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Saturday, July 11, 2015

On The Street In Athens

Following events of recent months concerning Greece is a complicated task. Living through them as a Greek is indeed a painful test. Finally, trying to document them is a real challenge. Through their response to an unclear question put to them by the referendum on July 5, the Greek people sent a clear message of support to their European identity and to the Euro. An equally clear and loud statement was made in favor of a new economic policy mix. That said, people here are still divided on which policy will bring back normality and dignity in their lives. Over the weekend, I attended and documented two rallies organized in Athens by the supporters of the "YES" and "NO" votes to Sunday's referendum respectively. If you would have expected that, after Sunday's clear vote in favor of the "NO," the two rallies should actually become one, you probably don't know us that well. Thursday's event was a civilized and rather subdued rally, one could say a social gathering for a serious cause, one full of hope. In contrast, on Friday, Syntagma Square was the site of a well organized, militant demonstration, full of anger and rejection to the austerity program. It was the traditional right and left divide, and clearly there was an element of social divide as well. These photos were taken on Thursday, July 9th and Friday, July 10th in Athens. You can view more of Margarita's work on her website: www.margaritamavromichalis.com -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.


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Finance ministers meet for 'exceptionally difficult' talks on Greece

(Reuters) - Following is the latest news on Greece's debt crisis as European finance ministers gather on Saturday to decide whether to negotiate a third bailout for Greece after Prime Minister Alexis Tsipras won lawmakers' backing for painful austerity measures. Saturday 1833 - Euro zone finance ministers demand Greece go beyond painful austerity measures accepted by Prime Minister Alexis Tsipras if he wants them to open negotiations on a third bailout for his bankrupt country to keep it in the euro, sources say. 1811 - Capital controls imposed on Greece's banks will remain in place for at least another two months, Economy Minister George Stathakis says.


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Greek bank capital controls will remain in place for at least two more months

The capital controls imposed on Greece's banks will remain in place for at least another two months, Economy Minister George Stathakis said on Saturday, as eurozone finance ministers met in Brussels to discuss a request by Athens for a new bailout. Stathakis told Greece's Mega TV that the banks could reopen as soon as next week, if an agreement with creditors is reached this weekend. But other restrictions on withdrawals and currency exports would remain in place for most. "That will stay in play for two months or some months," he said. (Reporting by Costas Pitas; editing by James Mackenzie)Join the conversation about this story » NOW WATCH: 6 mind-blowing facts about Greece's economy


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Deal or not, Greek islands brace for more pain

Already struggling with plummeting tourism, residents of islands such as Hydra fear both an exit from the eurozone and bailout measures which will hit them hard


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Greek debt crisis: Eurogroup meets over reform plan

Euro zone ministers are meeting in Brussels today to discuss a further bailout for Greece after prime minister Alexis Tsipras won backing from parliament for painful reforms . German finance minister Wolfgang Schäuble struck a downbeat note in Brussels ...


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Is Germany preparing for a temporary Grexit?

Germany's finance minister has prepared to call for Greece to leave the eurozone for at least five years, a paper reported. The news comes as Athens tries to convince creditors that it can make good on reform promises.


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Greek debt crisis: Eurozone ministers want Greece to offer more

Finance ministers are discussing latest Greek proposals after Alexis Tsipras receives backing from his MPs Latest: Finland taking tough lineCreditors drafting response to Greek planGreece told to offer moreGerman paper suggests ‘temporary Grexit’......Experts are unimpressedMinister: Syriza rebels should resignPhotos: Inside the eurogroup meeting 8.38pm BST Life has been carrying on in Athens tonight, as the eurogroup meeting rolls on: 8.31pm BST Finland says NO to #Greece. Fin could be the #Eurogroup country that blocks an agreement source to #yle Continue reading...


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Sceptical European creditors demand more from Greece for loan talks

Sceptical eurozone finance ministers demanded Saturday that Greece go beyond painful austerity measures accepted by Prime Minister Alexis Tsipras if he wants them to open negotiations on a third bailout for his bankrupt country to stay in the euro.


