The FTSEB index of financial stocks dropped nearly 20% in morning business, pulling the overall market index down by more than 6%.
The leftist government of Prime Minister Alexis Tsipras last week wrapped the first phase of a fiscal review by its EU-IMF international creditors, with no agreement in sight on a controversial pension reform that has caused a social backlash against Tsipras’ fragile coalition.
The FTSEB index of financial stocks dropped nearly 20% in morning business, pulling the overall market index down by more than 6%.
The leftist government of Prime Minister Alexis Tsipras last week wrapped the first phase of a fiscal review by its EU-IMF international creditors, with no agreement in sight on a controversial pension reform that has caused a social backlash against Tsipras’ fragile coalition.
http://www.infowars.com/greek-stock-market-falls-sharply-on-banking-sector-meltdown/
The Greek premier Alexis Tsipras said on Monday that the vote to recognize Palestinian statehood would only serve to cement formal recognition at a later “appropriate” date.
Following today’s vote, Greece is set to change “PA [Palestinian Authority]” to “Palestine” in its official documents.
It should be noted that Palestine has been recognized by the Greek parliament, but not by the Greek state.
It was supposed to be the first step on their journey to Western Europe. But now thousands of migrants are mired in despair, anger and frustration on the scenic Greek island of Lesbos.
After perilous sea voyages from neighboring Turkey, they have been stranded here for days, some for nearly two weeks, running out of money and desperate to get to mainland Greece and continue their route.
After perilous sea voyages from neighboring Turkey, they have been stranded here for days, some for nearly two weeks, running out of money and desperate to get to mainland Greece and continue their route.
The island of some 100,000 residents has been transformed by the sudden new population of some 20,000 refugees and migrants, mostly from Syria, Iraq and Afghanistan – and the strain is pushing everyone to the limit.
http://www.infowars.com/greek-island-overwhelmed-by-stranded-migrants-despair/
A form of debt restructuring rather than outright forgiveness should enable Greece to handle its “unviable” debt burden, the head of the International Monetary Fund was quoted as telling a Swiss newspaper. The IMF has yet to make clear whether it will participate in the third 86 billion euro ($96 billion) international bailout that Greece agreed to in early August, having argued in favor of a partial writedown of a debt burden it considers unsustainable in its current form.
Greece’s eurozone creditors, notably Germany, have ruled out a writedown, but
Concerning those differences, IMF Managing Director Christine Lagarde told Le Temps Saturday: “The debate on canceling the debt has never been open. I don’t think it is necessary to open it if things go well. … We are talking about extending maturities, reducing rates, [making] exemptions for a certain period of time. We are not speaking about canceling debt.”
http://www.infowars.com/imfs-managing-director-says-restructuring-should-suffice-for-greek-debt/
Germany’s parliament overwhelmingly approved a third bailout for Greece on Wednesday, removing a key hurdle to providing new loans to the country and keeping it from defaulting on its debts in as little as 24 hours.
The vote’s result also seemed to dispel any speculation that Chancellor Angela Merkel would have difficulty getting her conservative bloc to sign on. Lawmakers voted 454-113 in favor, with 18 abstentions.
The approval is among the last due from parliaments across Europe, with the Dutch scheduled to vote later Wednesday, after which Greece is expected to get the first installment of its new 86 billion-euro ($95 billion) loans package.
The country needs the money within 24 hours to make a debt repayment Thursday. The board of the European bailout fund that will disburse the money will hold a teleconference Wednesday night to discuss the matter.
The vote’s result also seemed to dispel any speculation that Chancellor Angela Merkel would have difficulty getting her conservative bloc to sign on. Lawmakers voted 454-113 in favor, with 18 abstentions.
The approval is among the last due from parliaments across Europe, with the Dutch scheduled to vote later Wednesday, after which Greece is expected to get the first installment of its new 86 billion-euro ($95 billion) loans package.
The country needs the money within 24 hours to make a debt repayment Thursday. The board of the European bailout fund that will disburse the money will hold a teleconference Wednesday night to discuss the matter.
http://www.infowars.com/german-parliament-approves-third-greek-bailout-in-landslide-vote/
The US and world economies are frauds that are coming unraveled. The Greek bailout is the most recent example of “kick the can down the road” solutions. The US housing bubble was an attempt to cover up/recover from the dot-com bust. Now the US is in a financial bubble engineered to recover from the housing bubble debacle. Soon this bubble will burst. Only the date is unknown.
http://www.economicnoise.com/2015/08/11/only-the-date-is-unknown/
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