Crisis

Beat the dog before the lion: Varoufakis accuses Schauble of sacrificing Greece
Freshly out of the Greek Finance Minister’s chair, Yanis Varoufakis has declared that his German counterpart Wolfgang Schäuble wants to punish Greece – sacrificing it to reform the monetary union. In his article forDie Zeit, Varoufakis said that the goal of the German finance minister is to "discipline member states who [...]
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Greek MPs approve reforms for new EU bailout
The Greek parliament has voted in favor of a bill enacting the reforms required by its European creditors as part of a new bailout plan. This paves the way for the controversial 85-billion-euro bailout deal defended by Prime Minister Alexis Tsipras. An overwhelming majority of Greek MPs voted in favor of the reform package, w [...]
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Alexis Tsipras: Latest so-called ‘Leftist’ to sell-out to the bankers
For the so-called 'radical leftist' from Greece is only the latest in a long line of ‘radicals’ and 'leftists' to betray the people who had voted for them and cave into the demands of imperialist international finance capital. The only surprising thing about Alexis Tsipras' capitulation to the troika is that anyone should [...]
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Eurozone leaders meet “conclude talks on Greece,” EU summit cancelled
A summit of all EU leaders scheduled for Sunday has been cancelled with eurozone leaders only meeting to "conclude talks on Greece" On Saturday, a meeting of Eurogroup finance ministers was adjourned without reaching any conclusion. Early on Sunday, Donald Tusk, the president of the European Council, tweeted that the eurozone [...]
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Greek banks to go bankrupt Monday if no debt deal – FT
As cash withdrawals from Greek banks reach €100 million a day the country’s banking system will end up bankrupt on Monday if no deal with creditors is reached over the weekend, some senior bank executives told the Financial Times (FT) on Friday. Cash withdrawals are at a high rate despite capital controls imposed by the G [...]
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Varoufakis threatens EU with court as Greek default looms
Greece may take EU institutions to court to stop its creditors from pushing the country out of the Euro-zone. Athens' bailout expires Tuesday and a default could mean it is exiled by Brussels. “We are taking advice and will certainly consider an injunction at the European Court of Justice. [...]
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“Our dignity is no game”: Greece not “visitor”, does not need EU permission for referendum – PM
As an equal member of the EU, Greece does not need to ask permissions from anyone to let the Greek people speak and have their voices heard, PM Tsipras told his parliament, promising that the state's sovereignty and future will be decided via referendum. Referendums have been used all across Europe as a way for people to dire [...]
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Ukraine could default in July – finance minister
Ukrainian Finance Minister Natalie Jaresko doesn't rule out the country failing to make a $120 million coupon payment on July 24 and default. A Goldman Sachs analyst made the forecast on Wednesday. Ukraine could theoretically default next month, as in May the country’s parliament adopted a law allowing a moratorium on forei [...]
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The IMF: A synchronized snub of Europe
The IMF moving away from supporting Greece while remaining eager to underwrite bankrupt Ukraine underlines the dramatic collapse in EU power. It’s probably because it rolls off the tongue more easily. The phrase ‘poker face,’ I mean. The serious exponents of the art of never giving away the slightest facial tic must sur [...]
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Greece’s Syriza weaves scheme for default, return to national currency – media
A wing of Greece's anti-austerity Syriza party is eyeing a plan to default on government debt and replace the euro with its own national currency in case negotiations on a bailout with its creditors fail, media have reported. The plan envisions a default similar to the one implemented by Iceland during the 2008 financial cris [...]
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Debt commitment or “bribe”? Moscow, Kiev in war of words over $3bn loan
Moscow is expecting Kiev to clarify whether the latter is going to honor Ukraine's international commitments made by the previous authorities, including the $3 billion debt to Russia, after President Poroshenko dubbed it a "bribe" to Viktor Yanukovich. “In the first place, we are expecting some kind of explanations on wheth [...]
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“No progress”: IMF walks out of bailout talks with Greece
International Monetary Fund representatives have cut short negotiations with Greek officials in Brussels, after they failed to present a viable reform plan. The move has left Athens, due to repay €1.6 billion by the end June, on the edge of default. “The ball is very much in Greece’s court,” IMF spokesman Gerry Rice t [...]
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“If Syriza goes back on its promises to end austerity, its finished”
A fundamental problem for Greece is that at the end of the day it wants to be in Europe but doesn’t want to have austerity policies, Mark Blyth, professor of political economy at Brown University, told RT’s “In the Now.” Greece has delayed its IMF debt payment until the end of June. [...]
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Russia to take legal moves if Ukraine defaults on $3bn debt – finance minister
Russia will appeal to the International Court of Justice if Ukrainian President Petro Poroshenko signs a moratorium on the payment of Ukraine's external debt into law and fails to pay its debt to Russia, said Russian Finance Minister Anton Siluanov. Siluanov said Ukraine was virtually defaulting on its debt, adding that Russi [...]
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Euro slides on Greece default fears
The euro fell to a two-week low on Wednesday following a Greek government warning that it will miss the June 5 IMF payment deadline without a deal with the Troika by then. The single currency traded at $1.1115, down 0.4 percent at 11:36am MSK on Wednesday. It declined 0.71630 against the British pound and 134.34 against the J [...]
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Finland: Exhibiting strain of northern independence
Finland has struck a blow for genuine exceptionalism in Europe. Anti-NATO parties dominated polls while Euroskeptic cred was championed not only by the longstanding anti-EU party, but also, uniquely within the eurozone, by the Social Democratic party. Depending on your perspective, Finland may conjure recollections anywhere f [...]
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Iceland considers withdrawing EU application – PM
Iceland is planning to formally withdraw its EU application, the country's prime minister told the national radio station. Reykjavik also wants to lift capitals controls imposed on Iceland by Brussels after a financial crisis hit the country in 2008. Despite expected public protests, Iceland is going to make a second attempt [...]
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