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Eurogroup sceptical over 'exceptionally difficult' Greece talks

If anyone thought the Greek finance minister Euclid Tsakalotos might have an easy ride in Brussels given Athens' belated bending to its creditors'…


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Eurogroup Reportedly Demands Deeper Reforms from Greece – Reuters

According to media reports, Eurozone finance ministers have demanded deeper reforms from Greece in exchange for opening talks on a third bailout to Athens. This confirms the earlier observations made by analysts that EU member states such as Germany and the Netherlands are increasingly opposed towards the latest Greek proposals. This was clearly demonstrated in the minutes prior to the start of the Eurogroup as eurozone finance ministers arrived to the meeting. German Finance Minister Wolfgang Schaeuble said that “extraordinarily difficult negotiations” were lying ahead as trust has been destroyed in an “incredible manner” in the past months. In a similar fashion, Eurogroup President Jeroen Dijsselbloem expressed expectations for a difficult meeting, pointing to the issue of trust as going to be vital in determining whether to grant further bailout. Overall, the tone of the finance ministers was that the Greek government has made a progress with its latest proposals, but it remained questionable whether Athens could be trusted in implementing the reforms. There were even rumours that the German finance ministry has proposed a temporary exit of Greece from the eurozone for at least five years and restructuring of its debt. Earlier on Saturday, the Greek parliament overwhelmingly approved the latest reform proposals, which the government in Athens submitted to the creditors late on Thursday. The latest package is similar to the one, which creditors had suggested to Greece on June 26, but was convincingly rejected by Greek voters in the July 5 referendum. The meeting of the Eurogroup has been paused for dinner after three hours of talks and is expected to continue later on Saturday evening, the Guardian reports.  


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The Turks want to visit Greece

Ankara, July 11, 2015/ Independent Balkan News Agency By Manolis Kostidis Long delays in visas issuing point to possible corruption in the Greek consulate in Istanbul Turkish tourists are among the few who do not cancel their trips to Greece following the latest developments in the Greek economy. Just next week, due to the religious […]


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Euro-zone finance ministers prepare for verdict on new bailout for Greece

Euro-zone finance ministers gathered yesterday to give their verdict on Greece's last-chance bid for another bailout to keep its economy afloat and prevent its departure from the Euro.


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‘We cannot trust Greek promises’

GREECE’S eurozone partners are doubtful of a last-ditch bailout deal, saying talks to stop it leaving the euro are tough because trust in Athens has collapsed.


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The Latest: Greek creditors want 'more binding commitments'

BRUSSELS (AP) — The latest from Greece's financial crisis (all times local):


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EU leaders 'demand Greece to do more' for debt bailout

EU ministers say Greek government must take further steps to convince them it would honour new debts, Reuters reports.


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The Hellenic Initiative Hosts First Venture Fair in Athens; Greek-Americans Active

ATHENS – Amidst a financial crisis and teeter totting business environment of crippling uncertainty, The Hellenic Initiative (THI) has taken a leap for Greek entrepreneurship, hosting its first Venture Fair at the Hilton Athens, June 24. Following THI’s 2015 Hellenic Entrepreneurship Awards celebration June 22, the networking and pitching event brought together a total of 19 […] The post The Hellenic Initiative Hosts First Venture Fair in Athens; Greek-Americans Active appeared first on The National Herald.


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Greek Battle Is Reflected in Spanish Politics

MADRID—Spanish Prime Minister Mariano Rajoy has been sending a pointed message to Spaniards transfixed by TV images of closed Greek banks ...


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Eurogroup: French-German alliance cracks over Greece

German anger that France helped Greece


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Nostalgia? Greece looks to future as state TV remembers the drachma (see doc)

Was the date a coincidence or chosen on purpose?


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Greek government denied that Germany suggests a Grexit

#economy


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Eurozone ministers demand Greece do more before bailout talks – Reuters

#economy


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Eurogroup: Recess with snippets of further austerity and Grexit

Tough talks are taking place in difficult negotiations concerning Greece's bleak future


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Greek economy minister says party rebels should quit

Greek Economy Minister George Stathakis said on Saturday dissenting lawmakers from left-wing Syriza, including ministers, should step aside if they disagree with government policies over bailout reforms. In a parliamentary debate which ended early Saturday, ten lawmakers from Syriza either abstained or rejected a roadmap of reforms the Greek government was negotiating with international creditors, a last ditch attempt by Greece to stave off bankruptcy. "If a lawmaker of a leftist party disagrees with the policies of the government...they should follow the rules and if they strongly disagree resign their seat," Economy Minister George Stathakis told Greece's Mega TV.


