business
Tuesday, June 30, 2015
ECB Executive Board Member Benoit Coeure includes withdrawal of Greece from the euro is no longer made. This is possible, though not what the European Central Bank (ECB) would, Coeure said in an interview to the French newspaper “Les Echos”. It is so far the clearest admission of leading ECB representative, that the so-called Grexit is possible.
23:12 +++ Fitch lowers thumb +++
Fitch responded to the escalating debt crisis in Greece and certifies four Greek banks a “restricted default”. The rating agency thus brought their assessment expressed that the four banks concerned would have been insolvent if the government in Athens would not have introduced capital controls as of Monday. Therefore therefore Fitch downgraded the creditworthiness of the National Bank of Greece (NBG) and the financial institutions Piraeus, Euro Bank and Alpha of “CCC” or “C” to “RD” down what “Restricted Default” (as “restricted default”) stands.
22:48 +++ Tsipras: Greece will not pay +++
It’s official: Greece is the transfer of tax due on Tuesday June rates at the International Monetary Fund ( IMF) refuse. This was confirmed by Prime Minister Alexis Tsipras evening in the Greek state television. The payment will not take place if it does not happen overnight nor give an agreement with international creditors, Tsipras said. Greece should repay this Tuesday an overdue rate of 1.54 billion euros to the International Monetary Fund (IMF). The IMF had already conceded Athens, actually earlier bundled amounts due at the end of the month to repay. The IMF in Washington wanted the refusal of Athens initially not comment.
22:27 +++ Athens urges new listing of creditors +++
Greek Prime Minister Alexis Tsipras trying to put the creditors of the country under pressure. In a television interview he says: Athens would pay the open rate of the International Monetary Fund (IMF) in the amount of almost 1.6 billion euros as soon as tomorrow, when the institutions would submit a new offer. From Greece it said recently that the rate that is due tomorrow, do not get paid.
22:11 +++ Tsipras makes political future of the referendum result depends +++
The referendum on Sunday is not only a vote on the fate of Greece in the euro zone. Prime Minister Alexis Tsipras also makes it to a vote on his person. If in the referendum on the demands of the international donors ‘yes’ get out, “I’m not for all time prime minister,” said Tsipras live on Greek television.
21:48 +++ Live TV: Tsipras addressed to the Greek public +++
Alexis Tsipras speaks in Greek transmitter EPT1 live in front of thousands Fersehzuschauern. He claims, among other things, that his government will accept the referendum result, no matter how it turns out. He also advertises for ‘no’ votes. Tsipras raises the creditors of having terminated the negotiations.
21:37 +++ Athens will allegedly reduce limit for withdrawals +++
Hellenic Bank customers can currently Lift only 60 Euro per day. This does not change the “Bild” newspaper in the next few days, according to the. The tide has claims to learn from banking circles in Athens that the value is expected to fall to less than 40 euros.
21:06 +++ rating agency evaluates Greece further from +++
The rating agency Standard & amp; Poor’s (S & P) classifies the creditworthiness of Greece reduced even further. The analysts reduce creditworthiness for long-term liabilities in foreign as well as its own currency from “CCC” to “CCC”. For loans with a short maturity, they confirm the rating “C”. The outlook is negative. S & P estimates the probability of Grexit with around 50 percent a
20:39 +++ Schäuble confirmed: Athens pays June rate of IMF not +++
20:28 +++ people on Syntagma Square shouting “No!” +++
Many people gather in Syntagma Square in Athens, and calling for a “No” in the upcoming referendum. They reject the proposals for reform of the creditors of Greece. Allegedly protesting more than 40,000 people.
20:15 +++ Dijsselbloem keeps euro exit nor preventable +++
A Greek exit from the Euro zone can still turn away, according to Euro group chief Jeroen Dijsselbloem. “Yes that’s even possible,” he says the Dutch Radio. “I repeat that the door remains open to us, even if the opportunities and the time is very limited.”
