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GREEK DEBT FOR DUMMIES follow up

Here is what you need to know now as Greece enters a pivotal week in its testy relationship with the Eurozone:

1.       Greece’s most immediate – as in first thing Monday morning – source of danger is its banking system. To compensate for accelerated deposit flight, the European Central Bank injected additional emergency funding on Friday to allow the banks to open on Monday. With a lot more needed, the ECB will grow more hesitant to pump in new money unless the Greek government secures an agreement with its European partners and the institutions through which they operate (the European Commission, the ECB and the International Monetary Fund).

2.       A Summit of European leaders has been called for Monday to increase the chances of such an agreement. The aim is to find a compromise under which Greece would agree to a set of economic reforms, creditors would provide additional debt relief, and at least 7 billion euros of previously committed funds would be released immediately to help Greece navigate its tough payments schedule over the next few weeks.

3.       The Greek government faces a virtually impossible choice in these negotiations. Either it relents and agrees to the demands of its increasingly restless creditors, thereby breaking its electoral promises and undermining what it has fought and stood for; or it holds out and risks seeing a series of disruptions that include the total implosion of the banking system, the rapid accumulation of payments arrears to creditors and suppliers, the imposition of capital controls to counter the accelerated flight of money out of Greece, and the issuance of government IOUs to meet pensions and other government obligations – all of which would deal another blow to an economy that is already ravaged by recession, alarming unemployment and climbing poverty; and it would render very difficult Greece’s continued membership of the Eurozone.

4.       The unpleasant choices also apply to Greece’s creditors. Even if the Greek government agrees to additional reforms, few believe that it would actually implement them. As such, they fear that the new money disbursed would only buy the country a few weeks while continuing to transfer private liabilities to the European tax payers; and this is assuming that national parliaments, including in Greece, would approve the revised terms for the bailout. Yet the alternative is also very unappealing. If creditors continue to withhold funds, Greece would be tipped into a catastrophic crisis that, for the rest of Europe, would also entail the threat of massive migration out of the country as well as geo-political risks.

5.       Markets have been relatively calm in the face of a growing probability of a Graccident and the Grexit that this could entail. Some market participants believe that, as has repeatedly been the case in the past, a last minute agreement will be reached to avert a Greek economic, financial, social and political disaster. Others realize that such an agreement could well elude Europe this time around but are comforted by the steps that have been taken to contain the negative spillovers.

6.       The rest of the Eurozone is indeed better placed to deal with a Grexit than it has been at any time since this crisis first emerged in 2010. A number of regional funding windows have been put in place. The ECB has already embarked on large-scale balance sheet operations which could be rapidly expanded. The European Investment Bank has obtained greater lending flexibility. And the usual list of peripheral European countries at risk – including Ireland, Italy, Portugal and Spain – are themselves less vulnerable than in the past.

7.       Minimizing contagion risk does not equate to eliminating it. Given the truly unprecedented nature of all this, there are lots of unanswered questions, including vexing legal and operational ones. For example, it is far from clear how a Greek currency redenomination process would play out given that there are no established procedures for this. Existing safety nets are way too weak and already-extremely stretched to handle the likely human dislocations. And new mechanisms would need to be found to reset the banking system in order to restore a minimum level of financial services to citizens and companies.

8.       While seeking an agreement to avert a Greek implosion, also expect European leaders to work hard on a “Plan B” that most, if not all, could rally around. In addition to establishing a new European relationship for Greece should it be forced to exit the single European currency system (such as an association agreement with the European Union), they would need to approve a “whatever it takes” mandate for regional institutions to contain contagion risk emanating from a Greek disaster.

9.       The implications for the global economy depend in large part on whether European leaders succeed in finding a durable solution for Greece or, alternatively if they fail to do so, are able to contain the crisis from pushing the rest of the continent into recession and financial instability.

10.   Whatever happens, and while the blame game is likely to intensify, there are important lessons to be learned for all involved. If this learning process does indeed happen over time, some small good could emerge of what otherwise is a terrible Greek tragedy.

Read more: http://www.businessinsider.com/el-erian-10-things-to-know-about-the-greek-crisis-2015-6#ixzz3dg6rfRTB

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Will Greece have until late July to come to an agreement with its creditors ?

