• Home
  • About us
  • Contact Us
  • Date/Time
  • Login
  • Subscribe

logo

  • Home
  • Politics
  • Economics & Finance
  • World
  • Arts & Books
  • Life
  • Science
  • Philosophy
  • Subscribe
  • Events
Home
  • Home
  • Blogs
  • Politics
  • Economics & Finance
  • World
  • Arts & Books
  • Life
  • Science
  • Philosophy
  • Subscribe
  • Events
  • Home

George Magnus

Insights into the global economy

Greek crisis: Grexit is still a possibility

The panic is lessening inside Greece but how long can this détente last?

by George Magnus / July 23, 2015 / Leave a comment
  • Facebook
  • Twitter
  • Linkedin
  • Email
Greece's Prime Minister Alexis Tsipras attends an emergency Parliament session for the government’s proposed referendum in Athens, Saturday, June 27, 2015. After five months of fruitless negotiations, relations between Greece and its creditors crumbled further Saturday after Prime Minister Tsipras stunned them by calling for a referendum on the proposed reforms needed to get bailout loans. (AP Photo/Petros Karadjias)

Greece’s Prime Minister Alexis Tsipras’s political future is still uncertain ©AP Photo/Petros Karadjias

Last night, the Greek Parliament voted to approve a second emergency bill, paving the way for discussions about the country’s third bailout of up to €86bn to proceed. Like the first bill, which provided for austerity measures worth about 2.5 per cent of GDP, approval yesterday depended on the support of opposition members of parliament. The number of Syriza’s 149 lawmakers voting against the government, or abstaining, dropped slightly from 39 to 36, still leaving Alexis Tsipras’ political position in the balance.

So what happens next? According to Pierre Moscovici, the European Commissioner for Economic and Monetary Affairs, bailout talks could be completed by the second half of August. Another ECB loan falls due for repayment on 20th August, but if talks have not been completed then, a new bridging loan will probably be forthcoming. In view of the depletion of the government’s majority in the Hellenic Parliament, and the split inside Syriza, Alexis Tsipras has indicated that there could be new elections on the 13th or 20th September, once the talks are completed. Events are now unfolding in three spheres: the technicalities of the bailout agreement, Greek politics, and the eurozone itself.

Slow…

YOU’VE HIT THE LIMIT

You have now reached your limit of 3 free articles in the last 30 days.
But don’t worry! You can get another 7 articles absolutely free, simply by entering your email address in the box below.

When you register we’ll also send you a free e-book—Writing with punch—which includes some of the finest writing from our archive of 22 years. And we’ll also send you a weekly newsletter with the best new ideas in politics and philosophy of culture, which you can of course unsubscribe from at any time







Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information.

Click to learn more about these interests and how we use your data. You will be able to object to this processing on the next page and in all our communications.

9283246845c686da85f78f4.90315300

Go to comments

Related articles

A currency punching below its weight
Paul Wallace / January 5, 2019
Why the euro cannot realistically rival the dollar 
The true cause of Portugal’s recovery? Luck
Paul Wallace / August 21, 2018
Some ask whether the Socialist government has found a new way to run the economy, but it...
Share with friends
  • Facebook
  • Twitter
  • Linkedin
  • Email

Comments

No comments yet

Prospect's free newsletter

The big ideas that are shaping our world—straight to your inbox. PLUS a free e-book and 7 articles of your choosing on the Prospect website.

Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information. Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This Month's Magazine

Perspiciatis unde omnis iste natus.

Prospect is the leading magazine of ideas. Each month it is packed with the finest writing on politics, culture, economics and ideas. Subscribe today and join the debate.

