Tag Archives: Greece

Greek Prime Minister Resigns

The economic crisis in Greek has forced the nation’s prime minister to resign.

Greek Prime Minister Alexis Tsipras announced he will resign and call for new national elections in September.  The move is seen as an attempt to thwart more radical members of his own party from stopping the economic reforms that were required as part of the nation’s latest bailout package.

“I am resigning because I have now exhausted the mandate which the public gave me in January’s general election,” Tsipras said in a national address.  “You will judge us, the ones that promoted the drachma pathway and the ones that served the old system.”

While some government sources are saying the elections would take place on September 20th, Tsipras did not give a specific date in his national address.

Opinion polls show that Tsipras is the current favorite to regain his position as PM.

In the interim, the nation’s first female PM will take over on a temporary basis.  Vassiliki Thanou-Christophilou, the President of the Supreme Court of Greece, will be in charge of the government until a new PM is chosen.

The announcement had an immediate impact on the nation’s economy, as Greek bonds suffered an immediate drop.

Greek PM Trying To Rally Party Before Key Vote

Greek Prime Minister Alexis Tsipras is attempting to rally his party to gain enough support to pass the second round of key reforms to guarantee a bailout from the European Union (EU) and the International Monetary Fund (IMF).

The rebellion in Parliament is coming from Tsipras’ own Syriza party, who were elected on a platform of not giving in to European demands for more austerity measures.  Tsipras fought the austerity measures for a significant amount of time before admitting some measures needed to be taken to help Greece turn around their economy.

“We are making an effort to have fewer dissenters,” Health Minister Panagiotis Kouroumplis told Greek TV.

The first vote took place on austerity measures while this second vote is more about procedural operations such as a code of civil protection aimed at speeding up court cases;  the adoption of an EU directive to bolster banks and protect savers’ deposits of less than €100,000 and the introduction of rules that would see bank shareholders and creditors – not taxpayers – cover costs of a failed bank.

The issues that caused most division such as phasing out early retirement were removed from the second round of voting and move to an August vote.

The vote is expected to pass thanks to support from the opposition parties in the Parliament.

Greece Passes Austerity Measures

The Greek parliament overwhelmingly passed austerity measures that are extremely unpopular with the Greek citizens by a vote of 229 to 64.

The measures approved by the Parliament include raising taxes and cutting pensions.  The measure passed because of the votes of the opposition parties as the prime minister’s ruling Syriza party mostly voted against the measure.

Syriza had ran for parliament on a platform of not accepting any more austerity measures.  Party Speaker Zoe Constantopoulou said the deal was “social genocide.”

Prime Minister Alexis Tsipras said the deal was the best he could get from the European Union and the country’s creditors.

The vote brought immediate action from the European Central Bank (ECB) which increased emergency funding for Greek banks by 900 million Euro for one week.

ECB President Mario Draghi said the bank’s total exposure to Greece totals 130 billion Euro.

“It’s uncontroversial that debt relief is necessary and I think that nobody has ever disputed that,” Mr Draghi told the BBC.  “The issue is what is the best form of debt relief within our framework, within our legal institutional framework. I think we should focus on this point in the coming weeks.”

Greek Finance Minister Resigns Ahead of Bailout Vote

Greece’s Finance Minister, Nadia Valavani, has resigned her position after telling Prime Minister Alexis Tsipras that she couldn’t support the bailout measures.

“Alexis, I am ready to serve in any capacity to the end during challenges. However, when our delegation returned with liabilities that are ‘stillborn measures’ and at such a price [by the creditors in fulfilling the reforms program], once again when the dilemma appears of retreating or Grexit, it will be impossible for me to remain a member of the government,” reads Valavani’s letter of resignation.

This ‘capitulation’ is so overwhelming that it will not allow a regrouping of forces. With your signature there will be a deterioration in the status of an already suffering population, and this will be a tombstone around their necks for many years with little potential of redemption,” she wrote.

Valavani was in charge of taxation and overseeing privatization in the nation.

The International Monetary Fund (IMF) expanded on initial criticisms offered Tuesday of the deal between Tsipras and EU officials, saying that Greece’s debts now exceed $300 billion and that creditors will have to write off some of the debt if there is any hope of Greece repaying what it owes.

The European Commission has been critical of giving more money to Greece than what is already being offered.

“Greece has already received more international financing than all of Europe did from the U.S. Marshall Plan after the Second World War,” Commission President Jean-Claude Juncker said.

