Greek elections are set for June 17th following the impasse of the last election where no majority government formed.
The "Destroy Greece to Save the Euro" clowns led by German Chancellor Angela Merkel are out in force hoping to turn the vote into a direct referendum on the Euro. The election is of course a direct referendum on the Euro, but Greek citizens are under three Fantasyland ideas.
Three Fantasyland Ideas
The euro-area economy grew faster than analysts forecast in the third quarter as Germany and France rebounded and Greece showed some signs of revival.
Gross domestic product increased 0.2% from the previous period, when it rose 0.1%, Eurostat, the European Union’s statistics office in Luxembourg, said Friday. That’s more than the median of 39 estimates in a Bloomberg News survey for 0.1%.
ATHENS/BRUSSELS — Greece formally requested a six-month extension to its euro zone loan agreement on Thursday, offering major concessions as it raced to avoid running out of cash within weeks and overcome resistance from skeptical partners led by Germany.
With its EU/IMF bailout program due to expire in little more than a week, the government of leftist Prime Minister Alexis Tsipras urgently needs to secure a financial lifeline to keep the country afloat beyond late March.
German Chancellor Angela Merkel reached out to Greek Prime Minister Alexis Tsipras on his first visit to Berlin since taking office, saying his country belongs in Europe and she wants its economy to succeed.
Merkel, who gave Tsipras a red-carpet reception at the Chancellery, still declined to make any offers of financial aid on behalf of Germany, saying those decisions are for the governments of all of Greece’s 18 partners in the euro area to make. She said she’s seeking to build trust with Tsipras.
Brussels (AFP) - Greece's eurozone future was on the line Tuesday as international creditors scrutinised a list of reforms to see if Athens has done enough to deserve an extension to its bailout programme.
BERLIN — German Finance Minister Wolfgang Schaeuble will offer Greece 100-million euros (US$131-million) for a fund to promote economic growth in a visit to Athens on Thursday in a move unlikely to appease protesters who resent his firm stance on austerity measures.
Tens of thousands of Greek workers have taken to the streets to protest this week against government plans to fire public sector employees to satisfy foreign lenders who granted debt-stricken Greece a multi-billion euro aid tranche this month.
It would be quite ironic and rather fitting if Germany and France fail to ratify the Merkozy treaty. 25 Nations have ratified the treaty but France and Germany still have not.
French president Francois Hollande has already threatened non-ratification unless the treaty is revised.
The Leader of the Social Democrat Party (SPD)in Germany, Frank-Walter Steinmeier, is making similar threats for the first time.
Delay GameIf anyone has blinked, it now appears to be Germany and France, rather than Greece. The latest proposal does not include any new money, but it will free up enough cash until December. The game today is to continue the talks forever, or until Greece finally says OK. It is already a couple days past midnight, and the creditors, despite the harsh talk from Germany, seem to be the ones who really want a deal.Financing Dangle
The newsflow over the past several days was progressing much as expected: any time Greece demanded a bailout renegotiation (or termination), and an end to the Troika, Germany just said "Nein", most recently on Saturday when Merkel told Hamburger Abendblatt's "that banks and creditors had already forgiven a considerable amount of Greece's debt and that she rejected any further concessions.
BRUSSELS — Within minutes of eurozone finance ministers reaching a deal to cut Greece’s debt late on Monday, commentators on Twitter were dismissing it as another exercise in “kicking the can down the road”.
To an extent that is true. Under the agreement, the euro zone and the International Monetary Fund will give Greece two more years to reach its budget goals and will find another 44-billion euros (US$57-billion) to keep the country afloat in the meantime.