Greece probably has until late July to come to an agreement with its creditors before potentially being forced out of the monetary union. Possible delays in payments to the International Monetary Fund in June shouldn’t prompt the European Central Bank to shut off vital liquidity to Greek banks. By contrast, a default on marketable debt — specifically the failure of the Greek government to pay 3.5 billion euros due to the ECB on July 20 — would probably force the central bank’s hand. The Greek government and its creditors are still likely to reach a deal on a list of reforms before that crucial date.June 5: Greece will have to make a payment of about 240 million SDRs to the IMF. That equals about 303 million euros. Greek Finance Minister Yanis Varoufakis has stated Greece will seal a deal with its creditors by this date. This is a medium-risk event. The raid from Greece’s own reserve account at the IMF to make a recent payment to the fund suggests the Syriza-led government is running out of cash to pay its creditors and will be unable to make this payment in the absence of additional bailout funds, though the immediate consequences of missing a payment to the IMF would be limited.June 12: Greece will have to make a payment of about 270 million SDRs to the IMF. That equals about 341 million euros. This is a medium-risk event, similar to June 5.

June 12: Greece must roll over 3.6 billion euros of Treasury bills. This is a low-risk event.

June 16: Greece will have to make a payment of about 451 million SDRs to the IMF. That equals about 568 million euros. This is a medium-risk event. (See June 5.)

June 18: The Eurogroup will meet. This seems like a low-risk event because the finance ministers would still be able to discuss Greece at their next meeting even if an agreement were to remain elusive.

June 19: Greece will have to make a payment of about 270 million SDRs to the IMF. That equals about 341 million euros. This is a medium-risk event. (See June 5.)

June 19: Greece must roll over 1.6 billion euros of Treasury bills. This is a low-risk event.

June 25-26: The European Council meets in Brussels. German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras could use this opportunity to speak about financial aid to Greece. The heads of governments could force their officials to move in a particular direction, though the finance ministers are the government representatives who have to sign an agreement. This seems like a low-risk event because the Eurogroup will meet again on July 13.

End-June: The extension expires for the “Master Financial Assistance Facility Agreement,” as Greece’s bailout is known. This will probably be a medium-risk event. If Greece were no longer officially in a bailout program, the ECB could decide to re-assess its collateral rules linked to Emergency Liquidity Assistance, though the most likely outcome of this soft — and arbitrary — deadline is an extension if an agreement remains elusive.

July 10: Greece must roll over 2 billion euros of Treasury bills. This is a low-risk event.

July 13: Greece will have to make a payment of about 360 million SDRs to the IMF. That equals about 454 million euros. This is a medium-risk event. (See June 5.)

July 13: The Eurogroup will meet. This will probably be a high-risk event because it is the last scheduled Eurogroup meeting ahead of the July 20 payment to the ECB. In other words, this may be the last opportunity for the finance ministers to agree on the disbursement of funds ahead of that date.

July 17: Greece must roll over 1 billion euros of Treasury bills. This is a low-risk event.

July 19 and 20: Greece must make the largest coupon payments of the month — about 199 million euros and 104 million euros, respectively — on government bonds. The total for the month is 810 million euros. In addition, Greece’s 3.5 billion-euro bond held by the ECB matures on July 20. This is a high-risk event. A default could cause the ECB to cut off Greek banks’ access to ELA. That would probably be the first step to an exit of the beleaguered country from the monetary union.

Aug. 1: Greece will have to make a payment of about 141 million SDRs to the IMF. That equals about 177 million euros. This is a medium-risk event. (See June 5.)

Aug. 7: Greece must roll over 1 billion euros of Treasury bills. This is a low-risk event.

Aug. 14: Greece must roll over 1.4 billion euros of Treasury bills. This is a low-risk event.

Aug. 20: Greece must make the largest coupon payment of the month — about 194 million euros — on government bonds. The total for the month is 211 million euros. In addition, Greece’s 3.2 billion-euro bond held by the ECB matures. The riskiness of these events is path-dependent. If Greece has managed to secure bailout funds by this date, the payment shouldn’t create a problem. If it hasn’t secured the funds, Greece will probably have defaulted on the July 20 payment already and this second payment might be immaterial. If Greece hasn’t secured bailout funds and managed to somehow make the July 20 payment, this would be a high-risk event.

This post is courtesy of Bloomberg Intelligence Economics.

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Greek Endgame Nears for Tsipras as Collateral Evaporates

 

Greek banks are running short on the collateral they need to stay alive, a crisis that could help force Prime Minister Alexis Tsipras’s hand after weeks of brinkmanship with creditors.

