Credit

Grexit is Back on the Table

 |  Friday, 17 July 2015 00:00  |  Published in Credit
Grexit is Back on the Table
(Athens) To be clear, Greece and the EU are apparently proceeding with their agreed bailout, with EU finance ministers agreeing to give bridge financing to Greece in the immediate term. However, yesterday German finance minister Wolfgang Schauble brought Grexit back to the table, saying before the German parliament that he thought a Grexit might be the best solution for the country. He is still officially supporting the bailout, but has serious reservations about it. The comments eerily echo those of Alex Tsipras, who said to Greece’s parliament that he did not believe in the agreement. The idea of a Grexit…

Greece Passes Bailout Package

 |  Thursday, 16 July 2015 00:00  |  Published in Credit
Greece Passes Bailout Package
(Athens) Despite strong rebellion from his own Syriza party, Greek PM Alex Tsipras managed to pass the bailout package he negotiated through Greece’s parliament. 29 members of his own party voted against him, but with strong support from both the opposition and his own party, 229 members out of 300 voted for the bailout package. Tsipras gave his views on the agreement he made with European lawmakers, saying “I don’t believe the measures will benefit the economy, but we are forced to adopt them”. Tsipras now faces a crisis of confidence and it is unclear how much longer he can…

Greece’s Creditors Have Just Destroyed the Eurozone

 |  Tuesday, 14 July 2015 00:00  |  Published in Credit
Greece’s Creditors Have Just Destroyed the Eurozone
(Frankfurt) A respected columnist for the Financial Times, Wolfgang Munchau, who is notably German, writes that Greece’s creditors have destroyed the Eurozone. In a particularly harsh critique of his native country, Munchau explains that the complete capitulation Greece’s creditors, led by Germany, forced on Athens signaled the death of democracy and the emergence of a reign of fear across the Eurozone. Munchau explains that the negotiations laid bare the fact that the Eurozone is not held together by a political commitment to a shared future, but by the overwhelming fear of destitution that would occur if one were to leave.…

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