Sixteen nations in the euro currency union have started to assess what financial complications might occur if debt-ridden Greece leaves the monetary compact. Even as they voice the hope that Greece stays in the eurozone, European leaders have in recent days increasingly discussed the possibility that the Athens government may end its euro alliance and […]
Greek Eurozone Exit Could Reverberate Globally
Posted May 17th, 2012 at 4:00 pm (UTC-5)
The Greek economy accounts for just 2 percent of the economy in the 17-nation euro currency union, but if Athens exits the eurozone, the reverberations could be felt throughout the world. No country has quit the eurozone in its 13-year existence, but European leaders and financial analysts are now openly speculating that Greece could be […]
Greeks Withdrawing Euros from Their Banks
Posted May 16th, 2012 at 2:15 pm (UTC-5)
Greeks worried about the safety of their financial holdings are starting to withdraw large sums of euros from banks as the country ponders its fate in the 17-nation currency union. The country’s leaders reported that account holders withdrew about 700 million euros — nearly $900 million — on Monday as it became apparent that political […]
Greece Set for May 6 Election as Papademos Resigns
Posted April 11th, 2012 at 9:45 am (UTC-5)
Greece’s technocrat prime minister, Lucas Papademos, is resigning Wednesday, setting the stage for the country’s first national election since the debt crisis engulfed the Athens government. Government officials said the election will be May 6, but the outcome is far from certain. Greeks have shown wide discontent with the country’s two main parties, the socialists […]
Greece Mourns Suicide of Pensioner Hit by Austerity Cuts
Posted April 5th, 2012 at 1:00 pm (UTC-5)
A Greek pensioner who shot himself to death on Athens’ main square this week said he took his life because the government’s financial austerity measures left him virtually penniless. The retired pharmacist’s extreme action quickly made him a fateful symbol of the debt-ridden country’s economic plight. Greek newspapers published excerpts from a suicide note from […]
IMF Approves New Loan for Greece
Posted March 15th, 2012 at 4:40 pm (UTC-5)
The International Monetary Fund has approved a new $36-billion loan for debt-ridden Greece, despite misgivings about the country’s economic performance with a previous loan. The board of the Washington-based institution on Thursday adopted a proposal by IMF Managing Director Christine Lagarde for the new funding. The loan will be disbursed in installments over a four-year […]
IMF Approves New Loan for Greece
Posted March 15th, 2012 at 1:30 pm (UTC-5)
The International Monetary Fund has approved a new $36 billion loan for debt-ridden Greece, despite misgivings about the country’s economic performance with a previous loan. The board of the Washington-based IMF on Thursday adopted a proposal by its managing director, Christine Lagarde, for the new funding. She said last week that the IMF loan would […]
IMF Set to Approve New Loan for Greece
Posted March 15th, 2012 at 10:25 am (UTC-5)
The International Monetary Fund appears set to approve a new $36 billion loan for debt-ridden Greece, despite misgivings about the country’s economic performance with a previous loan. The board of the Washington-based IMF was expected to meet Thursday and adopt a proposal by its managing director, Christine Lagarde, for the new funding. She said last […]
Vote On Greek Bailout Expected Monday
Posted February 16th, 2012 at 4:45 am (UTC-5)
Euro zone finance ministers are expected to vote on whether to authorize a second bailout package for Greece as soon as Monday. Greece Finance Minister Evangelos Venizelos told reporters late Wednesday that his country had met the last two requirements of the European Union and International Monetary Fund to secure the $172 billion bailout. Venizelos […]
After Austerity Approval, Greece Sets April Election
Posted February 13th, 2012 at 2:15 pm (UTC-5)
Greece says it will hold a national election in April to replace the caretaker government of Prime Minister Lucas Papademos. The announcement was made a day after rioters torched the center of Athens and parliament adopted a new round of controversial austerity measures. European leaders cautiously applauded the Greek legislative action to cut the country’s […]
