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Friday, August 14, 2015

IMF's Lagarde calls on Europe to provide 'significant' debt relief for Greece

WASHINGTON (Reuters) - The head of the International Monetary Fund (IMF) on Friday pressed Europe to provide "significant" debt relief for Greece, saying Athens could not put its fiscal house in order on its own. In a statement issued as euro zone finance ministers wrapped up six hours of talks on Greece, IMF Managing Director Christine Lagarde said it was "critical for medium and long-term debt sustainability that Greece's European partners make concrete commitments ... to provide significant debt relief, well beyond what has been considered so far. ...


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Eurogroup's Dijsselbloem says third bailout deal gets Greece on sustainable track

BRUSSELS (Reuters) - Eurogroup chairman Jeroen Dijsselbloem said the bailout deal confirmed on Friday would get Greece's economy back on to a sustainable track. In a briefing following around six hours of talks, he also said he was optimistic the IMF would be willing to take part. "I think there is reason for optimism," he said. (Reporting by Alastair Macdonald and Barbara Lewis; Editing by Kevin Liffey)


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Greece gets nod for billions in new loans

BRUSSELS - Greece is cleared to receive the first installment in a bailout that will forestall -- at least for now -- a debt default by the cash-strapped ...


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France's Sapin hails deal on Greek bailout as European success

French Finance Minister Michel Sapin on Friday hailed the agreement by euro zone finance ministers to launch a third bailout programme for Greece as a success for Athens and for Europe. "This agreement is a success for Greece and for Europe," he said in a statement. "France is proud to have contributed usefully through constant dialogue with its European partners." Sapin said the Greek government had in the last few weeks shown determination to carry out the necessary reforms.


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Greek finmin says bailout deal will take country forward

Greek Finance Minister Euclid Tsakalotos said on Friday that a deal reached with the country's international creditors will take Greece forward and create a more stable financial system without harming bank depositors.


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Europe Reaches Agreement on New Rescue Package for Greece

Greece's Finance Minister Euclid Tsakalotos (R) and Spanish Finance Minister Luis de Guindos Jurado talk during an Eurogroup meeting at the EU ...


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Eurozone approves €86bn Greek bailout

Deal follows concessions on bank ‘bail-in’ and privatisations but IMF role remains uncertain


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Eurogroup approves 3rd ESM Greek bailout plan. 26bln Euros to be released to Greece. Watch Press conference live

26bln first tranche to Greece


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Eurozone agree on third bailout for Greece up to €86bn

#economy


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Deal! Up to 86B euros for Greek bailout: Ministers

The European Commission confirmed a euro zone agreement to lend up to 86 billion euros ($96 billion) to Greece over three years. "New loans of up ...


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Lagarde welcomes Greece bailout deal but repeats call for debt relief

#economy


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Eurogroup's statement on Greece

#economy


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EconomyEurozone approves €86bn bailout for Greece

Greece will receive its €86bn bailout after eurozone finance ministers agreed on a "bail-in" of the country's banks and quicker privatisation of its public ...


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What's Next After Greece Bailout Agreement?

After a 23-hour discussion, a Greece bailout agreement was reached Friday between the country and its international lenders. The Greece bailout is ...


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Volume of financial aid to Greece to reach 86 billion euro

Jeroen Dijsselbloem indicated that the first payment might be effectuated as early as August 19


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Eurogroup statement following euro zone meeting

The Eurogroup welcomes the agreement that has been reached between Greece and the European institutions, with input from the IMF, on the policy conditionality underlying the new ESM macroeconomic adjustment programme. The Eurogroup commends the Greek authorities for their demonstrated strong commitment as shown by the normalisation of the working methods with the Institutions and the conduct of the negotiations in a determined and swift manner. This agreement is in line with the parameters and key objectives set by the Euro summit on 12 July and provides a comprehensive framework for restoring the Greek economy to a sustainable path.


