Greece and the economic crisis 2015

NEWS ARCHIVE - Nov 20 - Nov 30

Nov 30, 2015

Greece urges no delay to debt relief talks with creditors - Reuters

"Tsakalotos warned creditor countries against "kicking the can down the road" again, saying that failing to provide a clear pathway for Greece would also leave uncertainty hanging over the whole euro zone.

... He did not spell out Greece's expectations for debt relief but Athens has accepted that there will not be an outright write-down or "haircut" on loans by euro zone partners, which is anathema to top creditor Germany and its northern allies."

"...Those from Syria, Iraq and Afghanistan are being let through. Others are not.

The move has been criticised by human rights groups who say international conventions require countries to treat asylum requests on merit, not on the basis of nationality."

Nov 28, 2015

"Greece and its international lenders have agreed on a new set of measures the country must approve by next month to qualify for more aid and to pave the way for a first review of progress under its third bailout, a Greek newspaper reported on Friday.

Athens has already legislated a first set of reforms to secure 25 billion euros from the euro zone's ESM rescue fund, a sum that is part of its 86 billion euro bailout agreed this summer."

"In Northern Greece, where hundreds are stranded after Macedonia shut its border to all but those from the most war-torn countries, average temperatures often plunge below freezing in the winter months.

The harsh weather exacerbates the existing challenge of accommodating hundreds of refugees at border areas, like the Greek town of Idomeni, which until recent weeks had primarily been just a transit point for those going on to Northern Europe. Now, around 1,500 people are stuck near Idomeni, where a tented camp was meant to serve as just a temporary shelter."

"If we had stayed we would die, if we come here and we die, its the same thing"

Video report at link.

"The Macedonian army has started reinforcing a metal fence on the country's southern border with Greece at the point where migrants cross on their way to western Europe."

Nov 27, 2015

"Greece has seen a rebound in the number of crossings by migrants to its islands near the coast of Turkey despite growing difficulties in crossing the Balkans to reach central and northern Europe.

The International Organization for Migration said Friday that the number of people crossing daily topped 5,000 on Wednesday after dropping to just 155 on Sunday."

Nov 24, 2015

"The country will get a 2 billion-euro ($2.1 billion) payment on Tuesday, money that will be used to meet debt service commitments, clear arrears and co-fund projects with the European Union.

The crippled Greek banks, which are reeling from limits on money transfers and another likely recession, can also soon start claiming money from a separate 10 billion-euro pot of money available."

"A time bomb exploded outside the building of the Federation of Greek Enterprises, near Parliament in central Athens, police said, causing damage but no injuries.

The nighttime blast occurred early Tuesday in a narrow street outside the federation offices, near Athens' main Syntagma Square and just 200 meters (yards) from Parliament."

“If program implementation remains strong, I am confident that the Greek people’s reform efforts will allow them to make visible strides toward a sound recovery,” said the ESM managing director, Klaus Regling.

Opposition to the latest measures, however, cut the leftwing government’s majority in parliament from five seats to three."

"Moroccans, Iranians and Pakistanis on Greece’s northern border with Macedonia blocked rail traffic and demanded passage to western Europe, stranded by a policy of filtering migrants in the Balkans that has raised human rights concerns."

"The International Organisation for Migration (IOM) said on Tuesday that a significant decrease in the number of refugees and migrants reaching Greek soil over the weekend had been observed, with only 155 people arriving to the Greek islands by sea on Sunday.

According to IOM, 79 people arrived in Kalymnos, 44 in Megisti and 24 in Lesvos, with the remainder arriving in Chios and Kos.

These figures contrast the 100,000 migrants who have reached Greece since the beginning of November, with an average of 4,500 daily crossings reported by authorities."

Nov 23, 2015

"Both men had taken a boat from Turkey to Greece, along with some 200 migrants and refugees, according to two Greek officials who spoke to The Associated Press. The boat sank before reaching Greece — and the men were rescued by the Greek coast guard, the officials said."

Nov 20, 2015

"If this year’s GDP projection is confirmed, it would mean that the Greek economy has proved resilient in the face of this year’s confrontation between the Athens government and its international creditors, which brought Greece to the brink of bankruptcy and exit from the euro."

"Greece's left-wing government says the country will escape an expected recession this year and suffer only a minor downturn in 2016, revising up its forecasts despite months of dramatic bailout negotiations."

"Prime minister Alexis Tsipras’s majority shrinks to two seats in 300-member House after MPs fail to endorse policies demanded by EU

...“My patience has run its course,” said Stathis Panagoulis, an MP in Tsipras’ leftist Syriza party, before abstaining from the vote.

Nikos Nikolopoulos, a lawmaker with the Independent Greeks party Anel, the leftists’ junior partner in power, said the package of measures ran roughshod over all the government’s “red lines”. Both men were immediately expelled from the parties."

"The bill approved on Thursday provides foreclosure protection for primary homes to about 60 percent of mortgages among an estimated 400,000 homeowners whose loans have soured during the financial crisis.

About a quarter of them - families with incomes below the poverty line — were accorded full protection from foreclosure. The rest were given protection for a three-year period provided they restructured their debts with their banks."

"An important development surfaced from Athens that weighed down heavily on the stock. National Bank of Greece announced that it will now offer new ordinary shares at a price per share of €0.02. The offering has an alternative option attached to it that reflects a 1-for-15 reverse share split. This option is being offered at €0.30. These offerings are priced substantially below the stock’s latest market prices, which reflects deeper problems within the country’s banking system."

NEWS ARCHIVE - November 2015

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