Brink of collapse – how the global financial crisis began
The BNP Paribas announcement turned out to be the starting gun to the global financial crisis.
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The BNP Paribas announcement turned out to be the starting gun to the global financial crisis.
Perhaps the simpler explanation is the more likely one: children really are being orphaned in Syria, or left wounded and distressed, and those children are now being wrongly accused of involvement in an elaborate conspiracy.
Alexis Tsipras’ final election rally had the usual soundtrack and familiar props but a different cast. After more than a fifth of his MPs split to form a new left party, the inner core of party activists behind the stage were nervous. Would anybody more than the party faithful come?
There is a genuine sense that some of those supporting Jeremy Corbyn are invigorated by the sense of a genuine alternative to the broad consensus among the major parties.
As the first money from a third bailout is paid out, the Greek Prime Minister Alexis Tsipras submits his resignation, telling the Greek people he did his best, but the people must now pass judgement.
The levels of economic pain and dysfunctional borrowing set to be inflicted on Greece mean that at some point public opinion will flip.
There is now the basis of a deal to keep Greece in the eurozone – but it involves the crushing of a government elected on a landslide and the flouting of a referendum.
The Greeks arrived with a set of proposals widely scorned as “more austere than the ones they rejected”. The internet burst forth with catcalls – “they’ve caved in”.
Greece is told it needs to enact key reforms by Wednesday in order to restore trust with eurozone leaders, who will then open talks to negotiate a bailout deal with the struggling country.
The new Greek government proposals, published late last night are clearly based on those submitted by Jean Claude Juncker last Thursday, before the referendum. Many Greeks are frustrated, asking: what was the point of the referendum? It’s left many foreign observers saying the same.
The government will want to give clear advice to tourists heading for Greece (in a few weeks’ time that includes quite a few MPs, I understand, who have holidays booked there).
Why did Varoufakis go? The official reason, on his blog, was pressure from creditors. But there are a whole host of other reasons that made it easier for him to decide to yield to it.
The EU leadership told Greeks a No meant exit from the eurozone. The Greek government said they were bluffing. We’ll find out who’s right soon.
The IMF’s report yesterday got swamped amid the gloom, despondency and fractiousness of the Greek crisis. It said, in short, Greece’s debt has become unsustainable.
Politicians with Greece’s ruling Syriza party, including Prime Minister Tsipras, say the country should vote no in Sunday’s referendum, as the Bank of England warns of a “very dangerous” situation.