As deposits flee the financial system, lenders use collateral parked at the Greek central bank to tap more and more emergency liquidity every week. In a worst-case scenario, that lifeline will be maxed out within three weeks, pushing banks toward insolvency, some economists say.

 

“The point where collateral is exhausted is likely to be near,” JPMorgan Chase Bank analysts Malcolm Barr and David Mackie wrote in a note to clients May 15. “Pressures on central government cash flow, pressures on the banking system, and the political timetable are all converging on late May-early June.”

European policy makers are losing patience with Tsipras who said as recently as May 14 that he won’t compromise on any of his key demands. He’s planning to force a discussionof Greece at a summit of European Union leaders in Latvia that begins on May 21, a day after the European Central Bank’s Governing Council meets in Frankfurt.

Bonds Drop

Greek shares and bonds fell on Monday, with the benchmark Athens Stock Exchange dropping 1.4 percent at 1.28 p.m. local time. The ASE has fallen 26.3 percent in the past year, making it one of the worst performing primary equity indices tracked by Bloomberg. Yields on two-year Greek notes jumped 280 basis points to 23.71 percent, the highest level this month. Greek bonds remain the best-performing sovereign securities over the past month, according to Bloomberg’s World Bond Indexes.

While talks are centering on whether to give Greece more money, the ECB could decide to raise the stakes as soon as this week if it increases the discount on the collateral Greek banks pledge in exchange for cash under its Emergency Liquidity Assistance program.

Such a move might inadvertently prompt a further outflow of bank deposits and pressure Tsipras to choose between doing a deal and putting his country on the road to capital controls. A Greek government spokesman declined to comment, as did officials at the Greek central bank and the ECB.

“We are in an endgame,” ECB Executive Board member Yves Mersch said in an interview with Luxembourg radio 100.7 broadcast Saturday. “This situation is not tenable.”

Liquidity Lifeline

The arithmetic goes as follows: Greek lenders have so far needed about 80 billion euros ($91 billion) under the ELA program.

Banks have enough collateral to stretch that lifeline to about 95 billion euros under the terms currently allowed by the ECB, a person familiar with the matter said. With the central bank raising the ELA by about 2 billion euros every week, that could take banks to the end of June.

A crunch will come if the ECB increases the haircut on Greek collateral to levels not seen since last year. That could be prompted by anything from a complete breakdown in talks to a missed debt payment, the official said. A continuation of the current impasse could even be all that’s needed, the official said.

An increased haircut would reduce the ELA limit to about 88 billion euros, the person said. While that gives banks about four weeks before hitting the buffers, the leeway is so limited that Greece might need to impose capital controls, limiting transactions such as ATM withdrawals, to conserve the cushion. Market News International first reported on the reduced ceiling on May 12.

ECB Tools

“Since the great crisis of 2008, Europe has created many tools to control the flow of money and banks,” said Andreas Koutras, an analyst at In Touch Capital Markets in London. “Thus the crisis in Greece is more likely to be resolved through the tools of the ECB rather than” by political means.

Investors in Greek debt are showing few signs of panic for now, with the yield on the Greek 10-year bond having dropped about 3 percentage points from the 13.64 percent on April 21.

Nor are ECB policy makers willing to raise the pressure on Greek banks on their own. Central bank governors won’t take any action which would be seen as pushing Greece out of the currency bloc if negotiations show progress and convergence, the person said.

Collateral Fix?

Greek lenders are also working with the country’s central bank on plans to collateralize additional assets, a separate local official with knowledge of the matter said.

Still, it’s unclear if these assets, including government guarantees, would be accepted by the ECB if the standoff in bailout negotiations persists. According to a senior Greek commercial banker, the ECB’s decision on what to accept as collateral is essentially a judgment call, and not necessarily related to the quantity of the assets available.

“The Greek government at this point has no room for maneuver,” Spanish Economy Minister Luis de Guindos said in a speech in Madrid on Monday. He said he was still optimistic a deal will be reached in the coming days. “This deal is essential for Greece given its liquidity situation,” he said.

Tsipras will push Greece’s case at this week’s EU leaders’ summit in Riga after a weekend that showed few signs of progress. An International Monetary Fund memo dated May 14 said Greece won’t be able to make an IMF payment on June 5 unless an accord is reached with partners, the U.K’s Channel 4 news reported on Saturday.

