Greece to get a payout of 8.5 billion euros, eurozone ministers 'optimistic' about Greek bailout deal
Eurozone ministers said they were optimistic about reaching a bailout deal with Greece but warned Athens would have to wait for a deal on future debt relief
While technically the Parliament can still decide not to follow the result of the referendum, it is almost certain that this would happen. Also there will be a transition path over the next 2 years before this happens and during this period, the details would be worked on.
The term, coined by commuters, refers to men on public transport who splay their legs wide apart and encroach on neighboring seats.
Lawmakers are due to vote on a second batch of reforms on Wednesday in a fresh test of Prime Minister Alexis Tsipras' authority, after he suffered a major rebellion in his radical-left party Syriza during a vote on a first tranche of bailout measures last week.
Greece has a tentative rescue deal, but relief that it is not falling out of the euro is unlikely to last long: its economy has taken a huge hit.
The deliberations leading to this compromise by the European Council have tried their best to keep Greece within the fold and retain the integrity of the euro currency.
What will demonstrate the artificiality of the Union is what has been called ‘Grexit’- that is, Greece’s exit from the European Union.
As economic history has shown more than once, whenever people in decision making positions forget what Keynes said, the world usually ends up in a bigger mess.
Creditors' resistance to softening terms remains high
In a parting blog post celebrating the Greek 'Oxi' ('No') vote, Varoufakis said Greeks had taught Europe a lesson in democracy and should now demand better financial rescue terms.
Greeks overwhelmingly rejected conditions of a rescue package from creditors on Sunday, throwing the future of the country's euro zone membership into further doubt and deepening a standoff with lenders. After five years of bailouts, it could become the first country to leave the eurozone.
The news will come as a fresh shock to Greece's 11 million people, and will hang over two major, rival rallies taking place in Athens today seeking to galvanise 'Yes' and 'No' support for Sunday's referendum.
The question that Alexis Tspiras’ government will have to ask itself is after exiting the euro whether it can actually go slow on austerity and keep spending more drachmas, where there are no corresponding goods being produced.
Tsipras would have to send a written acceptance of the version of proposals from the lenders published on Sunday, with a pledge to campaign for them to be accepted in the planned July 5 referendum
Between now and 5 July, Greece remains suspended between collapse and an uncertain rescue
An economic union can only be as strong as its weakest link, which means the stronger ones have to display even more commitment to it than the weak. A Grexit will be a testimony not just to Greek failure, but also Germany's
The Economist Intelligence Unit said a "No" vote was more likely, raising the probability of Greece leaving the euro zone to 60 percent
The bailout money helps keep the Greek economy going and at the same time helps repay the debt that is falling due.
We expect all Indian states to be a part of the goods and services tax regime, but we have not thought about what we will do if some state finds that it has got a dud deal.
The euro fell sharply against the dollar and safe-haven US government debt futures rallied as investors exhibited fears of a Greek default and exit from the euro zone