The Greek economy is still in crisis, contracting 1.2% in the quarter. The figures, published by the Greek statistics agency, Elstat, show it was the worst quarter since the summer of 2015, when the European Central Bank closed the Greek banks.
Greece's far-left former finance minister Yanis Varoufakis called yesterday (21 February) on the next leader of Spain to defy the European Union, speaking to hundreds of cheering onlookers during an anti-austerity gathering in Madrid.
Athens had secured a funding deal with China during the crucial negotiations with its creditors last summer. But a phone call from Berlin to Beijing killed it, Yanis Varoufakis disclosed on Tuesday (19 January). EURACTIV Greece reports.
Former Greek Finance Minister Yanis Varoufakis denounced the July bailout agreed between prime minister Alexis Tsipras and the eurozone leaders as a “new Versailles Treaty”. Quincy Cloet asks if this is a fair comparison.
"On what Mr Varoufakis has been saying, the allegations that the troika was controlling the secretariat general of public revenues are false and unfounded," European Commission spokeswoman Mina Andreeva told a news briefing, referring to the "troika" of Greece's creditors the Commission, European Central Bank and International Monetary Fund.
Some members of Greece's leftist government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma, according to reports on Sunday (26 July) that highlighted the chaos in the ruling Syriza party.
Greece's parliament passed sweeping austerity measures demanded by lenders to open talks on a new bailout package early Thursday (16 July), but dozens of hardliners in the ruling Syriza party deserted Prime Minister Alexis Tsipras.
As Greece inches closer to a bailout deal that will keep it in the eurozone, experts have hailed France for playing the role of pacifier in fractious debt talks and putting the brakes on a dreaded "Grexit".
Greece's creditors claim that they are acting on a mandate from the EU's citizens by refusing to be flexible. But public opinion in the union is not so hostile argue Michael Bechtel, Kirk Bansak, Jens Hainmueller and Yotam Margalit.
France and Germany told Greece on Monday (6 July) to bring serious proposals to the eurozone summit today, in order to restart financial aid talks. In the meantime, the Netherlands warned that if the Greeks went to Brussels demanding changes because they felt supported by the "No" vote in the referendum, it would be ‘over’ for them.
Greece's last-minute overtures to international creditors for financial aid yesterday (30 June) were not enough to save it from becoming the first developed economy to default on a loan with the International Monetary Fund. The situation remains so uncertain that even the Sunday referendum, on whether to accept the aid, hangs in doubt.
Assuming that there is no last-minute deal between Athens and its creditors, Greece will lose €16.3 billion of financing at midnight Washington time today (30 June), EU officials told the press in Brussels.
Commission President Jean-Claude Juncker made a last-minute offer to Athens in a bid to reach a bailout agreement before the deadline expires today (30 June), European Union and Greek government sources said.
Greek lawmakers on Sunday (28 June) authorised Prime Minister Alexis Tsipras' proposed 5 July bailout referendum, setting Greece on course for a plebiscite that has enraged international creditors and increased Greece's chances of exiting the eurozone.