Could a split in the German government kill a deal to rescue Greece?
The big worry in the Greek debt crisis—today—is what seems to be a genuine split in the German government between Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble. Schaeuble has become the leading voice for those skeptics who doubt that the Greece government can be trusted to deliver on its promises once it has the next rescue payout in its hands.
What would happen if Greece defaulted and left the euro?
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Now there’s talk of putting off a decision on a rescue package for Greece until March or even April
Yesterday, when European finance ministers called off their emergency meeting, the ostensible reason was Greece’s failure to specify the sources of a last 325 million euros in budget cuts and the need to have the leaders of the country’s two biggest parties, New Democracy and Pasok, sign pledges to abide by the deal after the country’s April elections. This morning Athens delivered on both those fronts. Turns out that’s not enough—because those two items weren’t the real problem at all.
European finance ministers cancel tomorrow’s meeting on Greek debt deal; will talk by phone instead
European finance ministers have cancelled tomorrow’s meeting and will hold a teleconference instead. That’s not going to produce a vote on the package. Instead it seems intended to extract “better” promises from Greek politicians.
Maybe there’s another way to delay a decision on Greece past Wednesday’s meeting of finance ministers
Some day EuroZone leaders will have to decide either to approve a second rescue package for Greece or not. But maybe not this week. A new neither here nor there alternative has started to gain traction in the run-up to Wednesday’s meeting of European finance ministers.
While Athens still smolders, the action in the Greek debt crisis shifts to Brussels on Wednesday
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...Saturday Night Quarterback says, For the week ahead expect…
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...As Socrates once said, It’s not over til its over–the Greek debt crisis refuses to go away
Yesterday’s meeting of European finance ministers adjourned without action on the plan to rescue Greece, because the finance ministers wanted to see 1) more details on the last 430 million euros in cuts and 2) actual legislation to turn Greek promises into Greek laws.
European Central Bank and Athens both say Greek politicians have signed on to the Greek rescue deal
To subscribe to JAM you need to fill in some details below including, ahem, some info on how you'll pay us. A subscription is $199 (although if you're subscribing with one of our special offers it will be lower) for a year for ongoing and continuing access to the...The Greek crisis comes down to this–Will Greek politicians sign (and will the deal fall apart if not all of them do)?
The last major structural obstacle was—apparently–negotiated away today when the European Central Bank—reportedly—agreed to participate in a write down of its holdings of Greek government bonds. That leaves it up to Greek politicians to sign or not.
Odds of Greece defaulting and leaving the euro in next 18 months now 50%, according to Citibank
The more deadlines that Greece misses in the short term, the higher the odds that the country will default and leave the euro in the longer run. Today Citibank raised its estimate of the odds of a Greek default and departure from the euro in the next 18 months to 50%
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