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Greece Tag

Posted by Amy Miller on August 21, 2015 10 Comments
Greece received the first chunk of its multibillion euro bailout package yesterday---to the tune of 13 billion euros---but all is not well in Athens. Political opposition to the harsh austerity terms laid out by Eurozone creditors has caused a revolt in the far-left Syriza party and prompted Prime Minister Alexis Tsipras to tender his resignation and call for early elections. More from the BBC:
Alexis Tsipras made the announcement in a televised state address on Thursday. "The political mandate of the 25 January elections has exhausted its limits and now the Greek people have to have their say," he said. "I want to be honest with you. We did not achieve the agreement we expected before the January elections." Mr Tsipras said he would seek the Greek people's approval to continue his government's programme.
You can watch Tsipras' announcement here, via Reuters.

Posted by Vijeta Uniyal on August 10, 2015 13 Comments
The migrant crisis in Europe has now reached historic proportions. Unwilling to secure EU’s borders and coastline, the European leaders have surrounded their foreign policy to human traffickers and people smugglers. Among all the EU member states, Greece has been worst hit by the influx of migrants on its shores. According to United Nation’s figures, the number of refugees entering into Greece has gone up a whopping 750 percent compared to last year. Margaret Wente explains the motivation of the refugees swarming the Greek islands in her column for The Globe and Mail:
The moment these people set foot on Greek soil, or are rescued by the coast guard, they’ve won the lottery. They can’t be deported unless they have applied for asylum and been rejected – and that can take years. Nor can they be returned to any place that is deemed unsafe. Because continental Europe has no internal border controls, they can go wherever they want. And if they don’t report for their asylum hearing, the system can easily lose track of them.
In July 2015 alone, more than 50,000 migrants landed on Greek beaches. That means, more migrants entered Greece last month than in the whole of 2014. The influx could not have come at a worse time for the Hellenic Republic, almost on the verge of a financial collapse. In the face of mounting crisis in Greece, EU bureaucrats and leaders are acting clueless and pleading helplessness.

Posted by Mike LaChance on July 16, 2015 7 Comments
After a full month of drama, Greece and its creditors finally agreed on a multi-billion dollar bailout package. One of the bailout's most controversial conditions is a list of new austerity measures, and we all know how many Greeks feel about those. Anti-austerity violence broke out on the streets of Athens last night. Megan Specia of Mashable reported:
Tensions were high on Wednesday night outside the Greek parliament building on Athens' Syntagma Square, which was the center of violent anti-austerity protests in years past. And while the streets of Athens were largely calm for much of the day, despite thousands marching against austerity measures tied to the country's new bailout agreement, the night took a more violent turn. As night fell, clashes broke out between protesters waiting to hear the fate of their country's economic future and the police sent to keep them calm.

Posted by William A. Jacobson on July 05, 2015 32 Comments
Live Video and Twitter feeds at bottom of post. The initial results from the referendum on Greece whether to agree to an austerity plan are pointing to a huge "No" vote. The Wall Street Journal reports:
A first official projection of Greece’s referendum outcome, based on early counting, said that at least 61% of Greeks voted “no” to creditors’ demands on Sunday, an outcome that—if confirmed—would set the country on a collision course with the rest of the eurozone. The projection, announced by the company Singular Logic, the official partner of Greece’s interior ministry in carrying out the referendum, was announced after some 20% of the vote had been counted. “The estimate from Singular Logic is that the result in favor of ‘no’ will exceed 61%,” a spokesman for the organizing company said.
Official results are posted here. .

Posted by Amy Miller on July 03, 2015 13 Comments
Greece is in trouble, and it's going to take a lot more than a short-term fix to repair what anti-austerity measures broke. The IMF released new numbers this week showing that it will take Greece three years and 50 billion euros just to stabilize its volatile and quickly failing economy. The organization also downgraded Greece's projected economic growth from 2.5% to 0%, and renewed its call for Greece to agree to an extended debt repayment plan coupled with lower interest rates. From the BBC:

