Dec 6, 2015

Greece passes 'tough' austerity-extending 2016 budget

Greek lawmakers approved a “tough” 2016 budget early Sunday, forecasting near zero growth for 2015 and a small contraction next year for the debt-ridden country in its sixth year of austerity. The coalition government, which enjoys a narrow majority, managed to push the budget ...

Nov 27, 2015

Is Portugal about to go down the same road as Greece?

An anti-austerity alliance including radical leftist parties takes power. A shaky economy and huge debts menace the national economy. The rest of Europe watches with a wary eye. Sound familiar? This is not Greece, but another eurozone country: Portugal. A nation that just months ...

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. ...