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The Greek vote has widened the gap between Athens and its creditors, according to the European Commission, indicating that the #referendum was all but irrelevant as the same problems remain. #greece  
The Greek vote has widened the gap between Athens and its creditors, according to the European Commission, indicating that the referendum was all but irrelevant as the same problems remain.
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Greek crisis: Yanis Varoufakis, Greece's departing finance minister, resigned on Monday. We take a look back at his career, his finest moments and most famous quotes
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Speaking with German newspaper Die Zeit, later translated on Medium, the outspoken economist claimed it was “a joke” that Germany was demanding Greece repay the €1.6bn (£1.1bn) owed to the IMF, the ECB and the European Union.
“Germany is the country that has never repaid its debts. It has no standing to lecture other nations,” Piketty said.
He noted that Germany was “the single best example of a country that, throughout its history, has never repaid its external debt”.

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European conservatives, particularly in Germany “are about to destroy Europe and the European idea” over their demands to make Greece repay its debt,
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"The imminent collapse of the banking system means that there's probably 48 hours at most to keep Greece within the Eurozone. The choice facing the creditors is fairly simple: they can either retain their demands for a deal that does not involve debt relief [which won't be accepted] or cede to the will of the Greek people and renege on their 'red line'," said Simon Smith, chief economist at FxPro.

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Race against time to ensure Greece remains in single currency.
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Boris Krumov (SeoKungFu)'s profile photoPeter Nikolow's profile photo
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Contempt for democracy and economic illiteracy are not merely tactical errors. Those two “qualities” are now the remaining ideological planks of what is left of the European project. Greece is a reminder that the European monetary union, as it is constructed, is fundamentally unsustainable. This means it will need to be fixed, or it will end at some point.

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It is not that hard to explain why Alexis Tsipras won the referendum by a landslide. It is a lot harder to see what’s going to happen now. His opponents, both inside Greece and in the European Union went wrong because of serial misjudgments, ranging
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"Anglo-Saxon economists are guided by the utilitarian philosophy of John Stuart Mill or Jeremy Bentham, asking merely if a policy works," The Economist recently wrote. "Germans side with Immanuel Kant, believing that nothing works except through law, and are horrified when the [European Central Bank] strays from its narrow mandate."

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Many top English-speaking economists are either alarmed or aghast over Europe's handling of the crisis in Greece. Several Nobel Prize winners say it has been exacerbated, time and again, by an unnecessarily rigid approach by Germany, Europe's economic powerhouse and decision-maker. Greece simply cannot repay its debts, economists argue, no matter how much the country slashes public services or raises taxes. So by insisting it keep on trying, the ...
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The choice facing European leaders is all but impossible. If they refuse to give ground, even now, then they face the utter collapse of the Greek economy, almost certainly its exit from the Euro, the likely loss of hundreds of billions in unpaid debt and huge political damage to the European project. If they agree, they risk being pilloried by their own electorates, who loathe waste and weakness.

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EU-critical parties of the far left and hard right stunned Europe's political establishment by grabbing more than a quarter of the seats in European Parliament elections last year.
They depict the euro and the EU as the constructs of a conceited elite who have led 500 million Europeans into economic stagnation and failed to protect workers from globalization, immigration and decline.

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If Greece's 'No' vote shocked euro zone leaders, it brought delight to opponents of the European Union who said it showed the entire European project, including the euro, was dying.Rejecting European
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Hilarious.
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I believe that adoption of the Euro would have the opposite effect. It would exacerbate political tensions by converting divergent shocks that could have been readily accommodated by exchange rate changes into divisive political issues. Political unity can pave the way for monetary unity. Monetary unity imposed under unfavorable conditions will prove a barrier to the achievement of political unity.

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Penned in 1997, the late professor Milton Friedman, argued the drive for the Euro was motivated by politics not economics, aiming to make a future European war impossible. He said that adoption of the Euro would have the opposite effect.
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One lesson of history is that interest reductions and extended maturities have seldom, if ever, been enough to resolve a debt crisis. Having studied debt defaults in the 1930s of governments with official creditors and the 1980s of governments with private creditors, Ms. Reinhart concluded that the eurozone’s “extend-and-pretend” strategy never cuts it.

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Something else is certain: Banks in Greece won’t open Monday, and even if confidence is quickly restored, they are unlikely to open for some weeks. Capital controls preventing the movement of funds out of Greece are likely to be in place even longer.
In Cyprus, where there was a relatively rapid bailout resolution in 2013, banks were closed for 12 days.
Carmen Reinhart, professor of international finance at Harvard University’s Kennedy School of Government, said the best recent parallels to Greece are two other examples where national central banks couldn’t manufacture currency: Argentina in 2001 and Panama in 1989. Banks closed in Panama and remained under tight withdrawal limits for nine weeks, while restrictions on withdrawals in Argentina lasted for a year.
“Bank holidays, like capital controls, are often introduced as very temporary, but, as the reality sinks in and confidence isn’t restored immediately, they tend to linger,” she said.
#greece   #grexit   #eurozone  
However Greeks had voted on Sunday would have heralded a period of turmoil. But with a resounding victory for the “no” vote, Greece and the eurozone are taking a leap into the unknown.
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Greece delivered a landslide no vote to the eurozone’s terms for the country remaining in the single currency on Sunday night, unleashing a seismic political shift that could derail the European project. The verdict confronts the EU’s leadership with one of its most severe ­crises of confidence and leaves Greece facing potential financial collapse and exit from the euro.

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Victory by Syriza party of 60% to 40% in polarising referendum presents nightmare for eurozone elites, particularly Germany’s Angela Merkel
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In their circles
383 people
Have them in circles
1,278 people
Francesco Battaglia's profile photo
Sherri Gastelum's profile photo
Stiofán Ó Ríordáin's profile photo
Jon Jørgensen's profile photo
Bryan Gurhy's profile photo
vandana yadav's profile photo
Elisabetta Fiorio's profile photo
Victor Gabriel Arjona Alonso's profile photo
BrokerSignals's profile photo
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News items from the worlds media about the current euro crisis
Introduction
This page contains a running list of news articles about the current crisis in the Euro zone.
These are mostly whatever I stumble upon...