Posted by Mike LaChance on July 01, 2015 7 Comments
What was once considered unthinkable has now happened. Having missed the June 30th deadline for payment on its debt, the country of Greece has effectively defaulted. This is going to have a considerable effect on the economy of the European Union, which Greece might now leave. It's likely that this situation will get worse before it gets better. First, the basic facts. Michael Birnbaum of the Washington Post:
Greece fails to make key IMF debt payment Greece lost its financial lifelines Tuesday, as the country missed a crucial payment to the International Monetary Fund amid growing questions about whether it would be able to remain in the euro zone. Greek leaders had made a last-ditch attempt to come up with the necessary cash, asking European countries for a new bailout hours before its last ones were set to expire, but E.U. finance ministers rejected the request as unrealistic. The missed payment, confirmed by the IMF, was a landmark moment in Europe’s five-year battle to preserve its common currency. The E.U. finance chiefs were set to reconvene Wednesday as Greece’s cash dwindles and its banks remain closed. The ministers’ decision to hold firm was a sign that they believed they had successfully put in place the defenses­ against instability in Europe if a country left the euro zone. But as Greece became the first developed nation to miss a payment to the IMF, E.U. leaders were confronting the prospect of a European country plunging into intense financial misery as it was forced to abandon the currency.
In the coming days, you're going to hear some quibbling about whether or not this was a default.

Posted by Amy Miller on June 29, 2015 29 Comments
There are financial crises, and then there are financial crises. Greece is smack in the middle of the latter. Today Greek officials instituted drastic controls over the country's financial institutions, making it difficult (if not impossible) for citizens to access money locked down in bank accounts. Officials have limited cash withdrawals to just 67 USD per day, a move that is causing panic amongst those who either live paycheck to paycheck, or who rely solely on the use of cash to make ends meet.
The sense of unease was evident in the number of pensioners lining up at bank branches hoping they might open. Many elderly Greeks don't have ATM cards and make cash withdrawals in person, and so found themselves completely cut off from their money. "I came here at 4 a.m. because I have to get my pension," said 74-year-old Anastasios Gevelidis, one of about 100 retirees waiting outside the main branch of the National Bank of Greece in the country's second-largest city of Thessaloniki. "I don't have a card. I don't know what's going on. We don't even have enough money to buy bread," he said.
And here I thought relying on cash instead of the almighty plastic was a safe bet.

Posted by Mike LaChance on June 27, 2015 10 Comments
Greece and the Eurozone have been unable to reach an agreement ahead of a bailout deadline which quickly approaches on June 30th. If negotiations fail, Greece could leave the European Union and ultimately face economic collapse. The situation is already causing a dash for cash in the debt strapped country. Bloomberg reports:
Greeks Line Up at Banks and Drain ATMs as Tsipras Calls Vote Some Greek banks were beginning to limit cash transactions as hundreds of people lined up outside branches and drained cash machines after Prime Minister Alexis Tsipras called a referendum that could decide his country’s fate in the euro. Two senior Greek retail bank executives said as many as 500 of the country’s more than 7,000 ATMs had run out of cash as of Saturday morning, and that some lenders may not be able to open on Monday unless there was an emergency liquidity injection from the Bank of Greece. A central bank spokesman said it was making efforts to supply money to the system.

Posted by Mike LaChance on June 21, 2015 18 Comments
The new left-wing leaders in Greece have done little to stem the country's growing financial crisis and even members of the Obama administration are now urging them to act. NBC News reports:
Greece Debt Crisis: U.S. Warns Athens to Reach Deal or Face 'Decline' ATHENS, Greece — The United States turned up the heat on the Greek government over its debt crisis Saturday, urging it to reach a deal with creditors as wearied citizens braced for a national default. Treasury Secretary Jack Lew said in an interview that the government in Athens should make tough fiscal decisions or risk devastating both the country's economy and people. "I think we're at a moment now where the burden is on Greece to come back with a response that's the basis for reaching an agreement as quickly as possible," he said in an episode of CNN's "Fareed Zakaria GPS" program that will air on Sunday, according to a transcript provided to Reuters. "It's clear that within Greece, the consequence of a failure here would mean a terrible, terrible decline in their economic performance," he said. "It will hurt the Greek people. They will bear the first brunt of a failure here."

Posted by William A. Jacobson on May 01, 2010 9 Comments

Intergenerational warfare is breaking out in Greece as youth blame their elders for the economic mess, resulting from decades of welfare-state policies, that has left Greece bankrupt.I wonder whether the questions being asked by the youth of Greece are the same questions our children and...

Posted by William A. Jacobson on December 17, 2008 0 Comments

Stifling taxes and a large government bureaucracy really work:The violent unrest that followed the shooting of a 15-year-old boy has driven Greece to the brink of a political crisis. The rioting marks an explosion of rage by the country's young people who have few prospects...

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