Stream of Reading (Prepare to be Forwarded) – An Archive of What I'm Reading
On Sunday, Greek citizens took to the polls in a controversial referendum asking them whether they support a plan calling for continued economic austerity in exchange for debt relief. Their answer—with more than 70 percent of the votes counted—was a resounding “no.” The outcome means that next steps for the nation, which has fallen into…
Here’s the full text of the letter from Greek Prime Minister Alexis Tsipras to the heads of the IMF, the European Central Bank and the European Commission: I am writing to inform you on the position of the Hellenic Republic towards the list of Prior Actions of the Staff Level Agreement as published on the…
Alexis Tsipras is asking for only a few changes to proposals, reports say Greece’s Prime Minister Alexis Tsipras has offered new concessions to the country’s creditors, media reports say. A letter to creditors obtained by the Financial Times says Mr Tsipras is prepared to accept most conditions that were on the table before talks collapsed…
Faced with almost impossible choices… And just as promised earlier in the week, Greece has now passed the midnight deadline for repayment of the €1.6 billion bundled loans due to the IMF and in thus in default. As AP reports, Greece’s international bailout formally expires, country loses access to existing financing. Yes we are…
AS THEY boarded the 5:45am flight from London’s Gatwick Airport to Athens in Greece this morning, holidaymakers were weighed down by more than just the usual excess luggage. With Greece’s euro membership hanging in the balance, as the result of its prime minister’s decision to call a referendum (due to take place on Sunday) on whether…
Mere hours before Greece defaults on a loan repayment to the IMF and sees its bailout deal expire, prime minister Alexis Tsipras thought the time was right to launch a new offer to lenders. The Greek leader lodged a request with Dutch finance minister Jeroen Dijsselbloem, who also chairs the euro zone’s rescue fund, for…
Withdrawals from cash machines in Greece are capped at just €60 a day The Greek government has requested a new bailout deal from the eurozone, just hours before its bailout expires and it must repay €1.6bn (£1.1bn) to the International Monetary Fund (IMF). Greece is reportedly asking for a new two-year aid deal from a…
The people of Greece are already feeling the pinch from the latest economic crisis. “My wife went to the supermarket,” says Greek political correspondent, Christos Michaelides. “She told me that most of the shelves were empty — especially those with pasta, especially those with rice. Also milk, eggs and a lot of canned foods like…
ZURICH/LONDON Unusual public confirmation that the Swiss National Bank intervened to weaken the franc escalated its battle to rein in a currency whose strength amid Greece’s debt crisis is hamstringing an export-reliant economy.”We have always said that we are active in the foreign exchange market if necessary,” SNB Chairman Thomas Jordan said at a financial…
There’s one group of traders who are excited about the Greek crisis – bitcoin traders. This morning the price of bitcoin, a digital currency run across a decentralized network of computers, was at $254, according to CoinDesk, the highest it’s traded since early April. Its high for the year is about $300, and it’s all-time…