The Greek Adventure. The blog about everything Greece. Ancient and modern.
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2015-07-30

IMF cannot join Greek rescue, board told


posted at 17:25

by Peter Spiegel

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/4c7b7f2c-36b5-11e5-bdbb-35e55cbae175.html#ixzz3hOA2xf6q The International Monetary Fund’s board has been told Athens’ high debt levels and poor record of implementing reforms disqualify Greece from a third IMF bailout of the country, raising new questions over whether the institution will join the EU’s latest financial rescue.





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2015-07-26

Kos


posted at 16:51

The Healing Beauty oh Hippocrates Island

On the edge of the Dodecanese, Kos is a feast of emotion, experience and excitement. Chicken soup for the soul, the body and the eye. Tall palm trees, endless sandy beaches, alternating landscapes and layers of archaeological sites and attractions left by ancient Greeks, Romans, mediaeval knights, Venetians and Ottomans make Kos – or Cos as it is also spelt – more than just a pretty face. Hippocrates, antiquity’s most noted physician (he of the oath), was born here, on one of the most visited islands of Dodecanese. Whichever you choose of the aliases Kos has gone by – Meropi, Nymphaia or Karys – this fascinating island in the Aegean will engrave itself into your holiday diary.





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Syntagma Square is a Place to See in Downtown Athens


posted at 10:32

When it comes to Athens, many people seem to forget that the city still existed once the Parthenon was built. The charmingly quaint village that surrounded the slopes of the Acropolis has, over the course of two millennia, been transformed into a bustling city of some 4 million people that greets most visitors to Greece.





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2015-07-17

A radicalized Greek Mother's apology to her Kids


posted at 16:46

Dear Kyveli & Yiorgo (my kids),

I am so sorry. I write to you from our beloved family home on Ikaria, in the village your grandparents were born in, the village that has known hardship and poverty, saw Occupation, but also is fortunate to have villagers whose isolation has taught them economy, endurance, solidarity with one another regardless of politics, the deep inner freedom that comes with self-reliance, and the peace that comes from not coveting more than one needs.





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2015-07-15

Germany doesn’t want to save Greece. It seems to want to humiliate Greece.


posted at 12:10

Greece has offered an almost unconditional surrender on its bailout, but Germany might not accept anything less than a Carthaginian peace. In other words, a deal that not only forces Athens to submit, but also humiliates it in the process.

by Matt O'Brien

This latest melodrama, playing out in Brussels as European finance ministers meet to discuss whether or not to approve a new Greek bailout, appears so nonsensical that it can be hard to believe these people are deciding the future of Europe. Although you wouldn't know it from the headlines, the truth is that Greece and Europe have been close to a deal for awhile now. Both sides agreed about how much austerity Athens should do, but disagreed about how Athens should do it—at least until last Thursday. That's when Greece came up with an offer that was not only nearly identical to Europe's, but also to the one its people had just rejected in a referendum. French President François Hollande, whose government helped put the proposal togehter, called it a "serious" and "credible" one. At the very least, it seemed like the basis for new negotiations.





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#ThisIsACoup: how a hashtag born in Barcelona spread across globe


posted at 11:49

Twitter hashtag trending globally as activists show support for ‘democratic will of Greek people in the face of extortion by the Eurogroup’

by Ashifa Kassam

The call went out on Sunday afternoon. “Hi guys, this is an important message about Greece,” wrote an activist named Francesca in a text message to 40 people, including members of Spain’s Indignado movement and the leftist coalition party Barcelona en Comú.





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Killing the European Project


posted at 11:46

by Paul Krugman

Suppose you consider Tsipras an incompetent twerp. Suppose you dearly want to see Syriza out of power. Suppose, even, that you welcome the prospect of pushing those annoying Greeks out of the euro.





