<![CDATA[Hedgehogs.net: '' related content]]> http://www.hedgehogs.net/tag/british+broadcasting+corporation?view=rss http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467460/video-skyhigh-mobile-costs-in-malawi Sun, 22 Feb 2015 01:03:47 +0000 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467460/video-skyhigh-mobile-costs-in-malawi <![CDATA[VIDEO: Sky-high mobile costs in Malawi]]> 11467460 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467176/video-can-this-light-make-you-high Sun, 22 Feb 2015 00:23:52 +0000 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467176/video-can-this-light-make-you-high <![CDATA[VIDEO: Can this light make you high?]]> 11467176 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467171/video-wozs-wonderful-watch-and-more Sun, 22 Feb 2015 00:23:45 +0000 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467171/video-wozs-wonderful-watch-and-more <![CDATA[VIDEO: Woz's wonderful watch (and more)]]> 11467171 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467167/video-how-to-make-a-talking-cgi-raccoon Sun, 22 Feb 2015 00:23:40 +0000 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467167/video-how-to-make-a-talking-cgi-raccoon <![CDATA[VIDEO: How to make a talking CGI raccoon]]> 11467167 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467158/video-scifi-game-evolve-previewed Sun, 22 Feb 2015 00:23:26 +0000 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11467158/video-scifi-game-evolve-previewed <![CDATA[VIDEO: Sci-fi game Evolve previewed]]> 11467158 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11466920/video-school-attack-survivor-played-dead Sun, 22 Feb 2015 00:04:43 +0000 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11466920/video-school-attack-survivor-played-dead <![CDATA[VIDEO: School attack survivor 'played dead']]> 11466920 http://www.hedgehogs.net/pg/blog/skinnercm/read/11465352/the-finansers-week-9th-february-2015-15th-february-2015 Thu, 19 Feb 2015 08:35:11 +0000 http://www.hedgehogs.net/pg/blog/skinnercm/read/11465352/the-finansers-week-9th-february-2015-15th-february-2015 <![CDATA[The Finanser's Week: 9th February 2015 â 15th February 2015]]>

Our biggest stories of the past week are ...


]]> 11465352 http://www.hedgehogs.net/pg/blog/skinnercm/read/11465322/the-finansers-week-2nd-february-2015-8th-february-2015 Thu, 19 Feb 2015 08:33:51 +0000 http://www.hedgehogs.net/pg/blog/skinnercm/read/11465322/the-finansers-week-2nd-february-2015-8th-february-2015 <![CDATA[The Finanser's Week: 2nd February 2015 â 8th February 2015]]>

Our biggest stories of the past week are ...


]]> 11465322 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11465089/bailout-talks-collapse-in-4-hours-greece-says-extension-is-absurd-79-support-syrizas-negotiation-stance Thu, 19 Feb 2015 06:13:12 +0000 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11465089/bailout-talks-collapse-in-4-hours-greece-says-extension-is-absurd-79-support-syrizas-negotiation-stance <![CDATA[Bailout Talks Collapse in 4 Hours; Greece Says Extension is "Absurd"; 79% Support Syriza's Negotiation Stance]]> Greece Says Extension is "Absurd"

Talks between Greece and eurozone officials were expected to last through the night. Instead Greece Bailout Talks Collapsed in Acrimony after four hours.

A crucial meeting of eurozone finance ministers over the future of Greece’s bailout broke down in acrimony after Athens angrily rejected the bloc’s insistence that it extend its current €172bn rescue as “absurd” and “unacceptable”.

It is the second time in five days that negotiations between the new anti-austerity Greek government and its eurozone creditors have collapsed and it means Athens, whose public finances are deteriorating fast, could soon be left with no European financial backstop.

The eurozone gave Athens until Wednesday night to reverse course. Jeroen Dijsselbloem, chairman of the eurogroup of finance ministers, said the time available for a Greek request was almost out: “We can use this week, but that’s about it,” he said. “There was a very strong opinion across the eurogroup that the next step has to come from the Greek authorities,” he added.

Monday’s talks collapsed when Yanis Varoufakis, Greek finance minister, strongly objected to a draft statement according to which Athens would drop its fierce opposition to prolonging its bailout.

Mr Dijsselbloem said holding another finance ministers this week to discuss Greece was contingent on a request for a bailout extension from Athens. He added that he had spoke with Donald Tusk, president of the European Council, and that Mr Tusk had no intention of calling a summit of eurozone heads of government.
79% Support Syriza Negotiation Stance

It's easier to take a hard stance when you have the support of the country as does Syriza. The BBC has poll data in its report Greece Rejects EU Bailout Offer as 'Absurd'.
Talks between Greece and European finance ministers have collapsed early after Greece rejected the EU's bailout offer as 'absurd' and 'unacceptable'.

Before the meeting, German finance minister Wolfgang Schaeuble had already said he was not optimistic a deal would be reached.

Mr Schaeuble told German radio: "The problem is that Greece has lived beyond its means for a long time and that nobody wants to give Greece money any more without guarantees," Mr Schaeuble said.

