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At the end of a Eurogroup summit, European Commission President Jean-Claude Juncker said Grexit cannot be ruled out though he does not want Greece to leave the Eurozone.   "Friday morning will be the last moment," Juncker said on Tuesday night, setting a deadline for the Greek...

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An emergency Eurogroup meeting in Brussels on the Greek debt deal ended inconclusive on Tuesday, with lenders saying that they expected to discuss Greece's proposals on Wednesday during a Eurogroup teleconference.   The finance ministers of euro zone countries didn't receive new...

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French President Francois Hollande and German Chancellor Angela Merkel said "The door remains open for discussions," after a meeting held following Greek voters rejected creditors' bailout terms in a referendum Sunday.   "There is no longer enough time, and there is an urgency, for...

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In many ways the present-day crisis can be attributed to the single currency introduced in 1999, the euro. Greece has been a member since Jan 1, 2001   What is the Greek referendum? How did the crisis there start? What next? Will India be impacted? IANS presents a primer on the crisis...

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Greek Finance Minister Yanis Varoufakis announced his resignation on Monday after the country voted “No” to a bailout offer in a landmark referendum.   In a posting on his website, Varoufakis said the decision was made in view of "a certain 'preference' by some Eurogroup participants,...

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Schulz said that an immediate renegotiation was necessary and possible but depends on Greek proposals   The European Union urged the Greek government to make "meaningful" and "possible" proposals in coming hours for renegotiation, following early results which have shown that Greece...

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At least 40% of the electoral body should participate for the referendum to be valid, under the Greek Constitution   "NO" led by 61 percent of votes against 39 percent for YES in crucial Greek referendum on the debt deal creditors' have submitted, according to the first official...

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Some German politicians and businessmen have expressed their feelings following the emerging outcome of Sunday's referendum in Greece   Ralph Brinkhaus, deputy parliamentary fraction leader of Germany's Union parties led by Chancellor Angela Merkel, expected "poor prospects" for...

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Financing needs for Greece could add up to over $55.42 billion (50 billion euros) over the period from October 2015 to end 2018 in order to keep the country afloat, the International Monetary Fund (IMF) said in a staff report.   The IMF's warning on Thursday came before Greece's...

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The government dismissed media reports claiming that it fully accepted lenders' offer ahead of a crucial Eurogroup teleconference rescheduled for Wednesday evening, Xinhua news agency reported   The Greek government on Wednesday revealed its latest proposal for a debt deal with...

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Greece is analysing possibly taking legal action against the European institutions to block its exit from the eurozone, according to Greek Finance Minister Yanis Varoufakis. Greece is expected to fail to make Tuesday's loan repayment to the International Monetary Fund (IMF).   "The...

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The political group leaders of the European Parliament (EP) on Monday called Greece and the creditors to return to the negotiating table before the end of Tuesday.   As the Greek debt talks deadlocked again, EP President Martin Schulz and political group leaders gathered in...

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The Greek government on Monday confirmed that banks will be closed all week, after a decision by the European Central Bank (ECB) not to extend emergency funding.   In a decree, the government cited the "extremely urgent" need to protect the financial system due to the lack of...

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Amit Dasgupta (IANS) 26 June 2015
The prime minister needs to urgently recognize that in a globalizing world, genuine engagement is measured principally in economic terms   Prime Minister Narendra Modi, with the personal attention he has paid to foreign policy, lifted bilateral engagement to an entirely different...

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The Federal Reserve, America's central bank, has decided not to raise interest rates in June, but signalled that the long-awaited rate hike could come in September as the economic activity picks up.   "The committee expects that, with appropriate policy accommodation, economic...

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Devanik Saha (IANS) 17 June 2015
India’s e-commerce market is intensely competitive, with US giant Amazon establishing its presence in India in 2013 and Alibaba, the Chinese giant, planning to start selling by August this year   Retail e-commerce sales in India are expected to reach $17.5 billion (Rs.105,120...

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Vatsal Srivastava (IANS) 21 May 2015
The dollar, however, finished higher against all major currencies except the pound, which meant that the currency market is factoring in a September rate hike   It would be hard to put the Federal Open Market Committee (FOMC) minutes released Wednesday night under the hawkish or...

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In a move that would likely impact both emerging markets like India and advanced economies, the US central bank Wednesday dropped an assurance to be "patienta" in raising interest rates and signaled the hike could come by mid year.   But in a statement issued after a two-day...

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The Wall Street Journal suggested that the Fed "is about to inject uncertainty back into financial markets after spending years trying to calm investors' nerves with explicit assurances that interest rates would remain low"   The US central bank kicked off a policy meeting that ends...

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Alrosa, the world’s largest diamond supplier is willing to offer rough diamonds to 12 of India's diamond processing companies. In addition, with a rupee-rouble currency swap arrangement, the import costs for rough diamonds would come down as it would avoid European middlemen   Due to...

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