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2015-07-14

Germany imposes harsh terms on Greece as Europe defiles the word “Union”


posted at 16:40

“Zeus, having fallen in love with Europa, a daughter of Agenor, king of Tyre in Phoenicia, assumed the form of a beautiful white bull. He seemed so gentle, the girl was enchanted by him and was eventually persuaded to climb on his back. Before she knew what was happening, she was riding out to sea, on the way to Crete. He brought her to Gortyn, where they became lovers. One of their three sons was Minos, [legendary king of the ancient Minoan palace at Knossos]. Crete then, not only gave Europe its name, it was where Europe began, a truth Cretans have always known.”

by Nick Breeze

I have just returned from the Greek island of Symi in the Dodecanese after a tense but beautiful week watching European ministers talk dirty about what to do about the Greek situation. The last time I was in Symi in 2008, the US investment bank Lehman Brothers collapsed leaving fellow tourists huddled around laptops in coffeeshops trying to asses the risk posed to their investments and the whole economic system entered the eye of the storm.





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Yanis Varoufakis opens up about his five month battle to save Greece


posted at 16:35

In his first interview since resigning, Greece's former Finance Minister says the Eurogroup is “completely and utterly” controlled by Germany, Greece was “set up” and last week’s referendum was wasted.

by Harry Lambert

Greece has finally reached an agreement with its creditors. The specifics have not yet been published, but it is clear that the deal signed is more punitive and demanding than the one that its government has spent the past five months desperately trying to resist.





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Greece Just Lost Control Of Its Banks, And Why Deposit Haircuts Are Imminent


posted at 15:48

by Tyler Durden

Yes, Greek banks may have been insolvent - something that was clear since the first bailout of 2010 - but at least the Greek state had control over them: as such it could have mandated mergers, recapitalizations, liquidity injections, even depositor bail-ins (perhaps the harshest lesson for the ordinary Greek population as a result of this latest crisis is that deposits are not "cash in the bank" but liabilities of insolvent financial organizations).





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2015-07-13

Euro Summit statement, 12 July 2015


posted at 16:08

The Euro Summit stresses the crucial need to rebuild trust with the Greek authorities as a pre-requisite for a possible future agreement on a new ESM programme. In this context, the ownership by the Greek authorities is key, and successful implementation should follow policy commitments.



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EU Demands Complete Capitulation From Tsipras


posted at 15:38

European leaders gave Greek Prime Minister Alexis Tsipras a straightforward choice: ditch his principles or quit the euro.

by David De Jong, Mark Deen and Jonathan Stearns

Tsipras was presented with a laundry list of unfinished business from Greece’s previous bailouts at an emergency summit that stretched in its 14th hour by 5:59 a.m. Monday in Brussels. Euro-area chiefs gave Tsipras three days to enact their main demands to keep alive chances of adding bailout funds of as much as 86 billion euros ($96 billion) to earlier commitments of 240 billion euros.





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2015-07-12

The Politicians Who Warned Greece—but Were Ignored


posted at 12:25

Lawmakers’ proposals were savaged by media and labor unions

by Matina Stevis

ATHENS—A note from Greece’s finance minister to his prime minister warned that the country needed tough economic overhauls if its economy was to live up to its European aspirations.





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2015-07-11

How Much Austerity Has Europe Actually Endured?


posted at 12:14

Quantifying the economic pain among bickering neighbors in the euro zone

by Alexander McIntyre

As euro zone leaders wait for details on Greece’s last-chance proposal for a new bailout deal, several have taken a hard line toward Syriza’s claim that austerity measures, as they stand, are unacceptable to the Greek people. Those feelings have been simmering for months. After all, people in Ireland, Portugal, Spain, and Italy have all dealt with harsh austerity measures implemented following debt crises. If these countries had to swallow the bitter pill of austerity, the argument goes, so should Greece.





