Greece bailout

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Greeks Wake Up to Open Banks, Huge Tax Hikes

Condoms, funerals not exempt from massive tax hike

(Newser) - Greeks woke up this morning to a new era: banks were finally open after being closed down for three weeks, but new taxes meant coffee, tea, and even condoms all cost more. In downtown Athens, people queued up in an orderly fashion as the banks unlocked their doors at 8am,... More »

Greece: Banks Can Reopen ... for Deposits

Deposits are welcome, finance chief says

(Newser) - Greek banks will reopen Monday after a three-week closure, the country's deputy finance minister says, though withdrawal restrictions will stay in place. Bank customers "can deposit cash, they can transfer money from one account to the other," but they can't withdraw money except at ATMs, the... More »

Greeks Riot After Bailout Plan Passes

Austerity plan opens deep rift in ruling party

(Newser) - Greece's troubled left-wing government was seeking urgent relief from European lenders today after it pushed a harsh austerity package through parliament , triggering a revolt in the governing party and violent demonstrations in central Athens. In a post-midnight vote, the country's parliament voted 229-64 to implement more austerity measures... 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 »

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 »

This Man Will Guide Greece Into Uncharted Territory

Meet Euclid Tsakalotos, the country's new finance minister

(Newser) - The Greek government has named Euclid Tsakalotos as the country's new finance minister, a day ahead of an emergency meeting with creditors in Brussels. The 55-year-old economist was Prime Minister Alexis Tsipras' lead bailout negotiator in talks that halted last month before Tsipras called for yesterday's referendum . Tsakalotos... 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 Votes 'No,' Plunges Into Uncharted Territory

Prime Minister Alexis Tsipras says the vote will give them a better deal

(Newser) - Greece lurched into uncharted territory and an uncertain future in Europe's common currency today after voters overwhelmingly rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy. Results showed 61% voted "no," compared with 38% for "yes,"... More »

With Polls Closed, Greece Projects a 'No'

Results in closely divided country indicate 60% voted against bailout terms

(Newser) - The birthplace of democracy is projecting that one of the most important and divisive referendums it has faced in its history will result in a rejection of creditors' term, reports the AP . With about one in four votes tallied, Greece's interior ministry projected that some 60% of voters had... More »

Late-Night Letter Doesn't Solve Greece's Woes

European officials saying no deal until Sunday's vote

(Newser) - Greece's government appeared to be caving a bit, by way of a two-page letter sent from Prime Minister Alexis Tsipras last night to the country's three major creditors: the IMF, European Commission, and European Central Bank. Tsipras' letter said his government was prepared to accept creditors' proposals, subject... 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 »

Greece Makes Big Decision About Banks

Nation decides to keep them closed indefinitely

(Newser) - Greek banks will remain shut for an unspecified time and the country is imposing restrictions on bank withdrawals following a recommendation by the Bank of Greece, the country's prime minister said Sunday. Sunday's move comes after two days of long lines forming at ATMs across the country, following... More »

Greece Offers Last-Ditch Bailout Compromise

Germany is not impressed; eurozone finance ministers to meet tomorrow

(Newser) - Greece sent its European creditors a proposal today in a last-moment bid to unfreeze talks on its bailout program and end uncertainty over its future in the euro. Hopes of a deal, however, were quickly dampened by Germany, the main creditor, which said it "is not a substantial proposal... 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 »

Radical Lefties Win Greek Elections

Anti-bailout party Syriza cruises to win in parliamentary vote

(Newser) - A Greek state TV exit poll is projecting that anti-bailout party Syriza has won today's parliamentary elections—in a historic first for a radical left wing party in Greece. But it's unclear whether Syriza has won a decisive enough victory over Prime Minister Antonis Samaras' incumbent conservatives to... 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 »

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