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Eurogroup approves third bailout for debt-ridden Greece

Eurozone finance ministers agreed on Friday to approve a third bailout programme for Greece, with the first tranche of aid to be worth €26 billion.


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Eurozone Finance Ministers Approve New Bailout For Greece

BRUSSELS—The eurozone greenlighted €86 billion ($95.8 billion) in fresh bailout loans for Greece on Friday, sending the country another lifeline as it hurtles toward new political instability and a battle between its creditors over how to reduce its ...


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Euro zone growth slows; Greek economy...expands?

Flash euro zone gross domestic product (GDP) data on Friday showed that the region's economy grew 0.3 percent in the second quarter on the ...


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Stock Market Today

Greek lawmakers approved the 86 billion euros ($96 billion) bailout agreement, leaving financial reporters in a panic, but hopeful that China's ...


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STOCKS RISE: Here's what you need to know (SPY, DJI, IXIC, USO, WTI, OIL, VDE, LL, LOCO)

Stocks climbed in the final hour of trading after being relatively flat for much of Friday. The major indexes closed positive for the week, and gold had its best week in two months. First, the scoreboard: Dow: 17,469.65, +61.40, (0.35%) S&P 500: 2,090.77, +7.38, (0.35%) Nasdaq: 5,047.30, +13.74, (0.27%) And now, the top stories on Friday: The US oil rig count rose for a fourth straight period this week, according to driller Baker Hughes. The oil rig count rose by 2 to 672. The gas rig count fell 2 to 211, and the total rig count was unchanged from last week at 884.  Crude oil prices rose slightly on Friday after falling to fresh six-year lows. West Texas Intermediate crude oil futures climbed to as high as $42.92 per barrel in New York, after falling to $41.46 overnight. In a note to clients, Societe Generale's Kit Juckes wrote, "It’s now clear to financial markets that tackling oversupply in a world with more modest demand growth, requires a more protracted undershoot in oil prices." The Eurogroup approved an 86 billion euro-bailout for Greece. It was agreed to after a six-hour meeting that followed the stamp of approval from Greece's parliament. The University of Michigan's consumer sentiment index showed a preliminary reading of 92.9 for August, below expectations for 93.5 and compared to 93.1 in July. The nine month average of the reading is at its highest since 2004. "Fortunately, sentiment held up in early August, another sign that the consumer confidence drop in July may have been overdone," UBS' Maury Harris wrote in a client note. Industrial production rose to an eight-month high of 0.6% (0.3% estimated), boosted by auto output. Capacity utilization rose 78%. "The big July increase in industrial production is further proof that the U.S. economy is expanding at an above-trend pace in mid-2015, after a weak start to the year tied to bad weather and the West Coast ports labor dispute," wrote PNC chief economist Stuart Hoffman in a note. The producer price index for final demand rose 0.2% month-on-month (0.1% forecast). Excluding food and energy, prices rose 0.3% versus 0.1% expected. El Pollo Loco shares slumped 19% after the company reported quarterly revenues and same-store sales below forecasts. Second-quarter revenues totaled $89.5 million ($93 million estimated), and sales at stores open for at least one year grew 1.3% (3.2% forecast). The Mexican-style-chicken chain expects to open as many as 24 restaurants during the fiscal year 2015. Lumber Liquidators jumped by up to 10% after hedge fund Tiger Management disclosed in a 13F filing that it took a new position in the hardwood flooring retailer of 238,000 shares. The stock is down about 79% year-to-date following an episode of "60 Minutes" in March that showed the company's laminate flooring sourced in China contained excessive levels of formaldehyde. The story will be rerun this Sunday on CBS. DON'T MISS: Before you totally freak out about China's currency devaluation ... »Join the conversation about this story » NOW WATCH: Something strange is happening with US rainfall


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Eurozone approves Greek bailout accord: EU sources