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For Greece, the worst catastrophe now would be to stay in the eurozone


posted at 11:39

A Grexit, with a managed default and devaluation to kickstart recovery, is the only deal that should be on the table

by Simon Jenkins

There must be Grexit this weekend. It is light at the end of the tunnel, the best possible outcome from Greece’s agony and, in truth, the only one. The admission of Greece into the eurozone in 2001, tying its economy to that of Germany (and its reckless bankers), was a disaster waiting to happen. The error was so great that even this tiny economy – just 1.3% of the EU’s – has contrived to traumatise Europe’s leadership for the past three months. The only catastrophe now would be no Grexit.





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2015-07-10

Greece is the latest battleground in the financial elite’s war on democracy


posted at 08:15

From laissez-faire economics in 18th-century India to neoliberalism in today’s Europe the subordination of human welfare to power is a brutal tradition

by George Monbiot

Greece may be financially bankrupt, but the troika is politically bankrupt. Those who persecute this nation wield illegitimate, undemocratic powers, powers of the kind now afflicting us all. Consider the International Monetary Fund. The distribution of power here was perfectly stitched up: IMF decisions require an 85% majority, and the US holds 17% of the votes.





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2015-07-09

Greece Is Just The Beginning Of The Great Austerity Backlash


posted at 08:24

WASHINGTON -- The global politics of austerity seeped into the press room of the White House on Monday, the day after the Greeks voted overwhelmingly to reject a harsh bailout deal with Europe.

by Howard Fineman

Reporters pressed Josh Earnest, President Barack Obama’s spokesman, for details of what his boss thought of the vote and of the bailout deal, and whether he agreed with 2016 Democratic presidential candidate Bernie Sanders that the latter was outrageous. Earnest answered with streams of polite words that added up to ... nothing. Obama was staying out of the issue, as he apparently had promised German Chancellor Angela Merkel he would when they met at the G-7 summit recently.





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2015-07-08

Greece - What You Are Not Being Told by the Media


posted at 19:14

According to mainstream media, the current economic crisis in Greece is due to the government spending too much money on its people that it went broke. This claim however, is a lie. It was the banks that wrecked the country so oligarchs and international corporations could benefit.

by Chris Kanthan

Every single mainstream media has the following narrative for the economic crisis in Greece: the government spent too much money and went broke; the generous banks gave them money, but Greece still can’t pay the bills because it mismanaged the money that was given. It sounds quite reasonable, right?





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The 3 big questions about what happens next in Greece’s debt crisis


posted at 12:04

by Matt O'Brien

The Greek people have voted no to their bailout, no to austerity, and, quite possibly, no to the euro itself. That last part, though, depends on what the European Central Bank does in the coming days.





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2015-07-07

It Begins: ECB Hikes Greek ELA Haircuts; Full "Depositor Bail-In" Sensitivity Analysis


posted at 12:23

by Tyler Durden

Earlier today we reported that as Bloomberg correctly leaked, the ECB would keep its ELA frozen for Greek banks at its ?89 billion ceiling level last increased two weeks ago. However we did not know what the ECB would do with Greek ELA haircuts, assuming that the ECB would not dare risk contagion and the collapse of the Greek banking system by triggering a waterfall solvency rush in Greek banks if and when it boosts ELA haircuts. Turns out we were wrong, and as the ECB just announced "the Governing Council decided today to adjust the haircuts on collateral accepted by the Bank of Greece for ELA."





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2015-07-06

Greece just taught Capitalists a lesson about what Capitalism really means


posted at 08:29

by Jim Edwards

Greece has effectively voted to default on its debt to the International Monetary Fund (IMF) and the European Union, and it is a massive defeat for Germany's Angela Merkel and the trio of creditors she led that insisted there was no way out for Greece but to pay back its massive debts.





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What if Grexit Breathes New Life into Greece's Economy?


posted at 07:40

According to some economists, there is a possibility that a Grexit would not actually sink Greece's economy but instead facilitate its growth prompting fears that Athens' example would encourage other EU member states to leave the Eurozone.





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2015-07-05

ECB Said to Extend Backstop to Bulgaria Amid Greek Fallout


posted at 11:41

by Andrew Langley

The European Central Bank is set to extend a backstop facility to Bulgaria and is ready to assist other nations in the region to ward off contagion from Greece, according to people familiar with the situation.





