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Updated 2025-07-05 19:45
Greece crisis: markets begin to tumble as investors flee
Markets across Asia slide and $35bn is wiped from Australian stock market on what is expected to be a torrid day following the closure of Greek banksMarkets suffered across Asia on Monday as Greece shut down its banks for a week ahead of an increasingly likely debt default.Oil prices declined and the euro edged down against the dollar, while Tokyo’s Nikkei 225 index fell 2% to 20,283.98 points. The Shanghai Composite Index was off 0.4% at 4,178.56 despite China’s surprise weekend interest rate cut.Related: Greek debt crisis: the key points of Athens bank controlsRelated: Australian shares plunge as $35bn wiped off stock market over Greek crisis Continue reading...
Greek debt crisis: the key points of Athens bank controls
All banks closed for at least a week, cash withdrawals capped at €60 a day and foreign money transfers banned ahead of referendum on bailout termsEarly on Monday morning, the Greek prime minister, Alex Tsipras, published a decree in the official government gazette setting out the capital controls to be imposed on the country.The decree – entitled ‘Bank Holiday break’ – was signed by Tsipras and president Prokopis Pavlopoulos.The same applies to the payment of wages and pensions--they are also guaranteed. #Greece Continue reading...
Puerto Rico hopes economic report will provide fix for $73bn debt problem
Report on island’s financial stability by former IMF economists has the potential to rattle bond prices if its predictions are pessimisticPuerto Rico is set to release a key report by former IMF economists on its financial stability on Monday, which could point towards a fix for the island but has the potential to rattle bond prices if its predictions are pessimistic.Puerto Rico, struggling with a $73bn debt load and faltering economy, is facing crunch time this week with a deadline to agree on a budget as well as a 1 July deadline to make a $655m payment on its general obligation debt, while its struggling utility Prepa (Puerto Rico Electric Power Authority) faces a $400m payment.Related: Puerto Rico in crisis: weighed down by $73bn debt as unemployment hits 14% Continue reading...
Does Australia have a workable climate change policy? – podcast
As the Abbott government gets set to unveil Australia's new target for greenhouse gas reductions after 2020, Lenore Taylor asks Professor Ross Garnaut and Frontier Economics managing director Danny Price: how do we intend to reach the target? Continue reading...
Martin Rowson on the Greek financial crisis – cartoon
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Greek crisis: Banks shut for a week as capital controls imposed - live updates
Greek banks will not open until July 7 in an attempt to avoid financial panic, after ECB capped the emergency funds keeping them running
Athens cashpoint queues lengthen in face of week-long bank closures
Following news banks will remain closed until after Sunday 5 July referendum, people all over the city are desperate to access their moneyAll over Athens they were queuing, but the lines outside the National Bank branches were by some distance the longest – because the National Bank supplies the banknotes, and lots of other Greek banks, by midnight on Sunday, had no more of those.“People are feeling very concerned … very insecure,” said Maria Poulimeniou, outside the National Bank on Eleftherios Venizelos street in Kallithea, a southern Athens suburb. Continue reading...
The Guardian view on Greece and the euro: no money left | Editorial
Deadlines have come and gone before, but Tsipras’s referendum pledge has finally forced a denouement. Creditors must rethink a failed austerity policy, and the political risk of painting themselves as the enemies of the Greek peopleSomething was bound to snap in Greece, and now it has. Over six years, jobs have vanished, hope has been smothered and a generation of progress in living standards has been reversed. Suicides soared among stricken individuals, and the collective sense of sovereignty shrivelled. The nation has been crucified on the cross of a currency that it should never have been allowed to join. It awakes to discover the extent of restrictions on accessing its bank accounts.Step back from the immediate row over proposals and counter-proposals, under which Alexis Tsipras drew a sharp line on Friday with his midnight pledge for a referendum, and this is the real backdrop to Athens’s abrupt decision to stop playing the European game. Fiery and inexperienced, the Greek prime minister has breached all the rules of diplomacy, failing to warn his counterparts about his plebiscite before going public, and perhaps depriving himself of a last bit of leverage in the haggling over bailout terms. His rhetoric contrasts his own mandate with the presumptions of callous technocrats, ignoring the mandates of creditor governments. That threatens the space in which a European club of 28 members is fated to find compromise. And the question he will put to the voters – whether they accept the creditors’ terms for extending a bailout that is now set to finish five days before Sunday’s vote – is arguably a nonsense.Related: Greece crisis deepens as banks close for a week after weekend that shook euro Continue reading...
