• ECB Cracks the Whip on Greece; Suspends Funding
    11 replies, posted
[QUOTE]Greece lost a critical funding artery as the European Central Bank restricted loans to its financial system, raising pressure on the 10-day-old government to yield to German-led austerity demands to stay in the euro zone. [B]The ECB’s decision, announced at 9:36 p.m. in Frankfurt, will raise financing costs for Greek banks and stiffen oversight by the central bank.[/B] The next move is up to Prime Minister Alexis Tsipras, who swept to power promising to reverse five years of spending cuts that accompanied 240 billion euros ($272 billion) of bailout loans. T[B]he ECB move came hours before the Greek finance chief, Yanis Varoufakis, was due to meet Germany’s Wolfgang Schaeuble in Berlin and hours after he met ECB President Mario Draghi[/B]. ... Greek stocks and the euro fell after the ECB statement. [B]The Global X FTSE Greece 20 ETF of Greek stocks plunged 10.4 percent in New York trading. The single currency slid 1.2 percent to $1.1345 at 5 p.m. in New York[/B]. [/QUOTE] [QUOTE]As Greece’s creditors line up to oppose the country’s demand for a debt restructuring a rolling back austerity, [B]Tsipras’s refusal to accept more bailout loans may result in a cash crunch as early as next month[/B], two people familiar with the country’s financial position said. Days after taking office, Varoufakis said he was willilng to take his chances without a bailout deal, saying the demands to cut spending were too onerous and had damaged the economy too much. “The Greek state has a future, but what we won’t accept as a future is the self-perpetuating crisis of deflation and unsustainable debt,” he said. [/QUOTE] [QUOTE]The ECB decision “does show that reality is going to set in at some point,” Axel Merk, president and founder of the Palo Alto, California-based Merk Investments LLC, said in a telephone interview. “The ECB says ‘let’s come to the table and talk about this but until you do that, we’ll abide by what we have in the agreement.’” [B]While Tsipras has retreated from demands for a writedown of Greece’s debt, yielding to virtually unanimous opposition in the 19-member euro bloc, his pledge to increase spending threatens to collide with conditions of aid commitments. [/B] ... [B]German Chancellor Angela Merkel indicated Wednesday that their diplomatic offensive was failing to win over converts. [/B] “I don’t think that the positions of the member states within the euro area with regard to Greece differ, at least in terms of substance,” Merkel told reporters in Berlin. Later in Paris, Tsipras was told by French President Francois Hollande that “respecting the rules is necessary for all, for France too, and it’s not always easy.” [/QUOTE] SOURCE: [URL="http://www.bloomberg.com/news/articles/2015-02-04/greece-loses-ecb-funds-raising-pressure-on-tsipras-to-yield"]Bloomberg[/URL]
A friend of mine wants to go visit Greece for a college program. Not sure if it's such a wise idea with all this going on.
at least they could have given the debt talks a chance, this is just provocative greece's austerity is crushing the country, lightening it up a bit doesn't mean they aren't going to be fiscally irresponsible, the leashes are still there, give them some room to grow though and maybe their economy might improve making their long term propositions better instead of keeping to this strict reparation-like plan
[QUOTE=LtKyle2;47077166]A friend of mine wants to go visit Greece for a college program. Not sure if it's such a wise idea with all this going on.[/QUOTE] Its fucking genius broh. Because it's just post crisis. I mean, the same happened in Argentina during the 2002. The peso devaluated a shit ton and dollars could buy you a ton of stuff. Regarding personal security, dude, don't worry, it's not the middle east nor a revolution will make the country implode into a civil war. It will serve your friend as an experience for the rest of his life. Bonus points if he's studying a social science, business administration, economics, that kind of stuff because he will see first-hand the mistakes... EDIT: I would tell you to tell him come down here to Argentina...but to be able to enjoy all the landscapes you have to know Spanish and how to move around here which its fucking impossible for a US college student to know.... Send him to Spar...Greece.
[QUOTE=Cutthecrap;47077204]Its fucking genius broh. Because it's just post crisis. I mean, the same happened in Argentina during the 2002. The peso devaluated a shit ton and dollars could buy you a ton of stuff. Regarding personal security, dude, don't worry, it's not the middle east nor a revolution will make the country implode into a civil war. It will serve your friend as an experience for the rest of his life. Bonus points if he's studying a social science, business administration, economics, that kind of stuff because he will see first-hand the mistakes... EDIT: I would tell you to tell him come down here to Argentina...but to be able to enjoy all the landscapes you have to know Spanish and how to move around here which its fucking impossible for a US college student to know.... Send him to Spar...Greece.[/QUOTE] My friend is a girl, but now I'll support her decision if she decides to go. Not like I could stop her to begin with. :v: Although I can't recall what she's going to college for, other then that she has to because of some legal stuff. She just really wants to get out of america.
Man, Greece's economy has been in the news more than ever, since that Valve employee was elected as the finance minister.
[QUOTE=LtKyle2;47077166]A friend of mine wants to go visit Greece for a college program. Not sure if it's such a wise idea with all this going on.[/QUOTE] You should let your friend go. Greece is an awesome country, despite the issues. I went there years ago to visit family and all of their wonders. Made my parents take every photo.
[QUOTE=Sableye;47077185]give them some room to grow though and maybe their economy might improve making their long term propositions better instead of keeping to this strict reparation-like plan[/QUOTE] They're tight leashed because of the eurozone slowdown. Most countries are not seeing much growth at all, so it seems investors just aren't in the mood to wait. Once the quantative easing kicks in probably later/next year they might have better luck.
Oh shit oh shit we gonna be poor we [I]all[/I] gonna be poor
[QUOTE=Awesomecaek;47087209]Oh shit oh shit we gonna be poor we [I]all[/I] gonna be poor[/QUOTE] i need to email the eu and demand a refund
[QUOTE=LtKyle2;47077166]A friend of mine wants to go visit Greece for a college program. Not sure if it's such a wise idea with all this going on.[/QUOTE] I'm going to Greece in a month with my whole class and three others. 100 students with teachers. I'm not sure if I really want to go knowing the situation..
[QUOTE=SebiWarrior;47087665]I'm going to Greece in a month with my whole class and three others. 100 students with teachers. I'm not sure if I really want to go knowing the situation..[/QUOTE] You'll be fine as long as you aren't German :v:
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