Brussels (AFP) - Eurozone finance ministers agreed Friday on a third debt bailout worth 85 billion euros to keep Greece afloat and avoid its chaotic exit from the single currency bloc, EU sources said."Yes we do," said one of the sources when asked if the 19 eurozone ministers had reached an agreement, after about six hours of talks to nail down the tough and far-reaching economic reforms that Greece must carry out in return.Join the conversation about this story »


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Greece bailout plan approved by Eurogroup ministers

Finance ministers of the euro single currency group have approved the first €26 billion euro of a vast new bailout package to help rebuild Greece’s economy. Jeroen Djisselbloem, chairman of the 19-nation Eurogroup, said that “of course there were ...


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Voices: Pros and cons of going Greek

Going Greek, rushing, going through recruitment, pledging —there are a lot of different ways of saying it, and even more different ways of actually ...


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Europe 'faces worst refugee crisis since Second World War'

EU says leaders must reject "populist" stance as it gives more aid to Greece


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Greece's Euro Partners Approve Billions in New Loans

Greece's euro partners approve billions in new loans to help rebuild its shattered economy


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Kos: Greece sends cruise ship to help manage migrant numbers

The Venizelos has arrived in Kos. The Greek government sent the 176-metre-long cruise ship to the eastern Aegean island to act as a temporary…


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European Commission confirms euro zone deal to lend Greece up to 86 billion euros

BRUSSELS (Reuters) - International creditors have agreed to lend Greece up to 86 billion euros over three years, the European Commission confirmed on Friday following six hours of talks in Brussels.


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Firm run by former 'Real Housewives' family has been fined for alleged naked short selling

FA Insights is a daily newsletter from Business Insider that delivers the top news and commentary for financial advisors. Former Real Housewives' family firm has been slapped with an $800,000 fine over naked short selling (Wealth Management) FINRA levied an $800,000 fine against California-based StockCross Financial Services for engaging in naked short selling. The firm is run by the family of former "Real Housewives of Beverly Hills" star Carlton Gebbia. "FINRA claims StockCross [...] violated regulations requiring them deliver shares of a security they had sold short, and had inadequate supervisory systems going back at least three years," reports Wealth Management's Megan Leonhardt. Gebbia, an interior designer and Wiccan, appeared in the fourth season of "The Real Housewives of Beverly Hills" along with her family, according to the report. The fall in commodity prices shouldn't be ignored (Charles Schwab) Many commodity prices have fallen this year by a significant amount — not just oil. Charles Schwab analysts argue that there will not be a turnaround in the near feature due to the fact that there aren't many signs pointing to an acceleration of global growth. Consequently, "in short—the fall in commodity prices shouldn’t be ignored and investors should consider using this opportunity to make adjustments to their portfolio. We don’t believe you need to overallocate to already beaten-down groups, as they’re unlikely to see a sharp rebound. It's important to stay calm and diversified and take a big-picture view of investing," argues Charles Schwab's Brad Sorensen. Edward Jones will pay $20 million to settle allegations that the firm overcharged its retail customers (InvestmentNews) "Edward D. Jones & Co., the broker-dealer subsidiary of the Jones Financial Companies, will pay $20 million to settle allegations from the SEC that the firm overcharged its retail customers on new municipal bond sales," reports InvestmentNews' Mason Braswell. Edward Jones allegedly overcharged clients by at least $4.6 million by offering bonds at a higher prices than required by securities laws from 2009 to 2012. "Their conduct was inconsistent with industry standards for, and written agreements governing, municipal underwriting,” the SEC said. Ex-Hoover financial broker was sentenced for 7 years for running a Ponzi scheme (AL.com) "Former Hoover financial broker Bryan W. Anderson was sentenced Thursday to seven years and three months in federal prison for his guilty plea to running a Ponzi scheme that bilked a dozen investors out of more than $3 million," reports Kent Faulk. "Bryan Anderson turned our lives upside down" and "shredded" all of her and her husband's savings, one woman told the judge. If Turkey mishandles its role, the potential for instability and war in the region could increase (Advisor Perspectives) "Turkey is going to be a key nation in the Middle East for the next few decades. If it mishandles this role, the potential for instability and war in the region will increase," writes Bill O'Grady of Confluence Investment Management. Furthermore, "Turkey has ties to Europe as well, and if conditions in Europe deteriorate, Turkey could find itself drawn into conflicts involving Russia, Greece or other Eastern European nations." "Having sober and talented leaders will be important to Turkey’s ability to manage these challenges. At present, the Erdogan government is looking increasingly like it will not be that talent the world needs," concludes O'Grady. Join the conversation about this story »


