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Remarks by Jeroen Dijsselboem following Eurogroup conference call of 1 July 2015
Eurogroup President talked with Greece's PM Alexis Tsipras and concluded that the old programme will not be extended, and that the European institutions will "simply await now the outcome of the referendum on Sunday". View Article |
EUbusiness: Greece becomes first developed country to default on IMF
Greece missed a 1.5 billion euro ($1.7 billion) payment to the International Monetary Fund on Tuesday. This made Greece the only developed country ever to fall into default with the global crisis lender. View Article |
ECB: ELA to Greek banks maintained at its current level
The ECB takes note of decision on Greek referendum and the non-prolongation of the EU adjustment programme, and has announced it will continue Emergency Liquidity Assistance at Friday’s (26 June 2015) level to maintain financial stability. View Article |
Financial Times: The ECB will defend the euro even if Greece quits
The European Central Bank had no alternatives to maintaining the ELA at its current levels. It is ready to do whatever it takes to maintain the integrity of the monetary union, even if one of its members opts out. View Article |
Financial Times: Tsipras backs down on many Greece bailout demands
Greek PM will accept most of the bailout creditors’ conditions offered last weekend, but is still insisting on a handful of changes that could thwart a deal according to a letter he sent the night Greece defaulted on the IMF. View Article |
Statement on behalf of the European Commission on the capital controls imposed by the Greek authorities
Commissioner Hill said capital controls are justified to maintain the stability of the Greek's financial and banking system, but free movement of capitals should return as soon as possible, "in the interest of the Greek economy, the Eurozone, and the European Union's single market as a whole". View Article |
Bloomberg: What are Greece's Capital Controls?
Greece has imposed capital controls. Here's a translated official document of what the government has to say about the situation. View Article |
Wall Street Journal: The Greek referendum documents
Greeks will be asked on 5th July to vote on a complicated question that refers to two documents hard to understand, and that many people have not seen. View Article |
European Commission: President Juncker wants the Greek people to know the truth
Juncker explained the proposed package for Greece, rejected by the government, and asked the Greek people to vote "yes" in the forthcoming referendum. View Article |
ECB's Cœuré:Interview with Les Echos
Benoît Cœuré talked about Greece, noting that "Greece exiting the euro area, which used to be theoretical, can unfortunately no longer be ruled out." View Article |
As it happened – Yanis Varoufakis’ intervention during the 27th June 2015 Eurogroup Meeting
The Greek Minister of Finance argues in this post that the reason why the negotiations were broken was that EU "Ministers turned down the Greek government’s request that the Greek people should be granted a single week" for a referendum of the latest proposals. View Article |
European Commission: EC, ECB and IMF's latest draft proposals for the Greek government
Information from the European Commission on the latest draft proposals in the context of negotiations with Greece. They were due to be presented before Greece's unilateral break of talks. View Article |
European Council: Eurogroup statement on Greece
The negotiations between the institutions and the Greek authorities are broken. Eurogroup's President Dijsselbloem has noted that the programme expires next Tuesday, and that they will do "whatever is necessary to ensure financial stability of the euro area". View Article |
European Council: Remarks by President Tusk following the first session of the EC meeting
The European Council said there isn't yet an agreement between Greece and the Institutions, and that the Eurogroup is expected to conclude on Saturday. On UK referendum on EU membership, Tusk confirmed the talks on UK renegotiation will now get underway: December will be the starting date. View Article |
EurActiv / Yves Bertoncini: The EU and Greece - Exiting the IMF era, not the euro
The end of the EU aid programme to Greece on 30 June, and the organisation of a Greek referendum on 5 July, raise the prospect of ending the “IMF - Europe” era, opened under the pressure of the crisis. View Article |
POLITICO: The politics of debt relief
Here's what Greece and its creditors will have to take into account now that Athens has missed its IMF payment. View Article |
Wall Street Journal: Greece’s five possible future currency arrangements
Greece might stay in the eurozone, keep the euro but sit outside the eurozone, create a new currency, set up a dual system, or move to a new drachma, according to Stephen Fidler. View Article |
Financial Times: The road to Grexit and beyond
Alexis Tsipras was right to walk away. But it was a momentous decision nevertheless when the Greek Prime Minister rejected an offer that would have allowed it to pay its debt to the International Monetary Fund and the European Central Bank. View Article |
VoxEu: Grexit - The staggering cost of central bank dependence
This weekend’s dramatic events saw the ECB capping emergency assistance to Greece. This column argues that the ECB’s decision is the last of a long string of ECB mistakes in this crisis. View Article |
Financial Times: Greek banks - not in their hands
If Greece’s creditors do a deal with Athens, the woes of its lenders will be limited to a liquidity crisis. View Article |
VoxEU: Greece can still avoid a catastrophic exit from the Eurozone
Grexit and the reintroduction of the drachma would have severe consequences for the Greek people. This would produce a sharp devaluation of the drachma, inflation, and a severe reduction in real wages and pensions. View Article |
Bruegel: Greece - from default to Grexit?
Greece’s sovereign default and banking crisis doesn't mean its immediate and automatic exit from the Eurozone, but some hypothetical scenarios need to be taken into consideration. View Article |
European Commission: Next steps on the "5 Presidents' Report" on completing Europe's EMU
To mark Stage 1 of the Deepening of Europe's Economic and Monetary Union (EMU), which started on 1 July 2015, the College of Commissioners had a first debate on the "Five Presidents' Report". View Article |
TheCityUK’s EU reform agenda: detailed proposals for a competitive Europe
The main point of the report, launched at TheCityUK’s Annual Conference, is a call for a renewed focus on completing a deep and strong Single Market and ensuring it is fit for purpose. View Article |
EurActiv: Cameron should not ignore EU CMU reforms
The Capital Markets Union has the potential to transform the way that European businesses are funded, thereby bringing much needed dynamism to the economy. This is the sort of pro-growth European reform that the UK should be leading. View Article |
Financial Times: Britain would not survive a vote for Brexit
For the UK, the choice has become existential. If Britain leaves Europe, Scotland will leave Britain. The union of the United Kingdom would not long survive Brexit. View Article |
European Council: Luxembourg takes over Council presidency
Luxembourg will have to deal with many pressing issues, including the Greek debt crisis, an increase in irregular migration and the preparation for the climate change conference in Paris in December. View Article |