greece debt

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77-Year-Old Greek Kills Self Over Debt

Shoots himself 300 feet from parliament in Athens

(Newser) - How dire is the situation in Greece? It's come to this: A 77-year-old killed himself in an Athens square this morning, apparently distraught over his mounting debt. Police say the unidentified man shot himself about 300 feet from the parliament building in Syntagma Square, as rush-hour commuters passed by....

Most Greek Bondholders Agree to Take Huge Loss

Debt swap deal a success

(Newser) - A whopping 85.8% of Greece's private bondholders have agreed to swap their bonds for new ones that are worth half as much, the country announced today. "The response exceeded all expectations, and every historic precedent," Greece's finance minister boasted. Greece can now use a "...

Eurozone Economy Shrinks
 Eurozone Economy Shrinks 
Feb 15, 2012 9:11 AM CST

Eurozone Economy Shrinks

Nine of 17 member states post a fall

(Newser) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just...

Greece OKs Austerity Bill Amid Rioting

Dozens of police and protesters injured, buildings ablaze

(Newser) - Greece's parliament has approved an austerity and debt-relief bill, crucial for the country to avoid bankruptcy and remain in the eurozone. Lawmakers voted today in favor of the bill that imposes harsh new austerity measures in return for a $171 billion new bailout agreement and related deal with private...

Greek Deputy Minister Resigns Over Cuts

Yiannis Koutsoukos not a fan of the new measures

(Newser) - Greece's deputy labor minister has resigned to protest the agreement on new austerity measures. Yiannis Koutsoukos issued a statement today saying he opposes the implementation of cutbacks and reforms agreed to earlier today to secure the country's $172 billion international rescue loan lifeline. In a letter to PM...

Greek Leaders Reject Debt Deal

Coalition can't get past pension cuts

(Newser) - The heads of the parties in Greece's ruling coalition emerged from their long-awaited meeting yesterday empty-handed, refusing to accept a new austerity plan. Leaders were willing to accept a 22% cut in the minimum wage and job cuts, but balked at almost $800 million worth of proposed pension cuts,...

Greece, Creditors Near Deal
 Greece, Creditors Near Deal 
Jan 29, 2012 6:34 AM CST

Greece, Creditors Near Deal

After long impasse, creditors lower demands, increasing bailout chances

(Newser) - After weeks of deadlocked talks , Greece again appears to be teetering toward a deal with its creditors, a key condition toward Greece getting its vitally needed $170 billion bailout, reports the New York Times . On top of a 50% loss already agreed to, creditors now appear willing to have interest...

S&P: We'll Likely Declare Greece in Default

As Greece struggles to restructure debt

(Newser) - Standard & Poor's will likely downgrade Greece's rating to "selective default" after its debt restructuring, the rating agency said at a Bloomberg event today—though it adds that the move might not destroy the European Union's credit. "It's not a given that Greece's...

Critical Greek Debt Talks Hit Impasse

Creditors, rescuers clash over rates, write-downs, and sweeteners

(Newser) - Greece is trying to cut about $129 billion from its gargantuan $350 billion debt, but as creditors and rescuers face off, the complex deal appears stuck and time is running out, reports the Wall Street Journal . With $19 billion in Greek debt coming due March 20, European authorities had hoped...

Collapse of Eurozone Begins in 2012: European Think Tank

 Euro Breakdown Starts Now 
think tank says
Jan 2, 2012 4:50 PM CST

Euro Breakdown Starts Now

CEBR gives Eurozone 99% failure rate over 10 years

(Newser) - Welcome to the year that the Eurozone begins its breakup and slides into certain doom—or so says one economic think tank in Europe. There is a 60% chance that "at least one country (and probably more) will leave" the euro in 2012, the head of the Centre for...

