All News on Economics in Greece
S&P's downgrades EU outlook to negative
Ratings Agency Standard & Poor’s has downgraded the European Union outlook from stable to negative, while affirming its AA+ credit rating. The downgrade reflects the agency’s assessment of the increased needs for financing EU member-states, including Greece.
Bloomberg: Greece will need new bridge-loan
Bloomberg believes Greece will most probably need a new bridge-loan in order to be able to pay off a payment to the ECB which is due August 20. Retaining Greece in the Eurozone does raise concern says the article in light of the country’s dismal finances and negative business sentiment.
Krugman: Puerto Rico in far better position than Greece
Nobel laureate Paul Krugman writes in The New York Times that while Puerto Rico missed a bond payment, with many comparing it to Greece the two are very different cases.
Recapitalization of Banks top priority to avoid ‘bail-ins’
Greek Finance Minister Euclid Tsakalotos met with Bank of Greece (BoG) Governor Yannis Stournaras at the Finance Ministry Friday. The two men discussed the pressing issue of the timetable for the recapitalization of Greek banks, a matter which is at the heart of negotiations with the institutions currently in Athens.
2,000-euro cash limit for Greek travelers abroad
Greek travelers will be able to take 2,000 euros (or equivalent in another currency) in cash, but the limit does not apply to foreign nationals.
Shipping companies can make cash withdrawals of up to 50,000 euros per day while abraod. A relevant banking committee can approve a daily limit for withdrawals so that the business needs of different companies can be met.
Greece Starts Talks on New Bailout Package with Creditors
Discussions on a third bailout package have started in Athens between Greek authorities and representatives of Greece's international creditors, the European Commission announced on Monday.
A Greek government spokeswoman, however, said that high-level talks would not begin until later this week, according to the BBC.
IMF undecided on whether it will participate in new Greek bailout plan
The IMF threw the SYRIZA government in Athens another “curve ball” on Thursday, with a spokesman in Athens saying the Fund’s leadership has not decided yet whether it will participate in the latest, and third, bailout program for Greece.
IMF picks White House adviser as chief economist
The International Monetary Fund plans to name White House economic adviser Maurice Obstfeld as its chief economist.
Obstfeld, who is on leave from the University of California, Berkeley, replaces the retiring Olivier Blanchard.
Obstfeld has written two influential textbooks on international economics, one with Nobel Prize winner and New York Times columnist Paul Krugman.
Krugman overestimated the SYRIZA government (vids)
Nobel laureate and New York Times columnist Paul Krugman said he overestimated the Radical Left Coalition (SYRIZA) government of Greece during a discussion on how a Grexit would impact the EU with CNN host Fareed Zakaria.
Schauble: My grandmother taught me kindness. I used it with Greece!
In an interview to Spiegel online, German Finance Minister Wolfgang Schauble talks about his disinterest in tweets, the Greek crisis and how American Nobel prize-winning economist Paul Krugman is unaware of Europe.
EC gives Greece a €35-bn break to jump-start growth
Two days after an agreement paving the way for a new support program for Greece, the European Commission revealed plans on Wednesday to help Greece maximize its use of EU funds. As mandated by the Euro Summit of July 12-13, this will help mobilise more than €35 billion up to 2020 to support the Greek economy, provided that the conditions agreed upon by the Euro Summit will be met.
Eurogroup convenes on Monday to discuss document
Eurozone finance ministers are due to convene early this afternoon following their emergency meetings on Saturday and Sunday and a 17-hour European Council of leaders from Sunday afternoon until Monday morning. Following the frenzy, the finance ministers will examine ways to ensure bridge financing for Greece while details of a third bailout package for Greece are penned.
Joseph Stiglitz: Germany undermining Europe
Speaking to the French News Agency, Sunday, American Nobel laureate Joseph Stiglitz blasted Germany for undermining the European vision by showing a lack of solidarity towards Greece. “You cannot run a Eurozone without a basic modicum of solidarity”, said the Columbia University Professor. He continued by pointing out that asking even more from Greece is ‘unconscionable’.
Economists Piketty, Sachs urge Merkel to cut Greek debt
Renowned economists Thomas Piketty, Jeffrey Sachs and three others urged German Chancellor Angela Merkel on July 7 to agree to cut Greece's debt to "avoid further disaster".