Blog entry | May 20, 2012 - 10:29pm
Fortunately Greece is the only Eurozone member that faces existential problems to stay or leave the euro area. Ireland and Portugal got last week the seal of 'good direction' by both the Ecofin and the Eurogroup. The two are meeting the programme targets to cut down deficits.
Fortunately Greece is the only Eurozone member that faces existential problems to stay or leave the euro area. Ireland and Portugal got last week the seal of 'good direction' by both the Ecofin and the Eurogroup. The two are meeting the programme targets to cut down deficits. As for Madrid, the Rajoy government got the approval of Brussels for its bank recapitalisation plan. Last but not least Holland even without a government manage to put together a parliamentary agreement to cut down fiscal deficits. But lets take one thing at a time.
Article | May 20, 2012 - 9:31pm
European Parliament president Martin Schulz, who has expressed himself in favour of Greece's stay in the eurozone, is visiting the nation's capital on 18 May.
European Parliament president Martin Schulz, who has expressed himself in favour of Greece's stay in the eurozone, is visiting the nation's capital on 18 May.
From Athens, via his iPhone, Schulz tweeted: "In Europe we talk a lot about Greece, but not enough with the Greeks. This is why I'm in Athens today-to talk with and listen to the Greeks."
Schulz also has warned against any Greek exit from the eurozone, saying the country's economy could collapse within days if it abandoned the single currency.
Blog entry | May 18, 2012 - 6:41pm
Last Thursday, the new Greek Parliament issued by the elections of 6 May gathered for its inaugural session. Usually, such gatherings are cheerful and full of hope; but this one wasn’t.
Last Thursday, the new Greek Parliament issued by the elections of 6 May gathered for its inaugural session. Usually, such gatherings are cheerful and full of hope; but this one wasn’t. Quite the contrary: a strange mood was in the air, partly due to the fact that this would be the shortest parliamentary season of all times—one day. In fact, the following day the parliament was dissolved and new elections were set.
Article | May 18, 2012 - 12:09pm
With Alexis Tsipras, the young leader of the left wing party SYRIZA, predicted to win the next election, insisting on his electoral rhetoric that his country should stop paying its creditors if the Eurozone cuts Greece off the agreed soft loans, it was not a surprise that stock markets in Europe and New York keep losing ground
With Alexis Tsipras, the young leader of Greek left wing party SYRIZA, predicted to win the next election, insisting on his electoral rhetoric that his country should stop paying its creditors if the Eurozone cuts Greece off the agreed soft loans life line, it was not a surprise that stock markets in Europe and New York keep losing ground, and the G8 Summit which meets on 18 and 19 May in Camp David has Greece as its main item on the agenda.
Article | May 18, 2012 - 3:31pm
New Europe reported today that President of the European Parliament Martin Schulz was in Athens meeting with key political figures and talking and listening to Greeks. After doing so, he had an epiphanic moment.
He tweeted: "It's a scandal that the poor are paying off the State's debt while many very rich channel their money out of the country!"
Thank you for the insight Mr. President.
Article | May 18, 2012 - 10:53am
European Parliament president Martin Schulz, who has expressed himself in favour of Greece's stay in the eurozone, is visiting the nation's capital on 18 May.
From Athens, via his iPhone, Schulz tweeted: "In Europe we talk a lot about Greece, but not enough with the Greeks. This is why I'm in Athens today-to talk with and listen to the Greeks."
Article | May 17, 2012 - 3:48pm
There are converging estimates that a potential Greece's exit from the Eurozone may cost up to one trillion. A large part of it will be born by this country itself. It will income losses over a number of years, due to an unprecedented recession and uncontrollable inflation.
There are converging estimates that a potential Greece's exit from the Eurozone may cost up to one trillion. A large part of it will be born by this country itself. It will income losses over a number of years, due to an unprecedented recession and uncontrollable inflation. The largest part of it however will be born by the other weak Eurozone countries. There will be also huge losses for central countries like France, Germany and Holland due to the exposure of their lenders to the Greek banking system.
Article | May 16, 2012 - 8:38pm
On May 16,a group called itself "Friends of Loukanikos"-a dog that became an unofficial mascot of Athens protests -claimed responsibility for the attack against Horst Reichenbach, two days ago.Horst Reichenbach is the leader of the EU task force in Greece.
In their message are threatening the "troika" of inspectors of the European Commission, European Central Bank and International Monetary Fund,
Article | May 15, 2012 - 4:29pm
The Eurogroup meetings of 14 and 15 May confirm that the Eurozone is ready to discuss with Greece some changes in the Memorandum of Understanding (MoU) the country has signed with its 16 partners in the single currency.
Article | May 14, 2012 - 3:02pm
European stock markets opened today deep in the red, mainly due to the political uncertainty reigning in Greece. The probability for Athens to have a government diminished during the weekend, with the country's political parties unable to bridge their differences.
European stock markets opened today deep in the red, mainly due to the political uncertainty reigning in Greece. The probability for Athens to have a government diminished during the weekend, with the country's political parties unable to bridge their differences. The formation of a coalition government now seems highly improbable in Athens.
Article | May 14, 2012 - 2:00pm
The much anticipated auction of Italian sovereign debt paper went well today, Monday 14 May.
The bonds were sold to investors at prices/yields above and below levels recorded in similar cases during the past months. The overall results can be termed as a success, given the negative climate that prevails today in European capital markets, after the Greek political political parties didn't manage to find common grounds to form a government in Athens. The deadlock now threatens Eurozone with a new crisis.
