business
Wednesday, July 01, 2015
The euro member Greece is the first industrial country in the world at the International Monetary Fund (IMF) in default. The IMF confirmed in the evening after a special meeting of the IMF’s tip that Athens had not paid the overdue loan rate of 1.5 billion euros on time. Earlier, the Greek government had endeavored to an extension of time.
12:09 +++ Monetary Fund meets in Washington +++
At the headquarters of the International Monetary Fund (IMF ) in Washington to sit for an hour together, the members of the Executive Council to discuss in a special session on the recent request made by Greece. The meeting began in the late afternoon (Eastern Time, 22.30 clock CEST). A decision is still pending.
IMF chief Christine Lagarde had clearly ruled out an extension of time for Athens in recent weeks. However, a clause in the Charter of the IMF would theoretically allow the postponement of repayment by up to five years. In the history of the IMF, but this only happened twice. Nicaragua and Guyana both had in 1982 granted a reprieve
12:00 +++ Athens missed the deadline +++
point 12.00 clock midnight (CEST) has expired for Greece, the deadline for repayment of around 1.6 billion euros to the International Monetary Fund (IMF). A few hours earlier, the government in Athens had asked for another postponement. If the IMF Executive Board – which represents some 188 member states – remains tough, the IMF could even notice the delay in payment of the night. Greece would officially bankrupt.
Greece is the first developed country that does not pay its debts to the IMF on time. At present, only countries like Somalia, Sudan and Zimbabwe are the Monetary Fund in arrears.
22:53 +++ Athens asks IMF to extension +++
Last attempt shortly before the deadline: The Greek government has asked the International Monetary Fund (IMF) for an extension of the deadline for repayment of overdue loans. Responsible for Economic and Financial Affairs Deputy Prime Minister Yannis Dragasakis told the Greek TV station ERT, the government has asked for an extension until November. At the IMF, a request had been submitted.
The Greek Government requested that only a few hours before the payment is due in the amount of around EUR 1.5 billion for an extension. Earlier, the government in Athens had, however, stated that it would pay the amount not or only under the new aid package of barware. IMF head Christine Lagarde had in turn, however, already clearly ruled out a “grace period” for Athens.
22:45 +++ US stockbrokers look to Athens +++
> Investors on Wall Street have recovered only slightly from the price slide start of the week. The Greek debt dispute kept the US stock market traders continue to speed. But there was still the prospect that it will come to an agreement between Greece and its creditors said David Moss, head of European equities at asset manager BMO Global Asset Management.
The Dow Jones index closed after meantime clearer winning only 0.13 percent higher at 17,619.51 points. On the eve of New York’s leading index had slumped by almost 2 per cent and had thus recorded the largest daily decline since October 2014. For the June and the second quarter of the stock market barometer thus recorded losses of 2.17 or 0.88 percent. Also for the year is now a clear loss of more than 1 percent impact.
22:10 +++ Greece would for grants to referendum refrain +++
The Greek government has the Euro Group apparently offered to work for a “Yes” in the referendum or to cancel the referendum, if one could agree on new funding. According to some participants circles were then burst the collar during the call of the Euro-group members.
22:00 +++ Euro Group agreed next telephone appointment +++
New day, new call: The Euro Group will draw on Wednesday at 11:30 clock back to the phone, to discuss “the current state of affairs”. That gave Euro group chief Jeroen Dijsselbloem known.
21:45 +++ Vice Dragasakis does not wash his hands of +++
Give him the blame? Deputy Prime Minister Dragasakis stated that he had Prime Minister Tsipras advised to accept the offer, the creditor and excited to cancel the referendum.
21:14 +++ Athens asks ECB to Ela-increasing +++
The Greek central bank has asked for information from Deputy Prime Minister Yannis Dragasakis the ECB to consider increasing the ELA emergency aid into consideration. In addition, Athens had requested the IMF to postpone the due installment of 1.6 billion euros, he says the state television. IMF head Christine Lagarde had a “grace period” for Athens, however, already clearly ruled out.
21:05 +++ Obama does not expect a global “shock” +++
For US President Barack Obama, the Greek crisis may have “a significant impact” on economic growth Europe. With a “major shock” for the global system, he did not expect Obama said in Washington. The Greek crisis is indeed “worrying”, but “overreact” no reason.
20:40 +++ euro zone finance ministers reject extension from +++
The euro zone finance ministers have the request of Greece to extension of expiring at midnight utility rejected. This was announced by the euro group chief Jeroen Dijsselbloem. In order that the bankrupt threatened country loses final access to resources of around 18 billion euros. For a further extension of the program it was too late, Dijsselbloem said. The Euro Group had advised only around an hour on the subject.
