Hungary closes main migrant crossing as EU struggles with deal

Hungary closed the main migrant crossing with Serbia and more states imposed border checks Monday as the failure of EU ministers to agree how to share the burden of a flood of refugees deepened the crisis.

With Europe’s 20-year-old Schengen … Read the rest

Greece asks for 3-year facility from EU, agrees to ‘quick reforms’

Greece has officially asked for a three-year loan facility from the European Stability Mechanism (ESM) and agreed to quick reforms, promising to present a new plan on July 9 at the latest.

“The loan will be used to meet Greece’s … Read the rest

Grexit? Eurogroup says ‘Greece has closed the door’ with its referendum idea

AFP reports that Eurogroup head Jeroen Dijsselbloem on Saturday said Greece’s decision to hold a referendum over the future of its bailout programme was a “sad” decision that shut the door to further talks.

“The Greek government has apparently rejected … Read the rest

Greece: Faint hopes for a last-minute deal over the weekend

BRUSSELS  — The latest developments involving Greece and its bailout negotiations:

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5:35 p.m./ 1535GMT/ 11:35 a.m. EDT

The eurozone’s top official, Jeroen Dijsselbloem, says new proposals from Greece came in too late for a proper assessment during the European … Read the rest

IMF coached Greek journalists on spin

The Greek authorities want to investigate alleged misconduct by a number of journalists who attended seminars organized by the IMF and were allegedly instructed to promote the organization’s advice to Greece.

The accusations were voiced by Greece’s former representative to … Read the rest

Russia asks Greece to join BRICS bank

Russian Deputy Finance Minister Sergei Storchak spoke with Greek PM Alexis Tsipras today, proposed that Greece become 6th member of New Development Bank set up by Brazil, Russia, India, China, South Africa, a Greek govt official says in e-mail to … Read the rest

Greece misses deficit target as bailout deadline looms

Cash-strapped Greece fell well short of its budget deficit reduction targets last year, official figures showed Wednesday in a development that’s likely to add pressure on the radical left-led government during tortuous talks with bailout creditors.

The country’s statistical authority … Read the rest

Whatever became of economists and the American economy?

According to the official economic fairy tale, the US economy has been in recovery since June 2009.

This fairy tale supports America’s image as the safe haven, an image that keeps the dollar up, the stock market up, and interest … Read the rest