Tag Archives | eurozone

“For those who can’t read Greekdebtspeak, well, you’re on your own”

Greek Referendum Question 5 July 2015

With European leaders, including Syriza’s erstwhile ally the Italian Prime Minister Matteo Renzi, warning Greek voters that they will be, effectively, deciding whether or not they want to stay in the eurozone, the BBC takes a side-ways look at the wording of the controversial 5 July referendum the Greek Prime Minister Alexis Tspiras suddenly announced at more…

More Greek gamesmanship…

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With the Greek Parliament, and Greece’s creditors in Europe and elsewhere, discussing the latest sudden manoeuvre by the game theory academics in the Syriza-led Greek Government, via the Guardian’s live-blog, here’s a reminder of Alexis Tspiras’ criticism of ex-PM George Papandreou’s, failed, attempt to hold a similar referendum in 2011. @graemewearden A transcript of @atsipras‘s scathing more…

IMF to Tsipras: “You’ve got to ask yourself one question. Do I feel lucky? Well, do ya, punk?”

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After more of the familiar lies and misdirection yesterday, there were some optimistic noises from Brussels last night as the leaders of Germany, France and Greece met on the side-lines of the EU-Latin America summit.  They were short-lived. Having tried to play the International Monetary Fund, and its managing director, Christine Lagarde, last week, the game more…

“Greece is joining a fairly exclusive club…”

Which ‘club’, exactly, remains to be seen…  If you’ve been having trouble following the twists and turns and lies and misdirection of the on-going Greek financial crisis [Join the club! – Ed] *ahem*  Perhaps some notes on Greece’s Syriza-led Government’s latest reverse-ferret decision to delay Friday’s €300m (£216m) debt repayment to the International Monetary Fund, and more…

In the teeth of an election is Germany finally relenting on domestic austerity?

So, having finally balanced its own budget in 2014, Schaeuble finally seems ready to start re-investing in Germany’s ‘crumbling’ infrastructure: German federal government said on Tuesday that it would spend an additional 5 billion euros (about 5.59 billion U.S. dollars) in the next three years to help local communities improve infrastructure and boost investment. The more…

Jean-Claude Juncker: “[Tsipras] must explain that some of the promises upon which he was elected will not be honoured…”

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As Mick has noted, at the weekend the under-pressure new Greek Prime Minister Alexis Tsipras took undiplomatic aim at the governments of Spain and Portugal [But not Ireland! – Ed] in an attempt to explain the outcome of European negotiations to his Syriza party coalition. The European Commission has been quick to step in to act as a “mediator” more…

“…the platform on which Syriza won the recent general election has been significantly reconstructed.”

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What now for “the Syriza experiment“?  The Irish Times reports that the Eurogroup of finance ministers have deemed the Greek government’s list of proposed reforms to be “sufficiently comprehensive” for a four-month extension of the Greek bailout programme which was due to expire on Saturday. In an official statement released after today’s conference call between more…

Is Eurozone membership slowly strangling the Greek economy?

In these digital days it is far easier to foment a revolution than it is to find the means to sustain one. That may or may not been the the Greek Syriza party has to learn in the coming weeks. Hanging hard against German based technocrats may yet pull off some important concessions, but without cash more…

“Sunday’s election could be a significant day for Europe…”

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The campaign may have resembled a “political circus”, but Sunday’s general election in Greece could see the leftist Syriza, led by former communist Alexis Tsipras, emerge as the leading party – but in search of a partner-in-government [We’ve been there before! – Ed].  Indeed.  Although, they could still achieve a majority… In the meantime, the Irish Times highlights a more…

“this month you will see a kind of victory for the Eurosceptics…”

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Ahead of the EU-wide parliamentary elections, a much needed overview from BBC Europe editor Gavin Hewitt of the state of the European Project and its extant political trilemma.  From Gavin Hewitt’s article Unless the polls are very wrong, sometime next weekend Europe will learn that at least a quarter of the seats in the next more…

Cyprus: So what happens next?

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The Guardian’s still live-blogging, for now, in the aftermath of Cyprus’ parliament’s rejection of an, albeit amended, EU/IMF cunning plan bail-out which included the public seizure levying of €5.8billion from private depositors in Cypriot banks – 36 votes against, 19 abstentions, none in favour.  The paper’s economics editor, Larry Elliot, answers the title question …there are really only two more…

Italy: “Unless of course all polls and projections so far turn out to be wrong …”

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They’re still counting the votes in Italy…  But the early projections are contradicting exit polls predicting, as the Guardian reported, “strong support for alliance led by Pier Luigi Bersani’s Democratic party and bloody nose for Mario Monti”.  Not contradicting the bloody nose for the Borg Mario Monti, that is.  But Silvio Berlusoni’s centre-right alliance seems to be more…

Italy: “History risks repeating itself…”

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The BBC’s Europe editor, Gavin Hewitt has been looking to Italy ahead of a general election brought 2 months early after Silvio Berlusconi’s party withdrew support for Mario Monti’s technocratic government – voting begins on Sunday.  The FT notes that Strong, stable government will be needed to continue the reform process put in place by Mr more…

Nobel Peace Prize 2012: “What next? An Oscar for Van Rompuy…”

The Norwegian Nobel Committee has done it again…  This time they have decided that the Nobel Peace Prize for 2012 is to be awarded to the European Union (EU).  *shakes head* As a sceptical Ambrose Evans-Pritchard notes at the Telegraph blog The EU’s high priests draw on a caricature version of history that must be challenged. more…

Euro crisis: “This time it’s really, really serious…”

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European Commission President José Manuel Barroso is off to Greece for “a regular meeting” with Prime Minister Antonis Samaras.  His first visit to Athens since June 2009.  Meanwhile, the rising cost of Spanish and Italian Government borrowing has prompted a declaration of intent from European Central Bank president Mario Draghi. “To the extent that the size of these more…

Euro crisis: “Welcome to Europe’s endless debt saga.”

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I haven’t posted an update on the euro crisis for a while, and this European Diary piece by Arthur Beesley in the Irish Times might help explain why. Welcome to Europe’s endless debt saga. Sunshine is a rare enough commodity in cloudy Brussels – and a downpour follows any glorious spell. The hunch must be, however, that more…

Breakthrough on Ireland’s bank debt?

This looks like a breakthrough on the Republic’s bank debt problem: According to a statement issued at 4am (Irish time), eurozone leaders pledged to “examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme.”