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Greece referendum

Athens Bar Association Says Greek Referendum Unconstitutional

The Athens Bar Association adopted a resolution on Tuesday in which they indicate that the upcoming referendum on 5 July includes some unconstitutional elements and has no clear content, after an open meeting of its governing council. The resolution was...

Kalo Mena Greece

On the first day of each month, Greeks greet each other with the salutation Kalo Mena, loosely translated as “Have a Good Month.” This first day of July 2015 promises to bring very little good for Greece.

Moody's Downgrades Greece Bonds to Junk

Moody's Investors Service has today downgraded Greece's government bond rating to Caa3 from Caa2 and placed the rating on review for further downgrade. "The short-term rating is unaffected by this rating action and remains Not Prime (NP)," the agency said....

Greece Referendum: New Poll Shows 46% Will Vote NO to EU Deal

Most Greeks will still favor a deal with Greece's creditors, according to a new poll regarding Greece's upcoming referendum in which citizens will vote in order to approve or reject a bailout agreement with Greece's creditors. Conducted by the ProRata...

Greece Defaults on International Obligations; IMF Statement

Greece has missed its June deadline to pay €1.6 billion to the IMF, becoming the first developed country to default on its international obligations. Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement...

Fitch Downgrades Greece Further to 'CC'

Fitch Ratings has downgraded Greece's Long-term foreign and local currency Issuer Default Ratings (IDRs) by one notch to 'CC' from 'CCC'. The issue ratings on Greece's senior unsecured foreign and local currency bonds have also been downgraded by one...

EFSF Announces End of Greek Bailout Programme; Greece on its Own

The European Financial Stability Facility (EFSF) just released a statement announcing the end of its financial assistance to Greece. After the end of the programme on Tuesday Greece will be on its own, amidst the worst financial crisis the...

Greece Offered to Conditionally Suspend Referendum: Reports

Greece has offered to suspend its planned referendum said Malta's Prime Minister Joseph Muscat according to a report by the Times of Malta. "They are ready to suspend their referendum or ask the people to vote 'yes' instead of 'no'...

What Happens When a Country Like Greece Closes Its Banks

History can shed some light on the Greek drama. Before joining the euro, the Greece's government had previously implemented strict capital controls and transaction limitations.

Greece Shuts Banks; Capital Controls Imposed Amidst Crisis

Capital controls have being imposed in Greece, as without the ECB's help the financial crisis deepens. Greek Finance Minister Yanis Varoufakis announced that banks will stay closed until July 6, while citizens be allowed to withdraw €60 per day maximum from each...