Greece

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Eurozone Wants Greeks to Work 6 Days a Week

Demand likely to draw yet more resistance to austerity measures

(Newser) - If Greece's eurozone creditors have their way, a lot of people may be coming in to work on Sundays. In a leaked letter sent to Athens last week, the European Commission, European Central Bank, and IMF demanded that Greece "increase flexibility of work schedules" by allowing employers in...

'Economic Suicides' Soaring in Europe

Tragic suicide notes grip public

(Newser) - Tough times are taking a heavy toll on the mental health of Europeans. The last few years have seen thousands of what media outlets have labeled "economic suicides" among unemployed or fearful workers in Greece, Italy, Ireland, and elsewhere, finds the Washington Post . Researchers have found that other signs...

Greece Caves, Agrees to Full Austerity

Under creditor threats, Athens to find $1.8B more in cuts

(Newser) - Greece blinked today: In a showdown with creditors, the crisis-wracked country agreed to find the final $1.85 billion needed to reach the $14.2 billion in cuts required to get desperately needed aid money in September, reports Reuters . Greece had been asking for more time, but fed-up German and...

German Credit Rating Downgraded to Negative

Move may indicate threat to Germany's AAA rating

(Newser) - Germany, the Netherlands, and Luxembourg may have strong credit ratings, but that didn't stop Moody's from downgrading all three to "negative" yesterday, as the never-ending euro crisis continues to deepen, reports Reuters . The rating agency specifically warned about yesterday's threat by Germany to kick Greece out...

Report: IMF, Germany Ready to Pull Plug on Greece

Rising bond rates show Spain also heading deeper into crisis

(Newser) - The International Monetary Fund could be ready to cut off fresh funds to Greece, a step that would likely lead to default and getting bounced from the eurozone, reports der Spiegel . The big problem is that Greece has fallen so far behind in its austerity promises—made to secure $158....

Anti-Immigrant Violence Surges in Greece

Police accused of looking the other way as Golden Dawn attacks

(Newser) - Violence against legal and illegal immigrants has surged to "alarming proportions" as Greece suffers through one of the world's worst economic contractions since the Great Depression, the New York Times finds. The far-right Golden Dawn party made huge gains in the country's recent elections, and its supporters,...

Manufacturing Orders Slump in Asia, Plunge in Europe

Leading indicator reveals Western economies may be worse than thought

(Newser) - Purchasing Managers' Index reports from Asia and Europe—a critical economic indicator—showed big drops in June, in a strong sign that the economies of Europe and the US could be weaker than thought, the Guardian . Despite European leaders agreeing on a bank bailout scheme last week, Europe's PMI...

Greek Gunmen Drive Van Into Microsoft HQ

Latest in series of attacks on symbols of power in Greece

(Newser) - If idle hands are the devil's hands, Greece is finding out the hard way: Gunmen this morning stormed Microsoft's Athens headquarters, ramming the building with a gasoline-laden van before setting fire to it. The attack injured no one, but heavily damaged the building's first floor and shut...

Greek Cabinet Hit With Another Resignation

Merchant Marine minister follows finance minister out the door

(Newser) - A second Greek Cabinet member has resigned, marking the second casualty in as many days for the financially struggling country's new conservative-led government. Giorgos Vernicos, deputy minister for Greece's merchant marine ministry, announced his resignation today, and it was accepted by the government. He did not immediately give...

'Mr. Euro' Named New Greek Finance Minister

Yannis Stournaras considered liberal, reform-minded economist

(Newser) - It's "Mr. Euro" to the rescue. Yannis Stournaras, a key figure who helped negotiate Greece's entry into the eurozone, has been named Greece's new finance minister, reports Reuters . Stournaras replaces Vassilis Rapanos, who resigned from the finance minister position due to health reasons just days after...

