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Greek crisis: NSA phone tap of Angela Merkel reveals she knew Greece's debt was unsustainableGreece's debt isn't about moneyGreece's debts really are unsustainable. This is just basically not a debatable point. The reason it's not genuinely shocking to hear that Merkel privately admitted this is that nobody really disputes it. Greece's creditors know that they aren't going to be paid back. But they want the debt to stay on the books anyway.Why?Well because as long as the debt is on the books, Greece needs to keep asking for permission to roll the debt over and failure to pay debts can be used as a political trigger for forcing Greece out of the Eurozone. The debt, in other words, isn't about money. It's about political control.
Greece isn't panicking about capital controls because millions of people are already too poor for it to matterThe rules limit withdrawals to €60 ($66.46 or £42.52) from a cash point per day. As of 2013, the average Greek salary for people in full-time employment came out to just €54.66 a day.The lines, still clearly present, have been significantly shorter in recent days than they were Sunday, when capital controls began. The lines then were palpably tense. Now a lot of them are hard to distinguish from short lines for the bank anywhere. In the centre of the city, some have an almost 1:1 ratio of international journalists to locals.
1953: When Greece forgave Germany’s debt
Islanders witness the first shortagesProblems are growing for Greek tourism enterprises as a result of the government’s decision last week to call a referendum.A number of Cycladic islands where a high number of international tourists are currently vacationing are already facing supply problems, especially in certain categories of food, such as meat, as well as medicines, due to the inability of local businesses to pay their foreign suppliers, according to the Cyclades Chamber of Commerce.The Association of Hellenic Tourism Enterprises (SETE) confirmed on Thursday that the drop in bookings has reached 30-40 percent in the last few days. This means that up to 240,000 bookings expected in the last five days have not materialized. SETE expressed hope that if after Sunday’s referendum the country reverts to normality, banks reopen and Greece’s image abroad is restored, “there will still be time for the booking rate to grow again and cover the ground lost in recent days.”
Greece needs another €50bn bail-out and massive debt relief to surive, admits IMFIMF concedes Greece needs huge alleviation of its debt burden and another bumper bail-out to stay afloat for the next three years
Greek banks down to €500m in cash reserves as economy crashesThe daily allowance of cash from many ATM machines has already dropped from €60 to €50, purportedly because €20 notes are running out
Greece debt crisis: What happened to democracy when it’s a case of 'Vote Yes or else'?If this 'democracy' doesn’t work in Europe, how is it supposed to work in India? Or the Middle East?
Factbox: What looms for Greece after referendum
Food and medicine shortages for British tourists in Greece 'within days'Holidaymakers will find shelves short of 'basics' by next week unless a bail-out deal for Greece is found soon, head of leading business body warns
What If Greece Thrived After Euro Exit?
Easyjet founder's Athens food programme sees 25pc increase in beneficiaries in just two weeksEasyjet founder Sir Stelios Haji-Ioannou's Stelios Philanthropic Foundation has reported a 25pc increase in beneficiaries over the past two months as banks have closed and withdrawals cut.Its 'Food from the Heart' programme was started in the Greek capital just over a year ago. Since then, daily demand has risen steadily to around 2,700 free lunchtime snacks daily.Stelios was born in Athens and both his parents were born in Cyprus.
Bakery donating bread as capital controls biteOne of Greece's biggest bakery chains is offering free bread to pensioners, poor, jobless and large families as capital controls begin to bite.The offer at Venetis Bakery is open from today for as long as “banks are closed and the situation in the market normalises.”It said it aims “to strengthen the weak and vulnerable social groups, helping our fellow men not to be deprived of a basic food item such as bread in this difficult time.”
Schauble: a deal "will take a while" after referendumGerman Finance Minister Wolfgang Schauble said that any new negotiations with Greece on its debt after the referendum would take time to produce results.In an interview with Bild newspaper, Schauble said such talks would take place "on an entirely new basis and under more difficult economic conditions".
Tsipras gives TV address: IMF report vindicates Greek governmentTsipras is giving his address on TV, and insists that Sunday's vote is not about euro vs drachma.He added that a 'no' decision does not mean Grexit, but rather a continuation of negotiations on better terms.He said that yesterday's IMF report which stressed the need for debt relief and a further €50bn bail-out is a vindication for the Greek government and it verifies that the Greek debt needs to be restructured.
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Topic: 03/07/15 (Read 1993 times)