Greece has proposed a new bailout programme that involves a bridging loan to keep the country going for six months and help it repay €7bn (£5.2bn) of maturing bonds.

The second part of the plan would see the county's debt refinanced. Part of this might be through "GDP bonds" - bonds carrying an interest rate linked to economic growth.

Greece also wants to see a reduction in the primary surplus target - the surplus the government must generate (excluding interest payments on debt) - from 3% to 1.49% of GDP.

In Greece last week, two opinion polls indicated that more than three-quarters of Greeks supported Mr Tsipras's hardline stance.

According to the polls, 79% of Greeks backed the government's policies and 74% believed its negotiating strategy would succeed
Drop the Debt Rally

Protesters showed their solidarity with Greece at a rally in Trafalgar Square over the weekend. AP

How Long Can Greece Last Without Funds?

Andrew Walker, World Service economics correspondent, offers his opinion on how long Greece can last if the ECB pulls the plug.
Two pressing financial issues loom over Greece: whether the government can pay its bills and the stability of the banks. Greek officials have said the government could keep going for several months, but there are doubts. How long it takes depends to a great extent on Greek taxpayers. The banks have already seen money being withdrawn and increasingly need central bank loans.

If there is no bailout programme, the European Central Bank could pull the plug on the banks. If it came to that, it really would mean a major financial crisis, with perhaps the imposition of extensive financial controls to prop up the banks and possibly even the re-introduction of a national currency. It's hard to nail down a date by which an agreement must be done to avert some sort of financial Armageddon, because it depends on the actions of taxpayers, bank customers and the ECB. But time is getting short.
Primary Account Surplus

How long Greece can remain on the euro depends on how long Greece can keep a primary account surplus. Tax revenues are key, but so is a run on the banks.

If the ECB pulls the plug, and it will if talks break down, Syriza will have no choice but to quickly see capital controls. Then it will be up to the tax collectors.

Given that capital controls can come at any time, I once again repeat my message to Greek citizens Get Out While You Still Can; Buy Gold.

For further discussion of how Greece can default and still stay on the euro, please see ...

By the way, it appears we have the answer to this question: Austerity Queen Angela Merkel Ready for Compromise on Greece?

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com ]]>
http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11465076/third-greek-bailout-another-538-billion-needed-primary-account-surplus-revisited Thu, 19 Feb 2015 06:12:24 +0000 http://www.hedgehogs.net/pg/newsfeeds/hhwebadmin/item/11465076/third-greek-bailout-another-538-billion-needed-primary-account-surplus-revisited <![CDATA[Third Greek Bailout? Another â¬53.8 Billion Needed? Primary Account Surplus Revisited]]>
  1. Greece's overall debt load of €323 is not sustainable. What cannot be paid back, won't.
  2. The current payback schedule on debt owed to the ECB and IMF implies yet another "bailout" to the tune of €53.8 Billion.

It is amusing to hear talk of a third bailout given that Greek Prime Minister Alexis Tsipras wants to put an end to the second, and certainly will not accept a third. Yet, here we go again.

How Much Would a Third Bailout Cost? 

The Financial Times goes over the math in How Much Would a Third Greek Bailout Cost?
One of the unmentioned problems looming over the current Greece standoff is the fact that Athens will need a third bailout, regardless of what happens in a week’s worth of Brussels meetings that start on Wednesday. Eurozone officials say that both Yanis Varoufakis, the new Greek finance minister, and his boss, Alexis Tsipras, have acknowledged that in private meetings.

Eurozone officials are understandably reluctant to estimate the size of another Greek bailout – and not just for political reasons. Trying to guess how much Athens will need without digging through Greece’s books is a fraught affair, especially since tax revenues have reportedly begun to dry up and it’s been months since the troika did their last full-scale analysis.
Best Case Scenario

The Financial Times concludes that a best-case scenario is €37.8bn, assuming healthy tax receipts and solid economic growth that were forecast during the last bailout review even though tax receipts and growth both lag perpetually optimistic projections.

Gross Borrowing Needs

60% of Greek debt is owed to eurozone countries, but in regards to short-term financing needs, there is not a penny of relief to be found. No principal or interest is due until 2017 at the earliest.

Who Does Greece Owe?

In Greece Presents Bailout Plans to EU Finance Ministers the BBC has a nice table that shows percentages of debt owed.

The immediate problem is the upper right quadrant.

Key Dates

Where Can Greece Get €11 billion?

Between March and August, Greece needs to come up with €11 billion. From where?

Greek revenues have plunged badly because Greek citizens reacted in advance of Syriza's victory and Tsipras' pledge to cut some taxes.

Primary Account Surplus Revisited

Unless Greece runs a primary account surplus (current account surplus not counting debt payments or interest on debt), it will need external funding.

The Wall Street Journal reported Greece Expects Primary Budget Surplus for 2015.

Does that take into consideration plunging tax revenues? If not, can Syriza step up collections in time?

If the answer to either question is yes, then Greece can walk away and stay on the euro, albeit without the spending programs Tsipras wants.

For further discussion of how Greece can default and still stay on the euro, please see

Should Greece need external financing, then Grexit applies. The world won't end. There is Life After Eurozone

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com ]]>