Thu, August 19, 2010

Greek debt crisis

Eurogroup sees no need of financial aid to Greece

Finance ministers of the Eurozone Monday insisted that there is no need to offer financial aid to Greece right now, but said that the group is considering a mechanism to help the country in the case of need.Full story


Greece's economic crisis

Following is a timeline of key economic events since Greek Prime Minister George Papandreou's socialist PASOK party won snap elections last October.


In your opinion, the Greek debt crisis
marks the climax of the world financial crisis.
marks the end of the world financial crisis.
is an individual case.


Obama, Merkel urge solution for Greece debt crisis

2010-04-29 02:46:39 GMT Xinhua English WASHINGTON, April 28 (Xinhua) -- U.S. President Barack Obama and German Chancellor Angela Merkel on Wednesday stressed the importance of solving the debt crisis in Greece on the phone, the White House said.

Majority of Germans oppose aid for Greece: poll

2010-03-31 02:48:03 GMT Xinhua English BERLIN, March 30 (Xinhua) -- Over two thirds of Germans are against their country's involvement in any aid package for debt- laden Greece, a latest poll conducted by the Forsa Institute for German weekly Stern showed Tuesday.

Eurozone leaders endorse standby aid plan for Greece

2010-03-26 02:31:46 GMT Xinhua English BRUSSELS, March 25 (Xinhua) -- Eurozone leaders agreed on a standby aid plan for debt-laden Greece late on Thursday, which combines bilateral loans from eurozone members and contribution from the International Monetary Fund (IMF).

Greece aid plan involving IMF endorsed by eurozone leaders

2010-03-25 23:39:51 GMT Xinhua English BRUSSELS, March 25 (Xinhua) -- Eurozone leaders Thursday endorsed an aid plan for Greece, agreeing to have the International Monetary Fund (IMF) involved.

EU presidency calls for decision on Greek bailout at summit

2010-03-23 02:15:12 GMT Xinhua English BRUSSELS, March 22 (Xinhua) -- European Union (EU) leaders should decide on a bailout plan for Greece at a summit later this week, the Spanish presidency of the 27-nation bloc said on Monday.

Fed official says Greek crisis could affect U.S. economy

2010-03-23 02:36:46 GMT Xinhua English WASHINGTON, March 22 (Xinhua) -- The Greek debt crisis could affect the U.S. economy in several ways, including constraining euro zone growth and thus constraining U.S. exports, warned Federal Reserve Bank of Atlanta President Dennis Lockhart on Monday.

Dollar falls versus euro on easing Greece concerns

2010-03-09 08:34:49 GMT The dollar weakened against the euro Monday after French President Nicolas Sarkozy said Europe is ready to help Greece if needed, boosting investor optimism about the nation's debt crisis.

Tokyo stocks fall on Greece fears, stronger yen

2010-03-04 11:02:14 GMT Xinhua English TOKYO, March 4 (Xinhua) -- Japan's Nikkei Stock Average fell 1. 05 percent on Thursday as a resurgent yen versus the dollar impacted firms who rely on oversees profits and anxious investors opted to lock in profits amid concerns over Greece's debt woes and ahead of important macroeconomic data due out from the U.S. on Friday.

Greece woos markets with US$6.5B austerity plan

2010-03-03 23:24:44 GMT ATHENS, Greece – With creditors demanding solutions to the Greek debt crisis and the financial world increasingly on edge, Athens on Wednesday froze pensions, cut civil service salaries and slapped new taxes on everything from cigarettes and alcohol to fuel and precious gems.

Greek cutbacks helps calm world markets

2010-03-03 12:27:48 GMT World markets traded in a narrow range Wednesday amid hopes of a solution to Greece's financial crisis after the government unveiled further brutal measures to bring down its borrowing levels.

Greek people protest against austerity measures

2010-03-31 02:30:26 GMT Xinhua English Greek protesters expressed their dissatisfaction in front of the Ministry of Labor and Social Security building during a protest in central Athens, capital of Greece, March 30, 2010. The Greek government has launched austerity measures in order to reduce a public deficit that reached 12.7 percent of output in 2009. These measures caused protests in Athens.

How to know if your country is the next Greece

2010-03-09 08:31:37 GMT Just over a year ago a few members of the research team at Hedgeye attended a lecture at Yale Law School by Robert Rubin, the former Secretary of the Treasury under Bill Clinton. During the question and answer session, Rubin was asked about sovereign risk -- the threat that an entire nation effectively walking away from its financial obligations. Mr. Rubin was blunt: he said categorically that he did not expect any major nations to default on its debt.

Greece not only has problems, but also successes, says Greek EU Commissioner

2010-03-05 03:17:51 GMT Xinhua English ATHENS, March 4 (Xinhua) -- Greece not only has problems, but also successes, and the country plays an important role internationally in such sectors as shipping and fisheries, the EU' s Greek Commissioner on Shipping and Fisheries Maria Damanaki said on Thursday during a visit in Athens.

Will crisis-hit Greece be another Lehman Brothers?

2010-03-02 13:40:35 GMT Xinhua English BEIJING, March 2 (Xinhua) -- The world faces the possibility that embattled Greece will become another Lehman Brothers by escalating the European sovereign debt crisis into a new round of global financial turmoil.

ECB president: Greece must put finances in order

2010-01-23 14:33:46 GMT Greece and other euro-zone countries with excessive budget deficits must do everything they can to put their finances in order, the president of the European Central Bank said in an interview published Saturday.

Timeline: Greece's economic crisis

2010-03-09 10:17:02 GMT Greece needs to take further steps to tackle its budget crisis and must meet its debt reduction goals despite the pain, EU Economic Affairs Commissioner Olli Rehn said on Monday.

Greek PM: Foreign criticism on Greece's economy reaches level of racism

2010-01-10 22:08:16 GMT Xinhua English ATHENS, Jan. 10 (Xinhua) -- Greek Prime Minister George Papandreou denounced on Sunday evening as racist recent vitriolic comments against the country on the status of its national economy by foreign officials and media.

EU auditors ask Greece for stricter deficit reduction measures

2010-01-08 16:59:52 GMT Xinhua English ATHENS, Jan. 8 (Xinhua) -- A European Union (EU) Commission auditing team on Friday asked the Greek government to urgently adopt more austere measures on deficit reduction.

Greece to take all necessary measures to solve own problems: minister

2010-01-07 00:14:38 GMT Xinhua English ATHENS, Jan. 6 (Xinhua) -- Greece will not need any assistance, as the government will take all necessary measures to solve the country's own problems, Greek Finance Minister Giorgos Papaconstantinou said on Wednesday afternoon.

Greece to reform tax system to overcome economic crisis

2009-12-18 19:25:52 GMT Xinhua English ATHENS, Dec. 18 (Xinhua) -- The Greek government intends to bring radical changes to the tax system by next March to boost budget revenues and overcome the economic crisis, said Greek Finance Minister George Papaconstantinou on Friday.