Greek debt crisis

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Greek Stock Market Carnage Enters 2nd Day

US investors aren't completely immune

(Newser) - At this rate, Greek banks may soon start to look like a canny investment. The Athens Stock Exchange had its worst drop on record yesterday when it reopened after being closed for more than a month, and things have not improved in early trading at the main Greek stock market... More »

Greek Stock Market Reopens, Crashes

Bank shares fall as low as they can go

(Newser) - The main Greek stock market reopened today after being closed for more than a month and shares in major banks performed as expected: as badly as possible. The country's four main banks dived 30% in early trading, which is the maximum single-day fall allowed, the BBC reports. The Athens... More »

Greece Lawmakers Back Austerity Plan

Bailout is on track again, though IMF now has concerns

(Newser) - Greece keeps inching toward its convoluted bailout: Lawmakers have approved an austerity package demanded by European creditors, reports Reuters . This time, Prime Minister Alexis Tsipras endorsed them, despite having championed a referendum that shot down a similar package less than two weeks ago. He had to face down a revolt... More »

Panicked Greeks Buying Everything They Can

Nobody wants to be stuck with money in the bank

(Newser) - The middle of an unprecedented economic crisis might seem like a strange time to go on a shopping spree, but these are strange times in Greece. As a European Union deadline looms and the country's future looks increasingly uncertain, many of the Greeks who still have money are spending... More »

Bank of Greece Bombed Before Landmark Bond Sale

Car bomb comes on day of return to international markets

(Newser) - Greece is set to return to the international bond market today after four years of financial struggle, but not everyone is happy about it—especially not the suspected domestic terrorists who set off a large car bomb in front of the country's central bank hours before the bond issue.... More »

EU: New Greek Deal Will Work

Markets rise after fresh deal to keep country afloat

(Newser) - European Union finance ministers and the IMF have hammered out yet another deal on Greek debt and they say this one is going to work. The euro and Asian markets rose after the announcement of the latest deal on the three-year-old crisis, which will cut the rates on bailout loans,... More »

Mass Strikes Sweep Europe

700 flights grounded, minor scuffles break out in Spain

(Newser) - Anti-austerity protests in Europe have usually been relatively localized affairs, confined to one country or another—until now. Labor leaders in Spain, Portugal, Italy, and Greece all called for strikes and demonstrations today, the New York Times reports, and people in France, Belgium, and elsewhere took to the streets as... More »

Greek Parliament OKs Austerity Budget

But Europe still hasn't settled on aid package

(Newser) - Following the tight passage of an austerity package last week, Greece's parliament has approved a 2013 austerity budget. The budget, part of a plan to receive further foreign financing, passed by a margin of 167 to 128, the New York Times reports. It cuts salaries, pensions, and benefits by... More »

Austerity Ekes Out Victory in Greece

Eurozone decision follows huge protests

(Newser) - In a 153 to 128 vote, Greek's three-party coalition government barely passed some $22 billion worth of new austerity measures in an effort to remain in the eurozone. Eighteen MPs voted "present" on the plan, with another abstaining. The vote on the measures, which include pension cuts and... More »

Protesters, Cops Clash as Greek Protests Turn Ugly

Marchers are angry over austerity cuts

(Newser) - Between 50,000 and 70,000 raging Greeks took to the streets today, trading gas bombs and chunks of concrete with police tear gas and pepper spray as demonstrations amid a 24-hour nationwide strike turned violent, reports the AP . Demonstrators marched on the nation's parliament to protest austerity measures... More »

Anti-Immigrant Violence Surges in Greece

Police accused of looking the other way as Golden Dawn attacks

(Newser) - Violence against legal and illegal immigrants has surged to "alarming proportions" as Greece suffers through one of the world's worst economic contractions since the Great Depression, the New York Times finds. The far-right Golden Dawn party made huge gains in the country's recent elections, and its supporters,... More »

Greek Gunmen Drive Van Into Microsoft HQ

Latest in series of attacks on symbols of power in Greece

(Newser) - If idle hands are the devil's hands, Greece is finding out the hard way: Gunmen this morning stormed Microsoft's Athens headquarters, ramming the building with a gasoline-laden van before setting fire to it. The attack injured no one, but heavily damaged the building's first floor and shut... More »

'Mr. Euro' Named New Greek Finance Minister

Yannis Stournaras considered liberal, reform-minded economist

(Newser) - It's "Mr. Euro" to the rescue. Yannis Stournaras, a key figure who helped negotiate Greece's entry into the eurozone, has been named Greece's new finance minister, reports Reuters . Stournaras replaces Vassilis Rapanos, who resigned from the finance minister position due to health reasons just days after... More »

Cyprus Wants a Bailout, Too

After Fitch cuts its credit rating

(Newser) - Another day, another European Union bailout. This time Cyprus is the one lining up for a handout, Bloomberg reports. Officials today officially asked European authorities for access to the euro bailout fund, saying they were being hammered by contagion from Greece, the government said in an emailed statement. More »

Greece's New Finance Minister Quits

Vassilis Rapanos steps down days after being named to post

(Newser) - It may not be an encouraging sign for Greece's financial affairs, but the country's brand-new finance minister is resigning, Bloomberg reports. Prime Minister Antonis Samaras accepted Vassilis Rapanos' resignation today, according to a text message from the premier’s office. Rapanos had just been named the new minister... More »

Greeks Close In on Deal, But Germany May Not Like It

Parties intent on renegotiating bailout

(Newser) - The leaders of Greece's political parties emerged from meetings today saying they were determined to form a government—though from the sound of things, that may be a government at odds with Germany. The conservative New Democracy party is hoping to form a unity government with Socialist Pasok and... More »

Greek Government Just Weeks From Going Bust

Recession, budget cuts have wiped out tax revenue

(Newser) - Never mind the euro or the drachma, Greece's new currency could become the IOU, the New York Times finds. The country's government is rapidly running out of cash—despite the latest bailout of $161 billion—and it might have no money for salaries, pensions, or fuel imports as... More »

Germany at Center of G7 Crisis Huddle

Debt may be pooled in exchange for more central controls

(Newser) - G7 members are holding a conference call today to discuss solutions for the mounting economic crisis in Europe, with German the likely key. The emergency huddle of the finance chiefs of the US, UK, German, Italy, France, Japan, and Canada underscores a mounting panic about the crushing debt of the... More »

Central Bank Chief Issues Dire Euro Warning

Mario Draghi tells leaders they need to move fast to save currency union

(Newser) - If alarm bells weren't already ringing in Europe, this would set them off: The chief of the European Central Bank has warned that the current structure of the eurozone is "unsustainable" and the 17 member states are going to have to move swiftly to rescue the currency union,... More »

Europe Braces for Greek Exit

Hollande backs eurobonds at inconclusive summit

(Newser) - New kid on the European block François Hollande made an audacious debut at his first EU summit, but the crisis meeting ended without a clear solution to the eurozone's woes. The French president, backed by most EU leaders, supports issuing "eurobonds" to shore up troubled EU economies,... More »

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