The ECB’s next full monetary policy meeting is on June 3, two days before the IMF payment.

“There were too many people crying wolf before,” Koutras said. “But as Hemingway wrote: How did you go bankrupt? Two ways: Gradually, then suddenly.”

 

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German bond yields on course for biggest weekly rise in a decade

 

German government bond yields jumped on Thursday as a rout in euro zone markets worsened, putting them on course for their biggest weekly rise in over a decade.

Yields on 10-year German bonds — the bloc’s benchmark — rose as much as 20 basis points to hit 0.799 percent, their biggest daily rise since the middle of 2012.

As of 0930 GMT, yields were up some 38 basis points on the week, set for their biggest rise seen since at least 2004, according to Tradeweb data.

Other euro zone government bond yields rose 4-15 bps.

Strategists said the market capitulation which started last week was sparked by easing deflation fears and investor weariness with ultra-low yields.

“It’s a historical move that we’re experiencing – a continuation of the move we’ve seen in the past few days,” said Jean Francois Robin, head of strategy at Natixis. “The macro picture is getting better in Europe.”

 

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“Economic therapy” called devaluation.

 

Low euro is like a “deflation” of the Euro. Is this good or bad ?

Lets talk about devaluation.

The idea being that the goods the nation has to offer will cost less with devaluation.

Good idea, right? Many countries have resorted to this economic maneuver in order to increase exports.

The question always is: are the benefits of the drug greater than the cost of theside effects?

The same concept needs to be applied to theEconomic therapycalleddevaluation.

Importing essential goods, like food, which must be imported because much of it is not available locally, suddenly costs more.

The increases in the cost of food adversely impacts morale.

I suggest to you that devaluation, like inflation, causes people to lose trust in the currency of the country.

The public feels ambushed by the government it has elected.

Everyone-from all socioeconomic groups-feel undermined by those they have chosen to lead their government.

Devaluation has short term benefits, but long term costs.

The benefits are easy to see: an increase in exports.

The costs are more difficult to assess or even notice.

People cut their saving, which impacts capital formation.

Consumption begins to increase as people start ridding themselves of money because it has an unstable value.

Most important of all, the lack of trust in government has its own repercussions,which are also hard to quantify, but they are there.

Devaluation is a mechanistic solution: cut prices, increase volume.

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Hey Europe, “Recovery” does not feel like the right word

At first glance, the eurozone economy seems like it might finally be on the mend.

  1. True, according to some estimates, the eurozone economy may now be growing at an annual rate of 1.6%, up from 0.9% in the year to the fourth quarter of 2014.
  2. With the eurozone economy 2% smaller than it was seven years ago, “Recoverydoes not feel like the right word especially as the relief is unlikelyto last.
  3. With eurozone exports increasingly reliant on global supply chains, a cheaper currency provides less of a boost than before.
  4. In 2014, exports from the eurozone amounted to nearly2 trillion more than those from China.
  5. In any case, with exports accounting for only one-fifth of the eurozone’s10trillion economy, they are unlikely to spur a strong recovery while domestic demand remains weak.
  6. Quantitative easing does improve funding conditions for the few eurozone companies large enough to tap capital markets.
  7. Most businesses in the eurozone rely on bank finance, and while credit conditions have improved somewhat, lending is flat.
  8. Nor can the small uptick in the eurozone’s growth, much less the relatively rapid expansion in Spain and Ireland, be attributed to the German recipe of fiscal consolidation and measures to increase export competitiveness.
  9. The eurozone economy is set to do a bit better in 2015, but not because of the policies demanded by Germany.

 

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Greek Debt for Dummies

Here is some facts about the Greek Debt

 

