Tag Archives: Greece

Tsipras Capitulates

Prime Minister Alexis Tsipras capitulates after taking his economy to the brink. He has agreed to a far reaching deal after 17 hours of a touch and go marathon session with Greece’s creditors. The deal must now go to parliament for a vote. The deal will likely force hardliners, on the left, out of office and [...]

“The More Things Change, the More They Stay the Same”

As demanded by the European Union, Greece is back at the negotiating table. One week after a referendum rejected the creditors’ bailout plan, Greek Prime Minister Alexis Tsipras is offering to his European partners his own plan to deal with the crisis, in a last ditch effort to stave off the collapse of the economy

It is All Greek to Me

The Greek referendum, expected to be a close affair, delivered a resounding victory to Prime Minister Alexis Tsipras, who gambled his political future on the vote. By giving a large majority to the “no” camp, Greek voters didn’t simply reject the creditors’ proposal (which in any case was not really on the table anymore); they [...]

Could Grexit Delay Liftoff?

New York Federal Reserve Bank President William Dudley left September in play for liftoff in an interview with the Financial Times published on Sunday. His comments, however, were actually made on Friday, before Greece upped the ante further by punting the decision on reforms to a referendum after their next payment comes due at midnight [...]

Greece Closes Banks and Readies for Default

Deadlines have come and gone before, but there is a strong sense that this will be the momentous week of resolution for Greece. On Sunday, after the collapse of negotiations with the European partners and the International Monetary Fund (IMF), Greece announced a bank holiday until July 6th and introduced capital controls, mostly aimed at [...]

Five Themes for the Week

Economic Struggles in China and Greece Chinese authorities sprang into action just a few days after announcing a disappointing first quarter GDP growth rate. The People’s Bank of China (PBOC) last night reduced the banks’ reserve requirement by 1% to 18.5% with the intended goal of free, loanable funds in the banking system in order [...]

Greece Capitulates to Reality

The temporary “compromise” found between the European Union (EU) and Greece is nothing short of a full capitulation by Athens to economic realities, at least for the time being. On the surface, the can has been kicked down the road for four more months. But it is notable that none of the requests advanced by [...]

A Tale of Two Countries

Developments in the separate crises in Ukraine and Greece are likely to offer some upside lift to financial markets, at least in the short term. My thoughts: • The ceasefire in Eastern Ukraine is a clear positive for financial markets and reduces concerns about geostrategic and military risks

Europe: QE and Greece in the Balance

This is a crucial week. On Thursday, we expect the European Central Bank (ECB) to announce the much anticipated plan for asset purchases, aka quantitative easing. On Sunday, Greece will vote for a new parliament, where anti-European forces may win