China concessions clear way for WTO agreement to drop global barriers
Money has poured into illiquid fixed income assets, writes David Oakley
Nouriel Roubini says the consequences of Greece leaving the euro would harm the global economy
Rail passengers who suffer travel delays can now claim refunds in cash instead of vouchers as new compensation arrangements come into effect.
What if there was train rivalry on the same rails?
Greece’s banks will reopen on Monday and the country will step back from the brink – but can the nation get back to normal or will it be permanently scarred?
In the week when Greece’s economic drama peaked, six men conducted a ritual at the site that speaks of everything Europe cherishes most. At sunrise, and then again at sunset, they marched in perfect synchronisation to the top of the Acropolis. There, with rare solemnity, they sang the national hymn, saluted the Greek flag and then marched back down again.
The predictability of such a ritual – at the single greatest monument to democracy – contrasted vividly with what was going on below: a make-or-break vote in parliament, an economy in meltdown, closed banks, capital controls, popular uncertainty and protesters hurling petrol bombs at police. “What we now desperately need is to diminish the uncertainty,” says Professor Yannis Caloghirou, who teaches economics at the National Technical University of Athens. “The banking system needs to be stabilised, we need to get back on the road of normalcy.”
The age of innocence, the optimism that dominated society after the fall of the junta, is over
Related: Eurozone ready to start formal talks with Greece over €86bn bailout
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In Ireland, Portugal and Spain, the IMF has left and at least the semblance of growth has returned. But Greece’s problems put it in a class of its own
They used to be pejoratively labelled the “Pigs”: Portugal, Ireland, Greece and Spain, the “peripheral” countries carried into the eurozone on a wave of prosperity that were all forced to go cap in hand to their neighbours – and the International Monetary Fund – when the financial crash came.
Yet while Greece’s plight has only worsened over the five years since it was first rescued, the other three bailed-out countries have managed to return to growth, and send the inspectors from the International Monetary Fund back to Washington.
A lot of the Spanish story is a function of exports. In 2009-10, factories were relocating from eastern Europe to Spain