Greek crisis brings eurozone to a crossroads | Letters
We call on David Cameron to support the organisation of a European conference to agree debt cancellation for Greece and other countries that need it, informed by debt audits and funded by recovering money from the banks and financial speculators who were the real beneficiaries of bailouts (Greek leader calls last ditch referendum on bailout, 27 June). We believe there must be an end to the enforcing of austerity policies that are causing injustice and poverty in Europe and across the world. We urge the creation of UN rules to deal with government debt crises promptly, fairly and with respect for human rights, and to signal to the banks and financiers that we won’t keep bailing them out for reckless lending.
The Greeks for whom all the talk means nothing – because they have nothing
For Georgios Karvouniaris, his sister Barbara, and many thousands like them, whether Greece stays in the eurozone or not is unlikely to have any effectOn a steep, gardenia-scented street in the north-eastern Athens suburb of Gerakas, in one corner of a patch of bare ground, stands a small caravan.Plastic mesh fencing – orange, of the kind builders use – encloses a neat garden in which peppers, courgettes, lettuces and beans grow in well-tended raised beds. Flowers, too.Related: Greece crisis: a disaster for Athens and a colossal failure for the EURelated: The moral crusade against Greece must be opposed | Zoe WilliamsRelated: Greece crisis could be a Sarajevo moment for the eurozone Continue reading...
Tourists in Greece warned by Foreign Office banking services may be limited
Warning about potential bank closures echoes similar advice issued in the US and Australia as European Central Bank caps emergency funds to countryThe Foreign Office has updated its advice for those travelling to Greece with a warning that access to banking services in the country may become limited at short notice.The change in advice comes as Greece teeters on the brink of defaulting on its debts, which could trigger an exit from the euro or the closure of the banking system. Continue reading...
Greece crisis: a disaster for Athens and a colossal failure for the EU
After three crises in as many days, the collective performance of the eurozones governments inspires little hope or confidence in their crisis managementFive years from its inception, the world’s biggest bailout of a sovereign state will grind to an excruciating halt on Tuesday, theoretically leaving Greece high and dry and on its own under a leftwing government bitterly accusing the EU elite of deliberately using the country as a neo-liberal laboratory.If the experiment has been a disaster for Greece, it is also a colossal failure for Europe, with the result that at the very apex of leadership the EU nowadays resembles an unhappy assembly of squabbling politicians locked in what could not be called an “ever closer union”. Continue reading...
The moral crusade against Greece must be opposed | Zoe Williams
The idea that Greece partly deserves its fate reflects an order in which wealth trumps democracy. We should fight a narrative that enfeebles us all‘This is our political alternative to neoliberalism and to the neoliberal process of European integration: democracy, more democracy and even deeper democracy,” said Alexis Tsipras on 18 January 2014 in a debate organised by the Dutch Socialist party in Amersfoort. Now the moment of deepest democracy looms, as the Greek people go to the polls on Sunday to vote for or against the next round of austerity.Unfortunately, Sunday’s choice will be between endless austerity and immediate chaos. As comfortable as it is to argue from the sidelines that maybe Grexit in the medium term won’t hurt as much as 30 years’ drag on GDP from swingeing repayments, no sane person wants either. The vision that Syriza swept to power on was that if you spoke truth to the troika plainly and in broad daylight, they would have to acknowledge that austerity was suffocating Greece.Related: Greek crisis live: Banks to stay shut on Monday - reportsAt the moment, Germany knows best. How do we know they know best? Because they are the richest Continue reading...