Mighty Germany Leans on Troubled Neighbors

With unemployment at record lows, Berlin needs workers

(Newser) - Greece may be threatening to destroy the euro and the European Union, but mighty Germany still could really use a hand from the beleaguered country, reports the AP . With just a 6.6% unemployment rate—Germany's lowest in 20 years—and an aging population, Germany needs at least 12,...

Papademos Named New Greek PM

Four days of talks finally lead to official decision

(Newser) - Greece has a new prime minister—presumably for real this time. The AP reports that Lucas Papademos, former VP at the European Central Bank, has been officially named the PM of the new interim coalition government. T he president's office made the announcement today, Reuters adds. Papademos had been...

Greek PM Deal Falls Through
Greek PM Deal Falls Through
Nov 10, 2011 2:50 AM CST

Greek PM Deal Falls Through

Former European Central Bank VP Papademos once again the top choice

(Newser) - So much for the new Greek prime minister: Yesterday’s deal with parliament speaker Filippos Petsalnikos fell through after more intra-party fighting, leading to a fourth day of meetings to determine a new coalition. Former European Central Bank VP Lucas Papademos is once again the top choice and is at...

Greece Settles on New PM
 Greece Settles on New PM 
Nov 9, 2011 12:20 PM CST

Greece Settles on New PM

Parliament speaker Filippos Petsalnikos will lead unity government

(Newser) - Greece has a new leader, as long as no last-minute obstacles pop up: parliament speaker Filippos Petsalnikos, who founded the ruling socialist PASOK party. Sources confirm that the parties settled on Petsalnikos to lead a unity government after three days of feuding. "We have agreed on Petsalnikos, but things...

Papandreou to Quit After New Govt Forms

'Everything will take its course' after he steps down, opposition says

(Newser) - Greek PM George Papandreou will step down as soon as a new coalition government is formed, CNN reports. As the Greek Cabinet met a second day today in a last-ditch effort to avoid bankruptcy, the government issued a statement saying the meeting would be the last presided over by the...

Chance of Greek PM Losing Confidence Vote: High

Meanwhile, the G20 wrestles with Greece mess

(Newser) - Things aren’t looking good for George Papandreou ahead of tomorrow’s confidence vote: The Greek prime minister has lost several key supporters over his shocking plan to put the EU bailout to a vote on Dec. 4—and now has a majority of just one, Reuters reports. Greece's...

1 Dead in Athens Protests
 1 Dead in Athens Protests 
Oct 20, 2011 11:48 AM CDT

1 Dead in Athens Protests

Victim may have suffered heart attack

(Newser) - An Athens anti-austerity demonstration turned violent today when rioters attacked peaceful protesters, and one ended up dead. Rioters threw firebombs and chunks of marble at the tens of thousands who had turned out in the Greek capital hours before lawmakers were scheduled to vote on the unpopular austerity measures creditors...

As Vote Looms, Strike Shutters Greece 2nd Day

Austerity measures likely to pass despite enraged public

(Newser) - A general strike paralyzed Greece a second day as outraged protesters gathered by the tens of thousands outside parliament today, where lawmakers prepared to vote on intensely unpopular austerity measures needed to secure the next $11 billion installment from the international rescue loans that have so far prevented the country...

As Default Looms, Strike Paralyzes Greece

'We've lost everything,' says striker as thousands protest austerity measures

(Newser) - The biggest strike in months has brought Greece to a standstill and tens of thousands of workers are taking to the streets of Athens. The strike, organized by the country's two biggest unions, is in response to the tough austerity measures unveiled earlier this week , reports the Los Angeles ...

Greece Announces Austerity Plan to Fire Workers
 Greece to Fire 
 30K Workers 
Oct 2, 2011 3:35 PM CDT

Greece to Fire 30K Workers

Budget deficit will fall short of EU, IMF targets

(Newser) - The Greek economic tragedy took another hair-raising turn today, Reuters reports. Enacting an austerity plan to attract EU and IMF loans, politicians there announced a new plan to place 30,000 workers in a "labor reserve" where they will earn partial pay and be laid off in a year....

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