The National Bank of Greece has issued a report ahead of the country’s June 17th elections that says if those elected choose to remove Greece from the euro it could have catastrophic impact upon the nation’s economy.
The bank stated the risk of the country exiting the euro has become more than a theoretical possibility. Continue reading
The Greek government gave 18 billion euros to its four biggest banks in an attempt to allow the banks access to European Central Bank funds.
Two government officials told Reuters that the government is trying to revive the country’s falling tax revenue but that it has a 3 billion euro fund remaining from the country’s first bailout to pay bills should the tax revenue not recover. Continue reading
Secrecy is surrounding an estimated 100 billion euro addition of emergency liquidity provided by the country’s central bank. The move was approved in secret by the European Central Bank.
The use of “Emergency Liquidity Assistance” to help weak economies has been a behind the scenes activity during the euro zone crisis. The ELA helped save the financial system in Ireland and is being used more extensively in Greece. Continue reading
Greece, in the midst of a rash of suicides related to the country’s economic crisis, had their debt rating raised from “selective default” to “CCC”. After two bailouts, the Greek government has been described by Standard and Poor’s as having “alleviated near-term funding pressures.” Continue reading
A sharp increase in suicides in Greece is causing social stress leading up to the May 6th elections.
The rise in suicides was punctuated by a 77-year-old pharmacist who said he was reduced to fishing through garbage cans for sustenance and thus found suicide to be a “dignified end” to his life. Continue reading