Interest rates and growth warning from Bank for International Settlements
BIS says governments needed to rely less on monetary policy and more on structural reform to secure sustainable growthThe international body that represents the world’s central banks has issued a stark warning that an unprecedented period of ultra-low interest rates mask deep weaknesses in the global economy and threaten to be the trigger for the next financial crisis.In its annual report, the Basle-based Bank for International Settlements says that what used to be considered “unthinkable” risks becoming the “new normal”, with clear risks for future stability. Continue reading...
HS2: if they build it, will people come?
The real argument in favour of HS2 is that it could transform the economies of the Midlands and the north, but better project management and a localised approach is needed to make it workIt was a gift for opponents of the planned HS2 fast rail link connecting London with the Midlands and the north. A suppressed government report showed that the Department for Transport thought the £50bn project was unaffordable given other spending commitments.This embarrassing finding was sneaked out on the day that the government shunted into the sidings promised upgrades of rail lines in the Midlands and the north. Inevitably, the conclusion drawn was that the delays to the electrification of the London-to-Sheffield and Manchester-to-Leeds lines are the unacceptable price being paid for the mounting cost of HS2, a worthy successor to Concorde in the long list of great British white elephants. Continue reading...
The attack on tax credits is a gamble. Without a strong recovery, it will fail
Wages are rising again: but families who turned to the Tories in May will not forgive a government that rewards their votes with a net fall in incomeNext year, average wage rises will double to 4% and the economy will be booming. Exports will flourish and private investment will return to pre-crisis levels. Unconfined joy will spread from the south-east northwards, and west to the Cornish constituencies captured by the Tories from the Liberal Democrats.The optimistic forecasts do not stop there. Unemployment will continue to fall, productivity will rise, and the Bank of England, concerned that the UK’s runaway success is about to generate the return of inflation, will start to put up interest rates at a gentle pace.Middle income families are spending only a proportion of their gains from a 2% wage rise. They are clearly nervous Continue reading...
Labour must not suffer its own great depression
As George Osborne makes his welfare cuts, the response from the party does not necessitate a great lurch to the rightThere is decency left in public life after all! In the course of an evening at the Mansion House in which he announced some bizarre budgetary targets, George Osborne found the time to pay a warm tribute to his long-time antagonist, former shadow chancellor Ed Balls. Not only that: there was spontaneous applause in honour of the man who, but for the unexpected result of the election, would have been standing in Osborne’s place, unveiling a somewhat more appealing economic strategy.As my dear friend the late Alan Watkins used to say: “Politics is a rough old trade.” But I have noticed since the election that the dignitaries of the City of London are not alone in expressing, alas somewhat belatedly, their admiration for Mr Balls.There has been much coverage about the Tories' £12bn of welfare cuts; rather less of the £8bn of tax cuts Continue reading...
Greek bailout extension refused: a panel of leading economists give their verdict
With the country edging closer and closer towards default, our panel examines the current stalemate, the factors behind the crisis and what Greece can do nextThe shock decision of Alexis Tsipras to call a snap referendum for 5 July, just like the socialist prime minister George Papandreou had tried to do in 2011, has torpedoed any chance of reaching an agreement this weekend. Greece will almost certainly default, or at least will get into arrears if it refuses to – or simply can’t – pay the 1.6bn euros it is due to the International Monetary Fund on 30 June.Related: EU ministers refuse bailout extension for Greece as referendum loomsInsisting on the status quo full of more austerity produced an increasingly weaker Greece Continue reading...
