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German Finance Minister Wolfgang Schaeuble told lawmakers in Berlin that Greece would stay in the euro for the time being if Greek voters reject austerity in a referendum scheduled this week, according to three people present.
It is somewhat amusing that the word 'crisis' originates from Ancient Greece.
In waht appears to be some level of German backing down, fiery FinMin Schaeuble has, reportedly said the following:
May as well spoil the ending of what happens at midnight local time today. Nothing (as previously reported). From Reuters:
Exclusive: European leaders warn in concert that a 'No' vote on Sunday means Greece will be pushed out of the euro
European investors are increasing purchases of gold as Bloomberg reports, Greece's turmoil boosts the appeal for an alternative to the euro.
The secessionist impulse doesn't seem to be going away in Europe.
Over the past few years I don't know how many hours I've wasted reading articles in newspapers about the Greek debt crisis.
Following a week in which the Chinese stock bubble popped and a weekend in which the Eurozone bubble followed, it was all up to central banks to stabilize the devstation that would follow should the Plunge Protection Team, now global, not show up.
First thing this morning, when summarizing the flurry of overnight events, we focused on today's final gambit by Greece:
Austrians have launched a petition to quit the EU, arguing that the nation will be better off economically if it leaves the union. To force the national parliament to consider the initiative activists need to have gathered 100,000 signatures by July
Greece's government cannot accept a five-month extension of the bailout as proposed by creditors because it would deepen a recession and ultimately bring the nation back to a new round of crisis talks, a government official said on Friday.
Greece's government cannot accept a five-month extension of the bailout as proposed by creditors because it would deepen a recession and ultimately bring the nation back to a new round of crisis talks, a government official said on Friday.
On the heels of Thursday's failed Eurogroup meeting and heading into what is again being presented as an all or nothing, "Lehman weekend" for Greece and its creditors, reports suggest the troika has offered Greece a third bailout program:
For a couple of hours on Tuesday, it appeared as though Greece had managed to sneak a debt deal proposal by the troika that, while hitting some of the mandated fiscal targets, did not include the pension cuts and VAT concessions that had previously c
As reported earlier and as tipped here on Monday, markets will have to call off the party for now because the focus of the Greek debt deal negotiations has now shifted back to Brussels after all eyes had turned briefly to Athens on Tuesday following
U.S. and global stocks headed lower Wednesday as negotiations between Greece and its lenders drag on and investors become less hopeful that a deal will be reached soon.
We had wondered at the relative lack of response by Russia to extended sanctions and asset freezes in Europe and now we see the first major move.
When it comes to geopolitics, there are often wheels working within wheels that are working within wheels.
Just as we warned earlier in the year, total uncertainty about the future of Greece has enabled a growing sense of moral hazard as "if the nation doesn't pay its debt, why should we" sweeps across the troubled nation.
We've long said that negotiations between Greece and its creditors are more a matter of politics than they are a matter of economics or finance.
European leaders urged Prime Minister Alexis Tsipras's government to make a final push to satisfy creditors and finally end a five-month standoff over aid.
The manager of one of Great Britain's biggest bond funds, which has £4 billion under management, is now advising investors that the time has come "to hold physical cash," along with gold and silver.
Over the weekend, JPM made it clear that absent some deal (or at least framework thereof since optimism for a deal today just crashed) being finalized today, Tuesday could be a very difficult day for Greece if and when the ECB finally revises the ELA
Parties on both sides still talk as if a deal over Greece is possible, but how realistic is that?
Editor's Note: It was always just a matter of time, since the whole European fiasco was merely patched over after the last round.
Earlier today we showed why Greece is now literally living on borrowed time.
Greece Told To Have A Deal Ready Before Monday Meeting; Tsipras Submits Revised Plan With No Pension Cuts
We are here, staring into the abyss.
Russian President Vladimir Putin said after Friday's talks with Greek Prime Minister Alexis Tsipras that a prospective Russian natural gas pipeline should help Greece service its debt, but the Kremlin said the question of direct Russian financial ai
