Greek debt crisis

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Eurozone Economy Shrinks
 Eurozone Economy Shrinks 
Feb 15, 2012 9:11 AM CST

Eurozone Economy Shrinks

Nine of 17 member states post a fall

(Newser) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just...

Talks Falter as Greece Warns: We Can't Take Any More Cuts

Bailout discussion foundering despite austerity deal

(Newser) - Greece has made "superhuman" efforts to comply with EU and IMF conditions, but it just can't make any more cuts, the country's public order minister says. An austerity package was passed over the weekend, sparking violent protests across the country , but bailout talks with EU finance chiefs...

Greek Deputy Minister Resigns Over Cuts

Yiannis Koutsoukos not a fan of the new measures

(Newser) - Greece's deputy labor minister has resigned to protest the agreement on new austerity measures. Yiannis Koutsoukos issued a statement today saying he opposes the implementation of cutbacks and reforms agreed to earlier today to secure the country's $172 billion international rescue loan lifeline. In a letter to PM...

Greek Leaders Reject Debt Deal

Coalition can't get past pension cuts

(Newser) - The heads of the parties in Greece's ruling coalition emerged from their long-awaited meeting yesterday empty-handed, refusing to accept a new austerity plan. Leaders were willing to accept a 22% cut in the minimum wage and job cuts, but balked at almost $800 million worth of proposed pension cuts,...

Greece Axing 15K Public Jobs

Country caves to creditors' demands

(Newser) - As politicians in the US debate the merits of smaller government, Greece's creditors are forcing it to shrink its public sector. Greece has agreed to cut 15,000 government jobs by the end of this year, and 150,000—a fifth of the total—by the end of 2015....

Critical Greek Debt Talks Hit Impasse

Creditors, rescuers clash over rates, write-downs, and sweeteners

(Newser) - Greece is trying to cut about $129 billion from its gargantuan $350 billion debt, but as creditors and rescuers face off, the complex deal appears stuck and time is running out, reports the Wall Street Journal . With $19 billion in Greek debt coming due March 20, European authorities had hoped...

Buffet: Eurozone Not Working
 Buffet: Eurozone Not Working 
Nov 22, 2011 1:15 AM CST

Buffet: Eurozone Not Working

Billionaire investor hails Japanese business during Fukushima visit

(Newser) - The European debt crisis has exposed serious problems in the 17-country Eurozone that will require radical changes to fix, warns Warren Buffett. There is a "major flaw in the euro system," the billionaire investor said yesterday while on his first visit to Japan. "That flaw won't...

Mighty Germany Leans on Troubled Neighbors

With unemployment at record lows, Berlin needs workers

(Newser) - Greece may be threatening to destroy the euro and the European Union, but mighty Germany still could really use a hand from the beleaguered country, reports the AP . With just a 6.6% unemployment rate—Germany's lowest in 20 years—and an aging population, Germany needs at least 12,...

Greece Names New Cabinet
 Greece Names New Cabinet 
Nov 11, 2011 8:54 AM CST

Greece Names New Cabinet

Evangelos Venizelos keeps finance minister post

(Newser) - Greece's new cabinet has been named, with Evangelos Venizelos retaining the key position of finance minister. The new coalition government, formed today, includes ministers from the country's two main parties—the Socialists who have governed for the past two years, and the conservatives—along with some from a...

Papademos Named New Greek PM

Four days of talks finally lead to official decision

(Newser) - Greece has a new prime minister—presumably for real this time. The AP reports that Lucas Papademos, former VP at the European Central Bank, has been officially named the PM of the new interim coalition government. T he president's office made the announcement today, Reuters adds. Papademos had been...

Greek PM Deal Falls Through
Greek PM Deal Falls Through
Nov 10, 2011 2:50 AM CST

Greek PM Deal Falls Through

Former European Central Bank VP Papademos once again the top choice

(Newser) - So much for the new Greek prime minister: Yesterday’s deal with parliament speaker Filippos Petsalnikos fell through after more intra-party fighting, leading to a fourth day of meetings to determine a new coalition. Former European Central Bank VP Lucas Papademos is once again the top choice and is at...

