Yanis Varoufakis: “Unsustainable debt turns the creditor into Leviathan; Life under it is becoming nasty, brutish and short”

The Lethal Deferral of Greek Debt Restructuring Written by Yanis Varoufakis ATHENS – The point of restructuring debt is to reduce the volume of new loans needed to salvage an insolvent entity. Creditors offer debt relief to get more value back and to extend as little new finance to the insolvent entity as possible. Remarkably, […]

Greferendum: the biggest political gaffe in western modern history to tear Europe apart? #Grexit #Graccident

Once upon a time there was a beautiful historical country that used to be part of the European Union. It became the 10th country to join the block in 1981 and was evolved ever since to become a pole of stability and growth in the Balkan region and serve crucial geo-strategic interests in the Mediterranean. The introduction in the […]

Spanish vote – bad luck for Greece: Does Iphigenia need to be sacrificed for favourable winds to blow in Eurozone?

Greece is running out not only of time but also luck. The country’s economy has been pending in limbo for the past four months, exhausting all its resources to survive the financial suffocation that the European Central Bank has imposed following the political orders by Berlin, Paris and Brussels, violating the bank’s “independent” role in the European […]

Alexis Tsipras against internal and external “enemies” in pursue of a two-phase deal now

The Greek government and particularly the Prime Minister Alexis Tsipras is currently looking at a deal with the creditors but is facing both interior and exterior “enemies”.  Mr Tsipras had extensive talks yesterday in Athens with the government’s officials in order to inform them about the negotiations’ progress. The Finance Minister of Greece – “pop star”, […]

Although Greece is struggling to pay salaries and pensions Varoufakis is “optimistic”; the Sting reports live from EBS 2015

The Greek government found a very last-minute solution to pay its debt to the International Monetary Fund (IMF) that was only due yesterday. However, it was last Thursday when Yanis Varoufakis was appearing to be optimistic about Greece’s situation and the overall negotiations with its creditors while attending the European Business Summit (EBS) 2015 where the […]

Bankruptcy or referendum: which one is going to be first?

The move by Alexis Tsipras, the Greek Prime Minister, to reshuffle its negotiating team will certainly ease the tense in Brussels but is not going to bring the desired deal. The main thorns for unlocking the next tranche are the “red lines” of the Greek government and its anti-austerity policy. Greece is struggling to pay wages […]

Greece’s last Eurogroup or the beginning of a new solid European Union?

Today everyone’s eyes are fixed on the extraordinary Eurogroup meeting which is taking place in Brussels. This is simply put one of the most important gatherings in the Union’s history because one of its member states is under the “dilemma” of staying within the Eurozone by signing an extension agreement or exit and face imminent bankruptcy. […]

D-Day for Grexit is today and not Friday; Super Mario is likely to kill the Greek banks still today

Today is really the D-Day for the Greek matter. After a couple of moves in this grand chessboard, checkmate is just unavoidable. Today we are likely to reach a point without return where nobody will be able to save Greece from collapse and the Eurozone from breaking down. It is the great final round and […]

On Grexit: Incompetence just launched the historic Ultimatum that could open “pandora’s box”

It’s clearly a very bad moment for Europe; unfortunately much worse than our wise European leaders can grasp. The Greek issue is inescapably bringing to the surface the political incompetence of many key figures in Brussels and beyond. Dijssebloem and the peer were never prepared for the Greek stubbornness; most likely they were never ready to […]

EU Summit’s major takeaway: a handkerchief cannot save Greece from austerity

After Wednesday’s Eurogroup where Greece’s Minister of Finance, Yanis Varoufakis, “agreed to disagree” with his European counterparts, Grexit enthusiasts had a reason to celebrate in the evening. However, they did not count for the modern Hercules, Alexis Tsipras, who came tieless to his first EU Summit yesterday in Brussels but with plenty and trendy new […]

German stock market is not affected by the Greek debt revolution while Athens is running out of time

More than a week has passed since the Greek elections and the main European markets, except for the Greek one, do not seem to be influenced to a great extent by the victory of the left-party SYRIZA. The attempt of the Greek Prime Minister to calm down not only the markets but also the European […]