greece debt

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Stocks Plummet on Greece Fears
 Stocks Plummet 
 on Greece Fears 
MARKETS
Sep 19, 2011 9:48 AM CDT

Stocks Plummet on Greece Fears

Dow down more than 200 points

(Newser) - Stocks took a dive this morning as investors fretted over Greece’s deepening debt crisis. The Dow plunged 246 points, according to the Wall Street Journal , while the S&P and Nasdaq shed 26 and 55 points, respectively. Crude oil sank as well, dropping below $85 a barrel. “The...

S&P: Greek Rescue Plan Would Count as a Default

Credit rating firm rejects French banks' plans

(Newser) - Greece got yet more bad news today, when Standard & Poor's issued a statement saying that a proposed rescue plan from banks in France "would likely amount to a default" as far as it was concerned. French banks planned to roll over their holdings in the country's...

Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared

(Newser) - Greece has bought itself some time to deal with its crippling debt crisis after lawmakers cleared the final hurdle for crucial bailout funds to be released, which will prevent the country from defaulting next month. The EU and IMF had demanded Parliament pass two bills— an austerity law and a...

Streets Erupt as Greece Begins Austerity Vote

Deep cuts expected to pass

(Newser) - Things got ugly in the streets of Athens today, as Greece’s parliament began voting on austerity measures—needed to keep the nation out of default—that looked increasingly likely to pass. Police firing tear gas fought what Reuters describes as “running battles” with protesters, who threw firebombs, rocks,...

Youths Hurl Rocks as Greeks Begin 2-Day Strike

20,000 march on Parliament

(Newser) - Greek workers launched a 48-hour general strike today to protest government austerity measures as 20,000 demonstrators headed to Parliament and another 7,000 marched in the country’s second-biggest city. Some 5,000 police guarded Athens, and while the initial protests were peaceful, things are heating up. Young people...

Oil Drops Below $91 on Release of Reserves

Investors optimistic Greece will approve austerity plan

(Newser) - Oil prices slipped below $91 a barrel today as markets grappled with Greece's debt crisis and the release of crude reserves by the International Energy Agency. By early afternoon in Europe, benchmark oil for August delivery was down 61 cents to $90.55 a barrel in electronic trading on...

Greek PM Faces Critical Vote of Confidence

And that's the easy part

(Newser) - Greek Prime Minister George Papandreou faces a critical vote of confidence tonight that will determine both his political future and that of Greece—and in some ways, that’s the easy part. If Papandreou survives the midnight vote (5pm ET) he’ll be able to pass austerity measures that will...

Europe Delays Decision on Handing $17B to Greece

New austerity measures must be passed first

(Newser) - European finance officials ramped up pressure today on Greece, delaying their decision on whether to release the next $17 billion in rescue loans to the debt-laden country. Officials indicated the next installment of emergency loans would be disbursed in July, but only if Greece enacts controversial new austerity measures including...

Greece Names New Finance Minister

Prime minister George Papandreou reshuffles cabinet

(Newser) - Greek PM George Papandreou replaced his finance minister today in a broad cabinet reshuffle to counter widespread anger over tough new austerity measures essential to prevent Greece from a disastrous default. The critical position, held by George Papaconstantinou since the debt crisis began in late 2009, will now be taken...

Euro Plummets on Greek Default Fears

Developments in Portugal, Finland deepen market panic

(Newser) - The euro took a nose dive today, and so did the bonds of weak eurozone nations, as investors panicked over fresh speculation that Greece will have to restructure its debt in the near future, and the election of an anti-Euro party in Finland. German government sources tell Reuters that they...

Greece Simmers as Austerity Plan Backfires

Unrest predicted as unemployment soars

(Newser) - The Greeks are still broke and they're getting angrier about it. An austerity plan meant to put the country back on the road to economic health has plunged Greece into a depression, with the unemployment rate approaching 70% in some areas. Almost a fifth of stores in Athens have declared...

Greece Mess Means Big Trouble for Euro
 Greece Mess Means 
 Big Trouble for Euro 
Paul Krugman
May 7, 2010 8:35 AM CDT

Greece Mess Means Big Trouble for Euro

Athens will probably have to leave the currrency

(Newser) - Greece is not the "next Lehman," writes Paul Krugman. It's not "big enough or interconnected enough" to cause that scale of global mess, or even yesterday's nightmare on Wall Street. But don't be too reassured. "Greece’s problems are deeper than Europe’s leaders are willing...

Don't Blame Greece; Market Was 'Ripe for a Fall'

If Greek worries were the cause, gold wouldn't be soaring

(Newser) - For months now, traders have suspected that the bullish market is heading for a big correction. We may have just seen step one, writes Mark Hulbert at MarketWatch . Lots of people are blaming Greek debt fears for today's turbulence , but they should instead look to the gold market. "If...

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