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NEWS ABOUT: Greek debt crisis

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 »

Hollande, Merkel Set for Eurobond Showdown

New EU dynamic expected to cause friction at crisis summit

(Newser) - Yet another European Union crisis meeting will be held today, but the dynamic has changed since the days when Angela Merkel and Nicolas Sarkozy met ahead of time to fix a strategy. Unlike his predecessor, François Hollande has sided with European leaders calling for growth instead of austerity and... More »

Euro Crisis Has New Buzzword: 'Grexit'

That's slang for 'Greek Exit'

(Newser) - Want to strike fear into the hearts of European bankers? Throw around the term "grexit." It's slang invented by Citigroup referring to Greece's euro exit, and it's part of a growing lexicon of weird terms surrounding the eurozone crisis, the Wall Street Journal reports. Other... More »

Jittery Greeks Withdrew $898M on Monday

Panic could cause collapse of country's banking system

(Newser) - As fresh elections loom in Greece following the failure of coalition talks, Greeks are starting to get their money out of the country's banks while the getting is good. Some $898 million was withdrawn from the country's banks on Monday alone, and economists warn that the country's... More »

Talks Fail, Greece to Hold New Elections

Caretaker government to be named tomorrow

(Newser) - Greece's post-electoral paralysis has been broken. The solution? New elections! Political leaders today announced that the ninth day of talks has failed to produce a deal. There was a sliver of hope going into the morning, as President Karolos Papoulias met with five political party leaders to propose a... More »

Clock Ticking, Greek Far Left Says No Coalition

Refusal means new elections, more uncertainty likely

(AP) - Greek radical left leader Alexis Tsipras says he will not join or support a pro-bailout coalition government, saying he cannot agree to what he terms a mistake. His continued refusal makes new elections in the crisis-struck country more likely. Tsipras made the comments today after attending a meeting convened by... More »

Europe Finally Gets It: Austerity Isn't the Answer

Paul Krugman: Voters clearly 'wiser' than their leaders

(Newser) - Paul Krugman is applauding France and Greece for the results of their elections : "Time is clearly running out for the strategy of recovery through austerity—and that’s a good thing," writes the longtime critic of austerity measures in the New York Times . Austerity measures depend on a... More »

Far Left, Far Right Surge in Greek Elections

Instability looms as governing parties lose majority

(Newser) - A long period of instability looms for Greece after voters furious about tough austerity measures gave the two governing parties a hammering at the polls and boosted extremists at both ends of the political spectrum. The Coalition of the Radical Left, which opposes the terms of Greece's bailout, surged... More »

77-Year-Old's Suicide Fuels Greek Fury

Protesters clashed with riot police in Athens

(Newser) - The 77-year-old retiree who committed suicide in an Athens square teeming with commuters yesterday morning did indeed leave a note, in which the former pharmacist explained that he could not face a future that could involve "scavenging through garbage bins for food and becoming a burden to my child.... More »

Can Greece Afford Olympic Teams?

Cuts force suspension of domestic track and field events

(Newser) - The birthplace of the Olympics might no longer be able to afford participation in the games. Crushing austerity measures mean there's not enough state funds to pay coaches and training staff, so Greece's Athletic Federation is now suspending all domestic track and field events until the government coughs... More »

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 "... More »

Greek Bailout Deal Sealed, But...

...experts say the outlook is still pretty bleak

(Newser) - Greece has been awarded a second massive bailout in a deal likely to cause anger on the streets of Athens, but tempered relief in eurozone finance ministries. To avoid a chaotic Greek default, European finance ministers have agreed to a $172 billion loan package. In return, the Greek government has... More »

Eurozone Set to Finalize Greece Bailout

Finance ministers inching closer to a $171B deal

(Newser) - Eurozone finance ministers met in Brussels today, in a meeting that they believe will finalize a $171 billion second bailout for Greece, in exchange for roughly $264 billion in Greek government bonds. "I'd like to assume that we will come to a final and definitive agreement tonight,"... More »

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... More »

Talks Falter as Greece Warns: We Can't Take Any More Cuts

Bailout discussion foundering despite austerity deal

(Newser) - Greece has made "superhuman" efforts to comply with EU and IMF conditions, but it just can't make any more cuts, the country's public order minister says. An austerity package was passed over the weekend, sparking violent protests across the country , but bailout talks with EU finance chiefs... More »

Greek Deputy Minister Resigns Over Cuts

Yiannis Koutsoukos not a fan of the new measures

(AP) - 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... More »

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,... More »

Greece Axing 15K Public Jobs

Country caves to creditors' demands

(Newser) - As politicians in the US debate the merits of smaller government, Greece's creditors are forcing it to shrink its public sector. Greece has agreed to cut 15,000 government jobs by the end of this year, and 150,000—a fifth of the total—by the end of 2015.... More »

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... More »

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