Greece’s energy minister, Panagiotis Lafazanis, said Wednesday that even if the deal passes the Parliament, the country’s people will never accept it and unite against it.

Greece PM Fighting With Own Parliament Over Bailout Deal

While much of the world celebrated a bailout deal that would keep Greece from entering into bankruptcy and a forced exit from the Euro, the country’s Prime Minister found himself facing a hostile and combative Parliament.

Greece’s PM Alexis Tsipras spent all day Tuesday in contentious meetings with his own party’s members of parliament and the conflict was so severe it was possible he would need to form a new national unity government to get the bailout passed for the nation.

The deal is critical for the nation as they missed a second debt repayment to the International Monetary Fund (IMF) putting them further behind in their debt load.

Over 2 million euro are owned to the IMF by Greece as of Monday.

The nation’s banks have been closed since June 29th and without the deal there is no indication when they could re-open.  Heavy restrictions on ATM transactions remain in place.

The IMF surprised many observers today by releasing a report on the bailout agreement stating the country needs “massively more” debt relief than admitted by eurozone officials.

“The dramatic deterioration in debt sustainability points to the need for debt relief on a scale that would need to go well beyond what has been under consideration to date – and what has been proposed by the ESM,” the IMF stated.

Greece Bailed Out

Greece has been given the bailout they were seeking for weeks after agreeing to economic reforms.

The $96 billion bailout is the third for Greece since 2010 and should keep the nation in the Euro for the moment.

The key for the deal is that Greece must show concrete steps toward cutting pensions and raising taxes in the nation.  The measures must be passed by the Greek Parliament by Wednesday if the bailout is to progress further.

However, the bailout is drawing fierce criticism from Greek citizens and others who support them.  The hashtag #ThisIsACoup has been trending on social from those who see the demands of the EU as taking over Greece.

“The trending hashtag ThisIsACoup is exactly right,” economist Paul Krugman wrote for the New York Times. “This goes beyond harsh into pure vindictiveness, complete destruction of national sovereignty, and no hope of relief.  It is, presumably, meant to be an offer Greece can’t accept; but even so, it’s a grotesque betrayal of everything the European project was supposed to stand for.”

One of the elements of the deal is that $56 billion of Greece’s public assets be placed into a truth in Luxembourg, where the proceeds from privatization of the assets would be used to pay the nation’s creditors.

Markets around the world climbed on the news of the bailout deal being offered to Greece.

Germany Caves To International Pressure on Greece

German officials have reportedly given in to the demands of other European nations and banking institutions in regard to money owed them by Greece in what could be a significant step toward ending the Greek debt crisis standoff.

The European Council had been calling the loudest for Germany to make steps toward working with Greece after Chancellor Angela Merkel and other officials took a hard line stance over Greece’s unwillingness to accept austerity measures.

“The realistic proposal from Greece will have to be matched by an equally realistic proposal on debt sustainability from the creditors,” said Donald Tusk, the European Council president.

Greece submitted a new reform proposal to the EU just two hours before a midnight deadline Thursday.  The plan contains many items that Greek Prime Minister Alexis Tsipras had rejected and urged the nation’s voters to reject in a recent referendum.

The new proposal includes tax increases, reform to pensions and spending cuts.

“The package takes a very substantial step in the right direction, and it should move us closer to a deal,” said Mujtaba Rahman, the Europe director for the Eurasia Group, told the New York Times.  “The question now is whether the Greeks are actually going to implement some of the measures over the course of the weekend by putting them before their Parliament as German officials seems to be demanding.”

German Chancellor Merkel stated later in the day Thursday that she still opposes any debt reduction for Greece as part of the deal.

China Could Be Facing Their Own “1929 Stock Crash”

The Chinese government has been scrambling over the last few days in an attempt to stave off a massive stock collapse similar to the 1929 U.S. stock market crash which caused the Great Depression.

The Wall Street Journal said Wednesday that it appears the Chinese government is losing control of the market despite efforts to stop the slide.  The stock market has already begun to impact other parts of the Chinese economy, with the country’s bond and currency markets starting declines.

The Shanghai Composite Index (SCI) fell 5.9% on Wednesday and has lost 33% of its value since a peak on June 12.  The total of the loss, $3.5 trillion, is nearly five times the value of computer giant Apple, Inc.