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Euro zone agrees to launch bailout for Greece

BRUSSELS (Reuters) - Euro zone finance ministers agreed on Friday to launch a third bailout programme for Greece, Belgian Finance Minister Johan van Overtveldt told Reuters after a meeting of the Eurogroup in Brussels. Van Overtfeldt said they had agreed to a Memorandum of Understanding drafted by institutional negotiators on Tuesday, "with some additional measures". He did not elaborate. The meeting ended after some six hours of talks following the endorsement of the loan conditions by the Athens parliament. (Reporting by Alastair Macdonald; Editing by Barbara Lewis)


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Greece's euro partners approve billions in new loans to help rebuild its shattered economy

BRUSSELS (AP) — Greece's euro partners approve billions in new loans to help rebuild its shattered economy.


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Eurozone approves Greek bailout accord worth up to 86 bn euros: official

Eurozone finance ministers approved Friday a third debt bailout worth up to 86 billion euros to keep Greece afloat and avoid its chaotic exit from the single currency bloc, officials said.


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EU migrant crisis: What is being done?

As the Greek government attempts to ease chaotic conditions on the island of Kos, which has become crowded with Syrians and other migrants, a passenger ship has docked on the island to be used as a registration center and accommodation for migrants. The Eleftherios Venizelos will be used as a reception facility for migrants to apply for the documents they need to travel to other parts of Europe, the BBC reported. Recommended: Think you know Europe?


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The Guardian view on global currencies: it’s the economy, stupid

Whether it’s the yuan or the euro, the lesson of history is that the currency should be arranged around the economy. Not the other way aroundHistory is littered with upside-down verdicts about exchange rates. In the Britain of 1925, for example, there were misguided cheers when Churchill pushed industry into the doldrums by pretending the first world war had never happened, and forcing sterling back up to its 1914 parity. In 1992, misguided tears accompanied the UK’s inelegant tumble out of the exchange rate mechanism, a long-dreaded devaluation which proved a terrific stimulus for recovery. In this week’s headlines, currency gyrations have once again been causing confusion.Greece was said to have shuffled “back from the edge” by clinging on to the euro, while China, by pushing the yuan’s value down, was described as pushing the world “to the brink” of a currency war. The real contrast cannot be measured in steps from any precipice. It is between Athens reordering a stricken economy around a currency, and Beijing rearranging its money to fit in with the needs of its economy. By signing up to the fresh dose of austerity, which the Greek parliamenton Friday accepted as the price of remaining in the single currency club, Alexis Tsipras’s leftwing government has fallen into line with respectable financial opinion, while submitting its families and factories to disruptive adjustments. But Beijing displayed disdain for the expectation of the currency markets, as it moved to shore up the stability of Chinese business. Continue reading...


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Greece edges towards third bailout amid positive signals from Germany

… eurozone finance ministers. Representatives of Greece’s main European creditors were … the bailout terms after the Greek prime minister, Alexis Tsipras, secured … ” on debt relief from Greece’s eurozone creditors. Greece needs to pay …


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Greece Bailout Approval Is 'Key Milestone' but Debt Saga Isn't Over

"This bailout is a key milestone as it unlocks a tranche worth $23 billion that Greece can tap into," said Simon Smith, chief economist at London-based ...


