Saturday
February 9, 2013
Results for: greece

  • 24/04/2012 | Argentina

    Greece's economy will contract more than 5% in 2012, central bank chief warns

    Greece's central bank chief said economy will contract a deeper than expected 5 percent this year, and urged strict adherence to reform and fiscal adjustment commitments Greece has agreed with its euro zone partners.

  • 02/10/2012 | Argentina

    Greece pushes for austerity deal despite of protests

    Greece held a new round of talks with foreign lenders to bridge differences over two billion euros of disputed austerity cuts today, with time running short to clinch a deal before a key meeting of euro zone ministers next week.

  • 08/10/2012 | Argentina

    Lorenzino blasts credit rating agencies

    Economy Minister Hernán Lorenzino questioned the "credit rating agencies' behaviour" and the tendentious use of their analysis to develop "self fulfilling prophecies."

  • 23/06/2011 | Argentina

    Krugman 'struck' by those who say Argentina 'is no longer considered serious'

    Nobel Prize winner Paul Krugman took to his blog in the New York Times to say he didn’t see how Argentina’s default could be seen as a cautionary tale for Greece, and questioned a local economist who assured Argentina was not considered “a serious country.”

  • 01/07/2011 | Argentina

    CFK blasts credit organizations, announces tax revenue

    President Cristina Fernández de Kirchner announced that the tax revenue soared 30.5 percent in June, year-on-year, during the last day of the Central Bank Monetary Conference. The Head of State also referred to the Greek crisis and assured that “the more they delay the solution for the problem, more terrible will be the crisis, as it happened to Argentina in 2001.”

  • 03/10/2011 | Argentina

    International crisis shocks BA stocks

    Merval benchmark index collapsed 6.7 percent, to 2.291.68 points, as worries over a possible sovereign default in Greece and its effect on European lenders shock international markets. Meanwhile, Argentina's country-risk was up 3.5 percent reaching to 1,028 basis points in the JP Morgan EMBI index.

  • 19/01/2013 | World

    Anti-racism protesters rally in Athens after stabbing

    Hundreds of demonstrators paraded the coffin in central Athens of a Pakistani immigrant who was stabbed to death earlier this week, praying and opening the casket to show his face in protest at racist attacks in the country.

  • 01/12/2012 | World

    PM says Greek pension funds won't join debt buy-back

    Greek pension funds will not take part in a debt buy-back that is a key part of the country's international bailout, Greek Prime Minister Antonis Samaras said in a newspaper interview.

  • 06/12/2012 | World

    Greek police clash with youths over 2008 shooting

    Greek police fired tear gas at youths hurling petrol bombs and stones in Athens today after a peaceful march to mark the 2008 police killing of a teenager that sparked the country's worst riots in decades.

  • 10/12/2012 | World

    Greece extends buyback offer to reach target

    Greece has extended its offer to buy back debt until tomorrow, seeking more bids from bondholders after falling just short of a target to retire bonds worth 30 billion euros at a cost of just 10 billion euros.

  • 26/11/2012 | World

    Euro zone, IMF secure deal on cutting long-term Greek debt

    Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece's debt in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat.

  • 27/11/2012 | World

    Wall Street down on cliff caution, European shares edge up

    US stocks slipped today in a choppy session, losing ground after Senate Majority Leader Harry Reid expressed disappointment that there has been "little progress" in dealing with the so-called fiscal cliff. Meanwhile, European shares edged higher.

  • 30/11/2012 | World

    German lawmakers approve Greek bailout despite qualms

    German lawmakers approved the latest bailout for Greece today by a large majority despite growing unease about the cost to taxpayers less than a year before federal elections.

  • 13/11/2012 | World

    EU, IMF clash over Greece revives debt crisis fears

    A public clash between Greece's international lenders over how Athens can bring its debts down to a sustainable level has reignited fears that the crisis could flare up anew.

  • 13/11/2012 | World

    Anti-austerity strikes sweep southern Europe

  • 21/11/2012 | World

    Greece's lenders fail again to clinch debt deal

    International lenders failed for the second week to reach a deal to release emergency aid for Greece and will try again next Monday, but Germany signaled that major divisions remain.

  • 05/11/2012 | World

    Greece faces 48-hour strike over austerity cuts

    Greek workers begin a 48-hour strike tomorrow to protest against a new round of austerity cuts that unions say will devastate the poor and drive a failing economy to collapse.

  • 07/11/2012 | World

    Greek gov't defies protests to approve more austerity

    Greece's government voted by a razor thin margin today to approve an austerity package needed to unlock vital aid and avert bankruptcy, despite an internal rift and violent protests at the gates of parliament.

  • 11/11/2012 | World

    Greek coalition approves 2013 budget in parliament

    Greece's ruling coalition secured enough votes in parliament today to approve the 2013 budget law, a crucial requirement for Athens to revive its stalled international bailout programme and avoid insolvency.

  • 01/11/2012 | World

    Greek journalist acquitted in Swiss accounts scandal

    A Greek journalist who published the names of more than 2,000 of his compatriots who held Swiss bank accounts was acquitted in a case that touched a nerve over the role of tax evasion in the country's debt crisis.

  • 01/11/2012 | World

    IMF says financing issues main obstacle on Greek talks

    The International Monetary Fund said today financing issues remained the main obstacle for debt-laden Greece to receive more bailout money from its international lenders.

  • 04/11/2012 | World

    Workers gear for strike as Greece presents new austerity pack

    Greece's government will present a new austerity package to parliament, facing a week of strikes and protests over proposals which must win deputies' approval if the country is to secure more aid and stave off bankruptcy.

  • 18/10/2012 | World

    Greece: Man dies during police, protesters clashes

    Greek police have confirmed that a man has died during today's anti-austerity protests in which police fired teargas to disperse anti-austerity protesters hurling stones and petrol bombs on the day of a general strike that brought much of the near-bankrupt country to a standstill.

  • 24/10/2012 | World

    Greece says it has been given more time on austerity

    Greece's finance minister said that his country had been given more time by its international lenders to implement austerity cuts, an assertion played down by leading European Union officials.

  • 27/10/2012 | World

    Greece to vote on labour reform despite coalition split

    Greece's government plans to put labour reforms demanded by foreign lenders to a parliamentary vote despite a junior coalition partner's refusal to back them, the finance minister said on Saturday.

  • 11/10/2012 | World

    IMF urges Europe to put brake on deep budget cuts

    The IMF today backed giving debt-burdened Greece and Spain more time to reduce their budget deficits, cautioning that cutting too far, too fast would do more harm than good.

  • 12/10/2012 | World

    Germany holds firm on Greece as IMF pressure mounts

    Germany held firm today in insisting it was too soon to say Greece deserved more time to meet its deficit-cutting goals even as the head of the International Monetary Fund laid out the case for leniency.

  • 16/10/2012 | World

    Greece, troika talks hit snag on labour reforms

    Greece's labour minister and international lenders briefly suspended talks on austerity cuts to confer with their leaders on the thorny issue of labour reforms, which have prompted objections from government coalition partners.

  • 08/10/2012 | World

    Euro zone launches bailout fund

    Euro zone finance ministers launched their permanent 500 billion euro bailout fund but said Spain, the country widely expected to be first to draw on it, was taking steps to overhaul its economy and did not need a bailout for now.

  • 08/10/2012 | World

    Thousands of Greek protesters tell Merkel she is not welcome

    About 8,000 demonstrators chanted anti-austerity slogans and hoisted banners warning Angela Merkel she was not welcome in Greece at a protest, the eve of a visit by the German chancellor.

  • 09/10/2012 | World

    Merkel lands in Greece as protesters mass on streets

    Germany's Angela Merkel arrived in Greece on her first visit since Europe's debt crisis erupted here three years ago, braving protests to deliver a message of support - but no new money - to a nation hammered by recession and fighting to stay in the euro.

  • 05/10/2012 | World

    Merkel to visit Greece as money running out

    German Chancellor Angela Merkel will make her first visit to Greece next week since the euro zone debt crisis erupted, in a show of support for Athens after it said it would run out of money at the end of November without fresh international aid.

  • 06/10/2012 | World

    Greek austerity talks to go on after eurogroup

    Greece is making progress in agreeing new austerity measures with its international lenders but needs another two weeks to wrap up a deal, a senior government official said.

  • 07/10/2012 | World

    Merkel to face protests on first crisis visit to Greece

    German Chancellor Angela Merkel will tell Greeks she wants to keep their country in the euro when she visits Athens this week, but she faces a hostile reception from a people worn down by years of austerity and recession.

  • 10/09/2012 | World

    Greece, lenders seek to bridge differences on cuts plan

    Greek Prime Minister Antonis Samaras sought to bridge differences with the country's lenders over a near 12-billion-euro austerity package, after they rejected parts of the plan that Athens hopes will unlock further aid payments.

