While Alexis Tsipras and his finance minister turned up at an emergency meeting without any written proposals for reform, a senior EU official thinks that this is probably a strategy to gauge the mood of its creditors. On his part Tsipras seemed pretty clear: although he knows reforms will invariably be painful, for which he needs to move fast, so as to stop any possible revolt against it....

If one of the permanent members of the UN Security Council has a doubt that Iran does not adhere to the agreements, they will be able to veto and block the extension of the lifting of sanctions. The point of a multi-year negotiating process to resolve the Iranian nuclear issue should be put on the meeting of heads of the six international mediators’ diplomatic missions (the five permanent UN...

France has refused Assange’s request of political asylum due to the absence of danger to his life, and the warrant for his arrest. France on Friday, July 3, refused a request of the founder of Wikileaks Internet platform Julian Assange to grant him asylum. According to the administration of the French president, "there’s no direct threat to the life of Mr. Assange's". Also, the European warrant...

In medieval Italy, when a trader did not repay debts, his stall got destroyed so hard that he could no longer do business. The word "bankruptcy" came from the Italian expression banco rotto, or "destroyed shop." Modern bankruptcy law in Italy is not so cruel (although until 2006, the debtors lose the right to vote, and liquidators read all their mail). However, this procedure is painful and slow,...

With VISA free travel in between Gulf States, officials worry that the local bombing could be used a model for other wannabe suicide bombers. When a wanna-be Saudi Arabian suicide bomber flew in to Kuwait to carry out one of the worst militant attacks on innocent and disarmed civiliants, sympathisers to the Islamic State had made preparations such that a driver and car to pick him up and take him...

Greece cannot return to print drachmas, as the country no longer has relevant printing machines, said Finance Minister Janis Varoufakis. According to Varoufakis, in 2000, when Greece joined the euro area, the authorities were quick to get rid of the print machines, because they were convinced that now the country will always be in the back of the single European currency. - We destroyed all the...

Not everyone in Europe knows that US has its own Greece. In the words of economist Rudiger Dornbusch, "the crisis matures for much longer than you think, and much faster than you could imagine ... He approaches forever, and happens overnight." So the Puerto Rican crisis is. It has been ripening for a long time, but its scale reached the Americans over the weekend, when the governor of Puerto...

It used to be said that the world manufactured in China. But Beijing’s systematic interference in its own financial system has created a havoc and has cooled its surging economy. On Wednesday, the World Bank verbally communicated its displeasure to China for its systematic intrusive interference in its financial system, making it clear that these will only go to potentially create instability in...

Collecting donations for the restoration of the Greek economy is initiated by Briton Thom Feeney on crowdfunding site IndieGoGo. At the time of this writing, users have sacrificed one hundred thousand euros in less than three days, reports BBC. - This is not a joke. Crowdfunding can really help. You just need to get together and do it. I'm tired of looking like the Greek crisis is repeated from...