Category Archives: Europe

Greece’s vote edges it towards euro exit, but the odyssey is far from over

Creditors may now be tempted to let Greece sweat it out a bit in a cashless economy, but to avoid a Grexit tragedy they should try less stick and more carrot

Greece’s membership of the euro hangs by a gossamer thread after the victory for the no side in the country’s referendum. The cash machines are running out of money and the economy is in freefall.

The fate of the home of democracy is not in its own hands. If it chooses to do so, the European Central Bank could force Athens to default on its debts and issue its own currency on Monday morning by withdrawing emergency support for the Greek banking system.

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  1. Europe’s big guns warn Greek voters that a no vote means euro exit
  2. Italy will not follow Greek downturn, promises finance minister
  3. Greek referendum: former prime ministers throw support behind yes vote
Posted in alexis tsipras, Angela Merkel, Banking, Business, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European Commission, European monetary union, European Union, Eurozone crisis, Financial crisis, Financial sector, France, François Hollande, Germany, Greece, International Monetary Fund (IMF), Matteo Renzi, World news | Comments Off

Greece heads towards historic no vote against austerity measures

With more than 60% of the results counted, official projection from Greece’s interior ministry shows no vote set to win with an overwhelming 61% share

Greece is on the brink of a historic victory for the no vote against the austerity measures demanded by its international creditors, according to the first results.

Three hours after the polls closed, and with more than 60% of the results counted, the official opinion polls showed the no camp on 61% and the yes camp with about 39%. An official projection from Greece’s interior ministry showed the no votes are set to win with an overwhelming 61% share of the vote.

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  1. Greek referendum: former prime ministers throw support behind yes vote
  2. Greece’s eurozone future in the balance as referendum gets under way – live
  3. Yanis Varoufakis accuses creditors of terrorism ahead of Greek referendum
Posted in alexis tsipras, Angela Merkel, Banking, Business, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European monetary union, European Union, Eurozone crisis, Financial crisis, Financial sector, Greece, International Monetary Fund (IMF), syriza, Top News, World news, Yanis Varoufakis | Comments Off

FCA’s £819m in fines revenue gives Osborne room to fund worthy causes

Chancellor expected to give details of spending in Budget, including allocation of Barclays’ record £284m over foreign exchange transactions

The Financial Conduct Authority has imposed more than £800m of fines on banks and other companies in the first half of this year – giving the chancellor the opportunity to make eye-catching allocations to worthy causes in this week’s budget.

The City regulator handed out fines worth £819m in the six months to the end of June, up from £136m in the same period a year earlier.

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Posted in Banking, Banking reform, Barclays, Budget, Budget 2015 (July), Business, Deutsche Bank, Europe, European banks, Financial Conduct Authority, Financial sector, Libor, Lloyds Banking Group, Regulators, UK news, World news | Comments Off

European officials tell Greeks they won’t abandon them after referendum

Politicians suggest there will be more support for debt-stricken Greece, no matter how people vote in Sunday’s poll

As Greeks voted in a referendum crucial to the future of the eurozone, a growing list of German and other European politicians sought to reassure them that – whatever the outcome – they would not be left to their fate.

The president of the European parliament, Martin Schulz, held out the prospect of more emergency loans from the EU to Greece to pay civil servants and keep public services like transport, energy and the healthcare system running. In an interview with the conservative paper Die Welt am Sonntag, Schulz defended the EU’s hardline approach, expressed his hope that Greece would vote yes to its creditors’ final proposals, but pledged: “We won’t abandon the Greek people to their fate.”

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  1. Yanis Varoufakis accuses creditors of terrorism ahead of Greek referendum
  2. Greece fiercely divided as referendum campaign gets under way
  3. Greek referendum: former prime ministers throw support behind yes vote
Posted in Business, Economics, Euro, Europe, European Union, Greece, syriza, World news | Comments Off

Greeks begin voting in referendum as the euro faces its biggest challenge

Alexis Tsipras calls referendum ‘day of celebration’, in which almost 10 million Greeks have right to vote on whether nation should accept the terms of its creditors

Greeks have begun voting in a referendum that presents the biggest challenge to the running of the euro since its adoption and risks sending shock waves through the world’s financial markets.