“Beijing’s latest bid to calm the market has had the opposite effect,” said Bernard Aw, market analyst at IG Group, told the Journal. “The panic is spreading, and authorities appear to be grasping at straws to hold back the tide.”

While most of the world is focused on Greece, which as a nation has a gross domestic product for a year that totals only 13% of the losses on the Chinese stock market since June 12.

“China’s stock market had become detached from the reality of China’s own economy, and appallingly overvalued,” Patrick Chovanec, managing director at Silvercrest Asset Management, posted on Twitter.

Chinese government officials pushed more money to brokerage houses Wednesday in an attempt to prop up the market.  Over 1,300 Chinese companies, almost half the total in the market, have suspended their stock trading.

Some Greek Banks May Close Even With National Bailout

Some of Greece’s larger banks could end up disappearing as a result of the economic collapse taking place in their nation.

European officials confirmed to Reuters that some weaker banks will be taken over by larger rivals in a restructuring of the banking industry.  They estimated that two of the four major banks — National Bank of Greece, Eurobank, Piraeus and Alpha Bank — could end up being absorbed by other banks.

“The Greek economy is in ruins. That means the banks need a restart,” an official told Reuters. “Cyprus could be a role model.  You have a tiny bit of time … you would do restructuring straight away.”

The plan is expected to meet fierce Greek resistance.

The news from the EU officials comes as Greek government officials confirmed they would be extending bank closures and putting a 60-euro limit on ATM withdrawals until Monday because the European Central Bank (ECB) decided not to increase support for Greek banks until a solution is found for the current economic default.

Greek citizens have been attempting to clear out bank accounts and spend their money fearing that their deposits could be seized in a bailout deal.

The EU is facing internal conflict as Germany, the biggest creditor for Greece, is resisting calls to restructure Greece’s debt.

“Greece is in a situation of acute crisis, which needs to be addressed seriously and promptly,” International Monetary Fund chief Christine Lagarde said at the Brookings Institution think-tank in Washington.

Could this be the Beginning of a Complete World Collapse?

A Day of Chaos on Wall Street today!  As this is being written, the New York Stock Exchange had been closed for over 4 hours.  The Greek Government is scrambling to fix their financial disaster and headlines are screaming out that the real crisis in the financial news is that China is headed for a crash much like what happened to us in 1929. As I have watched the news today, riveted by what is happening all over the country, all I could do was sit and connect the dots. Could the world’s financial system be taking the first major step towards a complete collapse?

This morning, United Airlines had to suspend and cancel flights all over the country because of a “computer glitch”; The Wall Street Journal’s Website went down because of a “computer glitch”.   All of these computer glitches and I have a hard time NOT connecting them together. And if these incidents are related, then it had to be by something evil.

There is massive flooding all over the country and power outages occurring because of them. We are also suffering from drought and threats of disease that are wiping out some of our food supply.  The warning signs are continuing to flash brighter.

Last night I received a phone call from a recent prophetic guest and wonderful friend, John Kilpatrick.  He told me that, “The next 90 days will be more important than the last 54 years of your ministry all together!”  He went on to warn me, “Do not be distracted as the next months are crucial!  Your voice must be diligent and clear in the next 90 days!”

Time after time, our prophetic guests have told us all that we need to be preparing NOW!  It IS time to get ready for what is to come!  John Shorey, Rick Joyner, Joel Richardson, Carl Gallups and Rabbi Jonathan Cahn are among those that have just recently been warning the world of what is to come!  I cannot help but think of their words as this day unfolds.  We will see more of these days of uncertainty, we will see more chaos.

According to Joe Grano, Chairman and CEO of Centurion Holdings LLC and former chairman of Homeland Security Advisory Council: “The two places America is most vulnerable is our financial systems and our energy grid. And the biggest warning light is that our enemies not only can shut down our financial system but also our grid.”

I am committed to bringing you as much information that I can as the days unfold.  We are going to be working on this together!  On our next broadcast, we will be talking about these world shaking events and piecing them together on the show.  We will be discussing the many events that are coming together in this world and what we can begin expecting in the days to come. Today we began construction on our new Roku network “breaking news” facility. We are so eager to finish this new building so that we may bring you the cutting edge news as soon as it is breaking.

The Lord is speaking to all of us in so many ways.  We want to hear from you if you feel He is speaking to you!  Please send us information that you find and news that you feel is important during these prophetic days.  We want to hear from you!  Please email us at newsteam@jimbakkershow.com.

God Bless you.

Love,

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