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Thread: New Elections to Be Held in Greece

  1. #76
    To vex the world rather than divert it. Villerar's Avatar
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    Re: New Elections to Be Held in Greece

    There is a behemoth of an article at the New Yorker about Varoufakis's tenure as finance minister. It states that there was more of a cool between Tsipras and him than he let on earlier, caused by Tsipras's tactics to sacrifice opposition to austerity for debt relief. Also interesting was that the government expected as "yes" in the referendum and that the entire referendum was a way of staging their exit. Furthermore, a lot of intriguing claims about politicians' statements that are a feast for the political junkie.

    http://www.newyorker.com/magazine/20...-greek-warrior

    On July 4th, the night before a referendum asked the Greek people to decide how far their debt-ridden government should accommodate the demands of its main creditors—the “troika” of the European Union, the European Central Bank, and the International Monetary Fund—Yanis Varoufakis, the country’s minister of finance, sat outdoors at an Athens restaurant, wearing a T-shirt with an outline of Texas on the front. In January, Varoufakis, an economist who had been teaching at the University of Texas at Austin, abruptly entered Greek politics, becoming the public face of the country’s defiant negotiations with European leaders. After months of fatigue, he had slept for much of the day, and he was in a good mood. Varoufakis, who is fifty-four, had the peace of mind of someone who was certain of an election result and already savoring the satisfactions to follow. His government, the left-wing Syriza party, would lose. The people would vote “yes”—that is, in favor of making more concessions than Varoufakis and Alexis Tsipras, the country’s forty-year-old Prime Minister and the leader of Syriza, had said that they could stomach. Varoufakis would resign as a minister, and would never again have to endure all-day meetings in Brussels and Luxembourg, listening to other European finance ministers scold Greece for its disobedience. And he would no longer need to marshal scant supplies of discretion to disguise the fact that he and Tsipras had, in recent weeks, lost significant faith in each other. Varoufakis had not given up his hostility toward the troika, or the economic arguments underpinning that hostility, but he spoke as if Syriza’s weeklong campaign of slogans and street protests in support of ohi—“no”—were already archived in Greece’s long history of resistance to external aggressors. A “yes” vote, Varoufakis declared, was “inevitable.”

  2. #77
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    Re: New Elections to Be Held in Greece

    More details have been worked out. Debt reduction is still lacking from the agreement, this is to be negotiated later.

    http://www.bbc.com/news/business-33858660

    Greece has agreed a bailout deal "in principle" with its creditors, the European Commission has said.

    The Commission said a technical agreement had been reached with Greece, which now requires political approval.

    Greek Prime Minister Alexis Tsipras has asked parliament to convene so that MPs can debate the details on Wednesday before a vote on Thursday.

    A deal on a new €85bn (£60bn) three-year agreement is needed to keep Greece in the eurozone and avert bankruptcy.

    Earlier, Greece's Finance Minister Euclid Tsakalotos had said "two or three small issues," were yet to be resolved with lenders, following overnight talks in Athens.

    The country needs a deal by 20 August, when it has a debt repayment of about €3bn to make to the European Central Bank.

  3. #78
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    Re: New Elections to Be Held in Greece

    Varoufakis has criticised the current terms of the bailout agreement, to the extent that there are any terms.

    http://www.bbc.com/news/business-33880217

    Former Greek finance minister Yanis Varoufakis has said the latest Greek bailout deal "is not going to work".

    Mr Varoufakis, speaking on the BBC's World at One, said that others negotiators in Tuesday's agreement felt the same way.

    He said: "The Greek finance minister… says more or less the same thing.

    He added that he had seen the "finance minister of Germany go to the Bundestag and effectively confess this deal is not going to work".

    "The International Monetary Fund... is throwing up its hands collectively despairing at a programme that is simply founded on unsustainable debt... and yet this is a programme that everybody is working towards implementing."

  4. #79
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    Re: New Elections to Be Held in Greece

    Contrary to what was previously alleged and reported, the Greek economy didn't return to recession in early 2015. However, the figures of the second quarter are still subject to review.

    http://www.theguardian.com/business/...second-quarter

    Greece’s European creditors have underlined the temporary nature of the country’s surprise return to growth by warning that they have “serious concerns” about the spiralling debts of the eurozone’s weakest member.

    The three European institutions negotiating a third bailout package with the government in Athens said that the Greek economy had plunged into a deep recession from which it would not emerge until 2017.

