Yanis Varoufakis States “Let The Banks Burn”
Former Finance Minister of Greece, economist Yanis Varoufakis, proposes a digital alternative to private banking, provided by central banks.
U.S. Media Giants Announce Staff Layoffs Amid Grim Economic Climate
Several large media corporations in the US, including CNN, Vox, BuzzFeed, and The Washington Post, have announced that they will lay off significant numbers of staff. Journalists across the country could be facing unemployment in what increasingly appears to be...
Calamos CEO John Koudounis: Fed’s Challenge to Secure “Soft Landing”
Calamos President & CEO John Koudounis cautioned on the need for a "soft landing" for the economy as the Federal Reserve (Fed) is widely expected to raise interest rates on Wednesday. The Fed is expected to raise interest rates by...
German Chancellor Merkel Exits with Good Reviews — But Not from Greece
German Chancellor Angela Merkel is leaving office after 16 years, receiving favorable assessment internationally, the same has not been forthcoming from Greece. According to the Pew Research Center, the departing German Chancellor has been rated positively in almost all of the...
Could China’s Evergrande Collapse Lead To New Global Recession?
China's Evergrande Group's debt crisis has led market analysts to whisper about a new "Lehman Brothers moment" in the world economy. The Chinese real estate giant has warned for months that it would be unable to fulfill its loan...
Greece Forecasts 10.5% Recession this Year, 4.8% Growth in 2021
The Greek economy is expected to contract by 10.5 percent this year and to grow by 4.8 percent in 2021, according to provisions included in the new state budget, which was brought before Parliament by Finance Minister Christos Staikouras...
Greek Economy Contracts a Record 15.2% in Second Quarter of 2020
The Greek Statistical Authority (ELSTAT) announced on Thursday that the Greek economy contracted by 15.2% in the second quarter of 2020, a record which even surpasses the recession during the peak of the economic crisis in the years 2011-12. ELSTAT...
Greece Facing Three Major Challenges in Summer 2020
Greece is facing three major challenges this summer, with PM Mitsotakis' government having to tackle Turkey's aggressive behavior in the Aegean, ensure that the post- coronavirus pandemic tourist season will be safe, and secure 32 billion euros from the European Union...
Greek Economy to Contract by Almost 10 Percent, EU Says
The Greek economy is set to contract by 9.7 percent in 2020 because of the Covid-19 pandemic, the European Commission forecast on Wednesday. Greece, along with Italy, Spain and Portugal will be among the hardest hit nations by the economic...
Worst-Case Scenario for Greece is Eight Percent Recession, Says BoG Chief
Estimates of a ten percent economic contraction this year were excessive, Bank of Greece (BoG) governor Yannis Stournaras said on Tuesday, while noting that he still expected the country’s GDP to shrink by 8.0 percent under the worst-case scenario. Speaking...