Silicon Valley VC model doesn’t work in Africa, argues Silvertree Holdings man

The Silicon Valley venture capital (VC) model doesn’t work in Africa and other emerging markets, argues Manuel Koser, the managing director and co-founder of Silvertree Internet Holdings. The funder likes to refer to itself as a “investment growth partner” holding stakes for a longer period in those it invests in than your traditional seven to eight years […]

Greece’s tax revenues collapse as debt crisis continues

Fresh evidence of the dramatic impact of the Greek debt crisis on the health of the country’s finances has emerged, with official figures showing tax revenues collapsing. As talks continued over a proposed €86bn third bailout of the stricken state, the Greek treasury said tax revenues were 8.5% lower in the first six months of […]

Greek shares plummet as the Athens Stock Exchange reopens

The Athens Stock Exchange (ASE) plunged 22.86 per cent this morning, after it resumed trading for the first time in five weeks. The country’s banks – Piraeus Bank, National Bank, Alpha Bank, and Eurobank – were the biggest losers, each suffering heavy losses of around 30 per cent. Banks make up about 20 per cent of […]

The disagreement between Germany and the ECJ

Whenever you are in a room with European officials and discuss the euro, there is usually somebody who raises his finger and says: “This is all well and good, but it is ‘against the rules’.” It then gets very quiet. “Against the rules” is a big thing in Europe. Most people do not really know what […]

Greek deal exposes the flaws in Europe’s heart

It would take a heart of stone not to feel for the Greek people over recent events. For all that their casual approach to taxpaying and their taste for generous government spending have contributed to their country’s economic woes, the agreement their government has now struck with its creditors amounts to nothing less than national […]

Greece debt crisis: Eurozone summit strikes deal

Eurozone leaders have agreed to offer Greece a third bailout, after marathon talks in Brussels. Amid one of the worst crises in the EU’s history, the head of the European Commission said the risk of Greece leaving the eurozone had been averted. Greek Prime Minister Alexis Tsipras said that after a “tough battle”, Greece had […]

Greek Finance Minister Quits Despite ‘No’ Vote

Greece’s finance minister has announced his resignation after Greek voters decisively and “bravely” rejected a tough new bailout deal. Yanis Varoufakis said he had been “made aware” some members of the eurozone did not want him at the meetings of finance ministers. He quit as the leaders of France and Germany prepared to hold emergency […]

Greece – How will Greece vote in Sunday’s referendum?

Large parts of the world are still struggling with the burden dumped on their shoulders by the financial crisis – even now, eight years after its onset. And there are dangers not far beneath the surface that could easily cause a new setback. Even if those risks don’t materialise, the outlook for this year, the […]

Greece closes banks after bailout talks break down

Greece has closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks with its international creditors. The move, which left many depositors scrambling for cash, came at the end of a weekend which saw Greece lurch closer to a potential exit from the European single currency, confronting the […]

Greek banks thrown fresh lifeline as ECB extends emergency support for the fourth time in a week

Greek banks were handed another funding lifeline yesterday as panicking savers continued to withdraw cash from the country’s crippled lenders. The European Central Bank extended so-called emergency liquidity assistance (ELA) by nearly €1billion to around €89billion – the fourth increase in a week. Greek banks have become dependent on ECB support as customers worried that […]