  • 26/09/2012 | World

    Greek gov’t faces massive anti-austerity strike

    Flights and trains were suspended, shops pulled down their shutters and tens of thousands took to the streets today in Greece's first big anti-austerity strike since a coalition government took power in June.

  • 04/10/2012 | World

    Greek police clash with protesting shipyard workers

    Greek police clashed with protesting shipyard workers who stormed the Defence Ministry complex in Athens demanding back pay that they said they were owed.

  • 25/08/2012 | World

    Greece must be tackled after troika report, Hollande

    French President Francois Hollande said Greek leaders must demonstrate their commitment to push through reforms and that Europe must take decisions on the country as soon as possible following a progress report by Athens' international lenders.

  • 28/08/2012 | World

    Marathon trophy from 1896 Olympics goes on display in Greece

    The trophy won by the marathon winner at the 1896 Olympics has gone on display for the first time in Greece, and the new owners and prime minister said they hoped it would help inspire Greeks to overcome economic crisis.

  • 08/09/2012 | World

    Thousands of Greeks protest against new round of austerity cuts

    Thousands of Greeks marched at an annual fair in Greece's second-biggest city today to protest against a new round of wage and pension cuts demanded by international lenders in exchange for aid to stave off bankruptcy.

  • 22/08/2012 | World

    Greek PM asks EU 'bit of air' to get economy running

    Greek Prime Minister Antonis Samaras started a European charm offensive with an appeal to Germans for more time to meet Athens' borrowing obligations, but he may struggle to make his case in a series of meetings this week with EU leaders.

  • 23/08/2012 | World

    Merkel and Hollande in extension talks over Greek bailout

    Angela Merkel and Francois Hollande will present a united front towards Greece at talks today. The two European leaders will also meet Greek Prime Minister Antonis Samaras later this week.

  • 24/08/2012 | World

    Merkel to Greek PM: 'Greece must meet its reform targets'

    Angela Merkel said today after meeting Greek premier Antonis Samaras that Germany would not judge his country's performance on its reform targets prematurely, but would await a report by the "troika" of international lenders due next month.

  • 18/08/2012 | World

    Budget breather for Greece would spur economic recovery

    Finance ministry officials in Greece have calculated that the debt-stricken country's economy will recover faster and its debt be more sustainable if it is given two more years to reduce its budget deficit, a Greek newspaper reported.

  • 20/08/2012 | World

    Greek exit from Eurozone manageable but not preferable, says ECB's Asmussen

    A Greek exit from the euro zone would be manageable, European Central Bank policymaker Joerg Asmussen was quoted today as saying, although he would prefer it if the crisis-stricken country remained within the single currency bloc.

  • 20/08/2012 | World

    Germany's Central Bank reluctant to ECB bond buying

    Germany's Bundesbank showed no signs of lowering its resistance to a European Central Bank plan to buy billions of euros worth of Spanish and Italian government bonds to reduce those countries' crippling borrowing costs.

  • 29/07/2012 | World

    Greek leaders agree most cuts, lenders stay on

    Political leaders in Greece have agreed on most of the austerity measures demanded by its creditors and are now eyeing pension and wage cuts to find the final 1.5 billion euros of savings still needed.

  • 07/08/2012 | World

    S&P downgrades Greece's outlook

    The rating agency Standard & Poor's downgraded Greece's sovereign debt from "stable" to "negative," stating that an economy that is not getting better and the current political challenges could lead to another downgrade.

  • 13/08/2012 | World

    Senior Merkel ally sends stark warning to Greece

    A senior member of Chancellor Angela Merkel's party issued a stark warning to Greece, saying Germany would not hesitate to veto further aid to the country if there were any signs it was not meeting the conditions of its bailout.

  • 23/07/2012 | World

    EU says mismanaged Greek banks face 'revamp'

    Banks recapitalised as part of Greece's bailout may be forced to overhaul their management and governance, the European Commission said, in response to questions raised by Reuters agency about alleged malpractice at Greece's fourth-largest bank.

  • 23/07/2012 | World

    Moody's: Germany, Netherlands, Luxembourg's ratings under threat

    Credit ratings agency Moody's warned that Germany, Netherlands and Luxembourg were put on negative outlooks and could lead to a downgrade of their ratings.

  • 24/07/2012 | World

    'Recession seen deeper than 7% this year,' Greek PM

    Greece's recession may be deeper than 7 percent this year, Prime Minister Antonis Samaras said, estimating that the country would not return to growth before 2014.

  • 02/07/2012 | World

    ECB tough message to Greece: focus on reforms

    Greece must not lose time trying to renegotiate its foreign bailout but focus on reforms instead, European Central Bank policymaker Joerg Asmussen said today, in a blow to Greek hopes of winning quick concessions from its lenders.

  • 07/07/2012 | World

    Greek socialist leader wants more time for deficit cuts

    Greek socialist leader Evangelos Venizelos warned that the country's recession would be deeper than projected this year, and called for extending the deficit-cutting plan to three years, at a meeting with inspectors from the EU, European Central Bank (ECB) and IMF.

  • 09/07/2012 | World

    Greek deputy minister resigns over bailout stance

    Greece's deputy labour minister resigned today saying the government was not being aggressive enough in pushing for changes to an unpopular bailout, becoming the third cabinet member to quit the fledgling coalition in as many weeks.

  • 25/06/2012 | World

    Greek finance minister resigns

    Greece's new finance minister resigned because of ill health today, throwing the government's drive to soften the terms of an international bailout into confusion days before a European summit.

  • 26/06/2012 | World

    Greece names Stournaras as new finance minister

    Greece's ruling coalition appointed economist Yannis Stournaras as the country's new finance minister, the prime minister's office said today.

  • 26/06/2012 | World

    Merkel buries euro bonds as summit tension rises

    German Chancellor Angela Merkel sought to bury once and for all the idea of common euro zone bonds, saying Europe would not share total debt liability "as long as I live", as the bloc's big four finance ministers met to narrow differences on how to solve a worsening debt crisis.

  • 20/06/2012 | World

    Greek Socialists say government agreed

    A conservative-led Greek government has been agreed and will form a team to "renegotiate" the EU/IMF bailout saving the country from bankruptcy, Socialist PASOK leader Evangelos Venizelos said today.

  • 21/06/2012 | World

    Greece names banker Vasilis Rapanos as new Finance Minister

    Greece's new conservative-led government announced its cabinet today with National Bank Chairman Vassilis Rapanos in the key role of finance minister, as the country seeks a revision of its international bailout.

  • 21/06/2012 | World

    Greece on review for move to emerging markets

    Greece has been placed on review for relegation to emerging market status by index provider MSCI, which would make it the first country to be thrown back out of developed equity indices.

  • 16/06/2012 | World

    Greeks weigh consequences of pivotal vote

    European leaders urged Greece to reject radical leftists who threaten to tear up the terms of a bailout deal should they win an election on Sunday, a result that would send shockwaves through global financial markets.

  • 17/06/2012 | World

    Greek pro-bailout parties secure ruling majority

    Parties supporting a bailout saving Greece from bankruptcy won a slim parliamentary majority, beating radical leftists who rejected austerity and bringing relief to the euro zone which was braced for fresh financial turmoil.

  • 19/06/2012 | World

    Coalition gov’t expected soon, Greek parties say

    Greek political parties meeting today said they expected to form a coalition government soon and then seek concessions to the painful austerity measures tied to the international bailout deal keeping the country from bankruptcy.

  • 27/05/2012 | World

    Greek pro-bailout conservatives regain lead: polls

    Greece's conservatives have regained an opinion poll lead that would allow the formation of a pro-bailout government committed to keeping the country in the euro zone, a batch of new surveys showed.

  • 05/06/2012 | World

    Japan Finance Minister: G7 to work together on Spain, Greece

    The Group of Seven finance chiefs agreed in a teleconference call to work together to deal with the problems hitting Spain and Greece, Japanese Finance Minister Jun Azumi said today.

  • 13/06/2012 | World

    Fitch report warns on impact of hypothetical Greek exit

    In a new report, Fitch Ratings says that a hypothetical Greek exit would have limited direct, cross-border impact on neighbouring countries, but the indirect impact of a Greek redenomination on banks throughout the eurozone could be severe, most notably in programme countries as well as Spain and Italy.

  • 18/05/2012 | World

    Olympic torch arrives in the UK

    The Olympic flame has landed on British soil for the first time since 1948 ahead of the London 2012 Games, the British media informed today. “A gold liveried A319 Airbus, named Firefly, landed at RNAS Culdrose in Cornwall after a 1,500 mile journey from Athens in Greece”, reported Sky News this afternoon.

  • 19/05/2012 | World

    Greek election race tightens into dead heat

    A flurry of polls today showed the race to lead Greece has tightened into a dead heat ahead of an election next month that could determine whether it remains in the euro.