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2015-07-04

The Road To Grexit


posted at 18:48

by Frances Coppola

Ever since the Greek government called a referendum on the June 25th proposal from the Eurogroup, the Troika and representatives of other EU governments have insisted that the referendum is a vote on whether or not Greece stays in the Euro. Despite Greek objections, the media has generally echoed their view.





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100 percent in/out choice given to Greece is ‘false dilemma’ – euro architect to RT


posted at 16:25

There is a third solution in store for Greece, it could have two currencies in parallel that would stabilize the economy, Bernard Lietaer, co-designer of the European currency, told RT.

“Greece could be participant in the euro for tourism and shipping which are the largest sectors of the economy. At the same time it could have some new drachma which is playing by different rules and which is providing capacity to reanimate the economy at the grassroots level,”he said.





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Everyone in Europe thinks Germany is the hardest working country... apart from Greece


posted at 11:35

Greece is in big trouble. The country became the first developed economy to ever miss a debt repayment to the IMF on Tuesday night.

by Evan Bartlett

After months of tense negotiations with its creditors a bailout from the eurozone looks increasingly unlikely and politicians across the continent are becoming more and more hostile towards the Syriza government.





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Greece’s Debt Burden: The Truth Finally Emerges


posted at 07:20

by John Cassidy

Just when you thought that the Greece saga had run out of plot twists, another one emerged on Thursday—and it was an important one. A few days before a referendum that will probably decide the fate of Greece’s Syriza government, one of the country’s creditors, the International Monetary Fund, came out and acknowledged that the stricken country is unlikely to recover until a good portion of its huge debt load is wiped out.





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2015-07-03

Greek govt should resign after a 'yes' vote: Martin Schulz


posted at 09:25

by AFP

BERLIN: European Parliament president Martin Schulz said his faith in the Greek government had reached "rock bottom," and that he hopes it resigns after Sunday's referendum.





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Greece needs another €50bn bail-out and massive debt relief to survive, admits IMF


posted at 08:55

IMF concedes Greece needs huge alleviation of its debt burden and another bumper bail-out to stay afloat for the next three years

by Mehreen Khan

Greece needs at least another €50bn to keep it afloat for the next three years and a substantial alleviation of its debt burden, the International Monetary Fund has found, in a stark analysis of the country's desperate financial woes.





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2015-07-02

No new bailout unless Tsipras goes


posted at 22:10

by Bruno Waterfield

Greece will not get a cent in new eurozone bailout loans while Alexis Tsipras and Yanis Varoufakis remain in power, because Germany will block any such deal, one of Europe’s most influential politicians has told The Times.





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Hellenic Republic Asset Development Fund (HRADF)


posted at 16:18

The sole mission of the Hellenic Republic Asset Development Fund’s (HRADF) is to maximize the proceeds of the Hellenic Republic from the development and/or sale of assets. This should be construed as the virtual sum of the proceeds from the transfer of assets to the private sector and the economic benefits from ensuing direct investment in these assets and the opening up of the respective market sectors.





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Syriza can’t just cave in. Europe’s elites want regime change in Greece


posted at 08:39

Greece’s confrontation with the euro overlords will shape resistance to austerity – and the future of the whole European Union

by Seumas Milne

It’s now clear that Germany and Europe’s powers that be don’t just want the Greek government to bend the knee. They want regime change. Not by military force, of course – this operation is being directed from Berlin and Brussels, rather than Washington.





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The forgotten origins of Greece’s crisis will make you think twice about who’s to blame


posted at 07:33

by Ana Swanson

The Greeks, Italians, Spaniards and Irish walk into a bar, where the French and Germans are the bartenders. It’s happy hour, and the Germans and the French are serving half-price drinks. Although everyone quickly drinks too much, the bartenders keep on serving. Eventually, the inebriated customers head home and get into all kinds of trouble -- fights, car accidents, some broken windows.





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