Blog entry | May 13, 2012 - 11:26pm
The day after he is to take the oath as president of France, François Hollande, is expected to travel to Berlin on 16 May to meet the German, Chancellor Angela Merkel.
Article | May 13, 2012 - 11:24pm
Given the chaotic political and economic environment that reigns in Greece after last Sunday's election, a disorderly bankruptcy in Athens becomes more likely with every passing day.
Incidentally, on 15 May a foreign law bond of €450 million expires and it is not clear if Athens will pay it or not. The caretaker Minister of Finance, Philippos Sahinides, said he cannot take the decision to pay it or not alone and he has asked the political party leaders of the new Parliament to decide on that, but nobody seems to care.
Article | May 11, 2012 - 12:12am
Article | May 10, 2012 - 3:04pm
The CEO of the European Financial Stability Facility, German economist Klaus Regling said today 10 May, that the new loan instalment to Greece was released this morning, but he added that no more money will be given to Athens until the next report of the troika (EU-ECB-IMF) is drafted on Greece's compliance to the terms of the MoU and transmitted to Brussels.
The CEO of the European Financial Stability Facility, German economist Klaus Regling said today 10 May, that the new loan instalment to Greece was released this morning, but he added that no more money will be given to Athens until the next report of the troika (EU-ECB-IMF) is drafted on Greece's compliance to the terms of the MoU and transmitted to Brussels.
Article | May 10, 2012 - 11:44am
Given the chaotic political and economic environment that reigns in Greece after last Sunday's election, a disorderly bankruptcy in Athens becomes more likely with every passing day.
Given the chaotic political and economic environment that reigns in Greece after last Sunday's election, a disorderly bankruptcy in Athens becomes more likely with every passing day.
Incidentally, on 15 May a foreign law bond of €450 million expires and it is not clear if Athens will pay it or not. The caretaker Minister of Finance, Philippos Sahinides, said he cannot take the decision to pay it or not alone and he has asked the political party leaders of the new Parliament to decide on that, but nobody seemes to care.
Article | May 9, 2012 - 5:11pm
Markets reacted mildly on 9 May to the new uncertainties that have appeared on the Eurozone's horizons, with the skies looking grey over Athens and Paris.
Markets reacted mildly on 9 May to the new uncertainties that have appeared on the Eurozone's horizons, with the skies looking grey over Athens and Paris.
Article | May 8, 2012 - 5:08pm
On Tuesday 8 May in Athens, amidst the political turbulences that the results of Sunday's election brought to the country, it was very interesting to watch the Greek Treasury raising easily €1.3 billion in T-Bills at an only slightly increased interest rate.
On Tuesday 8 May in Athens, amidst the political turbulences that the results of Sunday's election brought to the country, it was very interesting to watch the Greek Treasury raising easily €1.3 billion in T-Bills at an only slightly increased interest rate.
Article | May 7, 2012 - 3:53pm
With Greece obviously ungovernable after yesterday's elections that turned out an fragmented political landscape, and François Hollande's victory in the the presidential race in France, European capital markets opened today with heavy losses.
With Greece obviously ungovernable after yesterday's elections that turned out an fragmented political landscape, and François Hollande's victory in the the presidential race in France, European capital markets opened today with heavy losses.
The Athens stock exchange started at 8.5% down, with the rest of bourses losing up to 2%. The euro also lost some ground.
Article | May 7, 2012 - 4:53pm
With the prospects for the formation of a viable government in Athens after elections on 6 May appearing very slim, the first reaction from Berlin and Brussels was to point out to the country's obligations towards the Eurozone.
With the prospects for the formation of a viable government in Athens after elections on 6 May appearing very slim, the first reaction from Berlin and Brussels was to point out to the country's obligations towards the Eurozone.
Blog entry | May 6, 2012 - 11:07pm
It seems that the strong criticism worded by various sources against Eurozone's, or rather Germany's stubbornness to limit policy options only to austerity is finally paying dividends. Last week's New Europe observes pertinently: “The International Monetary Fund (IMF) in its recent spring conference came to the conclusion that Europe had done a lot towards fiscal consolidation, but the time has come to pay attention to growth”.
Blog entry | May 6, 2012 - 11:09pm
Whatever the outcome of the French and the Greek elections on 6 May, the Eurozone will never be the same as before. In both those elections there will be a message sent also to Brussels and Berlin, and even Washington and New York as well. In some respects on election night, Athens may emit a much louder and clearer braodcast than Paris.
Article | May 2, 2012 - 11:41am
Greece attracts more than 17.5 million people each year contributing 15% to the nation's Gross Domestic Product. The numbers of jobs directly or indirectly related to the tourism sector are usually around 650,000 and represents about 16.5% of the country's total employment.
However, it seems that this year will be different.
Despite last years impressive showing amidst the economic crisis and protests, as far as tourism was concerned, Greece was seen by visitors as a country which promised to be one giant bargain.
Blog entry | April 29, 2012 - 10:18pm
After two days of meetings and bilateral negotiations, politicians and central bankers in the Spring joint conferences of the International Monetary Fund and the World Bank concluded that all their efforts to save the Eurozone and the world from the worst will be tested in the market, over the coming weeks and months.
Article | April 25, 2012 - 4:40pm
Immigration is an incresing problem for Europe, but member states are trying to sweet it under the rug for someone else to clean.
It is one in the morning and the leaders of the small tourist town of Massa Marittima in southern Tuscany are still awake. The mayor, the heads of the police, fire department, civil protection agency, and even the finance police and forest police are waiting for a bus with 44 young men who will be housed in the Sant'Anna church hostel. The men are from Tunisia; illegal immigrants.
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