Greek national debt

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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 »

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 »

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 »

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 »

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 »

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 »

Papademos Named New Greek PM

Four days of talks finally lead to official decision

(Newser) - Greece has a new prime minister—presumably for real this time. The AP reports that Lucas Papademos, former VP at the European Central Bank, has been officially named the PM of the new interim coalition government. T he president's office made the announcement today, Reuters adds. Papademos had been... More »

Greek PM Deal Falls Through

Former European Central Bank VP Papademos once again the top choice

(Newser) - So much for the new Greek prime minister: Yesterday’s deal with parliament speaker Filippos Petsalnikos fell through after more intra-party fighting, leading to a fourth day of meetings to determine a new coalition. Former European Central Bank VP Lucas Papademos is once again the top choice and is at... More »

Greece Settles on New PM

Parliament speaker Filippos Petsalnikos will lead unity government

(Newser) - Greece has a new leader, as long as no last-minute obstacles pop up: parliament speaker Filippos Petsalnikos, who founded the ruling socialist PASOK party. Sources confirm that the parties settled on Petsalnikos to lead a unity government after three days of feuding. "We have agreed on Petsalnikos, but things... More »

Papandreou to Quit After New Govt Forms

'Everything will take its course' after he steps down, opposition says

(Newser) - Greek PM George Papandreou will step down as soon as a new coalition government is formed, CNN reports. As the Greek Cabinet met a second day today in a last-ditch effort to avoid bankruptcy, the government issued a statement saying the meeting would be the last presided over by the... More »

Greek PM Resigning? Or Not?

Announcement will come in just minutes, according to BBC

(Newser) - George Papandreou will offer to resign within minutes, sources tell the BBC —which in a live blog also reports that he insists he is not resigning. The Greek PM scheduled an emergency Cabinet meeting after Finance Minister Evangelos Venizelos broke with him today, shrinking his majority to one ; the... More »

Chance of Greek PM Losing Confidence Vote: High

Meanwhile, the G20 wrestles with Greece mess

(Newser) - Things aren’t looking good for George Papandreou ahead of tomorrow’s confidence vote: The Greek prime minister has lost several key supporters over his shocking plan to put the EU bailout to a vote on Dec. 4—and now has a majority of just one, Reuters reports. Greece's... More »

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... More »

Massive Strike Shuts Greece

An estimated 50K protest in Athens

(Newser) - Workers across Greece walked off the job today for a crippling 48-hour general strike, closing shops, schools, courts, ports, and more. A host of flights were canceled—though mercifully airline workers shortened their strike to just 12 hours—and public transportation was functioning with a reduced staff, according to the... More »

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 ... More »

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... More »

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... More »

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,... More »

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... More »

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