  • 24/05/2012 | World

    EU urges Greece to stay in euro, plans for possible exit

    European Union leaders, advised by senior officials to prepare contingency plans in case Greece decides to quit the single currency, urged the country to stay the course on austerity and complete the reforms demanded under its bailout program.

  • 14/05/2012 | World

    Greece hits political stalemate; President invites parties to final meeting

    Greece's president met little enthusiasm from political leaders summoned to a final round of talks today to avert a new election, reinforcing fears the country was firmly on the path to bankruptcy and an exit from the euro zone.

  • 15/05/2012 | World

    Greece will hold new vote after failure to form government

    After a third day of failed talks with political leaders, a spokesman for President Karolos Papoulias said the process of seeking a compromise had been declared a failure and a new vote must be held.

  • 16/05/2012 | World

    Greece euro exit could hit Spain, Italy, Zoellick assures

    A decision by Greece to leave Europe's common currency zone would raise big questions about the impact on Spain, Italy and other euro zone countries with big debt loads that are undergoing structural reforms, the head of the World Bank said.

  • 11/05/2012 | World

    IMF chief: 'Bailout programmes must be implemented'

    Greece, Portugal and Ireland must meet their obligations under bailout agreements reached with international lenders, the head of the International Monetary Fund said today.

  • 12/05/2012 | World

    Greece lurches towards new vote, hard left leads

    Greek politicians abandoned their quest to form a government today, leaving the president with one final opportunity to avert new elections that could drive the debt-choked country out of the European single currency.

  • 13/05/2012 | World

    Greek leaders hit impasse in last push to avert elections

    Greece's president met party leaders in a final bid to cobble together a coalition and avert a repeat election, but the talks immediately hit an impasse and looked set to fail because of deep splits over an EU/IMF rescue plan.

  • 10/05/2012 | World

    Euro zone approves Greek emergency payment, elections impasse continues

    Euro zone governments kept Greece afloat after agreeing a payment of 5.2 billion euros (4.17 billion pounds) from the region's bailout fund, despite opposition from some member states following the Greek election results. Meanwhile, socialist leader Evangelos Venizelos began a last-gasp attempt to form a government after failed Sunday elections.

  • 10/05/2012 | World

    Olympia torch lighting starts London countdown

    The countdown to the London Olympics began with the kindling of the Games torch by the sun's rays in ancient Olympia today, sparking a relay that will culminate with the lighting of the Olympic stadium's cauldron at the opening ceremony on July 27.

  • 11/05/2012 | World

    Fitch warns euro zone of downgrades if Greece exits

    Credit rating agency Fitch put the whole of the euro zone on notice today that were Greece to leave the currency bloc as a result of its current crisis, the remaining countries could find their sovereign ratings at risk.

  • 06/05/2012 | World

    Greek voters reject German-led austerity

    Greek voters dealt a serious blow on Sunday to the fragile political consensus that has kept Europe's currency bloc intact through more than two years of crisis, rejecting the austerity-for-aid policies that have shielded the country from bankruptcy and a euro exit.

  • 07/05/2012 | World

    Greek conservatives begin hunt for governing partners

    Greece's conservative leader began a frantic hunt for partners to forge a coalition that protects the country's place in the euro zone after angry voters savaged the two ruling parties for imposing harsh wage and spending cuts.

  • 07/05/2012 | World

    Athens stock market falls 6%

    After election results in Greece that reflected public anger over austerity measures and cast doubt on the euro zone's ability to resolve its debt crisis, the benchmark Greek index was down 6.2 percent to its lowest level since mid-January, while the Greek banking sector fell 14 percent.

  • 10/04/2012 | World

    Iran cuts oil to Spain ahead of nuclear talks

    Iran has cut oil exports to Spain and may halt sales to Germany and Italy, Iran's English-language state television reported, in an apparent move to strengthen its position ahead of crucial talks with world powers later this week.

  • 11/04/2012 | World

    Greece to call May 6 snap election

    Greece will call a snap election for May 6 today, government officials said, opening a campaign that may produce no clear result and threaten implementation of the international bailout plan that saved Athens from bankruptcy.

  • 05/05/2012 | World

    Campaigning over, politicians await critical Greek vote

    A ban on campaigning took effect in Greece on Saturday 24 hours ahead of the most uncertain and critical election for decades, a vote that could throw the country's future in Europe into doubt and shake the common currency.

  • 20/03/2012 | World

    Greece receives first tranche of new bailout aid

    Greece has received the first 7.5 billion euros ($ 9.9 billion) of aid from its new EU/IMF bailout, with the bulk of the payment going to repay bonds held by the euro zone's central banks, government officials said today.

  • 21/03/2012 | World

    Greece's Sachinidis appointed finance minister

    Deputy Finance Minister Filippos Sachinidis was appointed as Greece's new finance minister today, the prime minister's office said, confirming earlier comments by government sources.

  • 05/04/2012 | World

    Greek suicide a potent symbol before election

    A Greek pensioner's suicide outside parliament has quickly become a symbol of the pain of austerity and has been seized upon by opponents of the budget cuts imposed by Greece's international lenders.

  • 14/03/2012 | World

    Greek cabinet formally approves bailout agreement

    Greece's cabinet unanimously approved the terms of its international bailout on Wednesday, hours after euro zone countries formally approved the 130 billion euro ($169 billion) financial package that Athens needs to stay afloat.

  • 15/03/2012 | World

    IMF approves 28 billion euro bailout for Greece

    The International Monetary Fund today approved a 28 billion euro ($36.7 billion) bailout for Greece, part of a broader international rescue package for the debt-strapped euro zone member.

  • 19/03/2012 | World

    Greek finance minister resigns to head party to election

    Greece's Evangelos Venizelos said today he was stepping down as finance minister to lead the Socialists into a general election, a day after taking over the helm of the party, which is trailing far behind its rival conservatives in opinion polls.

  • 12/03/2012 | World

    Eurozone okays Greek aid, demands deeper Spanish deficit cut

    Euro zone finance ministers gave their final approval to a second bailout for Greece and turned their fire on Spain, demanding it aim for a tougher deficit target this year in order to get back on target in 2013.

  • 13/03/2012 | World

    More austerity needed in Greece, EU/IMF report says

    Greece will have to slash a further 5.5 percent of GDP in government spending in 2013 and 2014 to meet agreed fiscal targets underpinning the second international bailout for Athens, a European Commission report said.

  • 13/03/2012 | World

    Fitch lifts Greece out of default territory after debt swap

    Fitch lifted Greece's credit rating out of default territory, becoming the first major rating agency to take the widely expected move after Athens completed a debt swap that cut its debt by about 100 billion euros.

  • 09/03/2012 | World

    Venizelos: Greek bond swap 'exceptional success'

    The Greek Finance Minister, Evangelos Venizelos, hailed the winning strong acceptance from its private creditors for a bond swap deal an “exceptional success.” The deal was demanded by international leaders in return for the 130 billion euro ($172 billion) bailout.

  • 09/03/2012 | World

    Sarkozy says Greek problem solved

    French President Nicolas Sarkozy said that Greece's debt crisis had been solved after Athens
    won strong acceptance from private creditors for a bond swap deal.

  • 10/03/2012 | World

    Greece turns to growth, elections after debt deal

    After the success of a debt cut plan which paves the way for a 130-billion euro ($170.55 billion) international bailout, attention in Athens is shifting to politics and on how to kick-start debt-laden Greece's stricken economy, officials said .

  • 06/03/2012 | World

    IIF report sees 1 trillion euro fallout from Greek default

    A disorderly default in Greece would probably leave Italy and Spain needing outside help to stop risks spreading, and cause more than 1 trillion euros (833 billion) damage to the euro zone, the Institute of International Finance said.

  • 07/03/2012 | World

    Athens gives private creditors two days to decide on Greek bailout

    Athens turned up the heat on its creditors as it sought to secure a bond swap that will cut its mountainous debt. The Greek government gave private creditors until Thursday night to say whether they will participate in the exchange that is a key part of a bailout programme to help Greece manage its mountainous debt.

  • 08/03/2012 | World

    Massive take-up of Greece bond swap offer

    Greece secured an overwhelming acceptance of a bond swap offer to private creditors and beat its own most optimistic forecasts, a senior official said after the deadline expired on a deal needed to avoid a chaotic debt default.

  • 29/02/2012 | World

    German media slams Schaeuble's for playing Sudoku during debate

    German Finance Minister Wolfgang Schaeuble was criticised today for playing Sudoku on a small computer during a crucial parliamentary debate on Greece, becoming a lightning rod for the growing opposition in Germany to the latest bailout

  • 02/03/2012 | World

    Moody's downgrades Greece after debt swap

    Moody's Investors Service cut Greece's sovereign debt rating to the lowest possible level after a debt-restructuring deal that imposes hefty economic losses for private creditors.

