Greek debt crisis

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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...

Greece Braces for 'Mother of All Strikes'

Prime minister orders garbage crews back to work

(Newser) - Don’t try to get anything done in Greece tomorrow: A coalition of unions representing roughly half of the country’s 4 million workers has called for a 48-hour general strike starting tomorrow to protest upcoming austerity measures, Reuters reports. One Greek newspaper has dubbed it “the mother of...

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 ...

Moody's Downgrades French Banks

Greek debt crisis hits SocGen, Credit Agricole

(Newser) - The Greek debt crisis has hit the credit rating of two of France's biggest banks. Moody's has downgraded Societe Generale and Credit Agricole by a notch, and warned the country's biggest bank, BNP Paribas, that it may be next in line. The banks have seen their share...

Moody's: Greek Default 'Virtually Certain'

But EU effort means country will likely stabilize

(Newser) - Moody's downgraded Greece's bond ratings by a further three notches today and warned that it is almost inevitable the country will be considered to be in default following last week's new bailout package . The agency says the new EU package of measures implies "substantial" losses for...

Debt Crisis Could Slam Italy Next: Officials

European council calls emergency meeting

(Newser) - Top European officials scheduled a last-minute meeting today amid fears Italy would be the next country hit hard by the euro zone debt crisis. Though a rep for the European Council president says Italy isn’t on the agenda, other officials privately contradict him. Last Friday saw a 2.45%...

Greek Austerity Measures Pass

Despite protests, bill grabs majority in parliament

(Newser) - It’s official: Greece’s parliament has approved a wave of sweeping—and wildly unpopular—austerity measures, paving the way for it to receive bailout loans from Europe to avoid defaulting on its debt, the AP reports. The bill passed 155-138, garnering even the support of Alexandros Athanassiadis, a Socialist...

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,...

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...

Greek Strikers Throw Yogurt, Firebombs

As police fire tear gas into crowd to push protesters away from Parliament

(Newser) - A rally of more than 20,000 protesters in Athens' Syntagma Square turned ugly today, as police fired tear gas into the crowd and protesters hurled rocks, firebombs, and even yogurt at them. There was also fighting amongst the crowd, with demonstrators clashing with a group of violent hooded youths,...

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...

Bankrupt Greece Selling Islands

Sell-off looms as Greece struggles with debt

(Newser) - What's a country with no money and thousands of islands to do? Greece is trying to pay off some of its massive debt by selling or offering long-term leases on some of its 6,000 islands, only 227 of which are inhabited, the Guardian reports. The country, which received a...

Is US Like Greece? NYT Writers Disagree
 Is US Like Greece? 
 NYT Writers Disagree 
krugman vs. leonhardt
May 12, 2010 1:10 PM CDT

Is US Like Greece? NYT Writers Disagree

Our federal debt may or may not doom us

(Newser) - David Leonhardt warns in the New York Times today of the parallels between Greece and the US. "The basic problem is the same," he says. "Both countries have a bigger government than they're paying for." He cites a stat showing that our federal debt is projected...

Why the World Should Worry About California

It faces the same troubles that shook Greece

(Newser) - Greece's financial trouble may have seemed far off before it helped send the stock market into a tizzy. Business Insider says the same kind of mess could easily hit even closer to home, in California. A sampling of its 16 reasons:
  • Even after last year's huge cuts, the state still
...

Asian Markets Reeling
 Asian Markets Reeling 
May 7, 2010 2:02 AM CDT

Asian Markets Reeling

Stocks dive amid hectic trading

(Newser) - Asian markets plunged across the board this morning as worries about the Greek debt crisis and yesterday's stunning Wall Street plunge sparked a huge sell-off. Traders are still baffled by yesterday's events, and market conditions are "hectic and confused," said one securities trader in Tokyo, where the Nikkei...

Soon, We'll Be Broke Like Greece
Soon, We'll Be Broke Like Greece 
Dana Milbank
Mar 9, 2010 11:50 AM CST

Soon, We'll Be Broke Like Greece

Unless things change, the US will be begging for help, too

(Newser) - America, remember the plight of George Papandreou, the Greek prime minister who arrived in Washington this week, hat in hand, as part of his world tour seeking help for his nearly bankrupt nation. Because “if current trends persist, an American president will be doing the same thing in about...

Banks That Hid Debt Now Pushing Greece Toward Ruin

Credit-default swaps make default a self-fulfilling prophecy

(Newser) - The same banks that fed the Greek financial crisis are wagering on the country's collapse— and in doing so, critics say, they're making default more likely. Goldman Sachs, JP Morgan and others who helped mask the true extent of Greece's financial problems are now placing bets against the country on...

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