Greece is edging closer to its goal of getting the country’s private lenders to eliminate $142 billion of the debt it owes them, but remains short of the target as a Thursday deadline nears. Eurogroup president Jean-Claude Juncker said Wednesday he is confident private investors participating in a Greek debt-relief deal would reach the target […]
Greece Still Short of Reaching Debt Write-Off Goal
Posted March 8th, 2012 at 8:05 am (UTC-5)
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Greece Still Short of Reaching Debt Write-Off Goal
Posted March 8th, 2012 at 12:35 am (UTC-5)
Greece is edging closer to its goal of getting the country’s private lenders to eliminate $142 billion of the debt it owes them, but remains short of the target as a Thursday deadline nears. Eurogroup president Jean-Claude Junker said Wednesday, he is confident private investors’ participating in a Greek debt-relief deal would reach the target […]
Greece Still Short of Reaching Debt Write-off Goal
Posted March 7th, 2012 at 10:20 am (UTC-5)
Greece is edging closer to its goal of getting the country’s private lenders to eliminate $142 billion of the money it owes them, but remained short of the target as a Thursday deadline neared. The Athens government says it needs the banks, pension funds and other financial institutions holding at least two-thirds of the country’s […]
Major Stock Indexes Fall Over European Concerns
Posted March 6th, 2012 at 12:05 pm (UTC-5)
Stock indexes in Europe and the United States fell sharply Tuesday as investors worried about the contraction of the economy in the 17-nation euro currency bloc and whether Greece can successfully eliminate a large portion of its debt. Markets in London, Frankfurt and Paris fell about two percent or more after the European Union confirmed […]
Eurozone Confirms Its Economy Slid in Late 2011
Posted March 6th, 2012 at 10:10 am (UTC-5)
The European Union is confirming that the economy for the 17-nation euro currency bloc contracted in the last three months of 2011. The EU’s economic commissioner, Olli Rehn, said Tuesday that the eurozone “is currently in a mild recession.” The region’s economy dipped three-tenths of a percentage point in the October-to-December period and eurozone leaders […]
12 Major Bond Holders Agree to Cut Greek Debt
Posted March 5th, 2012 at 2:55 pm (UTC-5)
Greece’s largest private creditors say they will eliminate more than half the debt the country owes them to help it avoid a default later this month. The banks, insurers and investment funds said Monday they would participate in the plan to cut $142 billion in Greek debt, although it was not immediately clear what share […]
12 Major Bond Holders Agree to Cut Greek Debt
Posted March 5th, 2012 at 12:10 pm (UTC-5)
Greece’s largest private creditors say they will eliminate more than half the debt the country owes them to help it avoid a default later this month. The banks, insurers and investment funds said Monday they would participate in the plan to cut $142 billion in Greek debt although it was not immediately clear what share […]
Eurozone Jobless Rate Hits New High
Posted March 1st, 2012 at 10:15 am (UTC-5)
The jobless rate in the 17-nation euro currency bloc has hit a new high, but European leaders are voicing confidence that the continent’s two-year governmental debt crisis is nearing an end. The European Union said Thursday that the eurozone’s unemployment rate hit 10.7 percent in January, the worst figure since the euro was first used […]
European Banks Tap Central Bank for More Loans
Posted February 29th, 2012 at 9:50 am (UTC-5)
The European Central Bank has handed out another $712 billion in loans to 800 banks throughout the continent in a new effort to boost Europe’s economy and help it recover from the governmental debt crisis. The three-year loans the central bank issued Wednesday carry a very low 1 percent interest rate. The central bank is […]
Greek Parliament Approves More Deep Spending Cuts
Posted February 28th, 2012 at 7:45 pm (UTC-5)
The Greek parliament late Tuesday approved another $4 billion in spending cuts, as demanded by the European Union so that Greece can get a new economic rescue loan. Tuesday’s measure includes deep cuts in civil service pensions — part of a broad package of spending cuts and other economic reforms. Finance Minister Evangelos Venizelos called […]
