Greece

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Talks Fail, Greece to Hold New Elections

Caretaker government to be named tomorrow

(Newser) - Greece's post-electoral paralysis has been broken. The solution? New elections! Political leaders today announced that the ninth day of talks has failed to produce a deal. There was a sliver of hope going into the morning, as President Karolos Papoulias met with five political party leaders to propose a...

Greek Coalition Talks Drag Into 9th Day

Europe warns: Euro exit no longer inconceivable

(Newser) - Marathon efforts to break Greece's post-electoral paralysis are lurching into a ninth day amid the country's worst crisis in decades, with fractious party leaders summoned to a yet another emergency meeting tomorrow that could see the reins of government surrendered to non-politicians. The hectic haggling in Athens cast...

Clock Ticking, Greek Far Left Says No Coalition

Refusal means new elections, more uncertainty likely

(Newser) - Greek radical left leader Alexis Tsipras says he will not join or support a pro-bailout coalition government, saying he cannot agree to what he terms a mistake. His continued refusal makes new elections in the crisis-struck country more likely. Tsipras made the comments today after attending a meeting convened by...

Greece to Try Last-Ditch Effort to Form Government

President meets tomorrow with party leaders after all three fail

(Newser) - Don't look for Greece's political turmoil, and its effect on the world markets, to end anytime soon. Three parties have now tried and failed to form a government after last week's elections, and the president will meet with them tomorrow in a final effort to avoid a...

Eurozone Considers Stiffing Greece on Bailout

Officials trying to hold back $6.7B payout amid political upheaval

(Newser) - Eurozone officials are considering holding back a $6.7 billion bailout payment to Greece—a payment it dearly needs to pay the $4.3 billion in bonds coming due next week, sources tell the Wall Street Journal . The chatter comes in response to Greece's recent elections, which swept the...

Radical Left Gets Shot at Running Greece

Eurozone exit more likely than ever after election revolt

(Newser) - Irate Greek voters may have shoved their country out of the eurozone for good in Sunday's election , by crippling the mainstream parties that voted for the country's bailout. The head of the Conservative New Democracy Party gave up trying to form a ruling coalition within hours yesterday, the...

Europe Finally Gets It: Austerity Isn't the Answer

Paul Krugman: Voters clearly 'wiser' than their leaders

(Newser) - Paul Krugman is applauding France and Greece for the results of their elections : "Time is clearly running out for the strategy of recovery through austerity—and that’s a good thing," writes the longtime critic of austerity measures in the New York Times . Austerity measures depend on a...

World Markets Tumble on French-Greek Elections

Investors fear fresh crisis in eurozone

(Newser) - Markets worldwide have been seriously rattled by the rejection of pro-austerity governments by voters in France and Greece . Asian markets plunged, the euro dropped to a 3-month low against the dollar in early trading, and oil slipped to $97 a barrel. European shares also tumbled and yields rose on the...

Far Left, Far Right Surge in Greek Elections

Instability looms as governing parties lose majority

(Newser) - A long period of instability looms for Greece after voters furious about tough austerity measures gave the two governing parties a hammering at the polls and boosted extremists at both ends of the political spectrum. The Coalition of the Radical Left, which opposes the terms of Greece's bailout, surged...

77-Year-Old's Suicide Fuels Greek Fury

Protesters clashed with riot police in Athens

(Newser) - The 77-year-old retiree who committed suicide in an Athens square teeming with commuters yesterday morning did indeed leave a note, in which the former pharmacist explained that he could not face a future that could involve "scavenging through garbage bins for food and becoming a burden to my child....

Can Greece Afford Olympic Teams?

Cuts force suspension of domestic track and field events

(Newser) - The birthplace of the Olympics might no longer be able to afford participation in the games. Crushing austerity measures mean there's not enough state funds to pay coaches and training staff, so Greece's Athletic Federation is now suspending all domestic track and field events until the government coughs...

77-Year-Old Greek Kills Self Over Debt

Shoots himself 300 feet from parliament in Athens

(Newser) - How dire is the situation in Greece? It's come to this: A 77-year-old killed himself in an Athens square this morning, apparently distraught over his mounting debt. Police say the unidentified man shot himself about 300 feet from the parliament building in Syntagma Square, as rush-hour commuters passed by....

Most Greek Bondholders Agree to Take Huge Loss

Debt swap deal a success

(Newser) - A whopping 85.8% of Greece's private bondholders have agreed to swap their bonds for new ones that are worth half as much, the country announced today. "The response exceeded all expectations, and every historic precedent," Greece's finance minister boasted. Greece can now use a "...

Greek Bailout Deal Sealed, But...

...experts say the outlook is still pretty bleak

(Newser) - Greece has been awarded a second massive bailout in a deal likely to cause anger on the streets of Athens, but tempered relief in eurozone finance ministries. To avoid a chaotic Greek default, European finance ministers have agreed to a $172 billion loan package. In return, the Greek government has...

Eurozone Set to Finalize Greece Bailout

Finance ministers inching closer to a $171B deal

(Newser) - Eurozone finance ministers met in Brussels today, in a meeting that they believe will finalize a $171 billion second bailout for Greece, in exchange for roughly $264 billion in Greek government bonds. "I'd like to assume that we will come to a final and definitive agreement tonight,"...

Armed Robbers Loot Greek Olympic Museum

Priceless artifacts from ancient Games stolen

(Newser) - As if Greece didn't have enough problems: A pair of armed robbers have stolen dozens of artifacts from a museum located at the birthplace of the Olympic Games, the BBC reports. The stolen items, mostly bronze and clay statuettes, were of "incalculable" value, officials say. Police say the...

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...

Greeks Clean Up a Smoldering Athens

But stock market responding positively in early trading

(Newser) - Skirmishes between police and protesters continued in Athens today, and buildings smoldered in the wake of Greece's vote on harsh new austerity measures . As many as 45 buildings have been torched and countless shops looted in the worst Greek rioting in years as 100,000 demonstrators took to the...

Greece OKs Austerity Bill Amid Rioting

Dozens of police and protesters injured, buildings ablaze

(Newser) - Greece's parliament has approved an austerity and debt-relief bill, crucial for the country to avoid bankruptcy and remain in the eurozone. Lawmakers voted today in favor of the bill that imposes harsh new austerity measures in return for a $171 billion new bailout agreement and related deal with private...

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