AM EDT

By Leonid Bershidsky

Bloomberg

Had Martin Winterkorn conceded defeat in his boardroom battle with Volkswagen corporate patriarch Ferdinand Piech five months ago, he would have avoided the disgrace of the company's U.S. pollution control scandal, which earlier today wiped nearly a quarter off the value of VW's stock. Instead, Winterkorn, having recently been given a five-year extension on his contract, has some tough questions to answer.

Greek Elections Are an Opportunity for Europe

SEPT 21, 2015 2:00 AM EDT

By Mohamed A. El-Erian

Bloomberg

After repeated bungling, Europe suddenly has an opportunity to do the right thing about Greece's unsustainable debt. It would be a tragedy -- for both Greece and Europe -- if this opening went to waste.

Two recent developments have combined to create this moment: Syriza's win in elections on Sunday and the flood of refugees into Greece.

Weary Greece Gives Syriza Another Chance

211 SEPT 20, 2015 5:51 PM EDT

By Megan McArdle

Bloomberg

In my trip through the central Athens polling stations on Sunday, I met only one voter who seemed cheerful. Alkaios Klaoudatos is a supporter of Syriza, the leftist government that has held power since January, and he was confident that his party was going to win the election. In fairness, virtually everyone I’ve talked to since the Friday polls were released has said that Syriza was going to win a plurality. But Klaoudatos, a lawyer, believed that his party was going to take enough votes to form a government with its previous coalition partner Independent Greeks, or ANEL, rather than seeking to share power with a larger partner such as Pasok, the old left-wing party that was pushed aside by Syriza.

On Notice: Greece’s Vested Interests

By HUGO DIXONSEPT. 16, 2015

The New York Times

TINOS, Greece — One of the few near-certainties about Sunday’s general election in Greece is that it will produce a government committed, at least nominally, to the bailout agreement struck last month with the country’s creditors. Not only is former Prime Minister Alexis Tsipras a reluctant convert to the deal, which could make available 86 billion euros in new loans, the main opposition party, New Democracy, is prepared to back it, too.

Opinion: Greece’s government has only itself to blame for Sunday’s election

Published: Sept 16, 2015 5:01 a.m. ET

Market Watch

By SATYAJIT DAS

Greece’s election on Sunday is the third time its citizens have gone to the polls this year, and unfortunately this new election was not unexpected.

The Syriza-led government has played its hand badly, failing to extract significant concessions from its eurozone paymasters. Syriza’s performance suggests a lack of preparedness and a poor understanding of the seriousness of their predicament. The cacophony of voices and an excessive desire for the limelight was unhelpful in what were always going to be difficult negotiations.

Creditors Loom Over Elections in Greece

By SUZANNE DALEYSEPT. 16, 2015

The New York Times

ATHENS — Inside campaign tents pitched by various political parties seeking to win over Greek voters here, including an immense one set up near Korai Square by the leftist Syriza party of the former Prime Minister Alexis Tsipras, the chairs and tables were empty the other day.

The leaflets sat untouched in neat stacks, a sharp contrast to the days before Greece’s last election, in January, when noisy crowds milled late into the night, debating policy and their country’s future.

Once Unthinkable, Economists Now Say Debt Relief for Greece Is a Given

A new Bloomberg survey shows a sea-change in how economists view Greece

Bloomberg

By Andre Tartar

September 15, 2015 — 9:51 AM EEST

What a difference two months make.

Back in July, things looked so bad for Greece that 71 percent of 31 economists polled by Bloomberg could see the country out of the euro by the end of 2016. Debt relief was a pipe dream for the EU's most indebted nation.

Fast forward to September, a similar survey shows that 94 percent of respondents think it's not only possible, but very likely. The sample of 36 economists was interviewed Sept. 4-11.

Where the Euro Goes From Here

SEPT 14, 2015 12:01 AM EDT

By Clive Crook

Bloomberg

Europe could find its way to a stronger recovery and a safer monetary system -- if only it could start from somewhere else. The legacy of the recent economic crisis makes a tough problem nearly insoluble.

What went wrong before and after the European financial breakdown of 2010 is by now reasonably clear. Another excellent new e-book from VoxEU (the European policy portal run by Richard Baldwin of the Graduate Institute, Geneva) collects articles by economists who've followed the story. There's a strong consensus on the causes of the crisis. Governments could have avoided much of the damage if they had recognized the dangers and acted earlier. Now, the damage is done, and applying the lessons is very much harder.

Greek Election Stalemate Beckons as Campaign Enters Final Week

 Nikos Chrysoloras Paul Tugwell Antonis Galanopoulos

September 13, 2015 — 4:57 PM EEST

Bloomberg

Greece’s campaign for Sept. 20 elections enters its final stretch this week with polls showing the outcome too close to call, threatening fractious coalition negotiations that may delay or derail implementation of the terms of a bailout only sealed in July.

With Syriza leader Alexis Tsipras and his New Democracy opponent Evangelos Meimarakis running neck-and-neck, pollsters say the result of Greece’s third national ballot this year could come down to turnout, undecided voters or a televised debate between the two frontrunners.

“The question of the previous election, in January, was whether Tsipras’s Syriza party will win an outright majority,” Thomas Gerakis, head of Athens-based Marc pollsters, said in an interview on Sept. 10. “The question in this election is which one is going to win, and also the ranking of the other parties.”

Greece will likely remain in intensive care for years without more help

Published: Sept 10, 2015 5:42 p.m. ET

The Market Watch

By GREG ROBB SENIOR ECONOMICS REPORTER

Although the short-term default emergency is over, Greece is likely to remain in intensive care for years and may recover only with further dramatic international assistance, according to papers presented by experts at a Brookings Institution conference Thursday.

Taking the long view, Harvard University economist Carmen Reinhart noted that Greece has been in a cycle of excessive borrowing and default since 1833 and was still repaying that first loan 100 years later.

It will take dramatic action to break the cycle.

Greece, the World's Best Investment. No Joke.

SEPT 11, 2015 5:42 AM EDT

By Matthew A. Winkler

Bloomberg

Remember last February, when former U.S. Federal Reserve Chairman Alan Greenspan said Greece would leave the euro and that the common currency would collapse? Remember that a month later, investor-philanthropist George Soros said Greece was going down the drain? Or that just this July, the president of the German Institute for Economic Research, Marcel Fratzscher, characterized Greece as a "political and economic catastrophe" that would revert to the drachma in desperation?