  • 05/03/2012 | World

    Top lenders back Greek bond swap plan

    Major Greek bondholders voiced their support for a deal that will more than halve the value of their holdings as their contribution to keeping the country afloat.

  • 23/02/2012 | World

    Greece readies debt swap under bailout deal

    Greece's parliament was expected to endorse a debt swap with private bondholders that forms the core of its 130-billion-euro bailout, despite new protests against tough budget cuts demanded in return for the rescue deal.

  • 24/02/2012 | World

    Greece launches long-awaited debt swap offer

    Greece formally launched a bond swap offer to private holders of its bonds, setting in motion the largest-ever sovereign debt restructuring in the hope of getting its messy finances back on track.

  • 28/02/2012 | World

    Greece cuts minimum wage as austerity drive begins

    Greece approved bitter new austerity measures, slashing the minimum wage and chopping pensions as Athens began implementing measures demanded by international lenders in return for a 130 billion euro rescue package.

  • 21/02/2012 | World

    Europe seals new Greek bailout, doubts remain

    Euro zone finance ministers agreed a 130-billion-euro (US$172 billion) rescue for Greece today to avert an imminent chaotic default after forcing Athens to commit to unpopular cuts and private bondholders to take bigger losses.

  • 22/02/2012 | World

    Fitch downgrades Greece on debt swap plan

    Fitch cut Greece's long-term ratings today to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.

  • 22/02/2012 | World

    Greece pores over bailout laws amid protests

    Trade unionists, communists and pensioners angry at punishing spending cuts in Greece marched through central Athens as lawmakers set to work on legislation needed to secure payment of a second bailout for the debt-laden country.

  • 14/02/2012 | World

    Eurogroup drops face-to-face bailout talks as Greeks argue

    Euro zone finance ministers dropped plans today for a special face-to-face meeting on Greece's new international bailout, as the cabinet in Athens argued up to the last minute on plugging a 325 million euro ($427 million)gap in its austerity plan.

  • 15/02/2012 | World

    Greek conservative takes bailout pledge to the wire

    Greek conservative leader Antonis Samaras will send a letter of commitment to the terms of an EU/IMF bailout deal within the day, a party source said with the country's bankruptcy rescue hanging in the balance.

  • 18/02/2012 | World

    Greek cabinet tackles austerity, rescue hopes rise

    Greece's cabinet tackled on how to implement austerity demanded by the EU and IMF as a 130-billion-euro ($171-billion)rescue seemed within reach, while the euro zone considered modifying a deal with private creditors to help Athens reduce its huge debts.

  • 13/02/2012 | World

    Greek bond swap seen wrapped up in March

    Greece's debt restructuring known as private sector involvement (PSI) will be completed in March and the country will hold elections the following month, the government's spokesman said today.

  • 13/02/2012 | World

    Germany 'expressly welcomes' Greek austerity deal

    Germany praised the sealing of an austerity pact on Greece, saying it showed the determination to take difficult decisions to get Greece on track of an economic recovery. Greece's parliament agreed last night on a raft of unpopular reforms in a bid to secure international aid.

  • 14/02/2012 | World

    Greece rushes to cut another US$430 million

    The Greek government rushed to wring out another 325 million euros in budget cuts to satisfy euro zone finance ministers mulling whether to sign off on a rescue package to save the country from a chaotic default.

  • 10/02/2012 | World

    Anger in Greece as parliament to vote on bailout

    Greek lawmakers will vote this weekend on a controversial austerity bill that Athens needs to avoid a messy default but which is fuelling a domestic political and social crisis that has brought thousands of Greeks out on the streets in protest.

  • 11/02/2012 | World

    Greece warns bailout rebels of unknown, dangerous path

    The Greek government told rebellious lawmakers to back a deeply unpopular EU/IMF rescue in parliament or send the nation down "an unknown, dangerous path" to default and international economic isolation.

  • 13/02/2012 | World

    Greece: Mayor says Athens damage ‘irreparable’

    Athens is counting the cost of damage and clearing the debris from the streets, the day after violence and flames greeted the parliamentary vote on austerity measures.

  • 07/02/2012 | World

    Greek parties delay bailout talks despite EU threats

    Greek political parties delayed yet again making the tough choice of accepting painful reforms in return for a new international bailout to avoid a chaotic default, seemingly deaf to EU warnings that the euro zone can live without Athens.

  • 08/02/2012 | World

    Greek party leaders fail to sign off on bailout

    Greek political leaders failed to sign off on a tough reform and austerity programme, the price of a new international bailout for the nation, but Prime Minister Lucas Papademos said they would try to strike a deal within hours.

  • 09/02/2012 | World

    Greece deal fails to convince, EU demands more

    Greek political leaders said they had clinched a deal on economic reforms needed to secure a second EU bailout, but euro zone finance ministers demanded more steps and a parliamentary seal of approval before providing the aid.

  • 04/02/2012 | World

    Greece struggles on for deal on unpopular reforms

    Greece's government struggled in talks with lenders to secure a 130 billion euro bailout before turning to the trickier task of persuading political leaders to back the unpopular reforms involved in the rescue.

  • 06/02/2012 | World

    Greece lets deadline for bailout slip

    Greece let yet another deadline slip today for responding to painful terms for a new EU/IMF bailout as patience in Brussels wore thin over drawn-out negotiations among its feuding political leaders.

  • 06/02/2012 | World

    Merkel, Sarkozy press Greece as another bailout deadline slips

    The leaders of France and Germany told Greece time was running out in talks on a broad debt restructuring deal and Athens would only get bailout money from Europe if it lived up to its promise to deliver economic reforms in return.

  • 31/01/2012 | World

    Greece says investor losses from debt swap may top 70%

    Greece's private sector creditors could take a loss of more than 70 percent in a planned debt swap, Finance Minister Evangelos Venizelos said.

  • 01/02/2012 | World

    IMF says Greece must step up reform

    Debt-laden Greece and its international lenders must focus less on deficit reduction and more on reform because there are limits to what society can tolerate, a senior IMF official said today.

  • 02/02/2012 | World

    Greece says ECB must be 'mobilised' for debt deal

    The European Central Bank must take part in Greece's debt swap, Finance Minister Evangelos Venizelos said today, warning that a rescue package for Athens also hinges on other issues being resolved such as labour reforms and how Greek banks are to be recapitalised.

  • 24/01/2012 | World

    S&P says likely to declare Greece in default

    Standard & Poor's will likely downgrade Greece's ratings to "selective default" when the country concludes its debt restructuring, but that will not necessarily destroy the credibility of the European Union, an official with the ratings agency said today.

  • 26/01/2012 | World

    Greece, creditors edge closer to deal, talks to continue

    Greece and its private creditors made progress in talks on restructuring its debt, both sides said, and they will continue negotiating on Friday with the aim of sealing an agreement within a few days.

  • 28/01/2012 | World

    Greece, creditors laboriously piece together debt deal

    Greece and its private creditors head back to the negotiating table on Saturday to put together the final pieces of a long-awaited debt swap agreement needed to avert an unruly default.

  • 21/01/2012 | World

    Greece's creditors leave Athens, talks to continue

    Chief negotiators for Greece's private creditors left Athens unexpectedly today without a deal on a debt swap plan that is vital to avert a chaotic default, sources close to the negotiations said.

  • 23/01/2012 | World

    Germany, France press for Greek debt deal

    Germany and France pressed today for a rapid deal between Greece and its private creditors that returns its soaring debt to sustainable levels and said they remained committed to a new bailout that is needed by March to avert a disastrous default.

  • 23/01/2012 | World

    Euro zone ministers reject private bondholders' Greece offer

    Euro zone finance ministers rejected as insufficient an offer made by private bondholders to help restructure Greece's debts, sending negotiators back to the drawing board and raising the threat of Greek default.

  • 17/01/2012 | World

    Fitch says Greece will go into default

    Rating agency Fitch said that Greece would default on its debt, although it said that such a default was likely to take place in an orderly manner.

  • 18/01/2012 | World

    Greece, creditors in new push to avoid costly default

    Greece goes head to head with creditors today amid rising optimism the country can overcome an impasse in talks and hammer out a bond swap deal to stave off a painful default.

  • 20/01/2012 | World

    Greece debt swap talks drag into weekend

    Greece and its creditors will continue negotiations on a debt swap on Saturday, after late-night talks edged them closer to a vital deal but failed to clinch an agreement.

  • 09/01/2012 | World

    Merkel, Sarkozy press for quick Greek solution

    Germany and France warned Greece it will get no more bailout funds until it agrees with creditor banks on a bond swap and pressed for an early deal to avert a potential default in the euro zone's most debt-stricken nation.

