The International Monetary Fund has confirmed that it didn’t receive the €1.6 billion payment from Athens that was due by the end of June 30, Brussels time, making Greece the first developed country to default on its international obligations. IMF spokesman Gerry Rice said in a statement that Greece had asked for a repayment extension earlier Tuesday and that the fund’s board will consider... 

The International Monetary Fund (IMF) has recently called on Ukraine and its creditors to continue negotiations on the country’s debt, but the editor-in-chief of the business and finance media company thinks that Kiev should instead concentrate on “fixing what is absolutely, chronically broken economy” and launch immediate reforms. The International Monetary Fund (IMF) has called on Ukraine... 

Greek Prime Minister Alexis Tsipras is ready to accept almost all the conditions proposed by the country’s international creditors at the weekend, marking the latest attempt to keep Greece in the eurozone. The prime minister said he would accept all of the terms proposed with just minor exceptions. He agreed to the changes in the country’s value added tax system but asked to keep a special 30... 

Historically, no country has pushed for a united Europe more than France, but the idea has usually referred to the will of the French elite rather than the average citizens. As Greece is trying to settle a debt deal with international lenders, solidarity feeling with the Greek people is running high among the French who share the same frustrations and resentments towards the European Union. Source  Read More »

Athens is likely to leave the eurozone and the EU if it fails to reach an agreement to unlock a €7.2 billion bailout installment, said a statement from the Bank of Greece. “Failure to reach an agreement would, …, mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country’s exit from the euro area and – most likely – from the... 

International Monetary Fund representatives have cut short negotiations with Greek officials in Brussels, after they failed to present a viable reform plan. The move has left Athens, due to repay €1.6 billion by the end June, on the edge of default. “The ball is very much in Greece’s court,” IMF spokesman Gerry Rice told the media during a specially scheduled announcement, before his team... 

Greece will not be able to make next tranche of debt repayment to the International Monetary Fund (IMF), as the country has no money to pay, the Interior Minister said. “The four installments for the IMF in June are 1.6 billion euros ($1.8 billion), this money will not be given and is not there to be given,” Nikos Voutsis told Greek Mega TV’s weekend show on Sunday. Asked about the... 

Nikos Filis, parliamentary spokesman of Greece’s Syriza Party. The Greek government says the repayment of its debt to the International Monetary Fund (IMF) scheduled for early next month will not be possible unless a deal is reached between Athens and its international creditors for unblocking a bailout fund. The parliamentary spokesman for Greece’s ruling Syriza Party said Wednesday that the government... 

A new report shows that the economy of Greece under SYRIZA has slipped back into recession after having contracted by 0.2 percent during the first quarter of the current year. The report was released by the national statistics agency, ELSTAT, on Wednesday, showing the second consecutive quarterly fall in Greece’s national output, after it had grown for most of 2014, AFP reported. The downturn, the... 

Moody’s rating agency downgrades Greece’s debt to junk. Moody’s rating agency has downgraded Greece’s credit rating further into junk territory over growing uncertainty about the country’s ability to make its debt payments. On Thursday, Moody’s slashed Athens’ rating to Caa2 from Caa1 and assigned it a “negative” outlook. The rating is just two steps away from the level signaling... 

The communist Syria party mislead Greeks to falsely believe that Greece will exit the EU if elected but now, only 3 months later after they were elected into office, Syriza Prime Minister Alexis Tsipras says his government’s main goal is to remain in the Eurozone and find an all-European solution to the country’s financial problems, Alexis Tsipras said Thursday. Speculations about Greece’s possible... 

International rating agency Moody’s has downgraded the long-term issuer rating of Ukraine to the second lowest Ca grade from Caa3, leaving the outlook negative and a high possibility of the country’s imminent default. “Although negotiations over the specific details of the restructuring are only now getting underway, Moody’s believes that the likelihood of a distressed exchange, and... 

Earlier this week John Williams warned that hyperinflation will begin to appear in America sometime in 2015. He noted that, though the dollar is currently strong compared to other fiat money, signs that a currency collapse is coming will begin with the sell-off of the U.S. dollar. It’s a known fact that the Russians and Chinese have already begun divesting themselves of dollar dependency by implementing... 

Ukraine has agreed to increase the cost of gas to consumer by 280 percent, and 66 percent for heating, as part of the IMF terms for getting extra financial aid, says Valery Gontareva the head of the National Bank of Ukraine. “From now on, in accordance with our joint program with the IMF, the tariffs will see rather a sharp increase of 280 percent for gas and about 66 percent for heat,”... 

The Russian State Duma has ratified the $100 billion BRICS bank that’ll serve as a pool of money for infrastructure projects in Russia, Brazil, India, China and South Africa, and challenge the dominance of the Western-led World Bank and the IMF. The New Development Bank is expected to start fully functioning by the end of 2015, according to the Russian Finance Ministry. Russia has agreed to provide...