Greece Settles on New PM
 Greece Settles on New PM 
Nov 9, 2011 12:20 PM CST

Greece Settles on New PM

Parliament speaker Filippos Petsalnikos will lead unity government

(Newser) - Greece has a new leader, as long as no last-minute obstacles pop up: parliament speaker Filippos Petsalnikos, who founded the ruling socialist PASOK party. Sources confirm that the parties settled on Petsalnikos to lead a unity government after three days of feuding. "We have agreed on Petsalnikos, but things...

Papandreou to Quit After New Govt Forms

'Everything will take its course' after he steps down, opposition says

(Newser) - Greek PM George Papandreou will step down as soon as a new coalition government is formed, CNN reports. As the Greek Cabinet met a second day today in a last-ditch effort to avoid bankruptcy, the government issued a statement saying the meeting would be the last presided over by the...

Greek PM Cancels Bailout Referendum

...but tomorrow's confidence vote will still occur

(Newser) - It's official: The Greece prime minister has scrapped his plan to hold a referendum on the latest European debt deal. George Papandreou reversed himself after his political opponents agreed to broad austerity measures in exchange for the bailout. "The government announces formally that we are not carrying out...

Papandreou to Resign: Sources
 Greek PM Resigning? Or Not?
UPDATED
Nov 3, 2011 8:46 AM CDT

Greek PM Resigning? Or Not?

Announcement will come in just minutes, according to BBC

(Newser) - George Papandreou will offer to resign within minutes, sources tell the BBC —which in a live blog also reports that he insists he is not resigning. The Greek PM scheduled an emergency Cabinet meeting after Finance Minister Evangelos Venizelos broke with him today, shrinking his majority to one ; the...

Chance of Greek PM Losing Confidence Vote: High

Meanwhile, the G20 wrestles with Greece mess

(Newser) - Things aren’t looking good for George Papandreou ahead of tomorrow’s confidence vote: The Greek prime minister has lost several key supporters over his shocking plan to put the EU bailout to a vote on Dec. 4—and now has a majority of just one, Reuters reports. Greece's...

Greek Cabinet Green Lights Referendum Plan

Vote could happen as soon as December

(Newser) - After a seven-hour meeting, Greece’s Cabinet voted unanimously last night to endorse PM George Papandreou’s surprise call for a national referendum on Europe’s bailout plan for the country. The vote “will take place as soon as possible, right after the basics of the bailout deal are...

Dow Down 253 Thanks to Greece
 Dow Down 253 
 Thanks to Greece 
MARKETS
Nov 1, 2011 8:51 AM CDT

Dow Down 253 Thanks to Greece

Greek call for referendum doesn't sit well with investors

(Newser) - More not-so-shocking news , though today's variety is a bit more serious and depressing: The Dow sank 253 points at the open, to 11,702, as Greek PM George Papandreou's call for a referendum on his country's bailout terrified European investors and rattled traders stateside. MarketWatch reports that...

Sarkozy: Letting Greece Join Euro Was a Mistake

Country wasn't ready to be part of eurozone, he says

(Newser) - Nicolas Sarkzoy has made it clear that tensions remain in the eurozone despite agreement on a debt crisis deal . The French president says that while he backs reforms intended to allow Greece to remain in the euro, it was a mistake to let the country join the single currency a...

Acrimony, Frail Plan as Euro Talks Adjourn

Analysts unimpressed by plan to bolster banks

(Newser) - With the Greek economy in shambles and Italy's teetering, European leaders emerged today from talks on saving the Euro—with little to show for it, the New York Times reports. Their big announcement—a mandate for banks to bolster their reserves—inspired a sigh from analysts, who say the...

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