  • 10/01/2012 | World

    EU's Rehn asks markets for patience, hopeful on Greece

    Greece is nearing an agreement with private-sector bond holders on a debt swap crucial to a second bailout package for Athens, the European Union's top economic official said today.

  • 17/01/2012 | World

    Greeks strike against austerity as EU, IMF visit

    Striking Greek workers brought the Athens metro to a standstill today and kept ferries docked to protest against austerity as the country's lenders visited Athens to try to avert a disorderly debt default.

  • 14/12/2011 | World

    IMF says Greece must move faster on reforms

    The International Monetary Fund stepped up pressure on Greece, saying promised reforms were behind schedule in most areas and the delays were stalling recovery from years of recession.

  • 27/12/2011 | World

    Greek conservatives drop February election demand

    Greece's conservative New Democracy party dropped its insistence on holding elections as early as Feb. 19, potentially giving technocrat Prime Minister Lucas Papademos a few more weeks to pass reforms and get a vital debt restructuring deal.

  • 03/01/2012 | World

    Greece must clinch bailout deal or face euro exit, says spokesman

    Greece faces an exit from Europe's common currency bloc unless it clinches a deal on a second, 130 billion euro bailout with its international lenders, a government spokesman said today.

  • 05/12/2011 | World

    IMF approves 2.2 billion euro tranche for Greece

    The International Monetary Fund said today its board had approved a 2.2. billion euro loan disbursement to Greece, part of a three-year IMF-EU bailout package to help the country from going bankrupt .

  • 06/12/2011 | World

    Greece passes austerity budget after street clashes

    Greek police today fired tear gas at dozens of black-clad protesters in Athens who hurled petrol bombs and stones while hundreds of people marched to parliament to mark the 2008 shooting of a student by police.

  • 12/12/2011 | World

    Greece opens debt swap, bailout talks

    Greece began a round of talks with the EU, the IMF and bankers on Monday, with negotiators facing a tight timetable to decide key aspects of a new bailout plan to pull the country out of its economic crisis.

  • 18/11/2011 | World

    Greek govt submits budget, EU/IMF team meets PM

    Greece's new government took a first step towards meeting terms of an international bailout needed to avoid bankruptcy, submitting a budget bill that foresees no new austerity measures next year as long as reforms are enacted.

  • 19/11/2011 | World

    Greek party chief resists EU/IMF pressure on pledge

    Greece's creditors failed to persuade the leader of the main conservative party to drop his refusal to sign a pledge that he will back austerity measures under a bailout deal aimed at saving the country from financial ruin.

  • 23/11/2011 | World

    Greek FinMin: political deal to free aid is imminent

    Greece's finance minister said he was optimistic that the country's political parties would do everything necessary as early as today to ensure the release of a sixth aid tranche needed to avert a disastrous debt default.

  • 15/11/2011 | World

    Greece launches bond swap talks with banks

    Greece and private bondholders will begin thrashing out a deal today to halve its public debt, a key pillar of a bailout plan to save the country from bankruptcy and ejection from the euro zone, sources said.

  • 16/11/2011 | World

    Greek gov’t wins confidence vote

    Greece's new coalition government, led by Prime Minister Lucas Papademos, secured enough votes to win a parliamentary vote of confidence as expected today.

  • 17/11/2011 | World

    Greek protests as France, Spain face squeeze

    More than 30,000 Greeks took to the streets of Athens in a protest rally that marked the first public test for a new national unity government that must impose painful spending cuts and tax rises if the country is to escape bankruptcy.

  • 11/11/2011 | World

    Greece: Papademos, cabinet sworn in

    Technocrat Prime Minister Lucas Papademos took office to save Greece from bankruptcy, heading a coalition cabinet filled with many of the same politicians who led the nation into crisis and pushed the euro zone to the brink of collapse.

  • 14/11/2011 | World

    Greek conservative leader: 'I won't back more austerity'

    The leader of Greece's main conservative group Antonis Samaras said today his New Democracy party would not vote for any new austerity measures and said the mix of policies demanded by international lenders should be changed.

  • 14/11/2011 | World

    Greek PM: existing policies have worsened downturn

    Greek Prime Minister Lucas Papademos said the policies tied to Athens' international bailout had worsened a recession and pushed unemployment higher, but the problem could be mitigated with reforms.

  • 09/11/2011 | World

    Greek leaders struggle to name new Prime Minister

    Political leaders were scrambling unsuccessfully today to find a new prime minister to lead Greece back from the brink of bankruptcy, after a plan to name a former central banker ran into trouble.

  • 09/11/2011 | World

    Greece: Papandreou steps down, doesn’t reveal new prime minister

    Greek political leaders have agreed on a new government, outgoing Prime Minister George Papandreou said today, stepping down to make way for a new coalition government. He did not say who would replace him.

  • 10/11/2011 | World

    Lucas Papademos named Greece’s new Prime Minister

    Greece named banker Lucas Papademos as head of a new crisis government on Thursday, ending the country's chaotic search for a leader to save it from default, bankruptcy and expulsion from the euro zone.

  • 05/11/2011 | World

    Greece needs coalition to protect euro membership-PM

    Prime Minister George Papandreou told the Greek president that the nation had to forge a political consensus to prove it wanted to keep the euro, launching his push for a new coalition government to save the nation from bankruptcy.

  • 07/11/2011 | World

    Greek leaders struggle to agree on new premier

    Greek party leaders are struggling to agree on a new prime minister, despite EU demands that the political class commit itself fast to the nation's financial salvation and end the chaos threatening the entire euro project.

  • 08/11/2011 | World

    Greeks to name new PM, ex-central banker front-runner

    Greeks should decide on new Prime Minister in the midst of political domestic and international turmoil. A former deputy head of the European Central Bank, Lucas Papademos, emerged on Monday as frontrunner to become Greece's prime minister.

  • 04/11/2011 | World

    Minister announces Greece has dropped referendum plan

    Greece has dropped its plans to hold a controversial referendum on the country's euro zone membership, which had threatened to plunge the bloc into a crisis, the country's finance ministry said today.

  • 04/11/2011 | World

    G20 set 'action plan' to save global economy

    The G20, composed of the world's most powerful economies, come up with an "action plan" to save the world economic and stabilize the global monetary system, according to an official statement from the Group of 20.

  • 04/11/2011 | World

    Greek PM Papandreou wins confidence vote

    Greek Prime Minister George Papandreou won a parliamentary confidence vote, avoiding snap elections which would have torpedoed Greece's bailout deal and inflamed the euro zone's economic crisis.

  • 03/11/2011 | World

    Obama in Cannes: 'Our task is to resolve the financial crisis in Europe'

    US President Barack Obama said today during the Group of 20 Summit in Cannes, France, that "the most important aspect of our task over the next two days is to resolve the financial crisis here in Europe."

  • 03/11/2011 | World

    Greek PM sets talks with opposition, softens referendum stance

    Greek Prime Minister George Papandreou offered today to hold talks with the opposition to resolve the country's political crisis and softened his stance on a referendum on the country's vital bailout package.

  • 03/11/2011 | World

    EC: Greece could not exit euro without leaving EU

    If Greece decided to leave the euro, it would also have to quit the European Union, according to the terms of the EU's treaties, the European Commission said today.

  • 02/11/2011 | World

    EU's Barroso urges Greece to back EU/IMF program

    European Commission President Jose Manuel Barroso day called on Greek political leaders to come together to support the EU/IMF bailout package agreed by euro zone leaders last week.

  • 02/11/2011 | World

    Merkel, Sarkozy say no more aid until Greece decides on euro

    Greece will receive no more European bailout aid until it has put an end to uncertainty and agreed to meet its commitments to the euro zone, the leaders of France and Germany said.

  • 03/11/2011 | World

    Greek Papandreou chairs emergency talks over plebiscite controversy

    Greece's government was on the brink of collapse today, casting doubt on plans to hold a referendum on staying in the euro zone, as European leaders contemplated a Greek exit to preserve their single currency.

  • 01/11/2011 | World

    Greece risks meltdown after bailout vote bombshell

    The Greek government faced possible collapse as ruling party lawmakers demanded Prime Minister George Papandreou resign for throwing the nation's euro membership into jeopardy with a shock call for a referendum.

  • 01/11/2011 | World

    Sarkozy, Merkel 'determined' to save Greek bailout plan

    Germany's Angela Merkel and France's Nicolas Sarkozy are “determined” to implement the EU bailout plan for Greece. That was the outcome of an emergency phone call between the two chiefs of state ahead of a G20 summit tomorrow.

  • 02/11/2011 | World

    Germany urges Greece to stick to the agreed aid plan

    Germany's finance minister and other senior officials urged Greece today to stick to the aid plan agreed with the euro zone and IMF and to avoid the dangerous instability posed by the prospect of a referendum on the latest bailout deal.

