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Voluntary Greek debt write-off under pressure
There are reports from Reuters about the eurozone thinking it might be better to force a default on the banks over Greek debt, blogs Gary Gibbon.
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Greece’s Prime Minister Papandreou says he will not go ahead with plans for a referendum on the EU bailout, but calls for unity from opposition parties.
There are reports from Reuters about the eurozone thinking it might be better to force a default on the banks over Greek debt, blogs Gary Gibbon.
The die appears cast: somehow the Greek people are going to get a say on all this – either through a referendum or an election – and they will pronounce on whether they want to live more like the Germans or not.
In an age where there is a paucity of global leaders, former Brazilian president Lula is someone the world can ill afford to lose. We should wish him well as he goes under the knife later today.
In Cannes ahead of the G20 meeting, Chancellor Merkel and President Sarkozy press Greece’s premier Papandreou for clarity on whether the country plans to remain in the eurozone.
Ireland discovers some spare pennies – but at a time of austerity, shouldn’t the government already have been looking for any “lost” cash, says Gary Gibbon.
This a grenade in the eurozone crisis on the eve of a G20 when Europe was hoping to present a reformed and self-disciplined face to the world, writes Gary Gibbon of the decision to call a referendum on the bailout in Greece.
As more figures come out showing poor growth, is the European Union going to be forced to hand the keys to the continent to China, asks Gary Gibbon.
As leading organisations warn problems in the global economy could lead to international unrest, Gary Gibbon reports on the latest setback in the eurozone crisis – a Greek referendum on the bailout.
Is the eurozone heading towards fiscal unity, asks Gary Gibbon. Maybe, but – as Spock might have said – “It’s fiscal union, Jim, but not as we know it.”
A deal is reached, but Economics Editor Faisal Islam says the devil will be in the detail. The bailout bazooka will need the goodwill of the rest of the world.
An outline deal to save the eurozone has been agreed – but does it still need China’s input to succeed? Let’s hope not, because a top economist tells Channel 4 News the country may not be interested.
Today’s eurozone summit has reached a “broad agreement”, blogs Gary Gibbon. But it will be difficult to flesh that deal out before the G20 Cannes summit next week.
“Only in America and Canada do employers enjoy a lighter regulatory burden, according to 21 measures of how easy and expensive it is for companies to lay off their staff.”
The welfare system is the “root cause” of the eurozone crisis, says Jin Liqun from China’s sovereign wealth fund, and working harder and longer would solve its problems.