IMF believes Greece needs debt relief far beyond EU plans

Jul 15, 2015

IMF believes Greece needs debt relief far beyond EU plans

Greece will need far bigger debt relief than euro zone partners have been prepared to envisage so far due to the devastation of its economy and banks in the last two weeks, says a confidential study by the International Monetary Fund seen by reporters. ...

Greece surrenders much of its sovereignty to avoid euro exit

Jul 13, 2015

Greece surrenders much of its sovereignty to avoid euro exit

Eurozone leaders made Greece surrender much of its sovereignty to outside supervision Monday in return for agreeing to talks on an €86 billion bailout to keep the near-bankrupt country in the single currency. The terms imposed by international lenders led by Germany in all-night ...

Disagreements emerge among Greece's European creditors

Jul 12, 2015

Disagreements emerge among Greece's European creditors

Skeptical European creditors raced Sunday to narrow differences both among themselves and with Athens, aiming to come up with a tentative agreement to stave off an immediate financial collapse in Greece that would reverberate across the continent. Facing a self-imposed Sunday deadline, the European ...

Eurozone members strive to keep Greece in fold

Jul 12, 2015

Eurozone members strive to keep Greece in fold

Eurozone leaders will fight to the finish to keep near-bankrupt Greece in the eurozone Sunday after the European Union’s chairman canceled a planned summit of all 28 EU leaders that would have been needed in case of a “Grexit.” In return, leftist Prime Minister ...

Greek lawmakers back bailout reform plan

Jul 11, 2015

Greek lawmakers back bailout reform plan

Greece’s parliament backed the government’s reform plan to win a third bailout early Saturday, but with the government suffering significant losses from lawmakers dissenting over the plan’s austerity measures. The motion, which sought to authorize the government to use the proposal as a basis ...

| Jul 10, 2015

Orderly 'Grexit' poses a puzzle for lawyers

A “Grexit” on Sunday? Not so fast, say the lawyers. Even if creditors pull the plug, Greece will remain legally part of the eurozone on Monday. It could hang on in a half-out, half-in state indefinitely, creating legal murk for businesses and adding to ...

How Greece might switch back to the drachma

Jul 9, 2015

How Greece might switch back to the drachma

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With each day, the likelihood is growing that Greece’s financial catastrophe will force it out of the euro currency alliance and compel it to restore its old currency, the drachma. It won’t be simple. Even in a computer age, issuing a new national currency ...