  • 27/10/2011 | World

    Italians, Greeks skeptical over euro zone rescue plan

    A deal struck by euro zone leaders today to contain the region's dangerous debt crisis was greeted skeptically in the two countries most in the firing line, Greece and Italy, with some saying politicians were dreaming.

  • 27/10/2011 | World

    Greece vows to build on European deal, people skeptical

    Greece vowed to press ahead with economic reforms today to capitalize on an EU deal to slash the country's debt, despite anger among its citizens at the prospect of years of painful belt-tightening demanded by foreign lenders.

  • 31/10/2011 | World

    Greece calls referendum on new EU aid deal

    Greek Prime Minister George Papandreou called a referendum on a new EU aid package and said he would ask for a vote of confidence to secure support for his policy for the remainder of his four-year term, which expires in 2013.

  • 26/10/2011 | World

    Merkel wants EU deal on 50% Greek writedown

    German Chancellor Angela Merkel said European leaders should agree on what would amount to a 50 percent write down of Greek debt from the private sector at a summit to tackle the euro zone debt crisis later.

  • 26/10/2011 | World

    Euro zone aims to leverage EFSF 'several fold', draft statement says

    The euro zone aims to leverage its 440 billion euro bailout fund, the EFSF, "several fold" but finance ministers will only agree the details of how that will be done in November, according to a draft statement to be issued after a summit today.

  • 27/10/2011 | World

    Papandreou to present EU deal to wary Greeks

    Greek Prime Minister George Papandreou will present to the nation today an EU deal to lower Greece's debt burden, amid rising frustration with his Socialist government and fears the agreement could spell years of painful belt-tightening.

  • 25/10/2011 | World

    IMF considering participation in EU bailout fund

    The International Monetary Fund is considering taking part in a special investment vehicle being proposed by the euro zone bailout fund but has not made a decision yet, euro zone officials said today.

  • 25/10/2011 | World

    ECB row, Italy flare on eve of euro rescue summit

    A flare-up over the European Central Bank and political turmoil in Italy kept the euro zone on edge on the eve of a summit meant to confront the currency bloc's worsening sovereign debt crisis.

  • 26/10/2011 | World

    Eurozone aims to ramp up rescue fund, details deferred

    Euro zone leaders intend to multiply the capacity of their rescue fund around fourfold to one trillion euros but details of how they plan to draw a line under Europe's worsening debt crisis will not be nailed until next month, sources said.

  • 20/10/2011 | World

    Greece adopts austerity bill amid protests

    The Greek parliament approved a painful set of austerity measures on, defying violent protests in central Athens and a general strike which shut down much of the country.

  • 21/10/2011 | World

    EU/IMF approve next aid tranche for Greece

    Euro zone finance ministers and the International Monetary Fund have approved the payment of the next tranche of financial support to Greece, a senior euro zone source said.

  • 25/10/2011 | World

    Greek Prime Minister hopes EU summit to turn page on crisis

    Prime Minister George Papandreou said today an EU summit could turn the page on Greece's economic crisis, appealing for unity in his Socialist party to approve austerity measures.

  • 17/10/2011 | World

    Germany lowers expectations of debt crisis breakthrough

    German Finance Minister Wolfgang Schaeuble said in a speech in Duesseldorf today that while European governments would adopt a five-point platform to address the turmoil, it was wrong to expect "a definitive solution" at the summit.

  • 19/10/2011 | World

    Violent anti-austerity protests grip Greek capital

    Greek police cleared the square in front of parliament today after clashing with black-clad demonstrators during a mass anti-austerity rally called to coincide with a vote on a bitterly resented new round of belt-tightening.

  • 19/10/2011 | World

    Greek parliament gives green light to austerity law

    Greek lawmakers gave today initial approval for an austerity law cutting wages and hiking taxes, crucial for the country to receive a next batch of bailout funds and avoid bankruptcy.

  • 14/10/2011 | World

    Greek government vows to pass cuts in 'fight for existence'

    Greek Finance Minister Evangelos Venizelos pledged today to pass austerity measures in parliament next week in a "fight for our existence," rallying lawmakers despite mounting opposition from labor unions and within the ruling party's own ranks.

  • 14/10/2011 | World

    Obama, Merkel discuss European debt problems

    US President Barack Obama and German Chancellor Angela Merkel spoke by phone to consult about the "evolving financial situation in the eurozone," the White House said.

  • 17/10/2011 | World

    Greek deficit revised up to 10.6% of GDP

    Greece's budget deficit reached 10.6 percent of GDP in 2010, the country's statistics office said today, revising the data slightly up from a previous estimate of 10.5 percent of GDP. Greece faces a crucial test this week, when much of the country is expected to be shut down by a 48-hour strike reaching a peak next Thursday.

  • 11/10/2011 | World

    Trichet warns euro zone's sovereign debt crisis has become systemic

    European Central Bank President Jean-Claude Trichet issued the dramatic warning as chairman of the European Systemic Risk Board, created to avoid a repeat of the 2008 financial crisis, amid growing fears that Greece will default on its massive debt.

  • 11/10/2011 | World

    Troika says Greece likely to get aid tranche in early November

    Greece is likely to receive an 8-billion euro aid tranche it needs to stave off bankruptcy in early November, EU, IMF and ECB inspectors said in a joint statement today concluding a weeks-long review of the country's finances.

  • 14/10/2011 | World

    US rejects plan to strengthen IMF in euro zone crisis

    Proposals to double the size of the IMF as part of a broader international response to Europe's debt crisis immediately ran into resistance from the United States and others, burying the idea for now and firmly putting the onus back on Europe.

  • 04/10/2011 | World

    Euro zone considers making banks pay more for Greece

    European finance ministers are considering making banks take bigger losses on Greek debt and have postponed a vital aid payment to Athens until mid-November, setting up a crunch point in the euro zone's sovereign debt crisis.

  • 05/10/2011 | World

    Clashes in Athens as workers strike

    Police fired tear gas at stone-throwing youths in central Athens today, where thousands of striking state sector workers marched against cuts the government says are needed to save the nation from bankruptcy.

  • 07/10/2011 | World

    IMF chief: Greece-troika talks not over, hope to end soon

    The head of the International Monetary Fund's mission for Greece said a review of the country's progress under a bailout deal would hopefully be concluded positively soon, but talks were not yet finished.

  • 01/10/2011 | World

    State job cuts on table at Greek loan talks

    Greek officials held talks with EU and IMF negotiators to free up urgently needed bailout loans, but the government and the lenders were reported to be at odds over how to meet a promise to lay off state workers.

  • 03/10/2011 | World

    Greek economy stuck in recession, complicates fiscal efforts

    The Greek economy will remain stuck in recession next year, underlining the challenge the country faces in creating enough growth to claw its way out of a debt crisis shaking the euro, Greek budget figures showed today.

  • 04/10/2011 | World

    Anti-austerity protesters block Greek ministries

    Greek public sector workers blocked the entrances to several ministries today to protest against austerity measures, disrupting talks with EU and IMF inspectors on a vital aid tranche.

  • 27/09/2011 | World

    Papandreou: 'Greece will meet its commitments to international lenders'

    Greece will meet its commitments to international lenders, Prime Minister George Papandreou told German industry leaders today, appealing to his European partners to help him tackle the country's debt crisis.

  • 29/09/2011 | World

    Greece resumes talks with auditors amid protests

    Civil servants blockaded several ministries to protest against austerity measures as Greece resumed talks with EU and IMF inspectors on an 8 billion euro aid tranche it needs to avoid bankruptcy next month.

  • 30/09/2011 | World

    Sarkozy to meet Merkel in coming days on Greece

    French President Nicolas Sarkozy said he would meet German Chancellor Angela Merkel in the coming days in Germany to discuss Greece's debt troubles, calling support for Greece a "moral obligation" for Europe.

  • 26/09/2011 | World

    IMF reiterates Greece must shrink state to avoid default

    International lenders told Greece today it must shrink its public sector and improve tax collection to avoid default within weeks as investors spooked by political setbacks in Europe dumped risky euro zone assets.

  • 26/09/2011 | World

    Greece: there were no orderly default talks with IMF, ECB

    Greek Finance Minister Evangelos Venizelos dismissed reports that he has discussed a scenario of an orderly default by Athens with International Monetary Fund Chief Christine Lagarde and European Central Bank head Jean-Claude Trichet.

  • 27/09/2011 | World

    Merkel: Germany to help Greece gain confidence

    Germany will do all it can to rebuild confidence in debt-stricken Greece as it implements reforms to meet the conditions of its international bailout package, Chancellor Angela Merkel said.

  • 23/09/2011 | World

    Talk of a possible Greek default gains pace

    Greek Finance Minister Evangelos Venizelos was quoted by two newspapers as saying an orderly default with a 50 percent haircut for bondholders was one of three possible scenarios for resolving the heavily indebted euro zone nation's fiscal woes.