19:47 +++ Obama phoned Hollande +++
US President Barack Obama urges in an interview with French President Francois Hollande on an agreement between the donor countries with Greece. It was important for everyone involved to put together a package of reforms that allow Athens to return to growth and stability within the euro zone, said government spokesman Josh Earnest. The US is believed to have talks should take place before the Greek referendum on 5 July.
19:06 +++ Left: Merkel hiding behind Schäuble +++
Katja Kipping attacks on Chancellor Merkel: “Frightening how in such a historic situation wegduckt the Chancellor and hidden behind (Wolfgang) Schäuble, “says the Left Party leader. Party leader Gregor Gysi is consistent with a “Let’s not forget: The Chancellor bears for all that a primary responsibility.” He adds: “This something can be initiated, which would be devastating.” Gysi fears that Europe comes back into the situation in the war as the last century are possible.
+++ 18:23 Greece will not pay any amounts due on Tuesday IMF rate ++ +
Greece will not pay, according to government officials on Tuesday, the overdue IMF rate. Athens would have to pay around 1.6 billion euros.
17:30 +++ range of Tsipras device to the public +++
So far only one thing is clear Athens takes the deal, the have offered the country’s creditors, not to. It was unclear from which this offer in its original version actually existed. Until now. Media wear the first details to the public. According to the “Sueddeutsche Zeitung” put the creditors of Greek government six documents ago.
- A two-page analysis of the debt sustainability of Greece
- a payment plan
- A nine pages long table compromise, in the list, the institutions must
- what measures Athens immediately a similar content held list of emergency
- A designated as a reminder preparation of the reforms that are necessary in order could Athens economies autonomously
- A detailed technical memorandum in which all terms and criteria have been clarified
The main contents of the document: An extension of the aid program to November, a reminder the fact that Greece by 2020 can still get 35 billion euros from the EU funding pot structure, and the closing of the creditors that Greece needed a further three years running aid package. On Sunday, the European Commission published the final state of negotiations before the end of the talks
17:01 +++ Green:. Remain in the euro may depend not only on the referendum +++
Green parliamentary leader Katrin Göring-Eckardt calls for further negotiations between creditors and the Greek government. “It is necessary that all put together again at the table,” she says. “The referendum alone can not decide the fate of the euro.” The second leader of the Greens, Anton Hofreiter, calls another special summit of Heads of State and Government. It can not be that a difference in the amount of EUR 400 million means that the euro zone gets into such danger and in Greece threatens severe social and political turmoil.
16:40 +++ For pensioners banks are open on Thursday +++
Banks in Greece could reopen on Thursday, earlier than previously planned. That says a representative of the government in Athens. The approximately 850 branches would, however, not open to all customers, but be available only for the payment of pensions. Many older people in Greece do not have a debit or credit card. To get any money, they are dependent on the service at the counter.
16:28 +++ Athens pays on time 50,000 euros to the EFSF +++
Greece shall pay on time a fee of 50,000 euros to the euro rescue fund EFSF. The reported the “Handelsblatt” and refers to a spokesman for the rescue fund. Although it is a small sum, the transfer is important. Had Greece not been paid, the rescue fund would need to officially establish a default. The transfer is therefore seen as a sign that the Athens government does not want to escalate the situation. Decisive will but whether Greece on Tuesday at the International Monetary Fund (IMF) will pay an overdue installment of EUR 1.6 billion, it says loudly “Handelsblatt” from the field of international donors. You do not expect
+++ 15:54 Gabriel:. No more negotiations with No in the referendum +++
Sigmar Gabriel makes it clear what happens when the Greeks in the referendum on Sunday to reject the proposals for reform of the believer. In this case, there were no further negotiations, says the Minister of Economic Affairs of the SPD. It would finally a “clear decision not to remain in the euro”. Gabriel adds, “Not only the Greek government must justify their actions to the public”. According to the Minister of Economy of the Euro “certainly” does not fail because of a referendum in Greece. “But he will fail if we reduce the liabilities in the Economic and Monetary Union.” Gabriel advocates a deepening of European
+++ 15:33 Merkel:. “No one can get 100 percent” +++
Chancellor Angela Merkel makes Greek Government as a main culprit for the failed negotiations between institutions and the Greek Government at the weekend. “Europe thrives on compromise,” the CDU politician said at a joint press conference with Federal Minister Sigmar Gabriel. “No one can get 100 percent.” According to the Chancellor Greece wanted but no compromise. The Chancellor repeated her sentence “If the euro fails, Europe fails.” However, it also makes clear that a Greek exit from the euro zone is not synonymous with the failure of the euro. “We see today that Europe more robust to respond to such a situation, as was the case five years ago.”