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With Greeks Now Ready to Make a Deal, What Can We Expect?

Meetings this weekend in Brussels will determine if Europe will press ahead with negotiations for a third bailout, or leave Greece to exit the euro.


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Greek minister sees capital controls in place for few months more

ATHENS (Reuters) - The capital controls imposed on Greece's banks will remain in place for at least another two months, Economy Minister George Stathakis said on Saturday, as euro zone finance ministers met in Brussels to discuss a request by Athens for a new bailout. Stathakis told Greece's Mega TV that the banks could reopen as soon as next week, if an agreement with creditors is reached this weekend, but other restrictions on withdrawals and currency exports would remain in place for most. "That will stay in play for two months or some months," he said. ...


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'Political rockstar' on Greek crisis

Guy Verhofstadt talks to CNN's Richard Quest about the banking crisis in Greece.


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Understanding the Greece Crisis, in Family Terms

My Sister is Greece, I am the Troika There's always one black sheep in the family. In my family's case, that sheep is my sister. While my two brothers and I have worked every day of our lives since we were 10 (started on the farm in Minnesota!), my sister has managed to be unemployed for all of her adult life. While many of those years have not been comfortable for her, she has lived in a (dodgy but air conditioned) house, had a bike for transportation, and the wherewithal to feed herself and her dog. She is alive today and not homeless through a combination of government subsidies, some entrepreneurial ingenuity, and a lot of family generosity. Our family dynamics can give insight into the dilemmas the various constituents face within the European situation as pertaining to Greece. Since I'm currently in the strongest position financially, I am the acting Troika (the accepted title of group consisting of the European Union, the International Monetary Fund, and the European Central Bank). My mom, who has lost the most money to my sister, represents the socialist demographic who still supports endless subsidies - because she cares. My brothers are core Europe (they work pretty hard, act pretty responsibly), while my dad could be seen as the hardliners in Germany, who like Finance Minister Schauble, have just had enough and don't want anything to do with the drama. I really empathize with the situation the Troika faces in dealing with Greece. I have lent quite a bit of money over the last decade to my sister, and have seen no return. I therefore have put more onerous conditions on support. For example, while 15 years ago I loaned her money for a car (which she totaled), today I will only pay for items like basic food, clothing, and dental care. I certainly don't want to see her homeless, or toothless, but I don't want to lend or give her money for a new iPhone. I put conditions on my subsidies - I buy the food and give her the clothes, not the actual cash. I ask her to pay some part of the new bike. Likewise, the IMF, the ECB, and European Union have been working with Greece for many years. Before the crisis, many countries in the EU loaned Greece money. When the crisis hit, and Greece's finances crumbled, the Troika stepped in. They loaned money to the country, facilitated Greece's default to private creditors, and rearranged (but did not forgive) Greek's debts. Perhaps they were delusional- some think they were stubborn or selfish. Since then, Greece has done some reforms, but its economy isn't recovering well or fast enough to pay everyone back. As lenders, the Troika wants to make sure they get their money back, and will only discuss loans with conditions. Unlike me, the Troika still thinks it can get all of its money back. After decades of family support to our own black sheep, my family's patience has undoubtedly worn thin. When my sister asks nicely for help, or when she does something to help my mom, I/we tend to be more generous. When she calls me with a snotty attitude and has an air of entitlement, I hang up the phone. Similarly, in recent months when Greece acts like a jerk (through it's ex finance minister Varoufakis, for example), patience wears thin and the money dries up. Now that Greece appears to be working on a real plan in earnest, the rhetoric from Troika members is cautiously optimistic. So where are we now? My dad and the hardliners in Germany keep saying "enough" and act tough. However, my dad doesn't want to wake up and find my sister hurt, homeless, or hungry. Germans don't want to wake up and hear that Greek citizens (especially pensioners and children) have no food or medicine. When push comes to shove, both will do enough to keep the essentials flowing. My mom will insist that my sister deserves a better life (and a smartphone), and will continue support up to the point that her small retirement income can afford. Similarly, many factions in France, Spain, Italy, etc, advocate the recent "NO" vote and want unconditional support (from somewhere). My brothers, like most of Europe, will chip in with whatever the majority decides, but will gripe a bit, and want conditions as well. My sister? Greece? Both may have hit the proverbial rock bottom. In my sister's case, she has few assets and her liabilities are small and covered through various "aid packages," yet she hasn't made any steps toward a different future. We still wrestle with how we can incentivize her to change her behavior, but at least she has a roof and food. In the past week, perhaps Greece has also hit its bottom as citizens queue at ATMs, hoard basic goods, and find that key medicines are becoming scarce. Banks have been closed for a week, and unlikely to open soon. As a result, the Greek Prime Minister just signaled a new willingness to negotiate, and accept more structure for the government finances. How do we make it work? Family is family. Both my sister and Greece's government need (debt) forgiveness. Even if they have clearly behaved badly, and spent more than they earned, there's no possible way they can move forward without relief. Given moral hazard considerations, she and Greece have no right to receive blank checks. No new TV or iPhone for my sister unless she gets a job. No additional billions of euros for Greece unless they trim their bloated government payroll. Neither my family nor the EU want to lose our sibling, we all just want fairness. My own family politics suggests that we will hear a positive outcome regarding an agreement between Greece and the Troika including debt forgiveness, and soon. Personal Blog Site https://sarazervos.wordpress.com/ -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.


