Greece Debt Crisis

Greece Debt Crisis4 posts
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21 Aug, 2015



Prime Minister Tsipras resigns after giving a TV address. Government officials said the aim was to hold an election on Sept. 20, with Tsipras seeking to crush a rebellion in his leftist Syriza party and seal public support for the bailout program, Greece’s third since 2010, that he negotiated.

The popular mandate I received on January 25th has run its course. Now the sovereign people of Greece must weigh in…I will go to the president of the republic shortly to submit my resignation, as well as the resignation of my government. I want to be honest with you. We did not achieve the agreement we expected before the January elections. I feel the deep ethical and political responsibility to put to your judgment all I have done, successes and failures.

22 Jul, 2015

Financial crisis worsens immigration crisis

Since the start of the year 79,338 immigrants, the majority Syrian, have come to Greece. As the financial crisis grows worse there is no help from already overwhelmed communities when they arrive. As a last resort many are moved detention camps with limited electricity, food and water. Official:

Unless there is a change very rapidly in capital control, we are afraid we will see an increase in the deterioration of the situation.

13 Jul, 2015

Reaches deal with creditors

Signs Contract

Greece reaches a preliminary bailout agreement with its European creditors. The terms of the agreement include sales tax increases, reforms to pensions, and making the labor market more flexible. The country will have to open up competition to industries that have long been protected, such as the energy sector. These and other terms of the agreement will have to be passed into law by Wednesday as a first step to receive 85 billion euros in bailout loans.

30 Jun, 2015

$1.7 Billion IMF payment default

Loan default

Greece formally defaults on its $1.7 billion payment to the International Monetary Fund in Athens, after another attempt to get a two-year bailout from Europe of $32 billion. Greece is now the first developed country to default to the IMF. Greece will now be cut off from access to IMF resources until the due payment is made. Dijessel, who chairs the finance ministers discussion on holding another call Wednesday, says that any new rescue funds will have tougher conditions:

So this is not an easy road to go down. The last chance to get a solid extension of the old program has gone by, we are now in a difficult situation

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