Reeling from a vicious financial crisis that has cost them pensions and jobs, Greeks have been turning away in droves from the mainstream politicians they feel have let them down. Another political force is trying to tap the void, with blunt promises to "clean up" the country.
ATHENS, Greece (AP) -- Reeling from a vicious financial crisis that has cost them pensions and jobs, Greeks have been turning away in droves from the mainstream politicians they feel have let them down. Another political force is trying to tap the void, with blunt promises to "clean up" the country....
Submitted by Bawerk.net Corporate foie gras One of the arguments put forth in the bull vs. bear debate is that the solidity of US non-financial corporations have never been stronger. The amount of cash held by non-financial corporations has risen 150 per cent since the depth of the crisis in 2009. With such a massive cushion to stave off whatever the market may throw at them, they will be able to cope, or so it is held.
Morgan Stanley's Daniele Antonucci has a new note on Greece titled Greece: From Shake-Up to Shape-Up? It's the first note we recall seeing in ages that wasn't an analysis of the country's sovereign debt situation, or whether it would be forced to leave the Eurozone, or whether the latest bailout would be sustainable or not. The note is about Greece's, economy, and whether the light at the end of the tunnel might be coming into visibility. The answer is: Maybe.
Nigel Farage, UKIP leader and passionate advocate for the UK to leave the European Union, announced unexpectedly today that he is stepping down as party leader, just days after he led a successful, and historic, campaign to Leave the European Union.
BRUSSELS — EU chief executive Jean-Claude Juncker urged Greeks on Monday to back a cash-for-reform package rejected by their government, saying a ‘no’ vote in Sunday’s referendum would mean Greece was turning its back on the European Union.
Following a breakdown of talks between Athens and its creditors, Juncker delivered a withering criticism of the Greek government which called the referendum and which advised Greeks to vote against creditor proposals.
In the early hours of Saturday, Cyprus agreed to a "bailout" with the EU and IMF that is very controversial because it imposes an immediate one-time tax on everyone with money in a Cypriot bank before banks reopen on Tuesday (Monday is a holiday). The deal still needs to be passed by Parliament and that's not a sure thing.
Marc Chandler submits:Three separate developments underscore the risk aversion theme today: Disappointing Alcoa (AA) earnings to kick off the US earnings season, the continued snugging of Chinese rates, including a 50 bp hike in reserve requirements (for large banks), and new worries about the outlook for Greece.The EU has raised questions over the credibility of Greek macro-economic statistics after having revised its budget deficit