Financial crises

The Greek debt crisis, as explained through Grease, the musical, written and directed by Spencer Case.

By Debbie Papadakis

Time is running out for Greece to secure a bailout worth up to 86 billion euros over three years.. Bloomberg reports that an e-mail from the Greek Finance Ministry states that talks will start on Tuesday due to technical reasons. Delays in the talks could risk finding a solution for Greece’s funding by the August 20 deadline.

By Debbie Papadakis (debbiedepapadakis@yahoo.com)

Greek banks opened their branches across the country on Monday following a three-week shut-down. Capital controls and restrictions on withdrawals will remain in tact, however the fact that banks are opening marks a first step towards a turn to normality.

Turkey's housing market has become a subject of debate among property market circles, with prices soaring dramatically in recent months. Those who like computer games may be familiar with "Bubble Trouble" - a fun game for children. The mission is to pop all the bubbles in order to advance to the next level.

Two days after an agreement paving the way for a new support program for Greece, the European Commission revealed plans on Wednesday to help Greece maximize its use of EU funds. As mandated by the Euro Summit of July 12-13, this will help mobilise more than €35 billion up to 2020 to support the Greek economy, provided that the conditions agreed upon by the Euro Summit will be met.

French lawmakers approved the new Greek rescue package on Wednesday with Prime Minister Manuel Valls saying the controversial bailout-for-reforms deal was the only way out of the crisis.

The European Commission on Wednesday released its assessment on a Greek plan for the new ESM bailout program. A day after the IMF released its report on the sustainability of the Greek debt and its estimation that Greece would need an extensive write-off of its debt from EU official creditors, the EC made public its position on the Greek debt.

Greek civil servants are expected to stage a 24-hour strike on Wednesday to protest the bailout agreement, which was reached between the government in Athens and the eurozone leaders on Monday.

Greece agreed to implement strict reforms in return for a third bailout from its international creditors.