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Germany mulling five-year 'temporary Grexit' plan: European source

Brussels (AFP) - Germany has drawn up plans for a temporary five-year Greek exit from the euro if it fails to improve its bailout proposals, a European source told AFP Saturday as eurozone finance ministers met in Brussels."It's an internal paper, it was not distributed today (at the eurozone meeting). There were two options: an improvement of the proposals, or temporary 'Grexit'," said the source, who had seen the paper.Join the conversation about this story »


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German Finance Minister Wants Greece Out Of Euro

After a bruising few days, the Greek government has come up with a new proposal. Helped by the French, who appear to have decided that under no circumstances should Greece be forced out of the Euro, they have produced a detailed document that includes commitments to reform of pensions and [...]


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German finance minister accuses Greek leaders of 'destroying trust'

… the relatively positive evaluation of Greece's "troika… clear in the paper that Greece's proposed reforms, which … former Greek finance minister, accused Mr Schäuble of planning to force Greece …


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Greek Debt Crisis Pits Greeks Against Germans

What happens when rules-bound Germany meets anything-goes Greece? A standoff, in this case.


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The Latest: Greece denies report of temporary Grexit

BRUSSELS (AP) — The latest from Greece's financial crisis (all times local):


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Greece's Small but Mighty Critics in Eastern Europe Start to Vent

“What my discussion was about is what we will do if the new program will not be achieved in time for Greece to be able to finance itself and improve ...


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Bewildered Greeks left wondering what happened to referendum 'No' vote

Less than a week after they celebrated their rejection of a harsh austerity plan, many Greeks are struggling to understand why Alexis Tsipras is signing up to even deeper spending cuts


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Schaeuble has not raised 'Grexit' at Eurogroup

German Finance Minister Wolfgang Schaeuble has not raised the possibility of Greece exiting the euro zone at crisis talks in in Brussels discussing aid for Athens, Greek government officials said on Saturday. "The issue of a Grexit has not been raised by anyone, including Schaeuble, at the Eurogroup meeting," a Greek government official told Reuters. Earlier, Germany's Frankfurter Allgemeine Sonntagszeitung (FAS) reported Germany's Finance Ministry suggested two alternative courses for Athens including a "timeout" from the euro zone.


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Greece in last-chance saloon as Eurogroup decides on bailout

Eurozone finance ministers have been gathering in Brussels for the all-important Eurogroup meeting that could help determine the country's fate.…


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Germany considers Greek 'timeout' from euro zone

Germany's Finance Ministry believes Greece's latest reform proposals do not go far enough and has suggested two alternative courses for Athens including a "timeout" from the euro zone, the Frankfurter Allgemeine Sonntagszeitung (FAS) reported. "These proposals miss out important central reform areas to modernise the country and to bring economic growth and sustainable development over the long term," the FAS quoted the ministry as writing in a position paper. Under the first, Athens would improve its proposals quickly and transfer assets worth 50 billion euros (36 billion pounds) to a fund in order to pay down its debt.