  1. The uncertainty over this week’s payment to the IMF is just the latest episode of a multiyear tragedy for Greece and its creditors as they try to navigate a situation that has been managed too timidly for too long.
  2. The biggest lenders to Greece are: the euro zone – 60%, the International Monetary Fund (IMF) – 10%, the European Central Bank (ECB) – 6%, Greek banks – 3%,Bank of Greece, 1% – foreign banks, 15% – other bondholders, 3% – other loans.
  3. Having struggled to restore economic growth, and with an unemployment rate of 26 percent, Greece isn’t generating enough revenue to meet all of its obligations.
  4. Greece now has its hopes set on another meeting of euro zone deputy finance ministers on April 8-9, although it is unlikely that a deal could be reached by then.
  5. Negotiations between Greece and its creditors over the next tranche of the country’s bailout – worth more than €7bn – have stalled over disagreement about Syriza’s economic reform plans.
  6. Default or no default, Greece will be scrambling for cash unless it is revived by a fresh injection of bail-out cash soon.
  7. After days of talks between officials representing Greece and its creditors about a list of economic reforms and proposals, euro zone finance ministry officials will discuss progress and the prospects for an agreement during a teleconference session on Wednesday afternoon.
  8. Perhaps something good can come from Greece’s debt disaster as it is clear evidence that changes are needed to ensure a healthy economy in the euro zone and for the euro to thrive.
  9. Greece especially its successive governments and irresponsible politicians have been behind the feckless borrowing and now the Greek people have to bear the burden of irresponsibility, perhaps even criminal behavior, of their leaders.
  10.  The new loans represented not a bailout for Greece but a cynical transfer of losses from the books of the private banks to the weak shoulders of the weakest of Greek citizens.
  11. The repayment schedule on the country’s €240 billion rescue package extends to 2054 and, of course, Greece has to also repay its other debt obligations.
  12. Greek debt has been steadily growing as the nation has been subjected to harsh austerity, with the nation seeing an unprecedented contraction in its economic output with all the consequences of such a downturn.
  13. The Greek government faces another crucial deadline in its interminable bail-out drama this week, as fears mount that the country could become the first developed nation to ever default on its international obligations.
  14. The terms of Greece’s existing bail-out programme stipulate that a default to the IMF would automatically constitute a default on the country’s European rescue loans.
  15. The worsening Greek debt crisis has reanimated talk within the ruling Syriza party of a snap general election if discussions with creditors fail, as the country faces a Thursday deadline to repay a €450m loan to the International Monetary Fund.
  16. The Greek finance minister, Yanis Varoufakis, was scheduled to hold informal talks with the IMF’s managing director, Christine Lagarde, in Washington DC on Sunday – 5 Apr 2015 – , while warnings of early elections underscored the political unrest in Athens. IMF Managing Director Christine Lagarde said in a statement after meeting with Varoufakis that she welcomed his confirmation that the loan payment due would be made on schedule.
  17. Beyond this week’s bill auction and the IMF repayment, Greece sees €1.4 billion of short-term Treasury bills mature on April 13, requiring the country to sell more debt to fund that, Rodriguez notes, while another €1 billion in notes matures on April 16.
  18. Meanwhile, Greece’s domestic socio-political context makes it difficult for the government to make payments to the IMF, especially as it struggles to pay salaries and finance basic social services.
  19. Greece has not received any bailout funds since August last year, and the Syriza-led government has so far failed to convince its eurozone partners to dole out remaining funds in the bailout pot.
  20. Although the exact process is uncertain, falling into a protracted arrears procedure could have major consequences for continued financial assistance from Greece’s other creditors – the European Central Bank and European Commission.
  21. “If Greece defaults to the IMF, then they are considered to be in default to the rest of the eurozone,” says Raoul Ruparel, head of economic research at Open Europe.
  22. Prime Minister Alexis Tsipras will visit Moscow next week, with Russia ready to discuss easing restrictions on Greek food products, according to Russian government officials.
  23. Greece won’t default on payments to the International Monetary Fund next week even as a lack of bailout disbursements has left government coffers nearly empty, according to the minister responsible for meeting the obligations.
  24. “It is necessary to restore the Greek economy’s funding flow,” Labor Minister Panos Skourletis told the Greek Ependysi newspaper on Saturday, accusing the country’s lenders of taking advantage of Greece’s funding limits to add pressure on Athens.
  25. The interior minister suggested last week the government would prioritize wages and pensions over the IMF payment, although the government later denied that was its stance.
  26. The government is hoping approval of its reform proposals will free up the remaining aid of 7.2 billion euros (5.30 billion pounds) under its bailout and lead to the return of about 1.9 billion euros in profits made by the European Central Bank on Greek bonds.
  27. The payment to the IMF wouldn’t necessarily make it easier for Greece and its creditors to better work collaboratively to restore the country’s growth and financial viability with the euro zone.
  28. Since Tsipras took office, the chairmen of two of the largest banks, National Bank of Greece and Eurobank, have both been replaced with people who are close to the new government.
  29. Russia’s foreign minister Sergey Lavrov told his Greek counterpart in February that Moscow would consider a loan to Greece if the country asked for one – an offer repeated by the Russian ambassador to Greece last week in an interview with Greek newspaper Kathimerini.
  30. The Prmie Minister of Greece will fly into Moscow today for talks with Russian President Vladimir Putin amid ongoing concern that the Mediterranean country will run out of money this month.
  31. Alexis Tsipras’ meeting had originally been scheduled for May, but has been brought forward, raising suspicions that Greece plans to gain funding from Russia or to use relations with the country as a bargaining chip with its Eurozone partners during bailout negotiations.
  32. “While no member of the government admits to it publicly, the fostering of better relations with Russia is seen as a potential negotiating tool in relations between Greece and its lenders,” said an analyst from Greek think tank Macropolis.
  1. Greece is currently negotiating a short-term bailout extension that it doesn’t really want, offered by European institutions which don’t trust the Greek government and approved by other governments that are running out of patience.
  2. Back in the worst days of the euro crisis, it was feared that banking and sovereign default in Greece would spread to other southern European countries, causing a domino effect.
  3. But even if Greece gets the bailout deal when European finance ministers meet on April 24 (which isn’t assured), we’ll be back in the same place in about two months.

