Greece clears key hurdle to extend bailout but doubts remain

Feb 25, 2015

Greece clears key hurdle to extend bailout but doubts remain

Greece cleared a major hurdle Tuesday in its ongoing battle to remain solvent as its European creditors approved a four-month extension to its financial bailout — but the cash-strapped country has much more to do to convince its partners that it deserves longer-term help ...

Greece submits reform documents in bid to secure bailout extension

Feb 24, 2015

Greece submits reform documents in bid to secure bailout extension

Caught between its own defiant campaign pledges and pressure from creditors, Greece’s left-wing government will deliver a list of reforms Tuesday to debt inspectors involved in the final approval of extended rescue loans, officials said. Prime Minister Alexis Tsipras was already facing dissent within ...

Greece, eurozone nations settle their differences —for now

Feb 21, 2015

Greece, eurozone nations settle their differences —for now

Following weeks of recrimination and distrust, Greece and its creditors in the 19-nation eurozone reached an agreement Friday on extending the country’s rescue loans, a move that should dramatically ease concerns that it was heading for an exit from the euro as soon as ...

EU hangs tough, waiting for Greece to bend as euro wilts

Feb 17, 2015

EU hangs tough, waiting for Greece to bend as euro wilts

European Union finance ministers piled pressure on Greece on Tuesday to remain in an international financial rescue program as the euro weakened on fears of disruption when Athens’ credit lines expire in 10 days. But as he returned to meetings on other, routine, matters ...

Greek government refuses to cooperate with 'troika,' seek aid extension

Jan 31, 2015

Greek government refuses to cooperate with 'troika,' seek aid extension

Greece’s new leftist government opened talks on its bailout with European partners on Friday by flatly refusing to extend the program or to cooperate with the international inspectors overseeing it. Prime Minister Alexis Tsipras’ government also sacked the heads of the state privatization agency ...

Syriza win forces Europe's center-left to reconsider austerity

Jan 28, 2015

Syriza win forces Europe's center-left to reconsider austerity

European politicians at opposite ends of the spectrum celebrated the election victory of Greece’s anti-austerity Syriza party on Monday, but Alexis Tsipras’ post-communist triumph is forcing mainstream leftists to reconsider their position. Tsipras has promised to reverse five years of “humiliation and suffering” caused ...

Austerity-battered Greeks favor radical left before vote

| Jan 24, 2015

Austerity-battered Greeks favor radical left before vote

The winds of political change are coursing through austerity-weary Greece, but a financial whirlwind may lurk round the corner. Opinion polls ahead of Sunday’s closely watched national election agree: The radical left opposition Syriza party, which has vowed to rewrite the terms of Greece’s ...

Thirteen of Europe's biggest banks fall short in ECB stress tests

Oct 27, 2014

Thirteen of Europe's biggest banks fall short in ECB stress tests

The European Central Bank says 13 of Europe’s 130 biggest banks have flunked an in-depth review of their finances and need an extra €10 billion ($12.5 billion) to cushion themselves against any future crises. Although the landmark review identified only a handful of weak ...

Europe is on the hunt for 'zombie banks'

Feb 4, 2014

Europe is on the hunt for 'zombie banks'

In Europe, the zombie hunt is on — not for undead humans but for “zombie banks,” the walking dead among lenders, too financially troubled to loan money in an economy that desperately needs investment, growth and jobs. The European Central Bank, the lead crisis ...

Jan 21, 2014

Trust in government plummets in global survey

Trust in elected leaders has fallen sharply, a global survey revealed Monday, citing the protracted budget battle in Washington that nearly saw the U.S. default on its debts and Europe’s stuttering response to its debt crisis as key reasons for the drop. Ahead of ...

Jan 16, 2014

EU clinches deal on financial regs

European Union negotiators have struck a deal on the outlines of a new regulation covering a wide array of financial instruments and markets, including provisions to curb food speculation and tighter controls on the power of computers to make trading decisions. The regulation agreed ...

World economy still being propped up by extraordinary aid

Nov 12, 2013

World economy still being propped up by extraordinary aid

Five years after the global financial crisis erupted, the world’s biggest economies still need to be propped up. They’re growing and hiring a little faster and creating more jobs, but only with extraordinary aid from central banks or government spending. And economists say major ...