Greece Default: The World Reacts – NZ INC’s Best of the Web

Wednesday July 8:

After an emergency eurozone leaders’ summit in Brussels, and as the eurozone prepares for a full EU summit on Sunday, there is enormous pressure on the Greek government as the country is on the verge of running out of money. There is also pressure on the other eurozone leaders, with the current situation deemed the most critical moment in the history of the single currency and of the EU itself by European Council President Donald Tusk.

The BBC analyses what key eurozone leaders want to acheive in the wake of the referendum, what the likely scenarios for Greece would be, and what will happen next.

The editorial board at the New York Times have published an opinion piece on what Europe’s leaders should do next – they need to restructure Greece’s total debt of 317 billion euros — about 177 percent of its G.D.P. — and keep the country, a member of the European Union and NATO, in the eurozone. The New York Times acknowledge that it are the Greek officials – past and present – responsible for many of the country’s problems, but it are the European leaders who have made it worse through mismanagement.

The Economist explores the reality if the government runs out of euros, and instead of returning to the old currency (the drachma), begins issuing a kind of quasi-official paper money.

Tuesday July 7:

Greece and the eurozone will make one last attempt toward an urgently needed bailout deal on tomorrow. Leaders and finance ministers will hold meetings in Brussels after Sunday’s referendum result raised the risks of Greece’s exit from the eurozone to new heights. It will be the final chance for Greece to propose a new reform plan that could start the ball rolling towards a new aid package, but the journey looks perilous.

The Telegraph reports that Angela Merkel, and Germany, has lost. Words from Benoit Hamon, the former French education minister and ally of Francois Hollande pointing out that the ‘no’ vote is ‘an opportunity for the French President to resume leadership in Europe’.

Along the same lines, the Guardian’s commentary is focused on Germany and France scrambling to avoid a major split over Greece in the aftermath of Alexis Tsipras’s landslide referendum victory.

CNN has put together a good background on how Greece got itself into this mess, and Vox have produced an entertaining video that outlines how Greece leaving the Euro would actually work in reality.

Monday July 6:

The Greek referendum results are in. The ‘No’ vote takes more than a 60 per cent share of the vote, Tsipras vows to continue talks and EU leaders call emergency summit for Tuesday.

The Telegraph’s Tim Stanley argues that it is time for the EU to forgive, show compassion and restructure Greece’s debt.

The Guardian reports that the polarising referendum presents a nightmare for eurozone elites – particularly German chancellor Angela Merkel.

Some of the best tweets post-referendum


Sunday July 5:

Top English-speaking economists are either alarmed or aghast over Europe’s handling of the crisis in Greece. Several Nobel prize winners say it has been exacerbated, time and again, by an unnecessarily rigid approach by Germany.

The Washington Post has opted for a lighter approach.

Friday, July 3:

To catch up on everything you missed while you were sleeping, you can find another live-feed of the last 24 hours via the Telegraph. Greek Crisis Live: IMF says Greece needs 50bn euro bail-out as Varoufakis says he will resign if there is a “yes” vote.

As Sunday’s Greek bailout referendum looms over Europe, CNN Money projects the consequences either outcome for the embattled country with a simple (if blunt) info-graphic. Greece’s hideous choice: More austerity or collapse.

“Whatever it’s outcome, the Greek crisis will change Europe forever,” according to the Economist in a piece which implores utmost caution by Europe going forward. Europe’s future in Greece’s hands

And for a bit of color, Robert Zaretsky writes for the New York Times and uses Greek’s historic democratic pedigree to unpack the crisis. What Would Thucydides Say About the Crisis in Greece?

Thursday, July 2:

The Guardian has been hosting a live-twitter feed of the events of the last 24 hours which makes for dramatic reading. Greece debt crisis: Eurozone breaks off bailout talks until referendum – as it happened- The Guardian

For top-level commentary, Robert D. Kaplan writes for the Wall Street Journal on the ramifications of the crisis and looks at where Europe is likely to end up when the dust settles. The Greek Crisis Is About More Than MoneyWall Street Journal

Wednesday, July 1:

For sheer cut-through it’s hard to go past Pulitzer Prize-winning journalist Michael Hiltzik – writing in the daily blog “The Economy Hub.” who looks into how the Greece crisis unfolded. Greece, the Euro and the Banks: How a Small Crisis Became a Big One- LA Times .

For those  who prefer their news visually – Here’s CNN’s Richard Quest  Greece defaults on $1.7 billion IMF payment- CNN Money


Check Also

China Business Summit 2023: Reconnecting with a changing China

Reconnecting with a changing China New Zealand businesses have set a goal to reconnect with …