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Eurozone’s Economic Growth Falls Short, Even as Greeks Shopped

While Europe has faced a debt crisis in Greece, its bigger economies have been growing slowly as they recover from recession.


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Which Greek TV celebrity became a father at 14! (pics)

He suffers from cancer


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Biggest defaults in modern history (infographic)

Greece tops list


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Greece: Migrants still struggle in Kos detention center

No roof, few toilets, hours of waiting in the blazing sun - that's how the EU receives migrants on the Greek island of Kos. The humanitarian aid organization Doctors Without Borders is trying to help.


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Greece says that is to receive 23 bln in two tranches after Eurogroup

#economy


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Greece on verge of clinching new bail-out but lenders delay debt talks until October

Just hours after an all-night parliamentary debate in Athens in which Greek MPs voted to accept the terms of a new three-year programme, Euclid Tsakaltos, Greece's finance minister, flew into Brussels to seek approval for €85bn (£61bn) in fresh loans.


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Greek debt crisis: Greece urgently needs a jobs revolution

For the first time in a while, we can begin to be optimistic about the stability of Greece – at least in the very short term. While the country edges ever-closer to a deal with creditors, preventing bankruptcy and a potentially abrupt fallout from the ...


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It’s now full steam ahead for Greece’s third multi-billion euro bailout

GREECE’S PARLIAMENT HAS approved the country’s third international bailout after an all-night debate, hours ahead of a critical meeting by European finance ministers. A majority of 222 lawmakers approved the 400-page document over 64 who voted against ...


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Can solar power pull Greece out of debt?

There are few signs for relief for Greece as their government agrees to yet more harsh austerity terms in exchange for another bailout from international creditors. The debt crisis began in 2009, and as the Greek government struggles to find a resolution ...


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Maloney, Greek-Am. Leaders, Call for Lifting of Greece Funds Restrictions

NEW YORK – Congresswoman Carolyn Maloney, co-Chair of the Congressional Hellenic Caucus, was joined by Greek-American leaders in Manhattan on August 13, calling for the imminent lifting of capital controls in Greece as well as the restrictions to monies sent by Greek-Americans to their families and friends in Greece. Rep. Maloney, a longstanding philhellene, contended […] The post Maloney, Greek-Am. Leaders, Call for Lifting of Greece Funds Restrictions appeared first on The National Herald.


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Europe struggles to find answers to the massive migrant influx

In this week's 'Perspectives' four European broadcasters look at the growing migrant crisis in Europe. Two look at the situation on the Greek island…


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The hated Wolfgang Schaeuble may be the only man who can make Europe work