20:35 +++ ECB advises again on bailouts +++ The European Central Bank is
discuss this Wednesday again on emergency aid for Greek banks. This was announced by the Austrian Federal Reserve Chairman Ewald Nowotny. At the same time, the Governing Council member in Vienna voiced sharp criticism of the leaders in the Greek government. In his estimation, they played “Poker” in the negotiations on a possible extension of the second aid program for Greece
20:20 +++ Dijsselbloem:. Athens sets on Wednesday new proposals +++
Greece will submit to the words of Euro group chief Jeroen Dijsselbloem on Wednesday new proposals in the debt crisis. The Euro Group will advise on the same day about it, he said after the teleconference of the Euro Group
20:15 +++ Stubb:. Extension and haircut for Athens unfeasible +++ A short-term extension of
Greek aid program and a haircut is not possible to estimate the Finnish Finance Minister Alexander Stubb. These steps had brought in a new auxiliary request into play Greek Prime Minister Tsipras.
The head of the euro bailout fund ESM, Klaus Regling, calling it regrettable that the support program for Greece runs out at midnight with no connection agreement. “The positive results of the program are therefore at risk.” Under the ESM-EFSF predecessor of the rescue package has outstanding 130 900 000 000 euros in Greece
20:00 +++ Malta. Greece ready to suspend referendum +++
Greece is in principle prepared to suspend the planned debt referendum, in the words of the Maltese Prime Minister Joseph Muscat. Condition is an agreement with creditors, Muscat said in parliament of his country
19:45 +++ Juncker mysterious. “It happen things that the media are not prepared” ++ +
While the euro zone finance ministers should discuss in a conference call about a new offer by the Greek government, EU Kommissionepräsident Jean-Claude Juncker announced on receiving the foreign press in Brussels that he would “immediately” again his “desk back”. Reason was “important things that happen in Athens.” In this are the journalists present “probably not prepared”, the Commission chief said mysteriously. They would “produce results that do not correspond to the articles that you have written today.”
After this announcement the recent statements of the EU Parliament President Martin Schulz will appear in a new light: “It is certainly rare, that one can talk about historical events, but what is happening currently, what has happened in the last hours, (…) the I have never experienced in my political life, “said Schulz in Brussels.
19:25 +++ Media: Hellas asks for postponement of the IMF payment +++
The government in Athens will, according to According to a media report it to repay the loans to the IMF. What “image” reported without giving a source, they changed the application that did not pay about 1.6 billion euros, in a request to shift.
19:00 +++ Merkel: “Before the referendum we negotiate anything” +++
Chancellor Merkel has stressed once again that the federal government will negotiate with a government in Athens again until after the scheduled Sunday referendum. “Before not a referendum, is the way it is planned, carried out, we will re-negotiate anything,” Merkel said at a meeting of the parliamentary circle SME Union in Berlin. At this position also altered by the fact that it had now been “unspecified to be classified offers”.
“Greece has taken the decision that at midnight tonight, the second aid program expires,” Merkel said.
18:45 +++ large police at Syntagma Square +++
today demonstrate in Syntagma Square in Athens, the “yes to referendum” -Anhänger. And have company: “In contrast to the” No “-Anhängerdemo yesterday the police clearly visible,” says n-tv.de-editor Jan goers from Athens. Just a teenager had been loaded into a police car in front of him. Next to him stood a few dozen riot police with helmets and shields. Now even start yet to a thunderstorm. “Take the metaphorical”, recommends him Alexandros, 44 years old, doctor.
18:30 +++ Turkey offers assistance to Greece +++ The
Turkey wants Greece to help the neighbors and former nemesis from the crisis. His country was ready to do everything in its power to ensure that Greece can overcome the debt crisis, the Anatolia news agency quoted Turkish Prime Minister Ahmet Davutoglu. As an example he cited a cooperation in the sectors of tourism, trade and energy. The spokesman for the president said on request of journalists that Turkey has not received any loan request of Greece
18:15 +++ Brussels circles. Today, no funds for Greece +++
The Euro Group will today release, according to a representative of the euro area “in no case” means, so that Greece can pay its overdue on Tuesday IMF loan rate.
17 +++ : 40 Papandreou called for a “Yes” +++
Ex-Prime Minister George Papandreou has CNBC, a “Yes” in the referendum called only way for Greece to “stay strong.” With “Yes” vote is very patriotic.
On Twitter Papandreou was criticized and asked to better times to talk about how he and his father have this crisis in the first place contributed to the plea.
