[Right at the moment, a battle of nerves is on. All the four main players - the Syriza regime, the IMF, the ECB and the ESFS - directly engaged are, apparently, rather interested in avoiding the looming Grexit, given its likely unsettling consequences, all across the divide. But only on their own terms, as much as possible. That makes the things really tricky and the eventual Grexit quite probable as the final outcome of this eyeball-to-eyeball confrontation. But the final word remains to be spelled out.]
I/II. http://money.cnn.com/2015/06/30/news/economy/greece-in-two-minutes/ The Greek crisis...in 2 minutes If you're just catching up to it, here are all the latest developments - and what you need to know. Last updated: June 30, 12pm ET. 1) Greece requested yet another bailout on Tuesday. It's a desperate attempt, but European finance leaders said they'd meet to consider it. Greece has been living on borrowed money for a while now, but time has nearly run out. 2) Greece will miss its $1.7 billion payment to the International Monetary Fund Tuesday at 6pm ET. It's the first developed country to do so. 3) Global financial markets are calm. That follows a pretty sharp drop on Monday and suggests investors are in wait-and-see mode to see how this all shakes out. 4) The thinking is that most of Greece's debt is owed to big European institutions and other eurozone countries, not private banks, so an ultimate default shouldn't crash through the global financial system. 5) German Chancellor Angela Merkel said Tuesday the "door is still open for dialogue." 6) Whether there's a dialogue will depend a lot on the July 5 popular vote in Greece. 7) If the people vote "No," it seems to mean that they do not want to consider a bailout. Chaos ensues as proceedings likely begin for how to leave the euro, and return to the drachma. 8) If the people vote "Yes," it generally means that they want to stay in the Eurozone. New terms will need to be negotiated. Broadly, Europe wants Greece to cut the amount it has promised in pensions and raise additional taxes. 9) Greece has another big payment due on July 20, this one to the European Central Bank. 10) Greek banks are still closed. That's to prevent people from withdrawing all their cash, which the banks couldn't possibly honor. Daily withdrawals are limited to 60 euros, or about $67. 11) Oh, Greece is pretty much in a Depression, with the economy having dropped by a quarter in the past few years, and an unemployment rate above 25%. II. http://www.vox.com/2015/6/30/8868363/greece-crisis-default-austerity -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at http://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