Greek crisis deepens further as bailout extension rejected - live updates
Euro finance ministers have refused to extend Greece’s bailout following shock decision to hold a referendum
Greece dominates at least 87 meetings of European ministers since 2010
Extensive Guardian analysis of eurozone meetings shows ministers spent a lot of the last five years talking about cash-strapped countryAt least 87* separate EU summits and meetings have been partly or entirely devoted to Greece and its financial crisis over the past five years, for only fitful progress on resolving the basic issue, a Guardian analysis reveals.With European finance ministers meeting once again in Brussels on Saturday to discuss the Greek debt crisis, scrutiny of European commission documents and archive news reports has found nearly 90 separate days where EU heads of government or finance ministers met to agonise over the debt crisis or chew over various bail-out and reform plans. Continue reading...
Greece calls snap referendum over eurozone bailout
Alexis Tsipras says government will campaign for no vote as Athens tells finance ministers in Brussels that Greek people need to decide country’s futureGreece has closed the door on attempts to resolve the bailout crisis by announcing a snap referendum, a senior eurozone minister has said.Jeroen Dijsselbloem, president of the Eurogroup of finance ministers for the single currency, said he was disappointed by the surprise plans to stage a popular vote on debt financing proposals. Continue reading...
Greek PM Alexis Tsipras calls referendum on bailout terms
Prime minister returns from Brussels and tells Greece that terms offered by creditors ‘clearly violate the European rules’In a dramatic move that will put Europe on tenterhooks, the Greek prime minister Alexis Tsipras told his fellow citizens last night he would call a referendum on the bailout accord that international creditors have proposed to keep the debt-stricken country afloat.
Greece crisis: Creditors to work on Plan B – as it happened
Martin Rowson on the Greek crisis negotiations – cartoon
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Greeks mistrust EU, EC, ECB – but retain some faith in the euro
Many people have grave doubts about the economic and political partnership that gave rise to the single currencyIn the past 10 days, there have been two demonstrations in Athens in support of Greece’s continued membership of the euro and one to urge prime minister Alexis Tsipras and finance minister Yannis Varoufakis not to make concessions in their negotiations with its creditors. Quite a few people have been to all three.This seemingly contradictory approach echoes Syriza’s rhetoric: one of its campaign slogans was “We will change Europe.” But it also reflects public opinion.Related: Creditors plan to ringfence Greek economy if Tsipras refuses to give in Continue reading...
Creditors draw up emergency measures in case of Greek default
Eurozone finance ministers to plan for economic breakdown and social unrest if Greece does not accept terms for five-month bailout extensionEurozone finance ministers and Greece’s creditors are to draw up emergency measures on Saturday to cope with a default by the debt-ridden country unless the Greek prime minister, Alexis Tsipras, accepts the creditors’ terms for a five-month extension of Athens’ bailout.Related: The Eurogroup meeting - the key weekend for GreeceRelated: Greek debt crisis: the 20 key moments Continue reading...
Chinese stock markets plunge over fears share prices are unsustainable
China’s Shanghai composite index falls more than 7% in mass sell-off after six months of frenetic buying driven by a state clampdown on property investmentChinese stock markets plunged on Friday as investors rushed to sell over fears that frenzied buying in recent months had sent share prices to unsustainable levels.The Shanghai composite index, which reached a post-crash record of 5,166 earlier this month, has since lost nearly 1,000 points, down more than 7% at the last session to 4,193. The CSI300 index of the largest listed companies in Shanghai and Shenzhen fell 7.9%.
Greek creditors report progress in bailout talks
EU, ECB and IMF ready to offer Athens €15.5bn in bailout funds – but Alexis Tsipras accuses lenders of blackmailGreece’s international creditors have said they are close to a deal that would unlock €15.5bn (£10.9bn) in rescue funds for the debt-laden country, despite signs of hardening political opposition in Athens as Greek prime minister Alexis Tsipras accused lenders of “blackmail”.Related: Greece crisis: Tsipras rejects latest creditor proposal – liveRelated: Greece is being blackmailed. Exiting the eurozone is its way out | Costas Lapavitsas Continue reading...