  • 23/09/2011 | World

    Moody's cuts eight Greek bank ratings by 2 notches

    Moody's Investors Service downgraded the ratings of eight Greek banks by two notches each citing a struggling domestic economy and declining deposits among reasons for the move, which was expected by markets.

  • 23/09/2011 | World

    EU says 420 billion euros injected into Europe's banks

    European banks have already received 420 billion euros in funds to help recapitalize and are in a much better shape than three years ago, the European Commission said.

  • 20/09/2011 | World

    Greece to front-load austerity, troika to return

    Greece pledged to bring forward painful austerity measures, convincing international lenders to return to Athens early next week for talks that it hopes will secure the aid it needs to avert bankruptcy.

  • 21/09/2011 | World

    Greece to outline more austerity to secure loan

    The Greek cabinet was expected to outline major public sector layoffs, more spending cuts and tax increases today to secure a bailout installment crucial to avoid running out of money next month.

  • 21/09/2011 | World

    Greece unveils new austerity measures, unions react

    Greece said it would deepen pension cuts, extend a painful property tax hike and put tens of thousands of workers on notice today to secure a new injection of aid and save the country from bankruptcy.

  • 18/09/2011 | World

    Greece braces for more austerity to avert default

    Greece today pledged to take the tough decisions needed to avoid default but announced no new austerity measures to secure international bailout funds next month.

  • 19/09/2011 | World

    International lenders say Greece must shrink state to avoid default

    International lenders told Greece it must shrink its public sector and improve tax collection to avoid default within weeks as investors spooked by political setbacks in Europe dumped risky euro zone assets.

  • 19/09/2011 | World

    Greece inches closer to deal on aid

    Greece hopes to clinch a deal with its lenders on Tuesday for continued aid funding, an official said, after it pledged to take on as much austerity as needed to avoid a default that could trigger deeper turmoil on already shaky global markets.

  • 12/08/2011 | World

    Greek recession slows in Q2 but austerity hurting

    Greece's severe recession slowed in the second quarter, data showed today, but economists said recessionary pressures would worsen in the second half as new austerity measures bite, jeopardising Athens' ability to meet EU/IMF fiscal targets.

  • 22/08/2011 | World

    Moody's says Greek collateral deals are negative for rating

    A series of agreements forcing Greece to provide collateral in return for aid from foreign governments would be negative for the credit ratings of Greece and other troubled euro zone states, Moody's ratings agency said.

  • 13/09/2011 | World

    Merkel, Obama voice concern over Greece debt crisis

    German Chancellor Angela Merkel sought to quash talk of an imminent Greek default today as the United States voiced fresh concern at the euro zone's inability to master its debt crisis. President Barack Obama expressed his concern in an interview with Spanish journalists.

  • 22/07/2011 | World

    Fitch to slap 'restricted default' status on Greece

    Fitch ratings agency declared Greece would be in temporary default as the result of a second bailout, which Athens said had bought it breathing space.

  • 25/07/2011 | World

    Moody's warns Greek default almost certain

    Moody's cut Greece's credit rating further into junk territory and said it was almost certain to slap a default tag on its debt as a result of a new EU rescue package.

  • 27/07/2011 | World

    S&P lowers Greece’s rating

    Standard & Poor's  cut Greece's sovereign credit rating further into junk territory today, lowering it to CC from CCC, saying the European Union's proposed debt restructuring would put the country into "selective default".

  • 20/07/2011 | World

    EU's Barroso warns of economic damage if Greece summit fails

    EU leaders must find a convincing solution to Greece's debt crisis at a summit tomorrow or the global economy will pay the price, the head of the European Commission said in an unusually somber warning.

  • 21/07/2011 | World

    Taxi drivers block Crete, Corfu ports and airports

    Greek taxi drivers blocked ports and airports on the popular tourist islands of Crete and Corfu, in a strike to protest against government plans to open up their trade to competition.

  • 21/07/2011 | World

    Statement by the Heads of State or government of the Euro area and EU Institutions

    Statement issued by euro zone leaders after an emergency summit of the 17-nation currency area.

  • 12/07/2011 | World

    Greece must prove itself on world stage, says minister

    Greece must unite behind its austerity plan to secure a stronger bargaining position on the world financial stage, its finance minister said today but his deputy cast doubt on important privatization targets. Euro zone finance ministers completed talks in Brussels yesterday promising cheaper loans, longer maturities and a more flexible rescue fund to help Greece and other EU debtors and stop financial contagion.

  • 13/07/2011 | World

    Fitch downgrades Greece on lack of funding program

    Fitch Ratings downgraded Greece deeper into junk territory, citing the absence of a new and fully funded financing program for the country.

  • 13/07/2011 | World

    Greek reforms must move faster, IMF says

    The IMF said private sector involvement was fundamental to a Greek bailout and urged Athens to move faster on fiscal and structural reforms to avoid debt default.

  • 08/07/2011 | World

    IMF approves 3.2 billion euro loan tranche for Greece

    The International Monetary Fund's executive board said it approved a disbursement of about 3.2 billion euros to help Greece pay debts due this month.

  • 11/07/2011 | World

    Spain PM calls for rapid solution to Greek problem

    The euro zone must find a rapid solution to the Greek debt problem to slow the spread of falling confidence through the euro zone, Spanish Prime Minister Jose Luis Rodriguez Zapatero said.

  • 12/07/2011 | World

    Europe considers Greek default, leaders to meet

    European Union leaders are poised to hold an emergency summit after finance ministers acknowledged for the first time that some form of Greek default may be needed to cut Athens' debts and stop contagion to Italy and Spain.

  • 05/07/2011 | World

    Banks meet to discuss plan Greece´s bailout

    International banks are meeting in Paris today to discuss France's proposed plan for the private sector to contribute to Greece's bailout effort, people familiar with the matter said.

  • 05/07/2011 | World

    Moody's cuts Portugal to junk, warns on 2nd bailout

    Moody's cut Portugal's credit standing to junk in the first such move by a ratings agency and warned the country may well need a second round of rescue funds before it can return to capital markets.

  • 07/07/2011 | World

    New Greek aid package awaits private sector buy-in

    International bankers and European Union officials made no progress today in securing a private sector contribution for a second bailout of Greece and bond yields climbed on concern about the scheme.

  • 30/06/2011 | World

    Italy cabinet approves austerity plan

    Italy's cabinet approved today an austerity package aimed at shielding the country from the Greek debt crisis and eliminating the budget deficit in 2014, a government source said.

  • 02/07/2011 | World

    Euro zone approves further 12 bln euros for Greece

    Euro zone finance ministers will approve the next tranche of emergency aid for Greece and discuss a second three-year financing plan for Athens on July 11, euro zone officials said.

  • 04/07/2011 | World

    S&P warning adds default threat to Greece's bailout

    Greece would likely be in default if it follows a debt rollover plan pushed by French banks, S&P warned, deepening the pain of a bailout that one European official said will cost Athens sovereignty and jobs.

  • 28/06/2011 | World

    Heavy clashes erupt in Greece

    Thousands of demonstrators gathered in front of the Greek parliament today at the start of a two-day strike against the unpopular austerity measures package to be voted by the house. Heavy confrontations erupted throughout the capital streets as Greek police clashed with groups of hooded youths in central Athens.

  • 29/06/2011 | World

    Violence escalates after austerity plan approval

    Outside parliament, fierce clashes raged between stone-throwing masked youths and riot police, who fired clouds of teargas from behind steel crash barriers to keep the rioters at bay. Syntagma Square resembled a battle zone at times.

  • 30/06/2011 | World

    Greek parliament to vote austerity bill second part

    Greece's parliament is expected to vote a second austerity bill today to enable the country to avert bankruptcy by securing a 12 billion euro ($17 billion) loan tranche from the EU and IMF.

  • 22/06/2011 | World

    World’s biggest bond fond predicts Greece default

    The head of PIMCO, the world's biggest bond fund, predicted that Greece and other European economies would default on their debts to resolve their problems as the euro area deals with its debt crisis.

  • 24/06/2011 | World

    Athens struggles for support, Finance Ministers to meet

    Greece's new Finance Minister Evangelos said today he would meet his German counterpart Wolfgang Schaeuble to discuss how to return Greece's economy to growth after three years of recession. "We have agreed with Schaeuble to meet in Berlin to discuss growth issues," Venizelos told parliament's economic affairs committee.

  • 27/06/2011 | World

    French banks agree to roll over Greek debt, key week for bailout

    French banks have agreed to roll over holdings of Greek debt for 30 years, President Nicolas Sarkozy said, as the Greek government fought to persuade backbench rebels to back a crucial austerity plan to avert bankruptcy.