Related: Our Greek referendum offers catastrophe or absolute catastrophe. Some choice | Aggeliki Spanou

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  1. Yanis Varoufakis accuses creditors of terrorism ahead of Greek referendum
  2. Greek referendum: former prime ministers throw support behind yes vote
  3. Greece fiercely divided as referendum campaign gets under way
Posted in alexis tsipras, Banking, Currencies, Economics, Euro, Europe, European Central Bank, European monetary union, European Union, Eurozone crisis, Germany, Golden Dawn party, Greece, World news, Yanis Varoufakis | Comments Off

Greece’s eurozone future in the balance as referendum gets under way – live

10 million Greeks go to the polls to vote on bailout package that EU leaders have framed as a referendum on membership of the EuroGood morning. About 10 million Greeks are going to the polls on Sunday, to vote in a referendum that poses the biggest cha…
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  3. Greek debt crisis: referendum to go ahead as court rejects appeal – live updates
Posted in Banking, Business, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European Union, Eurozone crisis, Financial crisis, Financial sector, Greece, World news | Comments Off

In an Athens market, the talk is of paying bills, pensions, job cuts … and a better life

Yes or No? Ordinary Greeks share their hopes and fears on the eve of the referendum that will change their lives

MARGARITA ASIMAKOPOULOU, AGED 34. E-commerce worker

I used to live in London and came back just as the crisis was erupting. I haven’t seen a great difference in my work, because I work mainly on the internet. But I have, seen a difference in the life of my family. I’ll be voting Yes for hope and as a European citizen; for a better life for myself and for the generations to come.

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Posted in Europe, European Union, Greece, Photography, syriza, World news | Comments Off

How Britain and the US decided to abandon Srebrenica to its fate

New research reveals that Britain and the US knew six weeks before massacre that enclave would fall – but they decided to sacrifice it in their efforts for peace

They will fill the VIP stands at Srebrenica next weekend to mark the 20th anniversary of the worst massacre on European soil since the Third Reich; heads of state, politicians, the great and good.

There will be speeches and tributes at the town’s memorial site, Potocari, but the least likely homily would be one that answered the question: how did Srebrenica happen? Why were Bosnian Serb death squads able, unfettered, to murder more than 8,000 men and boys in a few days, under the noses of United Nations troops legally bound to protect the victims? Who delivered the UN-declared “safe area” of Srebrenica to the death squads, and why?

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Posted in Bosnia-Herzegovina, Europe, Foreign policy, Politics, Radovan Karadzic, Ratko Mladic, Serbia, Slobodan Milosevic trial, Srebrenica massacre, UK news, United Nations, World news | Comments Off

Greek crisis: Yanis Varoufakis accuses Europe of terrorism – live

5.34pm BST

One of the most influential architects of the European Union has called on its current leaders to do everything they can to rescue Greece, including looking at its debt burden “without delay”.

Jacques Delors, who was responsible for deepening European integration when he was president of the Commission from 1985-93, called on the EU to adopt a three-part rescue plan for Greece.

The Greek drama is not solely national: it will have effects on all of Europe.

An exit from the current crisis means a change in view from Greece… it requires the expression of a clear will to break with the last forty years.

4.50pm BST

Are we getting smoke signals from the European Commission?

The most senior advisor to Jean-Claude Juncker, the president of the Commission, has been assiduously tweeting his boss’s thoughts on the Greek government this afternoon.

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  3. Greek debt crisis: referendum to go ahead as court rejects appeal – live updates
Posted in Banking, Currencies, Economics, Euro, Europe, European banks, European Central Bank, European monetary union, European Union, Eurozone crisis, Financial crisis, Greece, World news | Comments Off

Bailout Referendum Lays Bare Deep Schisms Among Beleaguered Greeks

While nobody knows what the vote’s outcome will bring, one thing is certain: Prime Minister Alexis Tsipras’s gambit has deepened rifts.
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  1. Alexis Tsipras’s Enemies in Europe See Their Chance in Vote on Greece’s Bailout Terms
Posted in Europe, European Sovereign Debt Crisis (2010- ), eurozone, Facebook Inc|FB|NASDAQ, Greece, Referendums, World news | Comments Off