George Osborne’s go-getters aren’t getting much at all | Owen Jones
The chancellor talks up the self-employed, but their lives are precarious. The left must wake up to their plightIf booming levels of self-employment are an indicator of a thriving economy, then Greece is the powerhouse of Europe. Just under a third of the population of this austerity-ravaged nation are self-employed, more than double the EU average. Spain is another go-getters’ paradise, it seems: with half an entire generation out of work, self-employment among the young has surged. And then there’s Britain, where around 40% of the rise in jobs since 2010 is down to self-employment. If our rulers are to be believed, here is entrepreneurial flair and British dynamism in action, a vindication of the government’s “long-term economic plan”. But the plight of the self-employed is being ignored. It is time that the left began championing their cause.Related: Self-employment surge across UK hides real story behind upbeat job figuresTories would say he’s a go-getter. 'I’m a single bit of paperwork away from being the focus of all their bile,' he says Continue reading...
The real benefit cheats are the employers who are milking the system
When the taxpayer is taking on so much of the cost of in-work benefit, and the employee getting so much of the blame, there’s really only sheer nerve and hypocrisy left to be admired
Cameron told EU leader Greek exit from euro may be best option
Leaked diplomatic note reveals prime minister discussed how exit from eurozone might help Greece fix economy, but acknowledged risks involved
The Eurogroup meeting - the key weekend for Greece
All 19 eurozone finance ministers will convene on Saturday in what Angela Merkel calls a decisive meeting - what happens if there is a deal and what happens if there isn’tEurozone finance ministers, known as the Eurogroup, are holding an emergency meeting in the hope of breaking the deadlock over Greece’s debt crisis. For the last five months, the anti-austerity government of Alexis Tsipras has been at odds with Greece’s international creditors, who say they will only disburse the last chunk of held-up rescue funds to Greece in return for Athens committing to further cuts.Related: Greece crisis: Hopes for deal as differences narrow – live Continue reading...
The seven stages of Greece’s debt tragedy | Jason Manolopoulos
How did we get here, and why is it lasting so long? Here is how the drama has being playing out between Athens and BrusselsWhy is the Greek debt crisis lasting so long? Six years and no foreseeable end in sight.Different cycles influence a country’s economy: the business cycle, the credit cycle, the regulatory cycle, the moral cycle. One that is seldom talked about is the debtor-creditor cycle. George Soros deftly describes the relationship between creditors and debtors as “the collective system of lending” in Alchemy of Finance.Hopes have risen of a debt haircut for the official sector, as creditors are now discussing it Continue reading...
Abbott has given up on debt and deficit reduction, but few have noticed |
The Abbott government has abjectly failed to act on its pre-election concerns to reduce the size of a debt problem that, in reality, was non-existentIn less than two years in office, the Abbott government has added almost $100bn to the level of Commonwealth government debt. This is a 35% increase from the $273bn level of gross government debt at the time of the September 2013 election. This increase flies in the face of the Coalition’s pledge prior to the election – and occasionally since – of reducing debt and at some stage, paying it off.By the time the next election is held, most likely in the latter part of 2016, the Budget papers indicate the Abbott government will have increased government debt by around $150bn in its three years in power and three years of implementing its economic policy objectives. Continue reading...
Greek crisis: Weekend drama looms as talks fail again - as it happened
Eurozone finance ministers have failed to break the long-running deadlock between Greece and its creditors
Credit rating agencies are miscalculating risks of climate change
A new report argues that credit agencies’ failure to properly account for climate risks could lead to the next global financial crisisCredit rating agencies such as Moody’s Investors Service and Standard & Poor’s are miscalculating the risks of climate change, which could lead to the next big financial crisis, a new report claims.
Weekend deadline for Greece after negotiations draw blank
Finance ministers will meet on Saturday to attempt to thrash out a deal before Monday’s markets openGreece’s creditors have set the country a weekend deadline to avoid default and stay in the eurozone, after more than 24 hours of non-stop Brussels negotiations at the highest level resulted in stalemate.After talks between Athens and its creditors failed to reach an agreement on Thursday, a further meeting of eurozone finance ministers will be held on Saturday in a bid to achieve a breakthrough. With the German chancellor Angela Merkel insisting that a deal must be reached before markets open on Monday morning, Greece is now running out of time to secure an accord and make a €1.6bn payment to the International Monetary Fund (IMF) on Tuesday. Continue reading...
