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Grexit “Disaster” Looms As Greek Hospitals Run Out Of Sheets, Painkillers
Grexit “Disaster” Looms As Greek Hospitals Run Out Of Sheets, Painkillers The default countdown is about to go under 10 days and it is becoming increasingly apparent that both Greece and its creditors have had enough. Months of tense negotiations have gone nowhere and yielded exactly nothing and it now looks like PM Alexis Tsipras […]
Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus?
Are They About To Confiscate Money From Bank Accounts In Greece Just Like They Did In Cyprus? Do you remember what happened when Cyprus decided to defy the EU? In the end, the entire banking system of the nation collapsed and money was confiscated from private bank accounts. Well, the nation of Greece is now […]
Greece Will Default On June 5 Without Deal, IMF Leaks
Greece Will Default On June 5 Without Deal, IMF Leaks Another week came and went with no breakthrough in negotiations between Greece and its creditors. The IMF is now fed up and has reportedly refused to be a part of any new bailout program for Greece, after Athens drew down its SDR reserves to makes its latest […]
The Greek People Just Destroyed Syriza’s Strategy
The Greek People Just Destroyed Syriza’s Strategy Greek stocks ventured deeper into purgatory. The ASE index dove below 700 intraday on Wednesday for the first time since the crisis days of June 2012. Then word spread that the ECB had raised the cap on the Emergency Liquidity Assistance for Greek banks by €1.5 billion to […]
The Greek “White Knight” Emerges: Putin To Give Athens €5 Billion For Advance Gas Pipeline Fees
The Greek “White Knight” Emerges: Putin To Give Athens €5 Billion For Advance Gas Pipeline Fees With Greece teetering on the edge of insolvency and forced to raid pension and most other public funds, ahead of another month of heavy IMF repayments which has prompted even the ECB to speculate Greece should introduce a parallel “IOU” […]
Eurasian Pivot? Moscow Expects “Progress” From Tsipras Visit
Eurasian Pivot? Moscow Expects “Progress” From Tsipras Visit As Athens prepares to try and convince eurozone creditors that its latest set of proposed reforms represents a credible attempt to address Greece’s fiscal crisis, and as Greek depositors face the very real possibility that they will soon be Cyprus’d, a leverage-less Alexis Tsipras faces a rather unpalatable […]
German DAX Surges Over 12,000 On Greek Optimism, But The Money Has Run Out
German DAX Surges Over 12,000 On Greek Optimism, But The Money Has Run Out Moments ago, the German DAX roared gingerly back over 12,000 dragging US equity futures alongside it, with the catalyst cited as the somewhat optimistic tone following the three hours of talks held late last night to try to break an impasse […]
Greek PM To Meet With Putin Amid Cash Crunch
Greek PM To Meet With Putin Amid Cash Crunch With Greece digging around in the couch cushions to try and scrape up €2 billion by Friday in order to make payments to the IMF, the ECB, and Goldman, and with celebrity FinMin Yanis Varoufakis doing his absolute best to sink the entire ship with a series of […]
It’s Time for Angela Merkel to Stand Up
It’s Time for Angela Merkel to Stand Up I need to start of off the bat with an update to this piece, which I started writing yesterday, since I now know that Angela Merkel actually did invite Alexis Tsipras on Monday. It only took her two months…. But that doesn’t take away anything from my […]
Germans Furious After Varoufakis/Tsipras Admit “Greece Will Never Repay Its Debts”
Germans Furious After Varoufakis/Tsipras Admit “Greece Will Never Repay Its Debts” The Greco-Germanic war of words continues… Having pissed off The Greeks with his “Troika” remarks, Germany’s Schaeuble went on today to more ad hominum attacks by reportedly calling the Greek FinMin “foolishly naive.” The Greek ambassador has ‘officially’ complained to “friend and ally” Germany about the personal insult. […]
The ECB’s Noose Around Greece: How Central Banks Harness Governments
The ECB’s Noose Around Greece: How Central Banks Harness Governments Remember when the infamous Goldman Sachs delivered a thinly-veiled threat to the Greek Parliament in December, warning them to elect a pro-austerity prime minister or risk having central bank liquidity cut off to their banks? (See January 6th post here.) It seems the European Central Bank (headed by Mario […]
Behind The Global – Game Of – Thrones
Behind The Global – Game Of – Thrones Greek PM Alexis Tsipras yesterday laid out Syriza’s stance, and from what I saw he didn’t pull even one punch. Despite all the suggestions from the financial press throughout the past week that Tsipras and Varoufakis reneged on campaign promises to seek debt write-downs, they didn’t, and […]
‘The Communist Manifesto’ (2015 edition)
‘The Communist Manifesto’ (2015 edition) In the Communist Manifesto, Karl Marx wrote that “a specter is haunting Europe — the specter of communism.” That image has been much adapted. The specters that have been held to haunt the Europe of today include Americanization, privatization, the far right, and the breakup of the euro, among others. Mark […]
Defiance and Charm: A Measured First Week for New Greek Leader
Defiance and Charm: A Measured First Week for New Greek Leader Minister of Administrative Reform Georgios Katrougalos sits cheerfully in his new office and rejoices about his little revolution. He has just announced that soon the first 3,500 public-sector employees can return to work, including the famous cleaning ladies who led the protest against job cuts. […]
Why the Beautiful New Greek Government Is Screwed
Why the Beautiful New Greek Government Is Screwed Greek Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis, often in a good-cop-bad-cop manner, have been cruising through the media, lobbing a mix of admirable rhetoric, verbal hand grenades, and down-to-earth explanations. And they have become white-hot media darlings. So Varoufakis was in Germany to meet […]
