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.
Echoing a defiant Tsipras at Friday's 'No' rally, 60-year-old teacher Giorgos Sarafianos said the referendum was a question
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
Greece’s economic woes don’t have a direct result on U.S. trade. For the most part, Greece is a relatively small trading
European ministers have played down the prospect of a final agreement on Monday but hope a political understanding can be
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).
On Friday, Varoufakis is meeting with Lee C. Buchheit, a partner with Cleary Gottlieb Steen & Hamilton, in New York. Buchheit
Thing Four: BofA Makes A Deal: This was reported by The Huffington Post's own Ben Hallman way back on Wednesday night, but
Sources close to Greece's negotiation fear the funds could already start the acceleration process by Friday, or next week
LONDON, March 6 (Reuters) - A disorderly default in Greece would likely necessitate outside support for Spain and Italy to
WASHINGTON, Feb 6 (Reuters) - The IMF's chief economist, Olivier Blanchard, said on Monday it looks like the 'haircut' on
Monti told reporters after Monday's meeting that no conclusions had been reached on the ESM, which all 17 euro zone countries
Such an outcome would consequently put Spain and Italy in danger of default and Europe at risk of a bank run. The Greek Parliament
If Greece goes down, investors will flee Ireland, Spain, Italy, and Portugal. All of this sends big French and German banks reeling. If one of these banks collapses, or show signs of major strain, Wall Street is in big trouble.
Under the July deal, private creditors agreed to a 21 percent write-down on their Greek holdings via a plan to lighten and
Germany blocked all these measures when the European Commission proposed them back in February, at a time when the crisis