Greece bailout

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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 »

IMF: Greek Deal Sucks

Greek lawmakers vote on tough austerity measures today

(Newser) - The deal that Greek Prime Minister Alexis Tsipras made under intense pressure after 17 hours of talks is a lousy one that will doom the country to many more years of economic misery, according to the International Monetary Fund. A leaked IMF report says that Greece's level of debt... More »

EU: We Have an 'aGreekment'

New bailout deal reached after marathon talks

(Newser) - After a grueling 17 hours of talks at an emergency summit, eurozone leaders have emerged with an "aGreekment," as EU chief Donald Tusk puts it, instead of a " Grexit ." Leaders have agreed—in principle—on a deal that "means continued support for Greece," Tusk... More »

The Next 2 Days Are Crucial for Greece

Finance chief quits with pride

(Newser) - Greece delivered a resounding "no" to creditors' demands for tough austerity measures in return for continued bailout aid—and while the development is being widely described as huge, nobody is sure exactly what it will mean for the country, or for the European Union. But with the country's... More »

Greece Is Dealt 2 More Blows

It won't make its payment, and Standard & Poor's cut its rating

(Newser) - As predicted , Greece doesn't have the funds to pay back a $1.8 billion euro loan installment by tomorrow's International Monetary Fund deadline, a government official there confirmed today—meaning the country may now be one step "closer to an exit from the euro zone currency,... More »

New Greek Govt.: Debt Repayment Isn't Realistic

Syriza economics spokesman calls for negotiations

(Newser) - As Greece's newly elected Syriza party takes office, its top economics spokesman is making the party's views on debt clear. It's "unrealistic" to think that Greece will be able to pay back the $270 billion bailout it received from the eurozone and other lenders, Euclid Tsakalotos... 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 »

Greece Gunmen Fire at German Envoy's Home

No one hurt in attack

(Newser) - A hail of gunfire hit the residence of the German ambassador in Greece early this morning, but no one was hurt, police say. Six people have been detained for questioning and released, the AP reports; no one has claimed responsibility for the attack, the New York Times notes. Some 60... More »

Greece Gets 3-Day Ultimatum

IMF, Europe might suspend site visit

(Newser) - Greece has until this weekend to convince the IMF and Europe that it can meet its bailout conditions, before they call off their current site visit and yank the next tranche of aid, sources tell Reuters . Eurozone finance ministers are meeting on Monday and "all agreed that Greece has... 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 »

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 »

Greeks Launch 48-Hour Strike Over New Cuts

Parliament votes tomorrow on bailout-linked austerity measures

(Newser) - Greeks today launched a 48-hour general strike in protest of new spending cuts, with an estimated 2 million people—from lawyers to hospital employees—taking part. The union-organized strike has shut down banks, schools, and public transportation as Parliament prepares vote on the cuts tomorrow. It must support the austerity... 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 »

Eurozone Wants Greeks to Work 6 Days a Week

Demand likely to draw yet more resistance to austerity measures

(Newser) - If Greece's eurozone creditors have their way, a lot of people may be coming in to work on Sundays. In a leaked letter sent to Athens last week, the European Commission, European Central Bank, and IMF demanded that Greece "increase flexibility of work schedules" by allowing employers in... More »

Greece Caves, Agrees to Full Austerity

Under creditor threats, Athens to find $1.8B more in cuts

(Newser) - Greece blinked today: In a showdown with creditors, the crisis-wracked country agreed to find the final $1.85 billion needed to reach the $14.2 billion in cuts required to get desperately needed aid money in September, reports Reuters . Greece had been asking for more time, but fed-up German and... More »

German Credit Rating Downgraded to Negative

Move may indicate threat to Germany's AAA rating

(Newser) - Germany, the Netherlands, and Luxembourg may have strong credit ratings, but that didn't stop Moody's from downgrading all three to "negative" yesterday, as the never-ending euro crisis continues to deepen, reports Reuters . The rating agency specifically warned about yesterday's threat by Germany to kick Greece out... More »

Report: IMF, Germany Ready to Pull Plug on Greece

Rising bond rates show Spain also heading deeper into crisis

(Newser) - The International Monetary Fund could be ready to cut off fresh funds to Greece, a step that would likely lead to default and getting bounced from the eurozone, reports der Spiegel . The big problem is that Greece has fallen so far behind in its austerity promises—made to secure $158.... 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 »

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 »

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