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Ukraine and Puerto Rico: struggles with conflict, corruption or dependency

External debts and war have pushed Kiev to the brink while the Caribbean island is suffering because of terms of trade engagement with the USGreece is not the only place in the world that is close to bankruptcy: Ukraine and Puerto Rico are also in serious trouble. Ukraine is now under the wing of the International Monetary Fund while Puerto Rico, a US territory that must get past the US Congress to deal with its creditors, is in freefall. Continue reading...


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Greek Bailout Cost Hampers Prospects of Deal

BRUSSELS—Greek crisis talks on Saturday were complicated by the country’s high financing needs after officials said a new bailout would cost €74 billion ($82.55 billion), again raising doubts over whether it can be kept in the eurozone. Two weeks of ...


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Trust in Greece key for eurozone at bailout meeting

After swaying parliament to back a new austerity package to stave off financial collapse, the Greek government now faces an uphill task persuading its international creditors that it can be trusted to enact its reform promises in full.


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European finance ministers meet on Greek bailout

European finance ministers were huddled Saturday in tough negotiations that are likely to determine whether debt-ridden Greece remains a member of the Eurozone or gets cut loose to face almost certain financial collapse.


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The Latest: Greece urged to back up plans with actions

BRUSSELS (AP) — The latest from Greece's financial crisis (all times local):


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Eurozone Faces 'Difficult' Talks Over Greece

European finance ministers are meeting to discuss a potential third Greek bailout deal which could prevent the country crashing out of the eurozone. The talks come after Greece's parliament backed its government's latest economic reform proposals aimed at securing a rescue package worth more than €50bn from its international creditors. The head of the Eurogroup of finance ministers Jeroen Dijsselbloem said ahead of the Brussels meeting: "There is a major issue of trust.


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Greece Hits Roadblock: Eurozone Doesn’t Trust SYRIZA

After swaying a skeptical Parliament to back a harsh austerity package to stave off financial collapse, the Greek government on July 11 faced an uphill task persuading its international creditors that it could be trusted to enact its reform promises in full. The post Greece Hits Roadblock: Eurozone Doesn’t Trust SYRIZA appeared first on The National Herald.


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Beyond Greece, the world is filled with debt crises

Drama in Athens reflects a bigger truth: precarious countries across the globe owe trillions of dollars to lenders and investors who must be repaidWith its shuttered banks, furious public protests and iconoclastic politicians, the plight of Greece, brought to its knees by a crippling debt burden, has been gripping and heartbreaking in equal measure: a full-blown sovereign debt crisis on the doorstep of some of the wealthiest countries in the world.Yet new analysis by the Jubilee Debt Campaign reveals that Greece’s plight is far from unique: more than 20 other countries are also wrestling with their own debt crises. Many more, from Senegal to Laos, lie in a debt danger zone, where an economic downturn or a sudden jump in interest rates on world debt markets could lead to disaster. Continue reading...


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Eurogroup chief notes a 'major issue of trust' over Greek bailout plan

Meeting is seen as Athens' last chance to secure a deal.         


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Eurozone finance ministers split over Greece

Schäuble warns of tough negotiations at make-or-break meeting


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Europe decides: New $80B rescue for Greece?

Finance officials from the 19 countries that use the euro have begun discussing Greece's request for about $80 billion in new loans it needs to avoid bankruptcy and keep using the currency.


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Schaeuble determined to expel Greece: Greek proposal “far from sufficient”

Grim as always and unable to hide his real intentions, German Finance Minister Wolfgang Schaeuble reiterated his determination to let Greece go bankrupt and expel it from the eurozone.  Arriving at the Eurogroup meeting on Saturday, Schaeuble said the proposal submitted by Greece for a new bailout program was “far […]


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Prof R. Werner: “Euro was a mistake – All EZ members should exit Eurozone in solidarity with Greece”

The Monetary Union proved to be bad for Europe, for the idea of the European Project. Member states abandoned sovereignty as they cannot print money. They transferred financial and political independence to European Central Bank. It was a bad idea, anyway, as there wasonly monetary but not fiscal union. And […]


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