Greece financial crisis | Latest : Deal reached with even tougher conditions for Greece.
Heating up again IMF report:
88m3
Fast Money & Foreign Objects
Domingo Halliburton
Handmade in USA
From FT:
The European Commission has submitted a formal proposal to use an EU-wide rescue fund to rush aid to Greece to ensure Athens does not default on €7bn it owes on Monday, a proposal that will require Britain to rally allies if it wants to block it.
If Athens were to default on the ECB bond, the eurozone central bank would be forced to pull emergency loans keeping the Greek banking sector afloat. “It’s the most European, politically and economically sound, readily available option,” said the EU official. "Without it, there is a risk the euro summit [agreement] won’t work."
The commission’s decision comes despite angry objections to the plan by George Osborne, the UK chancellor, who at a meeting of EU finance ministers in Brussels on Tuesday called it "a non-starter".
London is furious that the commission is risking inflaming British public opinion ahead of the UK’s referendum on EU membership, which will be held by 2017.
What funds would be used for an additional €5bn that comes due in August has not yet been decided, he added. The EFSM bridge loan would be for three months.
"This is not an easy option," Mr Dombrovskis said. "We are aware of serious concerns by non-euro member states."
If officials fail to reach a compromise, Mr Osborne will have to rally a number of EU members to block the proposal. Although he has the support of some other non-euro countries — both Denmark and Sweden registered their objections at Tuesday’s meeting — it is unlikely that Downing Street has enough allies at present to block the plan.
Even the formal attempt by Brussels to use this fund is a big political setback. Mr Cameron has trumpeted securing a "black and white" promise in 2011 that the fund would be mothballed so British taxpayers would not be part of eurozone bailouts.
The EU-wide EFSM was set up at the onset of the eurozone crisis with €60bn in lending capacity. When the eurozone moved to set up a new, permanent rescue fund for the currency union’s 19 members, Mr Cameron won agreement at an EU summit that the EFSM would never be used again for eurozone rescues.
One compromise EU officials are discussing involves indemnifying non-euro countries from any losses from the loans to Greece. It is not yet clear whether the move would be legally feasible and whether pledging collateral would be politically acceptable to eurozone countries.
As collateral, the eurozone could pledge the €3.6bn in profits from Greek bonds owned by the ECB. (
)
The European Commission has submitted a formal proposal to use an EU-wide rescue fund to rush aid to Greece to ensure Athens does not default on €7bn it owes on Monday, a proposal that will require Britain to rally allies if it wants to block it.
If Athens were to default on the ECB bond, the eurozone central bank would be forced to pull emergency loans keeping the Greek banking sector afloat. “It’s the most European, politically and economically sound, readily available option,” said the EU official. "Without it, there is a risk the euro summit [agreement] won’t work."
The commission’s decision comes despite angry objections to the plan by George Osborne, the UK chancellor, who at a meeting of EU finance ministers in Brussels on Tuesday called it "a non-starter".
London is furious that the commission is risking inflaming British public opinion ahead of the UK’s referendum on EU membership, which will be held by 2017.
What funds would be used for an additional €5bn that comes due in August has not yet been decided, he added. The EFSM bridge loan would be for three months.
"This is not an easy option," Mr Dombrovskis said. "We are aware of serious concerns by non-euro member states."
If officials fail to reach a compromise, Mr Osborne will have to rally a number of EU members to block the proposal. Although he has the support of some other non-euro countries — both Denmark and Sweden registered their objections at Tuesday’s meeting — it is unlikely that Downing Street has enough allies at present to block the plan.
Even the formal attempt by Brussels to use this fund is a big political setback. Mr Cameron has trumpeted securing a "black and white" promise in 2011 that the fund would be mothballed so British taxpayers would not be part of eurozone bailouts.
The EU-wide EFSM was set up at the onset of the eurozone crisis with €60bn in lending capacity. When the eurozone moved to set up a new, permanent rescue fund for the currency union’s 19 members, Mr Cameron won agreement at an EU summit that the EFSM would never be used again for eurozone rescues.
One compromise EU officials are discussing involves indemnifying non-euro countries from any losses from the loans to Greece. It is not yet clear whether the move would be legally feasible and whether pledging collateral would be politically acceptable to eurozone countries.
As collateral, the eurozone could pledge the €3.6bn in profits from Greek bonds owned by the ECB. (
)
They do utilise a substantial amount of soft power, I'm not disputing that.
Here's the breakdown per category:
http://softpower30.portland-communications.com/ranking
24th on government
1st on education by a wide margin, I guess that's from all the overseas university students they attract
The Fukin Prophecy
RIP Champ
As expected mass rioting breaking out and I don't blame them...only a complete fukking idiot would allow his countries sovereignty to be sold off...
Good chance we get military intervention here if not an all out coup...
Tsipras is done...
Good chance we get military intervention here if not an all out coup...
Tsipras is done...
I read an article by The War Nerd that said if you went to an ATM and asked for cash in Greek then you could only get €60 but if you used another language or had a foreign card you could pull out anything you wanted
The Fukin Prophecy
RIP Champ
Tsipras facing heavy open descent from his own party...Good chance the vote doesn't pass Greek Parliament...
Good chance they actually do the right thing and default...
Good chance they actually do the right thing and default...
so whats next after they default?