Greece&#39;s New Finance Minister Quits
 Greece's New 
 Finance Minister Quits 
UPDATED
Jun 25, 2012 11:22 AM CDT

Greece's New Finance Minister Quits

Vassilis Rapanos steps down days after being named to post

(Newser) - It may not be an encouraging sign for Greece's financial affairs, but the country's brand-new finance minister is resigning, Bloomberg reports. Prime Minister Antonis Samaras accepted Vassilis Rapanos' resignation today, according to a text message from the premier’s office. Rapanos had just been named the new minister...

Greek PM Bails on EU Summit After Eye Surgery

Antonis Samaras underwent 4-hour operation for detached retina

(Newser) - Greece's new prime minister will not be well enough to travel to a critical EU summit in Brussels after undergoing an eye operation, the government said today. Antonis Samaras, 61, underwent surgery for a detached retina for nearly four hours yesterday, just three days after being sworn in at...

Germany Boots Greece —From Soccer Tourney

It dominates in European Championship, too

(Newser) - With Chancellor Angela Merkel cheering every step of the way, Germany dominated Greece—on the soccer field. The Germans reached the European Championship semifinals for a record seventh time by beating Greece 4-2 yesterday in a match played amid the contentious political backdrop between the countries.

Greece to Lenders: Give Us 2 More Years

New coalition government also wants to extend unemployment benefits

(Newser) - Greece is just a day from an all-or-nothing showdown with Germany—at least in the Euro 2012 soccer championship. In the world of international economics, however, Greece's new coalition government plans to ask for two more years to make its financial targets, reports Reuters . That would mean pushing its...

Greece: We&#39;ve Got a Deal
 New Greek PM Signed In 
UPDATED
Jun 20, 2012 10:33 AM CDT

New Greek PM Signed In

Antonis Samaras sworn in after deal reached to form government

(Newser) - New Democracy leader Antonis Samaras was sworn in as Greece's new prime minister today, after his conservative party reached a deal to form a coalition government with the liberal Pasok and Democratic Left parties, CNN reports. "We trust that with God's help we will do all we...

Greeks Close In on Deal, But Germany May Not Like It

Parties intent on renegotiating bailout

(Newser) - The leaders of Greece's political parties emerged from meetings today saying they were determined to form a government—though from the sound of things, that may be a government at odds with Germany. The conservative New Democracy party is hoping to form a unity government with Socialist Pasok and...

Obama, Putin Head for G20 Showdown

But overall Greece expected to dominate conversation

(Newser) - President Obama will meet with Vladimir Putin at the G20 summit in Mexico today, in what promises to be a contentious tête-à-tête, the AFP reports. It will be Obama's first meeting with Putin since his re-ascendance to Russia's presidency, and the leaders don't seem...

Relieved Germany May Throw Greece a Bone
Relieved Germany
May Throw Greece a Bone
g20 begins
Jun 18, 2012 7:40 AM CDT

Relieved Germany May Throw Greece a Bone

Leaders applaud results as financial woes continue

(Newser) - Germany signaled that it may give Greece some much-needed breathing room in its bailout timetable today, as European leaders cheered the victory of Greece's pro-bailout leaders this weekend. "We're ready to talk about the time frame as we can't ignore the lost weeks and we don'...

Markets Rise, Euro Up After Greek Elections

But investors still fretting about eurozone

(Newser) - Financial markets around Asia seem to be breathing easier after Greece's pro-bailout coalition narrowly won yesterday's election , reports the Wall Street Journal . The euro was up to $1.2714 from its $1.2640 close on Friday, with Tokyo's Nikkei up 1.8%, Hong Kong's Hang Seng...

Pro-Bailout Party Wins Greek Election

New Democracy leader Antonis Samaras: Greeks chose 'European path'

(Newser) - Fears of an imminent Greek exit from Europe's joint currency receded today after the conservative New Democracy came first in critical elections and pro-bailout parties won enough Parliamentary seats to form a joint government. As central banks stood ready to intervene in case of financial turmoil, Greece held its...

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