15:10 +++ referendum text penetrates to public +++
The text of the referendum through which the Greeks are to vote on Sunday is probably became widely known. In Twitter circulated a corresponding document. It states: “Should be agreed by negotiation proposal which the European Commission, the European Central Bank and the International Monetary Fund have received in the Euro Group on 25 June 2015 and consists of two parts which constitute the joint proposal from the institutions. ” The first part is, according to the referendum text document on “Reforms for the completion of the current aid program and beyond.” The second part is a document about a “preliminary debt sustainability analysis”
+++ 14:46 Ex-chief economist. “ECB has watched too long and endorsed” +++
Former chief economist of the European Central Bank (ECB), Jürgen Stark, criticized his former employer: “The ECB has watched too long and approved for too long, that the Bank of Greece these emergency loans, these loans given Ela, has, “he says n-tv. Stark adds, whether Euros printed in Greece, with which the banks had been kept afloat. The ECB had allowed himself to politicize. “Therefore, it was also very difficult for the ECB to pull the plug from a certain time.”
Stark does not rule out a Greek exit from the euro. But he sees this not as an inevitable on: “After the referendum next week, there may be a positive scenario that the Greek population says, we want to remain in the euro and we also accept the terms and conditions that would be a basis for new negotiations..”
14:12 +++ Greece threatens no official default +++
Although Greece could soon no longer service its debts, threatening the country for the time being no downgrade to ” default “. Because with the creditors is public organizations. However, the credit ratings of credit rating agencies applies only to the use of debt to private lenders. “A lack of IMF repayment would in itself does not lead to a default,” it says in a paper by Fitch Ratings.
13:59 +++ Merkel consults with other party leaders ++ +
Chancellor Angela Merkel is currently discussing with the heads of all parliamentary parties, the current situation in Greece. They had invited the party and faction leaders to the Chancellery. It should also go to the next steps up to the Sunday recognized in Greece referendum. Earlier, Merkel had said in a speech to mark the 70th anniversary of the CDU against new exemptions for Athens. The CDU leader said that in Europe of solidarity and responsibility always belonged together. These principles should not be “shelved” and in the present situation. “We could give up short, but I say, medium and long term we will be damaged,” Merkel made clear
13:42 +++ Auto Association:. Grexit “no longer taboo” + ++
The German auto industry comments on a possible Grexit: “A Greek exit from the euro zone can no longer be taboo,” the president of the Association of Automotive Industry, Matthias Wissmann said. “He might – in a wise strategy for the future of the euro countries – even help to stabilize the euro zone.” Trust arises by reliability -. Does not go through further concessions to Greece
13:24 +++ Juncker makes serious allegations Greece +++
In a press conference expressed to European Commission President Jean-Claude Juncker on the worsening of the Greek crisis. He Is appalled that Europe had experienced on Saturday: “egoism, tactical games, games populist”. “I feel betrayed,” he adds. The negotiations had been “unilaterally” canceled by the Greek government. “We really can move mountains until the last minute, as the Greek Government has closed the door.” It had not traded at a “mindless austerity”. Juncker stressed that the negotiations were not a poker game: “. Either we all win or lose all” Greece belongs to Europe. It expressed its support for the country to remain in the euro zone. “The door is still open.” He had not to submit new proposals.