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Last Chance for Ukraine ?

Putin’s preferred outcome in Ukraine is to engineer a financial and political collapse that destabilizes the country, and for which he can disclaim responsibility, rather than a military victory that leaves him in possession of – and responsible for – part of Ukraine.

The financial collapse of which Soros had been warning for months occurred in February, when the hryvnia’s value plummeted 50% in a few days, and the National Bank of Ukraine had to inject large amounts of money to rescue the banking system.

Vladimir Putin’s Russia is the aggressor, and Ukraine, in defending itself, is defending the values and principles on which the EU was built.

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Do we have Putin or Putout ?

Where’s Vladimir Putin? Russia’s President has been awol for 10 days and the rumour mill is in overdrive

Here are some articles on the net about this event

 

Where is Vladimir Putin? What we know about the Russian president’s “disappearance.”

http://www.vox.com/2015/3/13/8212313/putin-missing

Vladimir Putin has been ‘neutralised’ by astealthy coup as rumours about his health and well-being continue to flourish
Read more: http://www.dailymail.co.uk/news/article-2995335/Vladimir-Putin-neutralised-stealthy-coup-rumours-health-continue-flourish.html#ixzz3UR86MVHg

Claims of ill health and fatherhood have been denied, but in his absence, the popularity of Russia’s strongman leader (according to pro-Kremlin pollsters) has hit an all-time high

Read more: http://www.independent.co.uk/news/people/wheres-vladimir-putin-russias-president-has-been-awol-for-10-days-and-the-rumour-mill-is-in-overdrive-10108706.html

This is why it’s impossible for the Kremlin to lie about Putin’s weird disappearance

Read more: http://www.washingtonpost.com/posteverything/wp/2015/03/14/this-is-why-its-impossible-for-the-kremlin-to-lie-about-putins-weird-disappearance/

‘His handshakes break hands’: Press secretary dismisses Putin illness rumors

Read more: http://rt.com/politics/240025-russia-peskov-putin-health/

Russia is preparing for something at the Kremlin while Putin’s absence baffles everyone

Read more: http://www.businessinsider.com/whats-happening-with-putin-and-russia-2015-3#ixzz3UR9NIWGR

Speculation keeps roiling as Putin remains out of sight

Read more : http://www.chinadaily.com.cn/world/2015-03/15/content_19813103.htm?

News Analysis: Three Scenarios For A Succession In Russia

http://www.rferl.org/content/russia-succession-scenarios/26899859.html

Putin’s “Praetorian Guard” – 10 October 2013 –

http://imrussia.org/en/analysis/politics/572-putins-praetorian-guard

Girkin: Putin will be murdered like the Tsar, or die in prison like Milosevic

http://ukrainianpolicy.com/girkin-putin-will-be-murdered-like-the-tsar-or-die-in-prison-like-milosevic/

How Vladislav Surkov invented the new Russia

Home guard killed Putin

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Greece’s Debt Due: What Greece Owes When

Facing a cash crunch, Greece is seeking to extend its bailout program with eurozone creditors before it expires on Feb. 28. Here’s what Greece owes, when.

Skärmavbild 2015-02-20 kl. 12.47.14

 

Source : http://graphics.wsj.com/greece-debt-timeline/

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