Greece's net government liabilities are rapidly approaching 1000%. France net government liabilities have now passed over 500%.
Greece is the first victim of fake math. If rates were "normalized" tomorrow the entire financial system would collapse under the weight of the basic mathematics.
Alexis Tsipras has a heated exchange with the very unprofessional and unpopular, unelected EU President Donald Tusk.
After 2010, the collapse of the Greek economy accelerated. The big question was whether this collapse was inevitable? Short answer, yes it was inevitable...but everyone involved preferred to kick the can just a little bit longer.
Anything to save the bankers...Bank of Greece, warns Tsipras of an “uncontrollable crisis” in the absence of a deal.
When SYRIZA recognised the $350 billion debt and stated that it would search for a solution only within the EU, it signalled to Europe that Greece was content to become an empty vassal state, and emboldening the Troika to push ...
Germany's Bild reports that the German government is against a third aid programme for Greece under any circumstances, even if there was an agreement between Athens and its international lenders on a cash-for-reforms deal.
Even if Greek Prime Minister Alexis Tsipras agrees to the 7.2 billion euros deal that creditors are dangling in front of him, he’s going to need another cash injection shortly thereafter. The can will be kicked down the road indefinitely.
Every day in which Athens does not have a funding backstop, be it the ECB or the BRIC bank, is a day which brings the Greek banking system to the edge of total collapse.
SYRIZA has floated the idea of calling early elections if the country's international lenders do not soften their terms for a cash-for-reforms deal. Early elections would be the equivalent of pouring gasoline on an inferno.
Athens remains defiant...as Deputy Shipping Minister states that Greece will not "surrender" to demands by its international creditors in the negotiations
A leading pharmaceutical official said on Wednesday that cash-strapped Greece has amassed huge debts with international drug makers and now owes the industry more than 1.1 billion euros ($1.2 billion).
Greeks are suffering, as the €22 million per day hit to the economy has now bankrupted the country's hospitals which have reportedly run out of painkillers and sheets.
Instead of restructuring the debts they incurred, EU oligarchs put the costs of banker mistakes squarely on the shoulders of the Greek population. This was not an economic decision; it was always entirely political.
Repayment of what Greece owes to the European Central Bank should be pushed into the future, but it is not an option because it fills ECB chief Mario Draghi's "soul with fear", Greece's finance minister said on Thursday.
A significant part of the Greek debt is illegal and should therefore be canceled, Greece's speaker of the parliament, Zoi Konstantopoulou said.
The Eurogroup meeting scheduled for May 11 will most likely secure a controlled lifeline for the Greek economy. The country will remain in intensive care until a new all-encompassing deal is achieved...in other words Memorandum Number 3...but after some summer ...
Thessaloniki Mayor Yiannis Boutaris believes that the Greek government’s behavior is “completely crazy” but he has nevertheless agree to transfer his city's cash reserves to the Bank of Greece, which will then be transferred to the IMF.
After Greek finance minister Varoufakis was sharply criticised for his performance at a euro zone meeting last week, Greek PM, Alexis Tsipras shook up his negotiating team, benching Varoufakis for a more "euro-friendly" line up.
The European Central Bank may increase haircuts for Greek banks accessing Emergency Liquidity Assistance, in an attempt to rein in the very critical emergency liquidity which has kept Greek banks operating in recent weeks as the bank run sweeping the ...
The US is pushing for a Greek solution in ‘interest of entire world’, fearing that more instability in Europe and a Grexit will lead to turmoil in the world economy. We thing the US government is scare to death that ...
Harald Schumann On The Trail – Talking to Giorgos Papandreou, former Greek Prime Minister. On 6 October 2009, George Papandreou became the 182nd Prime Minister of Greece. Following his grandfather Georgios Papandreou and his father Andreas Papandreou, he was the ...
Greece is moving ever closer to the abyss and there are not big chances of a breakthrough at a meeting of eurozone finance ministers in Riga next week, Slovak Finance Minister Peter Kazimir said on Wednesday.
FT is reporting that the Greek government, which is rapidly running out of cash to pay public sector salaries and state pensions, has decided to withhold €2.5 billion of payments due to the IMF in May and June if no ...
Germany’s economy minister has branded Greece’s demand for €278.7 billion in second world war reparations as “stupid”, but the German opposition said Berlin should repay a forced loan dating from the Nazi occupation. The war reparations, if paid, means Greece ...