iOS app Android app

Greek Default

Can the Eurozone Withstand a Grexit?

Antonio Roldán Monés | Posted 07.06.2016 | Home
Antonio Roldán Monés

Although the eurozone is better equipped than it was in the past, it is still a highly imperfect monetary union. In fact, if Greece exits, new vulnerabilities will emerge, and there is no certainty other weak southern periphery economies will actually be protected. This may add to the many reasons for the two parties to reach an agreement this week, allowing Greece to remain in the eurozone. The alternative could be the beginning of the end of the euro.

Greeks' Decisive No Vote Leaves Europe With 2 Options: Forgive Some Debt or, Worse, Face a Grexit

Karl Whelan | Posted 07.06.2016 | Home
Karl Whelan

DUBLIN -- The decisive nature of the No vote should persuade European leaders to set aside their hopes of forcing regime change and to focus their minds on the practical implications of a Grexit. They need to acknowledge something that is widely accepted: that Greece cannot pay back all of the money loaned by Europe. Pushing Greece towards a euro exit  is probably the strategy that will ultimately minimize the return of money to the creditors.

Greek Minister: Europe Can't Afford To Let Greece's Economy Crash

Reuters | Posted 07.04.2016 | Home

By Lefteris Karagiannopoulos and Matt Robinson ATHENS, July 4 (Reuters) - Greece's finance minister accused creditors of trying to "te...

Why Congress Holding the IMF Accountable for Failed Policies in Greece Could Actually Make a Difference

Mark Weisbrot | Posted 07.02.2016 | Home
Mark Weisbrot

Unlike many letters from Congress that are ignored by the executive branch, this one might be taken more seriously by the IMF and the U.S. Treasury department -- which is the IMF's most powerful overseer. One reason is that the IMF has been trying for five years to enact reforms in its governance structure that are very important to the Fund and Treasury -- reforms that can't be enacted unless they are approved by Congress.

Elderly Greeks Try To Claim Their Pensions Amid Crisis

The Huffington Post | Nick Robins-Early | Posted 07.01.2015 | Home

Thousands of elderly Greeks gathered at banks around the country on Wednesday after a number of branches temporarily opened to allow them to collect 1...

Alexander C. Kaufman

Here's What A Greek Default Could Mean For The U.S. | Alexander C. Kaufman | Posted 06.30.2015 | Business

NEW YORK -- The United States may benefit if Greece defaults when its latest loan payment is due on Tuesday, as this may set the stage for a permanent...

Greece And Creditors Push For Breakthrough In Bailout Talks Before Time Runs Out

Reuters | Posted 06.21.2015 | Home

By Lefteris Papadimas and Jan Strupczewski ATHENS/BRUSSELS, June 21 (Reuters) - Greek Prime Minister Alexis Tsipras made a new offer o...

The Greek Default Will Be Soon... Drachma Here We Come

Richard Finger | Posted 06.26.2015 | Home
Richard Finger

Greece will reintroduce the Drachma, which, I predict, will initially devalue at least 30 or 40 percent versus the Euro. Unfortunately, Greece imports are nearly twice their exports ($60 billion to $33 billion).

Ryan Grim

Greek Finance Minister Hints At Debt Default | Ryan Grim | Posted 04.16.2015 | Politics

WASHINGTON -- If hard-line backers of austerity in Europe don't budge, Greece will have no choice but to default on its upcoming debt payments, Greek ...

Greece's Controlled Demolition

The Huffington Post | Mark Gongloff | Posted 03.09.2012 | Business

Food critic extraordinaire Marilyn Hagerty has dozens of facts in her must-read review of the Grand Forks Olive Garden, but you only need to know seve...

Another Reason Why The Greek Debt Stand Off May Be Heating Up

Reuters | Posted 05.08.2012 | Business

By Sarah White and Tommy Wilkes LONDON, March 8 (Reuters) - Some hedge funds have found a legal loophole they believe will force Greec...

Confidential Note Details Staggering Costs Of Messed-Up Greek Default

Reuters | Posted 05.05.2012 | Business

By Alex Chambers LONDON, March 6 (Reuters) - A disorderly default in Greece would likely necessitate outside support for Spain and It...

How Greece Could Take Down Wall Street

Ellen Brown | Posted 04.22.2012 | Business
Ellen Brown

A definitive Greek default is thought by some analysts to be quite likely, and to be coming soon.

IMF Chief Economist: Greece Haircut Will Be 'Very Large'

Reuters | Posted 04.07.2012 | Business

WASHINGTON, Feb 6 (Reuters) - The IMF's chief economist, Olivier Blanchard, said on Monday it looks like the 'haircut' on Greek private debt will be...

Eurozone Finance Ministers Reject Greek Debt Deal, As Default Threat Looms

Reuters | Posted 03.24.2012 | Business

* Euro zone ministers to discuss debt swap, 2nd bailout * Private sector negotiators say have made their best offer * IM...

Bonnie Kavoussi

Greece Risks Meltdown After Bailout Vote Bombshell | Bonnie Kavoussi | Posted 01.01.2012 | Business

A high-risk gamble by the Greek government may threaten Greece's financial survival and the cohesion of the euro zone. Greek Prime Minister George ...

Follow the Money: Behind Europe's Debt Crisis Lurks Another Giant Bailout of Wall Street

Robert Reich | Posted 12.05.2011 | Business
Robert Reich

If Greece goes down, investors will flee Ireland, Spain, Italy, and Portugal. All of this sends big French and German banks reeling. If one of these banks collapses, or show signs of major strain, Wall Street is in big trouble.

Greece Under Greater Pressure As Finance Ministers Delay Aid Payment

Posted 12.04.2011 | Business

(Annika Breidthardt and John O'Donnell) - European finance ministers are considering making banks take bigger losses on Greek debt and have postponed ...

Greece: European Leaders Set To Give Financial Rescue Fund New Powers

Posted 09.20.2011 | Business

Update: European leaders have agreed to a new Greek rescue plan that will temporarily cause the country to default on some of its debt, according to T...

Several Euro Banks Expected To Fail Stress Test

Posted 09.14.2011 | Business

LONDON (Steve Slater and Huw Jones) - A health check of European banks is expected to show that as many as 15 lenders need more capital to withstand a...

Europe Acknowledges Greek Default May Be Necessary

Posted 09.11.2011 | Business

BRUSSELS (Julien Toyer and Luke Baker) - European Union leaders are poised to hold an emergency summit after finance ministers acknowledged for the fi...

Greek Default Needed To Lure Long-Term Investors Back To Greece

Posted 09.04.2011 | Business

LONDON (Marius Zaharia) - Long-term investors standing aloof from the Greek debt crisis want holders of its government bonds to take a loss big enough...

Greece Might Be Able To Delay Repayment Of Bailout Money

Posted 08.07.2011 | Business

ATHENS (Harry Papachristou and Lefteris Papadimas) - The IMF is open to delaying Greece's repayment of its international bailout deal but a major rest...