Correspondent, Brussels
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Jul 9, 2015

Bundesbank chief says Greek capital controls should stay until new bailout

FRANKFURT, July 9 (Reuters) – Capital controls in Greece
should stay until a new bailout has been agreed, the head of
Germany’s central bank said on Thursday, arguing that the
country’s banks should get no extra central bank support until
Athens has signed a deal.

“Central banks need to show where their limits lie,” Jens
Weidmann told an audience in Frankfurt.

Jul 8, 2015

Exclusive: Greek banks face closures, bailout or not – sources

FRANKFURT (Reuters) – Some large Greek banks may have to be shut and taken over by stronger rivals as part of a restructuring of the sector that would follow any bailout of the country, European officials have told Reuters.

European leaders will gather on Sunday in a last-ditch attempt to salvage agreement with Greece after months of acrimonious negotiations that have taken the country to the brink of leaving the euro.

Jul 8, 2015

Greek banks face closures, bailout or not – sources

FRANKFURT, July 8 (Reuters) – Some large Greek banks may
have to be shut and taken over by stronger rivals as part of a
restructuring of the sector that would follow any bailout of the
country, European officials have told Reuters.

European leaders will gather on Sunday in a last-ditch
attempt to salvage agreement with Greece after months of
acrimonious negotiations that have taken the country to the
brink of leaving the euro.

Jul 7, 2015

currency would put Greece in line to quit euro

FRANKFURT/ BRUSSELS (Reuters) – The thinning oxygen supply to Greek banks could leave Athens with little choice but to introduce a form of second currency, European officials believe, a temporary means of freezing its membership of the bloc but one that risks its ultimate exit.

The idea of putting Greece’s euro membership on hold – a temporary ‘Grexit’ – was recently raised by Germany’s finance minister Wolfgang Schaeuble.

Jul 6, 2015

ECB keeps tight leash on Greece ahead of euro leaders’ summit

FRANKFURT/ATHENS (Reuters) – The European Central Bank (ECB) kept a tight funding grip on Greece’s banks on Monday in a move that will see the country’s shuttered lenders run out of cash soon.

The measure ensures that Greek banks must stay closed for the time being and keeps pressure on Prime Minister Alexis Tsipras a day ahead of a meeting of euro zone leaders in Brussels where he needs to present a new reform plan to try and restart rescue talks for Greece.

Jul 6, 2015

Greek finance minister quits to smooth talks after ‘No’ vote

ATHENS/FRANKFURT (Reuters) – Greece’s outspoken finance minister resigned on Monday, removing a major obstacle to any deal to keep Athens in the euro zone after Greeks voted resoundingly to back the government in rejecting the austerity terms of a bailout.

Yanis Varoufakis, a self-proclaimed “erratic Marxist” economist who infuriated euro zone partners with his unconventional style and hectoring lectures, had campaigned for Sunday’s sweeping ‘No’ vote, accusing Greece’ creditors of “terrorism”.

Jul 6, 2015

Greek finance minister quits after voters reject bailout terms

ATHENS/FRANKFURT (Reuters) – Greece’s outspoken finance minister resigned on Monday, removing a major obstacle to any last-minute deal to keep Athens in the euro zone after Greeks voted resoundingly to reject the austerity terms of a bailout.

Yanis Varoufakis, a self-proclaimed “erratic Marxist” economist who infuriated euro zone partners with his unconventional style and hectoring lectures, had campaigned for Sunday’s sweeping ‘No’ vote, accusing Greece’ creditors of “terrorism”.

Jul 5, 2015

ECB to keep tight funding grip on Greek banks after ‘no’ – sources

FRANKFURT, July 5 (Reuters) – The European Central Bank
(ECB) is likely to maintain emergency funding for Greek banks at
its current restricted level, people familiar with the matter
said on Sunday, a move that will see lenders run out of cash
soon.

There is little prospect of the ECB adopting a more generous
stance after Greeks voted overwhelmingly to reject the terms of
an international bailout meaning that the banks are likely to
remain closed in the coming days.

Jul 1, 2015

ECB keeps Greece on tight funding leash ahead of referendum

FRANKFURT (Reuters) – Euro zone central bank chiefs kept their existing cap on a funding lifeline to Greece in place on Wednesday, the ECB said, a move that keeps pressure on Greece as its lenders run out of cash.

The Governing Council of decision makers has pared back support to a bare minimum ahead of a bailout referendum that could decide Greece’s future in the euro, but decided against cutting it further, for fear that it would further destabilize the banks.

Jun 30, 2015

ECB ups pressure on Athens to step back from the brink

FRANKFURT (Reuters) – For followers of the chaotic events in Europe in recent weeks, Benoit Coeure’s remarks that Greece could leave the euro may have sounded like a statement of the obvious.

But for the usually cautious European Central Bank, the comments from one of its top officials were a loaded political warning and the first of its kind from the ECB to Athens that its Prime Minister Alexis Tsipras is playing with fire.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
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