Subscribe

Most Popular

  • Read
  • Commented

The invigorating strangeness of Friedrich Nietzsche

The naïve optimism of Liam Fox

Why I bet £1000 that a no-deal Brexit will trigger recession

The backstop debate goes round and round but there is no waking from this Brexit nightmare

Labour's Remainers could be a ticking time bomb for the party

Ruling out no deal is the wrong sort of red line

6 Comments

The Conservative Party has a problem—it’s no longer conservative

5 Comments

The overlooked dynamic at the heart of the Brexit “culture war”

2 Comments

Arlene Foster’s DUP still holds the balance of power in Westminster—so what’s their next move?

2 Comments

The impact of Brexit on services has not received nearly enough attention

2 Comments

About this author

George Magnus
George Magnus is a well known economist and former Chief Economist at UBS. His forthcoming book is "Red Flags: Why Xi's China Is in Jeopardy" (Yale University Press)
  • Follow George on:
  • Twitter
More by this author

More by George Magnus

The new north American trade deal contains a lesson for Brexit Britain
October 8, 2018
Of course it was right to rescue the banks
October 2, 2018
Ten years since the Lehman collapse, remember how it all unravelled?
September 10, 2018

Next Prospect events

  • Details

    Prospect Book Club—Diarmaid MacCulloch

    London, 2019-05-20

  • Details

    Prospect Book Club—Sue Prideaux

    2019-04-15

  • Details

    Prospect Book Club—Andrew Roberts

    2019-03-14

See more events

Sponsored features

  • Reforming the pension system to work for the many

  • Putting savers in the driving seat: getting the pensions dashboard right

  • To fix the housing crisis we need fresh thinking

  • Tata Steel UK: Driving innovation for the future of mobility

  • The road to zero

PrimeTime

The magazine is owned and supported by the Resolution Group, as part of its not-for-profit, public interest activities.

Follow us
  • Facebook
  • Twitter
  • Google+
  • RSS

Editorial

Editor: Tom Clark
Deputy Editor: Steve Bloomfield
Managing Editor (Arts & Books): Sameer Rahim
Head of Digital: Stephanie Boland
Deputy Digital Editor (Political Correspondent): Alex Dean
Creative Director: Mike Turner
Production Editor & Designer: Chris Tilbury
US Writer-at-Large: Sam Tanenhaus

Commercial

Commercial Director: Alex Stevenson
Head of Marketing: Paul Mortimer
Marketing and Circulations Executive: James Hawkins
Programme Coordinator: Oliver James Ward
Head of Advertising Sales: Adam Kinlan 020 3372 2934
Senior Account Manager: Dominic Slonecki 0203 372 2972

  • Home
  • Advertising
  • Contact Us
  • Privacy Policy
  • Terms and Conditions
  • Acceptable Use Policy
© Prospect Publishing Limited
×
Login
Login with your subscriber account:
You need a valid subscription to login.
I am
Remember Me


Forgotten password?

Or enter with social networking:
Login to post comments using social media accounts.
  • With Twitter
  • Connect
  • With Google +
×
Register Now

Register today and access any 7 articles on the Prospect’s website for FREE in the next 30 days..
PLUS find out about the big ideas that will shape our world—with Prospect’s FREE newsletter sent to your inbox. We'll even send you our e-book—Writing with punch—with some of the finest writing from the Prospect archive, at no extra cost!

Not Now, Thanks

Prospect may process your personal information for our legitimate business purposes, to provide you with our newsletter, subscription offers and other relevant information.

Click to learn more about these interests and how we use your data. You will be able to object to this processing on the next page and in all our communications.

×
You’ve got full access!

It looks like you are a Prospect subscriber.

Prospect subscribers have full access to all the great content on our website, including our entire archive.

If you do not know your login details, simply close this pop-up and click 'Login' on the black bar at the top of the screen, then click 'Forgotten password?', enter your email address and press 'Submit'. Your password will then be emailed to you.

Thank you for your support of Prospect and we hope that you enjoy everything the site has to offer.

This site uses cookies to improve the user experience. By using this site, you agree that we can set and use these cookies. For more details on the cookies we use and how to manage them, see our Privacy and Cookie Policy.