Wolfgang Schaeuble gets bad press. The German finance minister is used to being Europe's bogeyman. In Greece, the "no" campaign in July's bailout referendum even tried to associate him with the "yes" campaign, knowing how deeply unpopular he is. In the final stages of the country's bailout negotiations in July, Schaeuble offered the chance of a temporary exit from the euro — along with a bundle of cash to smooth the departure — but his idea fell flat and another bailout was agreed.  For this and his generally stern approach to negotiations over Greece's bailout, Schaeuble is often reviled, but that seems deeply unfair.  He's not a genius, and there may well be better ideas out there for how to make the eurozone function — but Schaeuble seems to have the only one that's likely to happen. Schaeuble is often seen defending European rules on things like government spending (some of which were broken by Germany in the early 2000s), and is widely mocked for it. But while major decisions are made by negotiation with 19 governments, it is genuinely difficult to understand how the eurozone is meant to work without them. Appeals for finance ministers to offer Greece more lenient conditions out of a sense of European solidarity are clearly well-intentioned. It certainly seems like it would be better, for example, if the German and French governments (among others) simply took a massive haircut on their Greek debt holdings — they're far more capable of taking that hit. It's probably more difficult to see it from that perspective if you're elected by and ultimately representing the interests of French and German voters. The Eurogroup meetings that have passed in the last eight months would be recognisable to Metternich or Talleyrand, participants in the 1815 Congress of Vienna held two centuries ago. It's an intergovernmental negotiation, and the outcome will always be something of a hash, with dozens of attendees trying to get their own voices heard and their own priorities recognised. The only alternative seems to be a federal Europe — exactly what Schaeuble has advocated for 20 years and more. Schaeuble wrote about the need for a federal structure based on a "core Europe" when Alexis Tsipras was still at university. Back in 1994, he was pushing for a political union to go along with the coming monetary union.  In fact, it's French Prime Minister Edouard Balladur who shot down Schaeuble's suggestion in his own 1994 response: Must Europe move towards a federal system? Why revive this ideological debate? The time for this is past: an enlarged Europe, including a greater number of member-states, could not be federal ... Only flexible forms of organisation in such a group can be considered. Here's what Schaeuble said about Federalism in a 2006 speech:  In the context of European unification, some in Germany have called – fortunately not very loudly – for doing away with federalism. I think that is a bad idea. However, I am well aware that, when it comes to concrete issues, public opinion is not all that enamoured of federalism: Whenever problems are serious, then public opinion polls quickly show a majority in favor of centralized solutions. And he's not wrong on public opinion, at least in his own country and the rest of the "core". An Opinium survey conducted just this month showed that though the concept of "ever-closer union" in Europe commands the support of over 40% of people in Italy and over 50% in Spain and Portugal, in Germany it falls to 30%, in France to below 25% and in the Netherlands to below 20%. Schaeuble has spent most of his political life constructing a version of European federalism that might be palatable to German voters — and the honest truth is, if it's not palatable to southern Europe, then there probably won't be a federal Europe at all. I think that Syriza are probably right about Greece's debt burden, and its growth prospects more generally. But that's unacceptable politically, not just to Germany but to tens of millions or people across the rest of the continent.  There's also a completely reasonable argument that a less austere approach to the Greek crisis and southern Europe's depression might be beneficial in the long-run to Germany. That argument may be entirely right. But given that it's been seven years after the financial crisis and five years since the first bailout programmes began, it doesn't seem like Berlin's mind is going to change at any time soon. It's hard to think of a major crisis or turning point in the last 200 or 250 years of European history that didn't have its origins or resolutions in Germany, at least in large part. It's had a huge influence on the eurozone's institutions too — particularly the European Central Bank. Similarly, it's extremely difficult to see how some solution to Greece's crisis, or any further major advances in European integration can go ahead without Germany probably leading the process.  For all of the discussion of a potential Franco-Italian alliance to build an agreement on Greece, all that has been achieved is another can-kicking. The fiscal cliff for Greece's government has been extended into the future, painful and perhaps impossible reforms will be pursued, and growth will be slow if not non-existent.  If Francois Hollande has a grand plan for the future of Europe he is largely keeping it to himself, and Matteo Renzi has enough problems to deal with at home. So there are very few options left for Europe. One is some version of what exists now — a monetary union that sometimes looks more like a fixed exchange rate system, in which countries get little support (without serious conditions) and can drop if needs be. The other is Wolfgang Schaeuble's stern federalism, centred on France and Germany. You might not like the taste, but nothing else really seems to be on the menu.Join the conversation about this story » NOW WATCH: The 'Uber of helicopters' can get you from Manhattan to JFK for much less than you think


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EU fast-tracks funding as migrant crisis accelerates

The European Union pledged Friday to fast-track new funding to help debt-hit Greece cope with a surge in migrants, with hundreds coming ashore daily only to be confronted by often hellish conditions.


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Greece crisis: Tsipras could face confidence vote

Greece seemed to take another step back from the abyss on Friday morning, as bleary-eyed MPs rounded off an all-night parliamentary debate by ...


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