Greece

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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...

Greece Leader Faces Revolt on Bailout Mess

George Papandreou struggling to hold his own party together

(Newser) - After Greece’s prime minister shocked the world —and his own finance minister—by announcing a public referendum on the EU bailout, the government has entered crisis mode. As leaders hold emergency talks, six members of George Papandreou’s party have called for his resignation, and one has quit,...

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...

Greek PM Shocks Europe, Puts Bailout Up for Vote
 Greek PM Shocks Europe, 
 Puts Bailout Up for Vote 
STOCKS PLUMMET
Nov 1, 2011 7:59 AM CDT

Greek PM Shocks Europe, Puts Bailout Up for Vote

Papandreou calls public referendum, Germany furious

(Newser) - Greek Prime Minister George Papandreou threw a major monkey wrench into Europe’s plan to bail out his country yesterday, announcing that he’d be putting the plan negotiated last week up for a referendum, letting all of Greece have its say. That terrified investors—who sent the Athens benchmark...

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...

EU Leaders Forge Emergency Debt Deal

Banks taking 50% haircut on Greek debt

(Newser) - European Union leaders have hammered out a deal they say will help resolve the eurozone's debt crisis. After talking late into the night, a "three-pronged deal" was reached that will see banks taking a 50% loss on Greek debt, AP reports. The eurozone and the International Monetary Fund...

Greek Unions Call for More Strikes

 Greek Unions 
 Call for More 
 Strikes 
austerity bill passes
Oct 21, 2011 8:03 AM CDT

Greek Unions Call for More Strikes

Austerity bill passes, but socialist party sheds another member

(Newser) - The so-called “ mother of all strikes ” didn’t stop Greece’s parliament from enacting harsh new austerity measures yesterday, so today labor unions are threatening yet more strikes next week to protest the move. The secretary general of the Adedy civil servant union vowed that the law "...

1 Dead in Athens Protests
 1 Dead in Athens Protests 
Oct 20, 2011 11:48 AM CDT

1 Dead in Athens Protests

Victim may have suffered heart attack

(Newser) - An Athens anti-austerity demonstration turned violent today when rioters attacked peaceful protesters, and one ended up dead. Rioters threw firebombs and chunks of marble at the tens of thousands who had turned out in the Greek capital hours before lawmakers were scheduled to vote on the unpopular austerity measures creditors...

As Vote Looms, Strike Shutters Greece 2nd Day

Austerity measures likely to pass despite enraged public

(Newser) - A general strike paralyzed Greece a second day as outraged protesters gathered by the tens of thousands outside parliament today, where lawmakers prepared to vote on intensely unpopular austerity measures needed to secure the next $11 billion installment from the international rescue loans that have so far prevented the country...

Massive Strike Shuts Greece
 Massive Strike Shuts Greece 
Oct 19, 2011 7:01 AM CDT

Massive Strike Shuts Greece

An estimated 50K protest in Athens

(Newser) - Workers across Greece walked off the job today for a crippling 48-hour general strike, closing shops, schools, courts, ports, and more. A host of flights were canceled—though mercifully airline workers shortened their strike to just 12 hours—and public transportation was functioning with a reduced staff, according to the...

Greece Braces for 'Mother of All Strikes'

Prime minister orders garbage crews back to work

(Newser) - Don’t try to get anything done in Greece tomorrow: A coalition of unions representing roughly half of the country’s 4 million workers has called for a 48-hour general strike starting tomorrow to protest upcoming austerity measures, Reuters reports. One Greek newspaper has dubbed it “the mother of...

As Default Looms, Strike Paralyzes Greece

'We've lost everything,' says striker as thousands protest austerity measures

(Newser) - The biggest strike in months has brought Greece to a standstill and tens of thousands of workers are taking to the streets of Athens. The strike, organized by the country's two biggest unions, is in response to the tough austerity measures unveiled earlier this week , reports the Los Angeles ...

Stocks Diving for Bear Market Levels
 Stocks Diving to 
 Bear Market Levels 
MARKETS
Oct 4, 2011 8:42 AM CDT

Stocks Diving to Bear Market Levels

S&P slips below threshold at this morning's open

(Newser) - Wall Street is getting nervous, and not because of protesters. Stocks have been plummeting hard, and are now just inches above the threshold for what traders consider a bear market. The Dow dove 240 points on Friday and another 258 yesterday, leaving it perilously close to the bear market threshold...

Greece Announces Austerity Plan to Fire Workers
 Greece to Fire 
 30K Workers 
Oct 2, 2011 3:35 PM CDT

Greece to Fire 30K Workers

Budget deficit will fall short of EU, IMF targets

(Newser) - The Greek economic tragedy took another hair-raising turn today, Reuters reports. Enacting an austerity plan to attract EU and IMF loans, politicians there announced a new plan to place 30,000 workers in a "labor reserve" where they will earn partial pay and be laid off in a year....

Stocks Plummet on Greece Fears
 Stocks Plummet 
 on Greece Fears 
MARKETS
Sep 19, 2011 9:48 AM CDT

Stocks Plummet on Greece Fears

Dow down more than 200 points

(Newser) - Stocks took a dive this morning as investors fretted over Greece’s deepening debt crisis. The Dow plunged 246 points, according to the Wall Street Journal , while the S&P and Nasdaq shed 26 and 55 points, respectively. Crude oil sank as well, dropping below $85 a barrel. “The...

Moody's Downgrades French Banks

Greek debt crisis hits SocGen, Credit Agricole

(Newser) - The Greek debt crisis has hit the credit rating of two of France's biggest banks. Moody's has downgraded Societe Generale and Credit Agricole by a notch, and warned the country's biggest bank, BNP Paribas, that it may be next in line. The banks have seen their share...

Greek Sprinters Cleared in Faking '04 Car Crash

Olympians accused of ducking drug tests

(Newser) - A Greek court yesterday overturned convictions for a pair of Greek sprinting stars accused of faking a car crash to avoid a drug test on the eve of the 2004 Athens Olympics that were supposed to catapult them into national heroes. The judges ruled that there was reasonable doubt as...

Greek Banks Alpha Bank and Eurobank Plan Merger
 Top Greek Banks Plan Merger
Aug 29, 2011 12:19 PM CDT

Top Greek Banks Plan Merger

Alpha Bank, Eurobank combine to help fix troubled sector

(Newser) - Two of Greece’s biggest banks are teaming up to fight the country’s banking crisis. Alpha Bank and Eurobank are set to merge into the country’s largest bank and one of the top 25 in the euro zone. “I am confident that the new combined entity will...

Moody's: Greek Default 'Virtually Certain'

But EU effort means country will likely stabilize

(Newser) - Moody's downgraded Greece's bond ratings by a further three notches today and warned that it is almost inevitable the country will be considered to be in default following last week's new bailout package . The agency says the new EU package of measures implies "substantial" losses for...

Greece Gets Bailout Deal
 Greece Gets 
 Bailout Deal 
Jul 21, 2011 5:42 PM CDT

Greece Gets Bailout Deal

Eurozone nations, IMF agree to $155B deal

(Newser) - Eurozone leaders today agreed to a sweeping deal that will grant Greece a massive new bailout and radically reshape the currency union's rescue fund, allowing it to act pre-emptively when crises build up. The deal resolves a political deadlock between Europe's top economic authorities over how to save...

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