17:25 +++ banks open for pensioners in Greece +++ The
for capital shortages in Greece closed banks open from Wednesday to Friday for pensioners, which in many cases have no debit or credit cards. This was announced by the Greek Ministry of Finance with thereby correcting messages Greek media had reported by Bank openings only on Thursday.
According to the decision of the European Central Bank over the weekend, freeze emergency loans for Greece, the banks are expected to remain in Greece to at least 6 July closed. At the machine, people can currently withdraw a maximum of 60 euros per day. As the Greek newspaper “Ekathimerini” reported the employees union of the National Bank of Greece, the government has asked to provide the banks for the opening times with sufficient police protection.
+++ 17:05 “Greece remains at the negotiating table “+++
When the request for a third bailout package, the Greek Government stressed their willingness to negotiate. Here the excerpts from the latest request for help from the Greek Prime Minister’s Office:
“From the beginning, we have made it clear that the decision on the holding of a referendum is not the end but the continuation of negotiations for the improvement of means conditions for the Greek people. Greece remains at the negotiating table. “
” The Greek government has today a two-year agreement with the ESM proposed for the full cover their financing needs and with simultaneous restructuring of debt. “
“The Greek government will work until the end of a proper agreement within the euro zone. It is precisely this the message of NO in poor agreement in the referendum this Sunday will be.”
Find Here more details on the Greek request for the third tool.
16:35 +++ euro group wants to talk about Greek aid request +++
The euro group wants at 19.00 debating clock in a conference call about the new Greek aid request. This was announced by Euro group chief Jeroen Dijsselbloem with.
16:25 +++ Merkel opens the door for today +++
Chancellor Angela Merkel is determined by a leakage of second Greek aid package from midnight. To report on alleged new negotiating offers from Athens Merkel said, according to participants in the Unions Parliamentary Group, “today nothing will happen.”
They have pointed out that this was already no longer able to because for an extension of the rescue package, a method was needed, in which also the Bundestag would have to agree. The CDU politician pointed out that the further political developments in the Greek crisis is difficult to comprehend. “We must move in”
+++ 16:05 Athens Mayor calls “No No to “+++
Athens Mayor has called on the population to vote in the referendum on Sunday to vote for the proposed by international donors austerity and reform program that rejects the government of Prime Minister Alexis Tsipras. As the Greek television reported Giorgios Kaminis urged the Greeks to a “No to No” to.
The socialist Pasok politicians criticized the referendum polarize the Greeks. The Mayor of Thessaloniki Yannis Boutaris, spoke of an imminent split in Greece: “I hope they will find a solution without a referendum.”
15:45 +++ Media: Greece asks for new utility +++
The Greek government plans to ask its euro partners to a third tool. As Report Bloomberg and Reuters, citing a statement from the office of Minsterpräsident Tsipras, is a two year program be applied for under the Euro-relief fund ESM. Thus the financial requirements should be covered. At the same time should be carried out a remortgage. “Greece remains at the negotiating table,” it said. The goal is a “viable solution to remain in the euro zone”.
15:25 +++ Briton seeks collect via crowdfunding Greek IMF debt +++
With a crowdfunding project a British shoe salesman wants to grasp the danger of national bankruptcy Greeks under the arms. Until Tuesday afternoon 8525 people donated 134,487 euros – total would come together just over 1.5 billion euros to be paid by Athens until Tuesday at the International Monetary Fund. If each of the 503 million Europeans the equivalent of a “salad with feta cheese and olives” donation, the sum would easily together, Thom Feeney said.
He could understand if some thought the project was a joke, Feeney said “But crowdfunding can really help.” If he does not reach its destination within seven days, he’ll be back remit all donations received via the Internet platform IndieGoGo again, the 29-year-old announced. Personally, the idea for Feeney seems already paid: “When I woke up this morning, I had with Facebook friend requests from 30 Greek women.”
Here you can read the full story
. 14:45 +++ Schäuble: Greece remains in “No” in the euro zone +++
Federal Finance Minister Wolfgang Schäuble has stated before Union deputies that Greece even with a “No” remains in the referendum on Sunday in the euro zone. The said one participant in the session.
The European Commissioner for Financial Stability, Jonathan Hill, expressed his confidence that the financial system of the international community will master any developments in Greece.
+++ 13:45 Merkel: No evidence of last-minute agreement +++
According to German Chancellor Angela Merkel Brussels Athens has made no new listing. “The last offer from the Commission’s last Friday week,” Merkel said in Berlin. “All I can contribute.” Opportunities for agreement with Greece at the last minute on Tuesday does not see. “Tonight, exactly 24 clock Central European Time, the program is running from. I know of no other reliable evidence.” At the same time, she stressed that the talks would not cut well after the deadline. The door stood open wider.