12:59 +++ Hardly cancellations in Greece Travel +++
keep the German holidaymakers Greece initially continued the Loyalty: The major tour operators in the country there has been no increased cancellations of trips there. According to the tourism in Cologne, only individual tourists on payment options in their holiday region have inquired. TUI Germany there are still no changes or cancellations in Plus: “We do not feel this phenomenon,” says sales director Ralf hoarders. Similarly, Thomas Cook / Neckermann. Expresses
The holiday airline Ryanair and easyJet are booked to their figures. “We have no evidence that holidaymakers who have booked their flight not want to compete,” says easyJet. “We do not see any effect on the reservations,” Ryanair announces
+++ 12:46 Merkel:. “If the euro fails, Europe fails” +++
The CDU is celebrating her 70th birthday. The speech by Chancellor Angela Merkel stands but also under the influence of the situation in Greece. The party leader stressed the EU’s willingness to compromise, but at the same time includes a concession to the Greek government. Europe thrives on the ability to find compromises, “and if one has experienced in recent weeks and months, then that Wolfgang Schäuble is,” she says and adds: “Thank you, Wolfgang Schäuble Glad you are Minister of Finance.. ” If perish “the ability to find compromises” in the EU, “then goes Europe lost”. She repeated her sentence: “If the euro fails, Europe fails.”
12:42 +++ Juncker appears before the press +++ For
12:45 Clock has announced a press conference European Commission President Jean-Claude Juncker. n-tv transmits it live. From 14.30 clock we show live the speeches by Chancellor Angela Merkel and Economics Minister Sigmar Gabriel to Greece
12:35 +++ Is there a special EU summit -. Or not? +++
EU Council President Donald Tusk has scheduled no further extraordinary summit of Heads of State and Government of the euro zone to Greece. “It is not a summit convened”, tells a spokesperson Tusk. According to media reports, there are some Member States efforts to convene such a meeting if possible for Wednesday. The German Greens called for such a meeting. Such a meeting needs because of the extensive security measures at least two days lead time.
12:21 +++ Merkel ready for talks with Tsipras +++
Chancellor Angela Merkel is ready to resume talks with the Greek government if their Premier Alexis Tsipras wish that. That says government spokesman Steffen Seibert. Greece had to state of affairs to adopt the euro, he says.
it should still be an agreement on loans, could be discussed in Germany without delay about it. That says a parliamentary speaker. “Legally and technically is considering and voting at a meeting convened by the President of the Bundestag plenary at any time, there shall no consultation deadlines for applications.”
12:07 +++ Government: No impact for German citizens +++
The federal government reassured: We must not worry about the worsening situation in Greece. “There is absolutely no cause for concern”, says the spokesman of the Federal Ministry of Finance, Martin Jäger. “This will have no effect for the German citizens and savers.” He refers inter alia to the small proportion of Greece to the European economic performance and only minor claims of private banks to Greece.
11:56 +++ Tsipras asked by one month postponement +++
Greek Prime Minister Alexis Tsipras is asking Heads of State and Government of the euro zone in a letter again, the utility to extend by one month. “I request that your government reconsiders the question their own position again,” he wrote on Sunday to his counterparts. In the letter, he defends the same time the referendum as a democratic right of the Greek people. The Euro finance ministers are unable to agree on an extension to further cuts with the Greeks.
11:48 +++ transport in Athens free to use +++
The fuel is running out, some gas stations in Athens are already sitting on dry land. For this, the Greek government announced the free use of local transport in Athens and the surrounding area. The measure should from their official announcement – expected on Tuesday – apply to the reopening of the banks on July 7, says Transport Minister Christos Spirtzis the television station Mega. It concerns the subways, buses and trams in the capital and its surroundings.
At the weekend there was a rush to the stations of the country. The Ministry of Economy assured, however, that there were no problems on the fuel market. The industry indicates that reserves are available for several months.
