Most of the new loans will go to paying off Greece's debts.
Although the eurozone is better equipped than it was in the past, it is still a highly imperfect monetary union. In fact, if Greece exits, new vulnerabilities will emerge, and there is no certainty other weak southern periphery economies will actually be protected. This may add to the many reasons for the two parties to reach an agreement this week, allowing Greece to remain in the eurozone. The alternative could be the beginning of the end of the euro.
DUBLIN -- The decisive nature of the No vote should persuade European leaders to set aside their hopes of forcing regime change and to focus their minds on the practical implications of a Grexit. They need to acknowledge something that is widely accepted: that Greece cannot pay back all of the money loaned by Europe. Pushing Greece towards a euro exit is probably the strategy that will ultimately minimize the return of money to the creditors.
(Additional reporting by Michele Kambas in ATHENS, Paul Day in MADRID and Madeline Chambers in BERLIN; Writing by Matt Robinson
Why Congress Holding the IMF Accountable for Failed Policies in Greece Could Actually Make a Difference
Unlike many letters from Congress that are ignored by the executive branch, this one might be taken more seriously by the IMF and the U.S. Treasury department -- which is the IMF's most powerful overseer. One reason is that the IMF has been trying for five years to enact reforms in its governance structure that are very important to the Fund and Treasury -- reforms that can't be enacted unless they are approved by Congress.
Elderly Greeks wait to enter an Athens bank. (Milos Bicanski/Getty Images) Elderly Greeks are particularly vulnerable to
“The instability of the eurozone as it fails to resolves this and the inability of Greece to grow its way out of the problem
Sources in Frankfurt and in Brussels said the European Central Bank's board would discuss the liquidity of Greece's banking
Greece will reintroduce the Drachma, which, I predict, will initially devalue at least 30 or 40 percent versus the Euro. Unfortunately, Greece imports are nearly twice their exports ($60 billion to $33 billion).
WASHINGTON -- If hard-line backers of austerity in Europe don't budge, Greece will have no choice but to default on its upcoming