Not so long ago, at the height of the so-called Eurozone crisis, the phrase “Greek debt” graced headlines and news bulletins on a daily basis, and remained at the forefront of investors’ minds for weeks, if not months at a time. In the current age of Brexit and Conservative party resignations, that is no longer the case. But for Greek citizens who have suffered years of government cuts and international opprobrium, the issue has never faded from the national consciousness. And that holds just as true for an army of European bureaucrats and politicians, who are now tasked with closing the book on what many consider to have been the most frightening chapter in modern Europe’s financial history. Read more: Six market charts that matter: Italy's problems, Greek bonds, the Vix spike In a couple of weeks’ time, a group of international debt inspectors will land in Athens, where they will gain access to the Greek government accounts and pore over its policy … [Read more...] about The Greek debt crisis weighed heavily on Europe, but the Eurozone may soon write a final deal with the country
Europe debt crisis
IMF dubious Germany's new finance minister, Olaf Scholz, is more likely to join a European effort to reduce Greece's debt, but political dangers abound. Published on April 3, 2018 8:45 pm France and the European Union are pressing ahead with plans to implement debt relief for Greece now that Germany’s former Finance Minister Wolfgang Schäuble, who preached austerity instead of bailouts, is no longer holding the purse strings in the coalition government. European finance ministers are scheduled to meet at an informal meeting in Sofia, Bulgaria at the end of the month, and there is growing hope that Germany’s new finance chief, Olaf Scholz, will be more flexible than Mr. Schäuble was in agreeing to debt relief. Greece’s debt-to-GDP ratio has risen from 160 percent at the end of 2012 to almost 180 percent this year and is becoming more untenable than ever. Mr. Scholz, a former mayor of Hamburg and a Social Democrat, is believed to be more liberal on … [Read more...] about With Mr. Austerity gone, will Germany approve debt relief for Greece?
By Marcus Walker and Marcus Walker The Wall Street Journal BiographyMarcus Walker @MMQWalker [email protected] Nektaria Stamouli Nektaria Stamouli The Wall Street Journal BiographyNektaria Stamouli @nstamouli [email protected] March 27, 2018 11:00 a.m. ET 0 COMMENTS ATHENS— Yanis Varoufakis is back to rescue Greece and rock the European establishment again. Or so he hopes. On Monday night the flamboyant former finance minister, who enraged European authorities at the height of Greece’s debt crisis in 2015, launched his new Greek political party at a theater here. That year, his country bowed to strict austerity demands. Now his solution to Greece’s sky-high debt is the same as his unsuccessful push before: to show creditors who’s boss. If elected, he told the gathering of around 300 people, he will run looser budgets. Greek banks will be revived with public money. He will swap Greece’s bonds for new ones whose payments … [Read more...] about Greek Political Rebel Wants to Take on Europe Again
Author: ECB. The following press release was issued by the ECB on February 2, 2017 00:00. Speech by Mario Draghi, President of the ECB, at the joint ECB and Banka Slovenije conference on the occasion of the 10th anniversary of the adoption of the euro, Ljubljana, 2 February 2017 It is my pleasure to be here with you today to celebrate this milestone in the history of your country and of our Union. Though recent years have been difficult for Slovenia, as they have for the rest of Europe, you can look back with pride on what your nation has achieved. After only two years of EU membership you were able to join the euro – the first of the “new Member States” to do so. And since then Slovenia has become deeply integrated into our monetary union. Even today 85% of Slovenes are in favour of the euro, reflecting the strength of our common bond. But as we celebrate the 10th anniversary of the introduction of the euro in Slovenia, we can likewise celebrate other … [Read more...] about Speech Mario Draghi: Security through unity: making integration work for Europe
Author: ECB. The following press release was issued by the ECB on January 24, 2017 00:00. Speech by Sabine Lautenschläger, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB,at the Übersee-Club Hamburg, Hamburg, 24 January 2017 “The eurosceptic genie is out of bottle and won’t be put back”, said Nigel Farage on 23 June 2016, while the British were still voting on whether they want to remain part of a united Europe. The majority doesn’t want to, as we now know. But the eurosceptic genie is not only haunting the people of Britain. After the Second World War, Europe represented the future for many people; today, a large number are having doubts about Europe’s future. In many countries, parties critical of a united Europe are in the ascendant. Think of the Front National in France, the Freedom Party in the Netherlands, the Five Star Movement in Italy and the Alternative for Germany party. Let me say … [Read more...] about Speech Sabine Lautenschläger: The test of progress – Europe, the euro and the future