Aug 15, 2015

Greece's euro partners approve billions in new loans

Finance ministers of the 19-nation euro currency group on Friday approved the first €26 billion ($29 billion) of a vast new bailout package to help rebuild Greece’s shattered economy. The approval came after Greece’s parliament passed a slew of painful reforms and spending cuts ...

'Surreptitious' Grexit plan not so secret after Varoufakis slip

Jul 28, 2015

'Surreptitious' Grexit plan not so secret after Varoufakis slip

Yanis Varoufakis divulged the details on how Greece could sneak out of the euro “without telling anyone” in a conference call released Monday. With a plan to secretly append a new bank account to each citizen or company’s tax number, Greek officials war-gamed the ...

Greece clears final reform hurdle before new bailout talks

Jul 23, 2015

Greece clears final reform hurdle before new bailout talks

Greece’s radical left-led government saw off another revolt by rebels in the early hours of Thursday that should pave the way for the imminent start of bailout discussions with European creditors. The reforms to the judiciary and banking systems were the final hurdle the ...

Jul 19, 2015

Greek banks to reopen Monday but cash restrictions remain

Greek banks were to reopen Monday after a forced 3-week closure but restrictions on cash withdrawals will remain. In a decree Saturday, the Greek government kept the daily cash withdrawal limit at 60 euros ($65) but added a weekly limit. For example, a depositor ...

Jul 18, 2015

Greek bank shutdown cost economy €3 billion: report

The three-week shutdown of Greek banks has cost the country’s struggling economy some €3 billion ($3.3 billion) not counting lost tourism revenue, a report said Saturday. Citing commerce groups, the Kathimerini daily said the retail trade alone had suffered a €600 million loss, with ...

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 ...