    According to an analysis completed by the European commission, the European Central Bank and the eurozone bailout fund, Greece’s debts will peak at 201% of its national output (GDP) in 2016.
    The analysis emerged shortly after Greece stunned the financial markets by announcing that its economy grew by 0.8% in the three months leading up to the crisis that forced Athens to close the banks and impose capital controls.

    Figures from Greece’s statistical agency ELSTAT showed that the country grew more strongly between April and June than the UK, which advanced by 0.7%, even though the last few weeks of the quarter in Greece were dominated by reports of money leaving the country and fears of a debt default.

    ELSTAT also revised away a fall in GDP in the first three months of 2015 and now says that the economy was at a standstill during that period.

    As a result, Greece was no longer technically in recession over the quarter since the economy’s output did not decline for two successive quarters.

  5. #80
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    Re: New Elections to Be Held in Greece

    The new details show a far-reaching involvement of creditors/violation of sovereignty.

    http://www.theguardian.com/world/201...-signed-up-for

    New details have emerged of the extraordinarily detailed new memorandum of understanding struck between Greece and its creditors in exchange for an €86bn bailout. The actions Athens have agreed to take are divided into four “pillars”:

  6. #81
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    Re: New Elections to Be Held in Greece

    The deal on austerity is done. Varoufakis's contention that Tsipras hoped to compromise by trading austerity for debt relief was right. The question is, will there be anything substantial and will the IMF support the deal?

    http://www.bbc.com/news/world-europe-33934238

    Eurozone finance ministers have agreed on a new bailout deal for Greece after Athens backed the plan.

    European Commission President Jean-Claude Juncker said the deal sent a message "loud and clear" - Greece will stay in the eurozone.

    The agreement demands tax rises and more tough spending cuts in return for Greece's third bailout in five years.

    The deal means new loans of up to €86bn ($95bn; £61bn) will be made available over the next three years.

    The first tranche will be of €26bn - €10bn to recapitalise Greek banks and €16bn in several instalments, the first of which - €13bn - will be made by 20 August, when Greece must repay about €3.2bn to the European Central Bank (ECB).

    The deal comes at a heavy political price for Greek Prime Minister Alexis Tsipras, who has faced a rebellion in his left-wing Syriza party.

    More than 40 Syriza MPs voted against him when parliament decided on the bailout agreement on Friday, after all-night talks. Reports in Greece suggest he will seek a vote of confidence in parliament next week, bringing the prospect of snap elections closer.
    The targets are utterly unrealistic if you had missed that, by the way. That's particularly true for 2017 and 2018.

    As for possible elections in the very near future, watch this topic to be renamed to "New Elections to Be Held in Greece".

  7. #82
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    Re: New Elections to Be Held in Greece

    The German parliament has given the green light to the third programme.

    http://www.bbc.com/news/world-europe-33985325

    German MPs have voted by a large majority to approve a third bailout deal for Greece.

    In total 453 members of parliament voted in favour, while 113 rejected the bailout and 18 abstained.

    German Finance Minister Wolfgang Schaeuble had earlier warned MPs that it would be "irresponsible" to oppose the €86bn ($95bn; £61bn) package.

    A first tranche of about €25bn is now being made available to meet Greece's debts and help recapitalise its banks.

    Greece is due to make a new debt payment to the European Central Bank on Thursday.
    The vote was supported by the Social-Democratic Party, the Greens and most in CDU/CSU. The Left voted against the compromise.



    It was also more or less approved in Dutch parliament.

    http://www.reuters.com/article/2015/...0QO0Z820150819

    The Netherlands endorsed a third bailout for Greece on Wednesday as both the cabinet and parliament approved the step after a bruising debate in which Prime Minister Mark Rutte's credibility was challenged.

    Although a majority in parliament supported the 86-billion-euro ($95 billion) bailout, it is unpopular with Dutch taxpayers, especially Rutte's own conservative base, just as in Germany whose parliament on Wednesday also ratified the rescue for debt-ridden Greece.

    Rutte was left explaining why he had reversed course on a pledge he gave during his successful 2012 election campaign that he would give "not one more cent for Greece."

  8. #83
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    Re: New Elections to Be Held in Greece

    Tsipras has resigned and called new elections. He hopes to consolidate his hold over his party - it's not intended as suicide by vote like the referendum.

    http://www.bbc.com/news/world-europe-34007859

    Greece's Prime Minister Alexis Tsipras has announced he is resigning and has called an early election.

