Tuesday, July 7, 2015

Running out of Other People’s money [Darleen Click]


When reality meets mythology

ATHENS — Greece's combative finance minister, Yanis Varoufakis, abruptly resigned Monday morning in what appeared to be the first move at conciliation by Prime Minister Alexis Tsipras toward the country's creditors after Greek voters' rejection on Sunday of a bailout linked to austerity.

Mr. Varoufakis's announcement came as leaders around Europe sent conflicting signals about whether they would continue to support Greece, and whether a compromise could still be possible on a new bailout program or on debt relief — a question with implications not only for Athens but for the broader euro currency union.

Greek banking executives said Monday that the country's banks, which were supposed to reopen on Tuesday after being closed for more than a week, would remain closed until at least Wednesday. […]

Mr. Tsipras may recognize that Greece has only days, if not hours, to wring some kind of deal from its creditors before full-scale economic collapse sets in. The country's banks are on the verge of running out of euros, and Greeks could soon begin to suffer shortages of fuel and other imported goods.

"By the end of the week, we may see most A.T.M.s out of cash, massive pressure on the payment of upcoming public sector wages, tourism issues and wider economic damage," analysts at Deutsche Bank said on Monday in a note to clients.

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