11:38 +++ Green Bundestag apply for Special Session +++
The Greens want the Bundestag concerned in a special meeting with Greece on Tuesday. Following the decisions of the euro group it was “necessary and advisable, to discuss decisions of this scope in the German Bundestag,” it says in the request from the Group (as a PDF).
++ + 11:26 Moscovici: Athens is rate on IMF probably not pay +++
Greece is the opinion of EU Monetary Affairs Commissioner Pierre Moscovici the overdue on Tuesday rate of around 1.6 billion euros to the International Monetary Fund probably will not pay. “Greece is not likely to make it,” says Moscovici French broadcaster RTL. According to earlier statements by IMF chief Christine Lagarde Greece would then be compared with the International Monetary Fund in arrears. Lagarde had ruled out an extension of time for the rate.
11:14 +++ Dax decline weakens +++
After the fierce fright reactions to the start of trading, the DAX recovered slightly, but remains well below the closing price on Friday. The DAX benchmark index slipped at the start by more than four per cent to up to 10,964 points from. Currently, he still loses 2.9 percent to 11,160 points. “That was the perfect opportunity to re-enter the market,” a trader suggests the recovery.
Here you will find the market report.
11:03 +++ This Year no Grexit – says the inventor of the word +++
The word currently often used “Grexit” comes from the economist Ebrahim Rahbari of the banking giant Citigroup. He coined it at high cooking the Greek crisis 2011/12. Now it is clear in the crisis: This year is not expected to exit from the Athens currency zone, according to a study. For the coming years the risk of falling Grexit. With the announced referendum Citigroup experts expect a “comfortable majority” for the required reforms and thus with a stay in the euro.
+++ 10:50 Greeks buy hygiene items en masse +++
hoarding: Greek citizens buy mainly hygiene products, our editor Jan goers reported from the Greek capital
+++ 10:42 Hollande for. resumption of negotiations +++
French President Francois Hollande called the planned for Sunday Greek referendum as a choice between Euro-stay or exit. It calls on the country’s government to resume negotiations with creditors again. It is very close to an agreement. He also said that France put an to remain in the country in the euro zone.
10:35 +++ Governing Council meets again on Wednesday +++
The Council of the European Central Bank is expected to again provide detailed advice on Greece at its next regular meeting on Wednesday in Frankfurt. Should the situation escalate until then, the Panel was also able to act at short notice, according to central bank circles. On Sunday, the ECB had decided to freeze the emergency loans for Greek banks at around 90 billion euros. Athens closed then on Monday the country’s banks.
10:27 +++ Varoufakis says first nothing +++
Greece Finance Minister Yanis Varoufakis comes on the first day the closed banks at his Ministry at – towards the waiting journalists, however, he does not say anything
10:12 +++ Riexinger: “Tsipras and Varoufakis meets the least guilt” +++
“One can this important question, what will happen next in Greece and with the whole euro area, not left to the Euro-technocrats,” said Left Party boss Bernd Riexinger on n-tv. “That must now make the politically elected representatives, which must go before the parliaments.” You just experience a historically dramatic situation, the politician adds. “Tsipras and Varoufakis meets the least guilt. They have this whole debt inherited from previous governments corrupt,” said Riexinger.
The full report can be found here.
+ ++ 10:06 A fitting Comicheft +++
The title of the July issue of the comic issue “mosaic” fits in well with the political situation: It shows the Greek god Zeus and Brabax, one of the three heroes the book series. The ingenious title: “The God of the Machine” – deus ex machina, a famous Greek idiom, with the one referred to a sudden and surprising solution occurring. The would Greece is really needed.
+++ 9:54 queuing for 60 euros a day +++
60 € Greek citizens can stand out on the day. Some pensioners are waiting for the banks to open
+++ 9:36 Syriza Board. “Grexit is not an option” +++
A “Grexit “There is no question for the Greek government, in the words of Syriza politician Giorgos Chondros. “An exit from the euro zone was for the Greek Government never an option and is now not an option,” he said in the ARD. He is a member of the Party Central Committee. About the referendum says Chondros, the Greek people have a democratic right “to decide their own future.” Regardless of the outcome of the referendum, it does not come to a “Grexit”.
