U.S. President Barack Obama says Greece needs the support from the rest of Europe if it is to emerge from its economic calamity. Speaking at the White House next to German Chancellor Angela Merkel, Mr. Obama called Europe’s economic problems a tough and complicated issue. He said Greece needs structural reforms to make it more […]
Greece Awaits IMF Loan
Posted June 7th, 2011 at 5:10 am (UTC-5)
An envoy from the International Monetary Fund says European countries must decide how to plug potential funding gaps for Greece next year before the IMF can release the next batch of loans. The European leaders have tough decisions to make on the issue at a summit late this month.. The next loan payment is an […]
Greek PM Willing to Hold Referendum on Spending Cuts
Posted June 6th, 2011 at 8:25 pm (UTC-5)
Greek Prime Minister George Papandreou says he is willing to put the question of more spending cuts and other austerity measures before the voters. Mr. Papandreou told his Cabinet Monday that he is seeking the widest possible consensus for his plans and is open to holding a referendum. As of now, the prime minister is […]
Greeks March Against More Spending Cuts
Posted June 5th, 2011 at 9:45 pm (UTC-5)
As many as 80,000 furious protesters filled a square in central Athens Sunday in the largest protest in weeks against Greek government plans for more budget cuts. Many in the crowd chanted “thieves” as they pointed their fingers at the parliament building. The majority of the demonstrators were ordinary Greeks, livid that they are being […]
Lenders: Greece Likely to Get Next Portion of Bailout
Posted June 3rd, 2011 at 6:10 pm (UTC-5)
International lenders say Greece has made progress toward repairing its finances and is likely to get the next installment of its international bailout next month. The announcement was made Friday after debt inspectors from the European Union, European Central Bank and International Monetary Fund concluded a nearly month-long review of their $159 billion bailout to […]
Greece: Fiscal Check by EU, IMF Is ‘Positive’
Posted June 3rd, 2011 at 11:45 am (UTC-5)
The Greek Finance Ministry says an inspection of the country’s finances by the European Union, European Central Bank and International Monetary Fund has ended “positively.” Talks in Athens Friday measured how much progress Greece has made in reforming its economy in line with last year’s $159 billion bailout package of loans from the three institutions. […]
Protesters Take Over Greek Finance Ministry
Posted June 3rd, 2011 at 5:20 am (UTC-5)
Protesters in Athens have blockaded the Greek Finance Ministry, the scene of the government’s negotiations with international lenders on its latest financial rescue. About 200 protesters from the communist-affiliated PAME union blocked the entrance to the ministry at dawn Friday. They hung a five-story-tall banner calling for a general strike to protest the government’s newest […]
Moody Downgrades Greece’s Rating
Posted June 1st, 2011 at 7:45 pm (UTC-5)
Moody’s Investors Service has downgraded Greece’s local and foreign currency bond ratings again, putting the country’s chances of default over the next five years at 50 percent. The agency announced Wednesday that it has cut the country’s credit rating by three more notches , to push the rating deeper into junk status. A lower credit […]
