Greece bailout

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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...

Stakes Critical as Greeks Vote
Stakes Critical as Greeks Vote 
Jun 17, 2012 8:25 AM CDT

Stakes Critical as Greeks Vote

Europe watches, worries about exit from eurozone

(Newser) - Greece is voting today amid global fears that victory by parties that have vowed to ditch bailouts and austerity measures could undermine the eurozone and send the world's major economies reeling. For Greeks, it is the second national election in six weeks, reflecting political turmoil sparked by a two-year...

Central Banks Steel for Greek Vote

G20 ready for 'coordinated action'

(Newser) - Central banks across the world are preparing to take decisive action if needed after Greece's election on Sunday, which could rattle financial markets. "The central banks are preparing for coordinated action to provide liquidity," a G20 aide tells Reuters . Britain says it will inject its economy with...

Greek Government Just Weeks From Going Bust

Recession, budget cuts have wiped out tax revenue

(Newser) - Never mind the euro or the drachma, Greece's new currency could become the IOU, the New York Times finds. The country's government is rapidly running out of cash—despite the latest bailout of $161 billion—and it might have no money for salaries, pensions, or fuel imports as...

Greek Euro Exit May Cost $1T
 Greek Euro Exit May Cost $1T 
May 17, 2012 7:44 AM CDT

Greek Euro Exit May Cost $1T

Tsipras tells Germany to stop demanding austerity

(Newser) - Europe has hundreds of billions of reasons to try to keep Greece from unceremoniously ditching the eurozone. If Greece leaves, the rest of Europe would face catastrophic losses, Reuters reports. Greece would default on the roughly $250 billion in debt held by the ECB, IMF, and other eurozone nations, and...

Jittery Greeks Withdrew $898M on Monday

Panic could cause collapse of country's banking system

(Newser) - As fresh elections loom in Greece following the failure of coalition talks, Greeks are starting to get their money out of the country's banks while the getting is good. Some $898 million was withdrawn from the country's banks on Monday alone, and economists warn that the country's...

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...

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...

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,"...

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 Workers Strike Over Austerity

Protesters clash with police in Athens

(Newser) - Greece's major unions launched a 48-hour general strike today, protesting the latest austerity cuts designed to appease international creditors. Thousands of people poured into the streets of Athens, the AP reports, and demonstrations occasionally got ugly; outside of Parliament, dozens of youths hurled fire bombs and stones at police,...

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,...

Greek Leaders Finally Huddle on Debt Deal

After delay over translation

(Newser) - The leaders of the three parties comprising Greece's coalition government finally met today to decide whether to make deeper austerity cuts in exchange for a $170 billion bailout from Europe, after three days of delays, the AP reports. The new austerity measures would be in addition to the 15,...

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