+++ 9:24 Athens Stock Exchange one week left closed +++
Given the Greek debt crisis will be closed in the coming days in addition to the country’s banks and the stock exchange in Athens. As officially announced, is expected to at least Tuesday not open next week the trading venue. The Greek banks will be closed until at least Monday, the capital has been severely restricted.
+++ 9:20 USA call for new negotiations with Athens +++
US Finance Minister Jacob Lew calls on the International Monetary Fund as well as Germany and France, continue to search, despite the termination of the negotiations for a solution with Greece. This should include a discussion about possible debt relief for the country even before the time appointed for July 5 referendum.
+++ 9:11 Dax loses four percent +++
Given the escalation in the Greek crisis is the German stock market down significantly. The DAX benchmark index slipped shortly after the start of trading by 4.36 per cent to 10,990.86 points from.
You can find the detailed market report.
9:01 +++ EU -Commission: Today no new listing of Athens +++
The EU Commission will present any new proposals Greece today. This announces a Commission spokeswoman. Commissioner Pierre Moscovici had previously stated Commission chief Jean-Claude Juncker will present new proposals on Monday. Greek Prime Minister Alexis Tsipras had demanded this. On Sunday Juncker had published the last offer to Greece “in the interests of transparency”.
+++ 8:52 Dax in Frankfurt am Main under strong pressure +++
The debt crisis in Greece is the German share index in Frankfurt am Main under strong pressure. In premarket trading, the German leading index on Monday morning around five percent fell below the closing price on Friday. Even in Paris and London, the shares before IPO came under severe pressure. The Tokyo Stock Exchange went into a tailspin: The Nikkei index of 225 blue chips lost 596.2 points, or 2.88 per cent to the level of 20,109.95 points. The wide focus Topix fell by 42.21 points or 2.53 percent to 1624.82 points.
8:42 +++ EU Commission approves Greek capital controls +++
On Sunday evening announced Greece’s Prime Minister Alexis Tsipras, the introduction of capital controls and the closing of the banks in the country. This morning, informs the European Commission, it considers that the measures “prima facie” justified (until withdrawal) for. It is further stated in the notification, euro area countries have the right to take action on capital controls when they served the public safety. This is in a study published in an official release. The bank closure order is valid until after the referendum on the proposals of the international lenders of Greece on Sunday. The daily ATM cash withdrawals are limited, according to the release for Greeks to 60 Euro per day. With the official announcement of relevant reports Greek media are confirmed. Signed the decrees of Greece Prokopis Pavlopoulos head of state and head of government Alexis Tsipras. The restrictions would not apply to visitors from abroad, if they wanted to make “with a certificate issued in their country of origin credit card transactions and withdrawals”, the government in Athens announced. Four percent are possible, so market participants to Reuters. That would be the biggest slump in three years. During the week he had gained more than 400 points.
12:35 +++ Euro in Asian trading unit under pressure +++
Given Greece’s acute debt crisis falls of value of the euro in Asian trading below the mark of 1.10 dollars. In Tokyo, the euro is trading at $ 1.0969. On Friday, the euro was traded in New York with $ 1.1160. It advises itself early enough to stock it. The Greek banks will remain closed from this Monday for probably first six days.
23:30 +++ equipped German banks for Greeks collapse +++
German Big banks look at prepared for a possible collapse of the Greek financial system. “We are very well prepared, because we have long prepared ourselves in such a situation,” says a spokesman for Commerzbank. The German bank says it has sufficient safeguards in order to ensure their business activities and customer services. Many banks have played the real thing a government or bank failure in dry runs, as they say in financial circles. “We have an exact script for this situation,” says a leading risk manager of a major German bank to Reuters
Note.
The development of weekend you can in the Live Ticker from Sunday, June 28, 2015 and Saturday, June 27, 2015 read. The development from Friday, June 26, 2015 can be found here.
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