13:36 +++ Athens Denies drachma plans +++
The government spokesman in Athens, Gavriil Sakelaridis, has utterances of the former General on public finances, Haris Theoharis, rejected on preparations for a return to the drachma. According to the newspaper Kathimerini, he described them as “science fiction scenario” and “monumental irresponsibility” of Theoharis. According Theoharis the office of Prime Minister Alexis Tsipras said to have formed a working group to organize the transition to the drachma. Theoharis is now spokesman for the Liberal Party To Potami.
program Note For the Greek debt crisis brings n-tv today at 12.30 clock, 13.30 clock to 14.30 clock a News Special entitled” war of nerves to Greece “.
13:32 +++ Varoufakis: figures IMF debt not back +++ Greece on Tuesday is, according to the Greek Finance Yanis Varoufakis not afford the due repayment to the International Monetary Fund over 1.6 billion euros. A government official also confirmed that the Greek Prime Minister Alexis Tsipras, European Commission President Jean-Claude Juncker and European Central Bank President Mario Draghi spoke on the phone. Details on the call are initially unknown
13:02 +++ Insider:. “Too late” for extension of the rescue package +++
is holding a German government representative an extension of the current aid program for Greece at the moment out of the question. But it was “too late”. The program runs after the failure of debt talks between Greece and its creditors at midnight.
12:35 +++ Athens shifts news conference after EU deal +++
According to the new offer of mediation from Brussels, the Greek government has postponed a press conference. It was expected that the government spokesman expressed the proposal of the EU in the afternoon, reported dpa. The messages about how Prime Minister Alexis Tsipras sees the proposal are contradictory. Some media in Greece reported, citing government sources, he saw the proposal negatively. Other sources spread, Tsipras stand opposite him positively.
12:05 +++ rumors about turnaround of Tsipras +++
A Greek newspaper report that Prime Minister Alexis Tsipras the recent proposal of EU Commission chief Jean-Claude Juncker still draws to an agreement at the last minute into consideration, is driving the stock markets in Europe upwards. Tsipras have be explained in Brussels that he check Juncker’s recent proposal, reported the Greek newspaper “Kathimerini”. The offer should include providing debt relief in October. Where the information originates, the newspaper left open
11:26 +++ newspaper “To Vima”:. Pressure grows on Tsipras +++
Deputy Editor the English-language edition of the daily Kathimerini, Nick Malkoutzis, tweeting that the pressure on the Greek Prime Minister Alexis Tsipras part of some ministers is growing. He makes reference to a report of the moderate weekly newspaper “To Vima”. Tsipras was in contact with European Commission President Jean-Claude Juncker, states citing Skia TV.
11:17 +++ Economic Institute calls “conciliation” +++
A conciliator as in industrial disputes to defuse the crisis in Greece. The demands the union-affiliated IMK economic research institute. “Europe urgently needs a mediator to come out with the aid of the impasse in the negotiations between Greece and its creditors,” said IMK Director Gustav Horn. The main problem was the “fundamental distrust” between the actors. Suitable Schlichter was the secretary general of the OECD industrialized countries organization, Angel Gurria, or the leadership of the International Labour Organisation.
10:54 +++ Urgent appeal from Brussels to Tsipras +++
Brussels is taking a placement test at the last minute. If the Greek Prime Minister Alexis Tsipras on Tuesday still accept the offer of the financiers and advertising for a ‘yes’ in the referendum, the way for another euro zone finance ministers meeting could be leveled, according to EU sources. The assurance of Tsipras to austerity package needed to go to the President of the European Commission and the Euro Group, Jean-Claude Juncker and Jeroen Dijsselbloem as well as German Chancellor Angela Merkel and French President Francois Hollande. On the night of Wednesday, the support program for Greece runs on the European side of
10:45 +++ Treasury. Payout to pensioners limited +++
Greek pensioners without cash card come from Wednesday to Friday, although of cash. The payoff, however, is limited to 120 euros, according to the Greek Ministry of Finance. Many Greek pensioners have no debit card and can be your references to the bank to pay in cash. Banks are open in the second half of the week only for pensioners. Regular open the banks at the earliest on Tuesday in a week. With Greek money cards a maximum of 60 euros per day’re unable to ATMs are lifted
10:12 +++ Many banks open on Wednesday -. But only for retirees +++
Greece wants to temporarily open from Wednesday 1000 bank branches for retirees. Pensioners without credit or debit card so should come to their remuneration. That explained the Ministry of Finance in Athens. The branches are to remain open for through Friday. The majority of pensions in Greece shall be paid in cash. Officially the country’s banks are closed until next Monday (July 6th). At ATMs Greeks can still stand a maximum of 60 euros per day
+++ 9:19 Nobel laureate Stiglitz:. “We know how I would choose” +++
The Greek Finance Minister Yanis Varoufakis posts an article by Nobel Laureate Joseph Stiglitz, in which this underpins his opinion that the EU is following the wrong path when Greece theme. Anyway’ll fail the referendum, both routes would pose great risks, Stiglitz writes in the “Guardian”. A “yes” would mean a long-lasting depression. At the end of Greece could also get a debt relief and support of the World Bank.
