European Commission President Jose Manuel Barroso said privatization and fiscal consolidation are indispensable for Greece. He also called for measures to stimulate jobs and growth in the country. The austerity measure reforms will include cuts in social benefits and the privatization of state-owned enterprises. Greek unions on Thursday called for a two-day general strike next […]
Greece Wins Aid Deal Contingent on Austerity Measures
Posted June 24th, 2011 at 5:35 pm (UTC-5)
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Greece Wins Aid Deal Contingent on Austerity Measures
Posted June 24th, 2011 at 10:45 am (UTC-5)
Greek Prime Minister George Papandreou has won a deal from European leaders and the IMF for a second financial bailout but must now convince lawmakers to agree to tough austerity measures to secure the funds. Mr. Papandreou said the new bailout was similar in size to the first rescue package of $160-billion, which is being […]
EU Announces Deal With Greece On Fiscal Reforms
Posted June 23rd, 2011 at 8:25 pm (UTC-5)
European Union leaders say they have reached an agreement with Greece on economic and fiscal reforms that will help the embattled country avoid bankruptcy. The European Commission issued a statement early Friday, saying the commission, the International Monetary Fund, the European Central Bank and Greek authorities have reached a satisfactory agreement on a set of […]
Greek Finance Minister Meets Creditors on Austerity Bill, Unions Plan Strike
Posted June 23rd, 2011 at 11:55 am (UTC-5)
Greece’s new finance minister is meeting with the country’s international creditors to discuss details of his country’s austerity package, as European Union leaders gathered for a summit that is focusing on the Greek debt crisis. Evangelos Venizelos met Thursday with inspectors from the European Commission, the European Central Bank and the International Monetary Fund to […]
Greek Finance Minister Meets Creditors on Austerity Bill, Unions Plan Strike
Posted June 23rd, 2011 at 11:00 am (UTC-5)
Greece’s new finance minister is meeting with the country’s international creditors to discuss details of an austerity package, as European Union leaders are expected to focus on the Greek debt crisis. Evangelos Venizelos met Thursday with inspectors from the European Commission, the European Central Bank and the International Monetary Fund to discuss the austerity bill, […]
Bernanke: Greek Crisis Could Threaten Global Finance
Posted June 22nd, 2011 at 5:15 pm (UTC-5)
U.S. Federal Reserve chief Ben Bernanke says a failure to resolve the debt crisis in Greece could threaten the global financial system. At a news conference Wednesday, the head of the U.S. central bank said if Greece defaulted on its debt, the impact would go beyond Europe and pose threats to the global economy. He […]
Bernanke: Greek Crisis Could Threaten Global Finance
Posted June 22nd, 2011 at 3:50 pm (UTC-5)
U.S. Federal Reserve chief Ben Bernanke says a failure to resolve the debt crisis in Greece could threaten the global financial system. Asked at a news conference Wednesday to comment on the crisis, Bernanke said if Greece defaulted on its debt, the impact would go beyond Europe and pose threats to the global economy. He […]
Greek Government Readies Tough Austerity Package for Bailout
Posted June 22nd, 2011 at 10:25 am (UTC-5)
Greek Prime Minister George Papandreou is now pushing for approval of unpopular austerity measures that are aimed at securing emergency international bailout funds to keep the country from defaulting on its debt. Earlier Wednesday, Mr. Papandreou survived a crucial parliamentary confidence vote, making passage of the controversial economic reforms more likely. Crowds in the square […]
New Greek Government Survives Confidence Vote
Posted June 22nd, 2011 at 4:47 am (UTC-5)
Greek Prime Minister George Papandreou survived a crucial parliamentary confidence vote early Wednesday, making passage of controversial economic reforms more likely. As expected, the vote was strictly along party lines, with 155 lawmakers voting to back the new government and 143 voting against it. Two abstained. It came after a day of fierce debate, which […]
New Greek Government Wins Crucial Vote of Confidence in Parliament
Posted June 21st, 2011 at 10:55 pm (UTC-5)
Greek Prime Minister George Papandreou won a crucial parliamentary vote of confidence for his new government Tuesday, making passage of controversial economic reforms more likely. One hundred-55 lawmakers voted to back the new government while 143 voted against it. Two abstained. As expected, the vote was strictly along party lines. It came after a day […]