    Mr Tsipras, who was only elected in January, said he had a moral duty to go to the polls now a third bailout had been secured with European creditors.

    The election date is yet to be set but earlier reports suggested 20 September.

    Mr Tsipras will lead his leftist Syriza party into the polls, but he has faced a rebellion by some members angry at the bailout's austerity measures.
    Syriza have consistently led the polls since the previous elections and may be able to secure an absolute majority of seats (this doesn't require an absolute majority of the vote because the largest party receives 50 extra seats).

  9. #84
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    Re: New Elections to Be Held in Greece

    A left split from Syriza has formed, comprising 25 MPs.

    http://www.theguardian.com/world/201...ar-unity-party

    Rebels within Greece’s ruling party, the leftwing Syriza movement led by the prime minister, Alexis Tsipras, have announced they are breaking away to form a separate entity called Popular Unity.

    Angry at what they see as a betrayal of Syriza’s anti-austerity principles, the 25 MPs announced their intention to form a new party in a letter to parliament the day after Tsipras resigned to pave the way for snap elections next month.

    Led by the former energy minister, Panagiotis Lafazanis, the new movement will be the third-largest group in the Greek parliament and could conceivably receive a mandate to try to form a new government.

    Tsipras announced his resignation in a televised address on Thursday night. He said he felt a moral obligation to put Greece’s third international bailout deal, and the further swingeing austerity measures it requires, to the people.
    Last edited by Villerar; September 21st, 2015 at 06:41 AM.

  10. #85
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    Re: New Elections to Be Held in Greece

    Greece now has an interim prime minister ahead of the elections.

    http://www.bbc.com/news/world-europe-34077933

    Greece's top Supreme Court judge, Vassiliki Thanou, has been appointed caretaker prime minister ahead of early elections next month.

    President Prokopis Pavlopoulos named Ms Thanou after efforts to form a coalition failed. Last week, Alex Tsipras resigned as prime minister to seek a new mandate for office.

    Ms Thanou, 65, becomes Greece's first female prime minister.

    Elections are expected to be scheduled for 20 or 27 September.

    Ms Thanou's appointment ends a week of fruitless negotiations as opposition party leaders tried unsuccessfully to form a government.

  11. #86
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    Re: New Elections to Be Held in Greece

    Campaigning is over, people will go to the polls this weekend.

    http://www.bbc.com/news/world-europe-34297904

    Final campaign rallies have been held in Greece ahead of Sunday's elections, with several polls giving left-wing Syriza a small lead.

    But with little separating the party from conservative New Democracy, a coalition government is likely.

    Syriza's leader, Alexis Tsipras, called the snap poll after securing a multi-billion euro international bailout.

    Whoever is elected will have to oversee austerity measures demanded by Greece's creditors as part of the deal.

  12. #87
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    Re: New Elections to Be Held in Greece

    Syriza won and the polls were rather far off, surprising nobody.

    http://www.bbc.com/news/world-europe-34307795

    Greece's Alexis Tsipras has said his left-wing Syriza party has a "clear mandate" after winning a second general election in less than nine months.

    But he said Greeks faced a difficult road and recovery from financial crisis would only come through hard work.

    Syriza won just over 35%, slightly down on its previous result and still short of an overall majority.

    But it will renew its coalition with the nationalist Independent Greeks. Opposition New Democracy gained 28%.

    Far-right Golden Dawn came in third with 7%, slightly up on January's poll.

  13. #88
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    Re: New Elections to Be Held in Greece

    Because of the ongoing xenophobic hysteria about refugees and the conjoined media frenzy, little has been visibly published by mainstream media on the economic situation in Greece. Which stays terrible.

    These former associates of Syriza paint a glum view about the viability of the deal and the possibility of haircuts (Tsipras tried to trade debt relief at the cost of austerity, but that doesn't seem at offer).

    https://www.socialeurope.eu/2016/04/...future-greece/

    The latest flare up regarding Greece has followed publication by Wikileaks of illegally taped discussions among IMF officials. To analyse the significance of this event it is vital to bear one point in mind: Greece cannot meet the terms of the bailout agreement struck on July 2015 by Prime Minister, Alexis Tsipras. The agreement is effectively dead and all parties involved are aware of that, even if they are not openly admitting it.

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