Michele's Feed
Jun 29, 2015

Greece in shock as banks shut after snap referendum call

ATHENS, June 29 (Reuters) – Greeks struggled to adjust to
shuttered banks, closed cash machines and a climate of rumours
and conspiracy theories on Monday as a breakdown in talks
between Athens and its creditors plunged the country deep into
crisis.

Prime Minister Alexis Tsipras, who blindsided creditors by
calling a referendum on the austerity cuts in the aid package
proposed by the creditors, appeared on television on Sunday
night to announce capital controls to prevent banks from
collapsing.

Jun 29, 2015

Greece in shock as banks shut after creditor talks break down

ATHENS (Reuters) – Greeks woke up to shuttered banks, closed cash machines and a climate of rumors and conspiracy theories on Monday as a breakdown in talks between Athens and its creditors plunged the country deep into crisis.

After receiving no extra emergency funding for Greek lenders from the European Central Bank, Prime Minister Alexis Tsipras sombrely announced capital controls in a televised address on Sunday night to prevent banks from collapsing under the weight of mass withdrawals.

Jun 29, 2015

Greece reels in shock as banks shut

ATHENS, June 29 (Reuters) – Greeks woke up to shuttered
banks, closed cash machines and a climate of rumours and
conspiracy theories on Monday as a breakdown in talks between
Athens and its creditors pushed the austerity-battered country
to the brink.

After receiving no extra emergency funding for Greek lenders
from the European Central Bank, Prime Minister Alexis Tsipras
reluctantly imposed capital controls on Sunday night to prevent
banks from collapsing under the weight of mass withdrawals.

Jun 28, 2015

Questions, conflicts mark path to Greek bailout referendum

ATHENS (Reuters) – Prime Minister Alexis Tsipras has easily clinched parliamentary approval of his desired July 5 referendum on Greece’s creditors’ latest bailout terms.

By the time Greeks go to vote, however, the issue they will be voting on might be entirely irrelevant since the creditors have suggested their offer may now be off the table.

Jun 28, 2015

Greek tourism draws line in the sand over tax hikes

PAROS, Greece, June 28 (Reuters) – Alexis Kalaitzoglou makes
a swift gesture to describe what he thinks about Prime Minister
Alexis Tsipras: the shopkeeper of this busy tourist island pulls
his leg back and swings it forward as if to give Greece’s leader
a good kicking.

Kalaitzoglou is angry because his family’s shop of jams,
honeys and wooden handicrafts – part of a wider tourism industry
that is the only bright spot of Greece’s struggling economy -
may be in for a rough ride.

Jun 26, 2015

Greeks angry but resigned to prospect of more austerity measures

ATHENS (Reuters) – Disbelief gave way to anger and resignation in Greece on Friday as the prospect of a new round of austerity cuts sank in and any long-term deal to end uncertainty over the country’s debts remained elusive.

With the clock ticking to a deadline of June 30 when Greece must repay a 1.6 billion euro loan to the International Monetary Fund, Athens was still haggling with its creditors over a fiscal package it says will foist further hardship on the nation of 11 million.

Jun 24, 2015

Gaps remain in Greek talks with creditors as Tsipras flies in

ATHENS/BRUSSELS (Reuters) – Prime Minister Alexis Tsipras flew to Brussels to meet Greece’s international creditors on Wednesday to try to bridge gaps on key elements of the proposals made by his left-wing government to shore up state finances in return for vital loans.

Athens had proposed increasing VAT, corporate tax and pension contributions in order to meet budget targets, but Tsipras told aides that creditors had not accepted the revenue-raising measures, a Greek government official said.

Jun 24, 2015

Debt relief key as Greek bailout talks near deadline

ATHENS (Reuters) – A deal between Greece and its international creditors is being held up by a standoff over the central issue of debt relief, Economy Minister George Stathakis said on Wednesday, ahead of meetings in Brussels aimed at clinching an accord.

With time running out before the June 30 deadline when Greece has to repay 1.6 billion euros ($1.79 billion) to the International Monetary Fund or face going into default, Stathakis said he was confident a deal would be reached by the time European Union leaders meet on Thursday.

Jun 23, 2015

Greek government confident despite backlash over debt deal

ATHENS (Reuters) – Greece’s leftwing government expressed confidence on Tuesday that parliament would approve a debt deal with lenders, despite an angry reaction from some of its own lawmakers who accused it of caving in to pressure for more austerity.

Concessions offered by Prime Minister Alexis Tsipras, including hikes to tax and pension contributions, garnered a cautious welcome from euro zone leaders but triggered a furious reaction from some leftists in the ruling Syriza party.

Jun 21, 2015

Amid fears of Greek controls, Cyprus shows restrictions are bearable

NICOSIA, June 21 (Reuters) – As Cyprus’s financial system
imploded in the spring of 2013, the island’s leaders were given
an ultimatum: sign up to a bailout deal or watch your banking
system collapse.

The brief, painful drama that unfolded on the Mediterranean
island led to the first capital controls in the euro zone to
stem a bank run and stop money fleeing the country.