News from 07/2015

23 July 2015

HENRY CHU (LA Times) Explains the current situation in Greece using Ancient Greek mythology

Scylla and Charybdis were sea monsters who assumed the forms of a rocky shoal and a whirlpool respectively on either side of the Strait of Messina between Sicily and the Italian mainland. Sailors such as Odysseus, in Homer's "Odyssey," had to pick which one to confront in the narrow channel — in essence, a choice between two unpalatable options. In English, "between a rock and a hard place" is a rough equivalent.

Against his own party's ideals, Prime Mimister: Tsipras has now committed himself to more "draconian" budget cuts, with Greece forced to carry…Read

22 July 2015

16 July 2015

Greek PM facing eurozone deal revolt

PM, Alexis Tsipras has said he does not believe in the €86bn eurozone bailout deal, but has urged MPs to agree to the measures. The vote is expected to pass with opposition help, despite a revolt from some hardliners in the ruling left-wing Syriza party.

In a television address on Tuesday Alexis Tsipras called the proposals "irrational" but said he was willing to implement them to "avoid disaster for the country" and the collapse of the banks. However Monday's announcement of a possible deal was met with anger among many in Greece, who…Read

15 July 2015

Mark Lobel examines the steps ahead if Greece is to secure a fresh bailout

What a strange sequence of events from Greece.  One would believe that Prime Minister Tsipras would be acclaimed a hero after securing a loan to keep the Greek banking system afloat but it would appear that this is not the case.  Watch this short BBC video clip from Mark Lobel



13 July 2015

Finally, agreement has been reached!

Prime Minister Alexis Tsipras told reporters that Greece had fought a "tough battle", won debt restructuring, and sent a message of dignity to all of Europe.




11 July 2015

10 July 2015

Eurozone officials say they have received a new economic reform proposal from Greece

According to Greek media reports the new proposal includes:

Tax rise on shipping companies and scrapping tax discounts for islands

Phasing out solidarity grant for pensioners by 2019

Unifying VAT rates at standard 23%, including restaurants and catering

€300m ($332m; £216m) defence spending cuts by 2016



9 July 2015

1953 Vintage photo shows Germany receiving debt relief package from foreign creditors

Germany: the main creditor demanding that Greeks be made to pay for past extravagance benefited not so long ago themselves, from more lenient terms than they are now prepared to offer Greece

ATHENS — Germany continued to maintain a hard line with Athens on Monday, just a day after Greek voters decisively rejected a…Read

8 July 2015

6 July 2015

Yes or No

"In the end I went for 'Yes'," one voter in Athens, Maya Korba, told the BBC. "I don't really know what both answers will mean and to be honest I'm not happy with either, but we have to hope."




4 July 2015

Stefanaki Ioanna: “A yes vote will give Greece a chance”

A 'yes' vote means staying with the European Union.

With a combined population of over 500 million inhabitants, or 7.3% of the world population, the EU in 2014 generated a nominal gross domestic product (GDP) of 18.495 trillion US dollars, constituting approximately 24% of global nominal GDP and 17% when measured in terms of purchasing power parity. As of 2014 the EU has the largest economy in the world, generating a GDP bigger than any other economic union or country. Additionally, 26 out of 28 EU countries have a very high Human Development Index, according to the UNDP. In 2012, the EU was awarded the Nobel…Read

3 July 2015

The Greek Referendum

On Sunday the Greek people will vote in a national referendum, and they will either vote "yes" or "no" about conditions demanded by the International Monetary Fund, European Central Bank and European Commission before their country can receive much-needed aid.

Greek voters appear to be moving towards accepting a new wave of austerity measures and snubbing their left-wing leaders in Sunday’s crunch referendum with a poll showing the Yes campaign ahead for the first time.


2 July 2015

PM Tsipras defiant as bank controls bite

Before his speech he put new proposals to eurozone partners, accepting most of what was on the table before talks collapsed, but with conditions. But eurozone finance ministers later said there were "no grounds for further talks at this point". Greece is going ahead with a controversial 5 July referendum on its bailout conditions, despite much criticism of Prime Minister Alexis Tsipras's decision to hold it.