Greece
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capital controls

11 Reasons Why Greece Went Broke, Defaulted, and Isn’t a Real Country Anymore

  Opinion, by Phaedon Boukas There are reasons why the most glorious country of ancient times defaulted to the IMF and went bankrupt, becoming the economic pariah of the world in the 21st Century. IMF put Greece in arrears on June 30 after...

Greek Exports Hurt by Capital Controls

Greek exporting companies could lose 80 million euros per week after the imposition of capital controls and the closing of banks, estimates the Panhellenic Exporters Association (PSE). Also, PSE predicts a shortage of imported goods adding up to 600 million...

Greeks Abroad Facing Problems Due to Capital Controls

The Greek government’s decision for the closure of banks across the country has brought on an absolute paralysis. Apart from the many issues that Greek citizens face in their daily lives, Greeks who are currently abroad -- students, businessmen...

Ryanair Will Allow Greek Passengers to Pay Cash

The capital controls imposed on Greek banks have already had a significant impact on Greek society. Since Greeks are unable to use their credit and debit cards to make purchases the low cost airline Ryanair announced that Greeks passengers will...

There Are No Black Clouds Over the Greek Tourism Industry… Yet

The tourism industry has always been a large part of the Greek economy. It accounts for 20% of the country’s GDP and brings life to many Greek islands. However, people were worried that the political uncertainty and the effects...

Social Insurance Secretary General: 'Acute liquidity problem'

"There is an intense cash flow problem and this leads to restrictions on withdrawals and the queues outside the banks. It means that there is not enough money in the banks and for this reason we closely monitor transactions....

Greek Energy Minister: We Have a Plan B, We Don't Need EU Money

Greece has a Plan B and does not need European Union money, said Productive Reconstruction, Environment and Energy Minister Panagiotis Lafazanis. "The situation is very difficult but we shouldn't allow the opportunity to exploit us," Lafazanis said to Russia 24...

Greek Pensioners Faint After Hours of Waiting in Bank Lines

Greek pensioners started lining up as early as midnight in order to get their pensions from 1,000 bank branches that would be open on Wednesday to service them specifically. The imposition of capital controls by the Greek government allows pensioners to...

Eurozone’s shared identity the final tragedy of the Greek crisis

By Wesley Widmaier*, Griffith University Economic policy is not a morality tale. The Greek tragedy is that the Europeans have treated the Greek crisis as a question of national character. In their outrage at the Greeks – in the context of...

9 Things to Know about Greece’s IMF Debt Default

By André Broome, University of Warwick Greece missed the deadline on its €1.6 billion loan repayment due to the IMF June 30, becoming the first advanced economy to default to the fund in its 71-year history. Here are nine essential things to know...