The United Nations has called on Turkey to peacefully resolve a growing dispute with Greece and Greek Cypriots over planned gas exploration off the coast of divided Cyprus. Cyprus officials have licensed the U.S.-based company Noble Energy to start exploration of oil and gas reserves off the Mediterranean island’s coast. The decision has riled Turkey, […]
UN Wants Peace in Cyprus Oil and Gas Dispute
Posted September 16th, 2011 at 2:00 pm (UTC-5)
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Greece Docks Politicians’ Pay, Imposes New Property Tax
Posted September 11th, 2011 at 9:15 pm (UTC-5)
Greece is docking a month’s pay from all elected politicians and imposing a new property tax as it struggles to show lenders it is working hard to cut its massive debt. Greek leaders say they have to do everything possible to keep the country solvent, meet its commitments to its lenders, and keep Greece in […]
Rubens Stolen in Belgium, Found in Greece
Posted September 1st, 2011 at 3:55 pm (UTC-5)
Greek officials say police have recovered a valuable 17th century painting by Flemish master Peter Paul Rubens, which was stolen a decade ago in Belgium. Two Greeks have been arrested in the operation when they allegedly tried to sell the work to undercover police agents. A culture ministry statement says the artwork was stolen in […]
Greek Parliament: Country’s Debt is ‘Out of Control’
Posted August 31st, 2011 at 6:50 pm (UTC-5)
A Greek parliament report says the country’s debt is “out of control” and warns Greece will miss its budget deficit target for the year. Parliament’s State Budget Office blames government delays in implementing economic reform, long-standing tax collection problems, and the overall slowdown of the global economy. Finance Minister Evangelos Venizelos has already said the […]
Veteran Greek Leftist Politician Dies
Posted August 28th, 2011 at 8:10 pm (UTC-5)
Veteran left-wing Greek politician Leonidas Kyrkos, who faced prison and a death sentence because of his politics, has died at 87 after a long illness. Kyrkos was a medical student who joined the Greek resistance against the Nazi occupation in World War Two. Greek authorities arrested him after the war, sentencing him to death for […]
Greece Battles Huge Forest Fire Near Turkey
Posted August 26th, 2011 at 3:30 pm (UTC-5)
Greece has declared a state of emergency in its northern region of Evros and asked its European Union partners for help in battling a major forest fire that continues to burn for a third day. The blaze in Evros, near the border with Turkey, has destroyed about 4,000 hectares of forest and forced the evacuation […]
Greece, South Korea Ban Short-selling of Stock
Posted August 9th, 2011 at 11:45 am (UTC-5)
As global stock markets have plummeted in the last few days, both Greece and South Korea have banned the short-selling of securities, the attempt by some investors to make money by betting that their holdings will decrease in value. On Monday, Greece ordered a halt in the short selling of stocks, and South Korea did […]
Greek PM Wants Immediate Action on Debt Rescue
Posted August 5th, 2011 at 6:15 am (UTC-5)
The Greek prime minister urged his European partners Friday to take immediate action to enact a recent summit deal on a second bailout for Greece. George Papandreou said in a letter to European Commission President Jose Manuel Barroso that European institutions, member-states, and national parliaments should “proceed now to action.” The European Union and the […]
Greece Clears Protest Square
Posted July 30th, 2011 at 10:35 am (UTC-5)
Greek police say they have cleared a public square in Athens where protesters have camped out for weeks to demonstrate against austerity measures. Authorities said Saturday that they arrested eight people in the square: four Greeks, two French nationals, a German, and a Romanian. Police also removed tents, banners, and other equipment from the square, […]
S&P Puts Greek Bonds Deeper into Junk Status
Posted July 27th, 2011 at 7:00 pm (UTC-5)
Standard & Poors has cut Greece’s credit rating another two levels, putting Greek government bonds deeper into “junk” status. S&P said Wednesday that it regards a possible restructuring of Greece’s debt by the European Union as a selective default and says the likelihood of a future default is high. Last week’s second international bailout for […]
