Greece leaves Eurogroup meeting as bailout extension is rejected June 27, 2015 Greece has walked out of today's Eurogroup meeting after its request for a bailout extension was turned down by Eurozone finance ministers. Read more: Alexis Tsipras calls bailout referendum Eurogroup president Jeroen Dijsselbloem said despite offering the "maximum" possible flexibility, its proposals were rejected meaning the existing Greek bailout programme will expire on Tuesday night. [...]
Greek PM Alexis Tsipras calls bailout referendum June 27, 2015 Greece Prime Minister Alexis Tsipras has called a 5 July referendum on a bailout deal on with its creditors, saying "the people must decide free of any blackmail". Read more: European Commission President says proposals "good basis for progress" Proposals for a five-month extension to its bailout deal, aimed at unlocking €7.2bn (£5bn) to avoid the country [...]
How Argentina’s struggle in the late 1990s could provide lessons to Greek leaders June 26, 2015 As Greece teeters on the brink of default, its leaders could do worse than to look to Argentina's own tussle with default back in the late 1990s. Why they're similar Like Greece, the economic crisis in Argentina began against a backdrop of deregulation and financial liberalisation – although in Argentina's case, its convertibilidad policy pegged the [...]
Greece rejects bailout extension proposals as Juncker takes positive stance on deal June 26, 2015 Greece has rejected proposals for a five-month extension to its bailout deal – as European President Jean-Claude Juncker took an optimistic stance on the chances of the country reaching a deal with its creditors this weekend. Read more: Has the IMF compromised its credibility over Greece's bailouts? At a press conference following two days of [...]
London house prices: The average cost of a single brick in the capital is now just shy of £200 June 26, 2015 Rocketing house prices in the capital mean the average brick in a London house (RRP: 67p) is now valued at just short of £200, research has found (assuming it's attached to other bricks, and a bit of mortar, that is…). The research, by online estate agent HouseSimple.com, was based on the fact it takes about [...]
How important is the EU to UK trade? June 26, 2015 The European Union is larger than any individual economy in the world, surpassing the USA, China and other Bric economies. Yet, the growth of non-EU economies has outpaced the growth of EU economies, largely driven by the growth of these Bric economies, meaning the EU’s share of global GDP has fallen from 30 per cent [...]
Greek crisis: Merkel says talks “going backwards” as finance ministers fail to agree June 25, 2015 There were worrying signs of a damaging stalemate at talks between Greece and its creditors, as Angela Merkel played down chances of a deal on Thursday. Merkel said: We still haven't made the necessary progress; in some places it looks like we're even going backwards. Greek Prime Minister Alexis Tsipras was again unable to agree [...]
IMF will “not extend Greece repayment deadline” if it fails to pay on 30 June June 25, 2015 The International Monetary Fund (IMF) will not extend a repayment deadline for Greece if it fails to pay up on 30 June, the organisation's spokesman said today. Read more: Eurogroup negotiations break up "indefinitely" During a bi-weekly press conference, Gerry Rice said the fund would not extend the repayment deadline, even if a deal was [...]
Greek crisis: Euro dips as deadline looms on Greece negotiations June 25, 2015 Eurozone ministers have told Greek leaders to draw up improved economic reform proposals, after a Eurogroup meeting was "indefinitely suspended" this afternoon. The news came after Greece's creditors sent a new proposal to the Eurogroup which, it was hoped, could form the basis of an agreement between Greece and its lenders. Reports suggested the new [...]
Two graphs that show how expensive living in the UK is – rents are double the continental average June 24, 2015 Private rents in the UK are the highest in all of Europe, analysis by the National Housing Federation shows. Getting a tough ride compared to European counterparts, rents in the UK also take up the largest chunk of people’s salaries, while they are also the least secure. UK rents, according to the analysis, average at [...]