The economic case against austerity in the UK is overwhelming. So where’s the left’s challenge? | Letters
In his article, Matthew d’Ancona (Osborne’s coup: converting Labour to fiscal conservatism, 22 June) accepts the conventional wisdom that Labour’s prodigal spending after 1997 made worse the global financial crisis a decade later. He quotes David Cameron asserting in 2010 that Labour had “maxed out its credit card” and Chuka Umunna’s rueful question: “If government can’t run a surplus in the 15th year of economic expansion, when can it run one?” The fact is that debt-to-GDP ratio fell from 42.5% in 1996-97, the year Labour took power, to 35.9% in 2006-07, the year before the banks failed. Moreover, no government surplus, however large, could have funded the £300bn exposure the UK government was forced to take on to keep the banks open, nor the fact that when, as a direct result of the bank failures, GDP fell 6% in 2009-10 – one of the largest and fastest falls in history – and tax take fell 18%. This was what caused the deficit, not prodigal spending on health, education and welfare, nor Labour’s failure to run a surplus.
Debenhams boss says austerity plan is denting high street confidence
Michael Sharp says customers are cautious about spending despite seemingly buoyant economyThe boss of Debenhams has warned that the government’s plans for a further round of deep spending cuts are weighing on consumer confidence despite the apparent health of the economy.Michael Sharp, the retailer’s chief executive, said that although customers are starting to feel better off they are cautious about spending because of the government’s gloomy tone and its decision to stick with plans for £12bn of welfare cuts. Continue reading...
Greece bailout talks break down again
Eurozone finance ministers meeting ends without agreement after fourth diplomatic failure in eight days
Greek debt crisis: the 20 key moments
The financial crisis in Greece is now nearly six years old. It is a timeline peppered with violent protest and rancorous diplomacy. Now, finally, the end appears in sight. Here are the 20 key momentsGeorge Papandreou’s new socialist government reveals a large gap in Greece’s accounts. He admits the budget deficit will be double the previous government’s estimate (subscription) and will hit 12% of GDP. Fears that Greece could default on its debts grow as the prime minister says the economy is in “intensive care”.
Greece is being blackmailed. Exiting the eurozone is its way out | Costas Lapavitsas
Instead of acceding to the troika’s devastating demands, Syriza should free the country from the trap of the common currency – if the Greek people agreeA few days ago the Greek government submitted a list of proposals hoping to break the deadlock with the “institutions” – the European Commission, the International Monetary Fund and the European Central Bank. The government basically agreed to tough primary surpluses: 1% in 2015 and 2% in 2016. To achieve these targets it proposed to raise VAT on a range of widely consumed goods as well as imposing a host of taxes on enterprises and families of “high” income. It also proposed substantial savings on pensions. The measures added up to roughly €8bn over 2015-16, and would be immediately implemented.The package is certainly deflationary at a moment when the Greek economy is again on the threshold of recession. There is little doubt that it would contribute to output contraction and higher unemployment in 2015-16, particularly as there is little prospect of being offset by an investment programme funded by the EU. It is a major retreat by the government of Syriza.For those who look at the EU without rose-tinted glasses, there is no surprise regarding the attitude of the lenders Continue reading...
Retail sales growth slows in June but remains above average – CBI survey
Confederation of British Industry survey suggests retail sales will have grown 0.9% in the second quarter of the year, say analystsBritish retailers reported slower sales growth in June but sales remained above average for the time of year, according to an industry survey.City analysts said the figures pointed to healthy retail sales growth of about 0.9% in the second quarter of the year, giving a boost to the economy.Related: Consumers are spending their extra cash away from the high streetRelated: Debenhams boss says austerity plan is denting high street confidence Continue reading...
