The Guardian reports that Greece’s eurozone partners will have to find more funds to meet Athens’ short-term financing needs without the IMF’s involvement, raising questions about whether the outline €86bn (£60bn) bailout thrashed out earlier this month will prove workable.
“What they are delivering at the moment is not serious at all.” That’s Michael Fuchs, a senior lawmaker for German Chancellor Angela Merkel’s Christian Democratic bloc and it seems to accurately reflect the sentiments of Greece’s creditors with regard to the latest set of “proposals” submitted by Athens.
As Greece was inching towards recovery mode, a headwind in the form of crippled bailout negotiations seems to have stalled its advancement. Following a breakdown in talks over the weekend, Greece’s creditors have blocked the release of a scheduled €2 billion payment today. Given that the bailout talks don’t break out from the current impasse; fresh fears of a looming Grexit might surface.
As part of its third bailout from this summer when the party that was elected on an anti-austerity, "no more debt" platform caved to Europe's every demand (under the threat of deposit confiscation and bank failure) and promised to unleash even more "austerity", while raising Greek debt to 200% of GDP over the next few years, Athens was supposed to get its first €2 billion installment of the first €26 billion tranche for discretionary spending purposes sometime around now.
German utilities claim to be developing work-arounds that would provide Ukraine with gas in the event Russia cuts off supplies due to non-payment, or as part of an economic war against Ukraine. Now Germany’s major energy utility companies are developing strategies to help Ukraine fill the shortfall if Moscow decides to cut gas supplies. Companies […]View the full post at: Germany Vows to Supply Gas to Ukraine: Piecrust Promise?
Three months ago, when Italy's renewed bank troubles were reemerging again, and the country unveiled its first, and certainly not last, "bad bank" in the shape of the "Atlas" (or Atlante) bailout fund, we - as well as everyone else - mocked it for one obvious reason - at only €5 billion it was far too small to make an impact, as we explained in "Size Matters: Analysts Mock Italy's Tiny "Atlas" Bailout Fund Meant To Support €360BN In Bad Debt
Cyprus is preparing for total financial collapse as the European Central Bank turns its back on the island after its parliament rejected a scheme to make Cypriot citizens pay a levy on savings deposits in return for a share in potential gas futures to fund a bailout. On Wednesday, the Greek-Cypriot government voted against asking its citizens to bank on the future of gas exports by paying a 3-15% levy on bank deposits in return for a stake in potential gas sales. The scheme would have partly funded a $13 billion EU bailout.
Did you hear the news? Germany, the world’s second largest gold-holding nation, is recalling some of its gold. The Germans are bringing the physical metal – once on hold outside its borders – back in country.
This is a huge development in the world gold market. But more importantly may portend a life-changing trend that gold buyers like you and I can take to the bank.
Today let’s connect a few more dots, and talk gold…
Germany, Russia, Ronald Reagan, Clausewitz, this story has it all. Let’s start by covering a distant memory, the Cold War.
While corporate executives and the foundering economy remain prime targets in late-night talk-show monologues, the federal bailout is starting to take some lumps, too.
"President Obama is getting very tough now. He has imposed a $500,000 salary cap for executives getting Federal bailout money. And listen to this -- not only that, on weekends, they can only play miniature golf. No more 18 holes."