A “No” would the Greeks against the possibility to keep open, to take their destiny into their own hands. Greece, which is characterized by a strong democratic tradition, could make their own future – far more hopeful than the unscrupulous torture the present. “I know how I would choose,” writes Stiglitz
+++ 9:14 S & amp; P:. Probability of Grexit 50:50 +++
The rating agency Standard & amp; Poor’s downgraded the credit rating of Greece on Monday by CCC down at CCC. This corresponds to a stage prior to complete payment default. The probability of Grexit puts S & P now 50 percent
+++ 9:02 Söder: “Parent Grexit would be the better way” +++
. Bavarian Finance Minister Markus Söder (CSU) has been campaigning for a withdrawal of Greece from the euro zone again. “I believe that at the end of a clean-prepared and reasonably organized Grexit the better way would be,” he said in Germany radio. Söder also criticized the behavior of the Greek Prime Minister Alexis Tsipras in relation to the planned referendum. “He believes that there are better options on the negotiating for a No. The whole thing is so deeply irresponsible that you can say here a playing with Europe, but above all with his own people.”
+++ 8:53 Banking Federation: “are prepared to default” +++
The Association of German Banks (BdB) does not expect any major impact on the financial markets if Greece’s credit debts amounting to 1.5 billion euros from the IMF will not pay. For the savers in Germany there is no need to worry, the savings are safe, CEO Michael Kemmer told the “Passauer Neue Presse”. The risks to the German banks are manageable because they are “only very moderately engaged” in Greece. At issue is an amount of less than four billion euros
+++ 8:44 Green leader Özdemir:. “No one has covered itself with glory” +++
Green Party leader Cem Özdemir saves in an interview with n-tv not with criticism of the Crisis Management: “Neither side has covered itself with glory Nothing has arrived, what Mrs Merkel and the EU have also predicted that Tsipras government has.. not with glory: negotiate in Brussels, try to find a solution and to present the result at home to the people, that’s ok But to say ‘I want a’ no ‘, which makes little sense “
<.. p> Özdemir warns in an interview also against the financial consequences of a Grexit “numbers we do one way or another if Greece knocked out from the euro zone and we have an impoverishment in Greece, then we are not talking about a country somewhere far away, but then talk. we “see
+++ 8:37 Fitch” a member state of the EU, the impoverished. limited default “+++
The rating agency Fitch upgraded the capital controls in Greece as “restricted default” for the four major banks in the country. The credit guards lowered their ratings for the debt of the National Bank of Greece, Piraeus Bank, Euro Bank and Alpha Bank to “Restricted Default”. This is the second-worst rating. Thus a very high risk of default for creditors is displayed. It is unlikely that the rating scores would be raised before a lifting of capital controls again, complemented the analysts
+++ 8:21 Le Figaro. “Referendum is a deception” +++
The referendum in Greece is hot topic in the international press. The conservative French daily “Le Figaro” commented the recent developments as follows:
“The referendum that Alexis Tsipras suggested the Greeks, has everything from a feint The Prime Minister pretends he would be satisfied with. to ask them for their opinion on the terms of the creditor, and as it would not bring an exit from the euro (Grexit) with it. In truth, Tsipras’ call to the people is nothing but a political ‘coup’, which under the mask hidden of direct democracy. Unable to keep his promise and with his radical majority to lead the country in conditions of catastrophic state of the economy, he calls on citizens to choose between him and Europe. The announced referendum is the only branch that remains to him to cling to power “
The Belgian newspaper” De Standaard “writes:
“. know the Greeks that they outside the euro no salvation have expected. But if they vote yes, that would not legitimize the continuation of failed debt policy. In any case, it amounts to a decrease of a conquered people. The way how the European leaders to deal with the citizens of a Member State is poor, frightening.