Sierra Leone: 'needs a Marshall Plan, not a multitude of micro initiatives'
Where should Sierra Leone’s post-Ebola economic recovery start? Our experts offer 20 steps to getting the country open for businessStart by assessing the underlying causes of the crisis: A thorough post-Ebola needs assessment must be done to outline solutions that will provide jobs and stimulate the economy in the short term but also to identify long-term changes for a recovery to be sustained and inclusive. Dylan Sogie-Thomas, private sector adviser, Office of the President, Freetown, Sierra LeoneRelax the quarantine restrictions: This is the most immediate change that needs to happen. It’s these restrictions not the disease itself which caused the economic problems. Dr Peter Davis, principal, Consilience Global, Oxford, UKRelated: Sierra Leone fieldpost: the first female undertaker for Ebola victimsRelated: Ebola can be transmitted sexually for weeks after recovery - education is crucialRelated: Ebola: how to prevent a lethal legacy for food security Continue reading...
The future of Bitcoin – Tech Weekly podcast
Bitcoin was heralded as the future of money, but it's not yet broken through to the mainstream. Will it ever? Continue reading...
Means-test welfare, but not education. That's privatisation by stealth | Greg Jericho
Our progressive tax and welfare system does half the job of reducing inequality. Social transfers in kind – like public education – do the restThis week a draft chapter on education for the Abbott government’s green paper on federation reform was leaked to Fairfax papers. Among its more newsworthy aspects was a proposal to means test public education, wherein wealthy families would be required to pay fees to attend public schools.The call to means test public education is one of those lines that appears progressive, but is actually a Trojan horse. It would result in Australia becoming much less equal. Continue reading...
Greece debt crisis talks end in renewed deadlock
Negotiations in Brussels between Athens and its creditors break down again as optimism over new Syriza proposals evaporatesGruelling negotiations between Greece and its creditors broke up without agreement as lenders warned the country that it must accept more austerity if it is to avoid defaulting on its debts.A third meeting of eurozone finance ministers in less than a week was called to a halt on Wednesday evening amid fresh deadlock over an agreement on greater spending cuts in Athens in exchange for rescue funds.Membership Event: Guardian Newsroom: Can Greece be saved?Related: Alexis Tsipras's homework has been thrown back in his face Continue reading...
Greek debt crisis brings discord within Syriza as Tsipras hopes for leap of faith
Prime minister’s proposals to creditors prove so divisive among MPs that even if deal is accepted by lenders he faces a battle to gain his parliament’s approvalThe internal faultlines in Greece’s governing Syriza party grew wider on Wednesday as its members digested the sheer scale of concessions being demanded to avert a bankruptcy and remain in the eurozone.With the battle lines now firmly drawn between Athens and its creditors, senior Syriza figures took rhetorical potshots at the tactics employed by the debt-stricken country’s lenders as prime minister Alexis Tsipras attended back-to-back talks in Brussels.Related: Alexis Tsipras's homework has been thrown back in his faceMembership Event: Guardian Newsroom: Can Greece be saved? Continue reading...
Kipper Williams on the Greek debt talks
Angry negotiations in Brussels as Greece’s latest proposals are heavily amended by its creditors Continue reading...
Tax credits: over-inflated, but still a life raft for many
The cost of Gordon Brown’s idea has ballooned unacceptably since the crash, but there are few signs that employers will pay up and relieve the pressureThere is nothing easy about making work pay. Tax credits were a way to boost wages in an era when firms were either unable or unwilling to do the right thing. They were expanded in 2003 by a chancellor, Gordon Brown, who saw them as a necessary response to international pressure on workers’ earnings.It was a prescient move that shielded millions of people from the worst the global economy could throw at them. What Brown could not foresee was that the credits would become a major post-crash safety net, inflating their cost from £9bn to £30bn by 2010. Continue reading...
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