Greek debt crisis: Banks will be closed on Monday as capital controls are imposed June 28, 2015 Greek banks will be closed tomorrow, Prime Minister Alexis Tsipras has said, while capital controls are put in place, Read more: Take enough cash to Greece, Government advises British tourists He would not confirm the length of time they will remain closed for, but said Greek deposits were safe. The decision follows the European [...]
Greek debt crisis: IMF head Christine Lagarde says Eurozone is “in strong position” June 28, 2015 The head of the International Monetary Fund has expressed confidence in the Eurozone's ability to manage the ongoing Greek debt crisis. Christine Lagarde said Europe is in "a strong position to respond to developments in a timely and effective manner, as needed" in a statement, following the Greek government's backing of a referendum on a [...]
Greek debt crisis travel advice: Take enough cash to Greece, government advises British tourists June 28, 2015 The government has advised British holidaymakers travelling to Greece that they may be faced with limited access to banking services as the country's bailout negotiations flounder leaving banks under pressure supply the country with cash. The Foreign and Commonwealth Office (FCO) has updated its advice to travellers, with a specific warning that access to banks [...]
Greek debt crisis: ECB will maintain ELA emergency loan support to Greek banks June 28, 2015 The European Central Bank (ECB) will keep supplying Greece with emergency loans to keep the country's banks running after Greek PM Alexis Tsipras called a surprise referendum on its latest bailout deal. “We continue to work closely with the Bank of Greece and we strongly endorse the commitment of Member States in pledging to take [...]
Greek debt crisis: Gretigue? Alexis Tsipras vents on Twitter as bailout referendum and ECB decision looms June 28, 2015 Maybe he's a bit tired and emotional as his country teeters on the edge of default – and let's face it, everyone else trying to keep up with developments in Greece certainly is, in what's been dubbed "Gretigue" – but Greek PM Alexis Tsipras has vented his frustrations in a hashtag fueled tirade against Europe's [...]
Greek debt crisis: European Central Bank reportedly ending ELA emergency loans to Greece June 28, 2015 Europe may cut off its emergency loans to Greece which is keeping the country's banking system afloat. The European Central Bank (ECB) will stop providing Emergency Liquidity Assistance (ELA) to Greece, the BBC reports, citing unnamed sources. Latest: The ECB's support for Greece will continue The ECB is expected to meet today to decide the next [...]
Greece debt crisis: Parliament approves Alexis Tsipras’s call for referendum on bailout deal terms June 28, 2015 Ministers in Greece have approved plans to hold a referendum on the country's new bailout deal on 5 July. Prime Minister Alexis Tsipras called a surprise referendum on the new deal terms after a week of negotiations with European leaders. EU ministers yesterday rejected Greece's request to extend its existing bailout beyond 30 June expiration [...]
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 [...]