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Greek Finance Minister Varoufakis Resigns
Originally posted on Yanis Varoufakis:
The referendum of 5th July will stay in history as a unique moment when a small European nation rose up against debt-bondage. Like all struggles for democratic rights, so too this historic rejection of the Eurogroup’s 25th June ultimatum comes with a large price tag attached. It is, therefore, essential…
What It Would Take To Rule Greece’s Debt Void
By Stratfor Global Intelligence The Greek Audit Committee on Public Debt released its preliminary findings June 18, concluding that Greece’s public debt is “illegal, illegitimate and odious.” The report emerges at a fraught time in Greece’s negotiations with its creditors: Athens is pushing for debt relief that the Europeans are unwilling to grant, though the … Continue reading
Greek Economic Growth Could Immediately Plunge 25% Following Grexit, S&P Warns
Standard & Poor’s (S&P) has warned that a possible Grexit would bring ‘very significant’ consequences to the Greek economy, and they are putting the odds of an exit at 50 percent, according to a report published on Thursday. The rating agency says that without the support of the Eurosystem, which it estimates at over 70 percent of Greek gross domestic product (GDP), Greece’s payment system … Continue reading
Crisis In Athens Enters New Chapter As Greece Becomes First Developed Nation To Default On Debt
Greece has become the first developed nation to default of its international debt obligations as the International Monetary Fund (IMF) confirmed on Tuesday night that it did not receive the €1.55 billion ($1.73 billion) payment from Athens that was due by the end of June 30, Brussels time. The Crisis in Greece has entered a new chapter … Continue reading
85% Grexit Odds With ‘Massive’ Contraction, Ex-PIMCO CEO El-Erian Says
According to former CEO of PIMCO, Mohamed El-Erian, Greece is heading for a “massive economic contraction” and will likely be forced out of the euro zone. On Sunday, Greece imposed capital controls, shut its banks, and closed its stock markets until further notice to avert a collapse of its financial system following Greek Prime Minister Alexis Tsipras’s shock announcement late … Continue reading
Greek Crisis Deepens As Govt Introduces Capital Controls; Banks, Athens Exchange Said To Be Closed For The Week
The crisis in Greece is deepening as the government announced that it will roll out capital controls in addition to closing its banks and the Athens Stock Exchange on Monday after creditors refused to extend the country’s bailout and savers flock to ATM’s to withdraw cash, Reuters reports. Athens’ standoff with the European Union (EU) and the International Monetary Fund (IMF) heads to a dangerous … Continue reading
Greece – The Way Out: Troika Involved In “Financial Terrorism”, “Economic Waterboarding” – OpEd
By Peter Koenig What the troika is doing to Greece these days is the pinnacle of financial terrorism. It is economic waterboarding. It is blackmailing of the first degree. These people are neoliberal fascists, putting the Greek government before a dilemma – ‘either you present us with an acceptable list of austerities, or we will … Continue reading
The EU, The Grexit, And Market Failure
By Daniel Wagner, CEO of Country Risk Solutions Responsibility for Greece’s and the EU’s current dilemma rests with all parties – Greece, the ECB, and the banks. But each party is so busy pointing fingers at everyone else they appear to have lost any sense of introspection (if they ever had it to begin with). It … Continue reading
Chinese Yuan Set To Be Added As Reserve Currency This Year: Bloomberg Survey
China is set to see its currency, the yuan, officially called renminbi, being added as a reserve currency this year, according to Bloomberg. A recent survey conducted by Bloomberg shows that eleven out of sixteen economists have predicted that the International Monetary Fund (IMF) will add the Chinese currency to its Special Drawing Rights (SDR) basket during … Continue reading
Russia Gets Very Serious On De-Dollarizing
By F. William Engdahl Russia is about to take another major step towards liberating the Ruble from the Dollar System. Its Finance Ministry just revealed it is considering issuing Russian state debt in Chinese Yuan. That would be an elegant way to decouple from the dependence and blackmail pressures from the US Treasury financial terrorism operations … Continue reading
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