  • 19/06/2011 | World

    Europe delays decision on emergency loans to Greece

    Euro zone finance ministers postponed a final decision on extending a further 12 billion euros (US$17 billion) in emergency loans to Greece, saying Athens would first have to introduce harsh austerity measures.

  • 20/06/2011 | World

    EU and IMF inspectors head to Greece on unexpected visit

    International lenders are making an unexpected visit to Athens after euro zone countries piled pressure on Greece not to backslide on painful reforms that have caused public outrage.

  • 21/06/2011 | World

    Greek government wins vote of confidence

    Greece's embattled government survived a confidence vote crucial to avoiding a sovereign default, as thousands of protesters chanted insults outside parliament.

  • 16/06/2011 | World

    Greek PM reshuffle plan in doubt as deputies quit

    A string of parliamentary resignations today threatened to thwart Greek Prime Minister George Papandreou's plan to reshuffle his cabinet and pass new austerity measures needed to save Greece from default.

  • 17/06/2011 | World

    Greek turmoil: Prime Minister sacrifices finance chief

    Greek Prime Minister George Papandreou sacrificed his finance minister today and put his main socialist party rival into the job in a bid to force through an unpopular austerity plan to avert bankruptcy.

  • 18/06/2011 | World

    Greeks protest, almost half oppose austerity

    Thousands of Greeks marched on parliament in a show of unabated public anger after Prime Minister George Papandreou vowed to push on with an austerity campaign that a poll showed half the country opposed.

  • 15/06/2011 | World

    Heavy clashes in Greece as workforce launches nationwide strike

    Massive clashes between Greek protesters and the police were reported today in Athens. Stone-throwing Greeks clashed with police and tens of thousands of protesters marched on parliament today to oppose government efforts to pass new austerity measures for the debt-stricken euro zone state.

  • 15/06/2011 | World

    Greek PM says to reshuffle cabinet, stick with party

    Greek Prime Minister George Papandreou will form a new government and seek a vote of confidence from his PASOK parliamentary group, he said in a televised address today.

  • 16/06/2011 | World

    Greece Turmoil: IMF to release funds despite EU delay

    The IMF will release crucial loans to save Greece from default despite a likely delay by the European Union in agreeing a second bailout for the heavily indebted state, euro zone sources said today.

  • 12/06/2011 | World

    Greeks protest for 19th day, utility union to strike

    More than 20,000 Greeks protested against austerity measures in Athens and workers at state-owned utility PPC announced strikes to oppose government plans to sell the company.

  • 13/06/2011 | World

    S&P slashes Greece to lowest, says default likely

    Greece became the lowest-rated country in the world in the rankings of Standard & Poor's on Monday, putting it below Ecuador, Jamaica, Pakistan and Grenada.

  • 14/06/2011 | World

    Greek protesters to surround parliament to stop cuts debate

    Greek protesters vowed today to surround parliament to prevent deputies from debating new austerity measures on June 15, and unions said they would bring the country to a halt in a national strike.

  • 05/06/2011 | World

    Greek austerity plan draws 80,000 to Athens square

    Greek government plans for yet more austerity to satisfy its international lenders brought at least 80,000 protesters on to a central Athens square to vent their fury at the nation's plight. 

  • 08/06/2011 | World

    Germany puts Greek restructuring back on table

    Germany has put a Greek restructuring back on the table, demanding in a letter to its EU partners that private bond holders make a major contribution to a looming debt relief deal for the struggling euro zone member.

  • 09/06/2011 | World

    Greece debt restructuring "undesirable", says IMF

    An involuntary debt restructuring in Greece is 'undesirable' and the IMF-EU program does not contemplate such a step, an IMF spokeswoman said today amid talks of a new aid package for Greece.

  • 18/05/2011 | World

    IMF sounds alarm for Greece, more reforms needed

    The IMF warned Greece it must redouble reform efforts to avoid derailing its fiscal program, key to dealing with a huge debt mountain.

  • 29/05/2011 | World

    Greeks vent anger at entire political class

    Tens of thousands of Greeks vented their anger at the nation's political classes in Athens, staging the biggest in a week of protests as the government seeks backing for yet more austerity.

  • 01/06/2011 | World

    Moody's cuts Greece, sees debt restructuring likely

    Moody's cut Greece's credit rating by three notches, citing a growing risk that the government will fail to stabilize its debt position without a debt restructuring.

  • 09/05/2011 | World

    S&P cuts Greek rating on restructuring fears

    Standard and Poor's cut Greece's credit rating further into junk territory, reflecting growing doubts that the euro zone's most fragile economy can manage its debt without imposing losses on private bondholders.

  • 11/05/2011 | World

    Greeks strike as EU and IMF start key visit

    Police fired tear gas at dozens of youths hurling stones in central Athens and a strike against austerity brought much of Greece to a halt during talks on the next slice of a bailout package.Police said 17 demonstrators and two policemen were hurt in the clashes.

  • 13/05/2011 | World

    EU says Greece needs more measures to meet bailout terms

    Euro zone policymakers piled pressure on Greece to drive through more austerity after bleak economic forecasts showed the debt-choked country would miss fiscal targets without further reforms.

  • 03/05/2011 | World

    Portugal agrees EU/IMF bailout, Greece deal teeters

    Portugal agreed a three-year 78-billion-euro ($116 billion) bailout with the European Union and IMF, making it the third euro zone country in a year, after Ireland and Greece, to need financial help.

  • 06/05/2011 | World

    Greece denies may quit euro, European ministers meet

    Top finance officials of the euro zone's biggest economies met to discuss Greece's debt crisis and Athens denied a media report that it was considering whether to leave the bloc.

  • 07/05/2011 | World

    Greek PM denies country will leave the euro

    Greek Prime Minister George Papandreou denied there was even unofficial discussion over Greece quitting the euro zone and asked that his troubled country be "left alone to finish its task."

  • 29/03/2011 | World

    Standard & Poor's downgrades Portugal, Greece credit ratings

    Standard & Poor's cut its foreign currency credit rating on Portugal by one notch to BBB-minus and Greece's rating by two notches to "BB-" from "BB+.

  • 03/04/2011 | World

    Gaddafi envoy in Greece as Turkey rescues wounded

    The Libyan government sent an envoy to Greece to discuss an end to fighting, but gave no sign of any major climbdown in a war that has ground to a stalemate between rebels and forces loyal to Muammar Gaddafi.

  • 15/04/2011 | World

    Greece plans 3 bl euro cushion for 2011 fiscal risks

    Greece's medium-term fiscal plan will include measures totalling 3.0 billion euros ($4.3 billion) to cover for fiscal slippage this year, the finance minister said.

  • 11/02/2011 | World

    EU, IMF approve new Greek aid, demand to speed up reforms

    EU and IMF inspectors gave the green light for a new 15 billion euros tranche of aid for Greece but said progress was too slow and urged Athens to speed up reforms to meet the targets of its bailout deal.

  • 12/02/2011 | World

    Greece slams EU, IMF officials after inspection visit

    Greece accused the EU and IMF of interfering in its domestic affairs after the international lenders said Athens must speed up reforms and sell more public assets.

  • 29/03/2011 | World

    Standard & Poor's downgrades Portugal, Greece credit ratings

    Standard & Poor's cut its foreign currency credit rating on Portugal by one notch to BBB-minus and Greece's rating by two notches to "BB-" from "BB+.

  • 15/12/2010 | World

    Greek protesters hurl firebombs, clash with police

    Greek police fired teargas at protesters who threw petrol bombs at two luxury hotels in the central Syntagma square outside parliament, setting the balcony of one hotel on fire.

  • 16/12/2010 | World

    IMF chief: Spain to avoid wider debt woes

    Spain will ward off the worst of a European debt crisis without needing a rescue and there is no threat to the euro currency's existence, the head of the International Monetary Fund said.

  • 15/01/2011 | World

    Clashes in Athens over anti-migrant fence

    Far-right protesters threw stones at a pro-migrant march in Athens before being dispersed by bursts of teargas, police said, in the latest sign of tension over the capital's growing immigrant population.

  • 09/05/2012 | Sports

    Greek leftist holds coalition talks, effort seen doomed

    Radical leftist Alexis Tsipras was meeting the leaders of Greece's mainstream parties, with little chance of clinching a deal on a coalition government after he set tearing up an EU/IMF bailout deal as a condition.

  • 22/06/2012 | Sports

    Germany outclass Greece in euro zone battle

    Germany crushed Greece 4-2 in a one-sided Euro 2012 quarter-final on Friday and set up a last-four clash against England or Italy with their 15th successive win in competitive matches.

  • 24/01/2012 | Entertainment

    Greek film director dies after accident during shooting

    Greek award-winning director Theo Angelopoulos died at the age of 77 in an Athens hospital, hours after a motorbike ran him over while he was filming a movie on the debt crisis rocking the country.


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