Greek national debt

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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: 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...

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...

Europe Offers $41B to Greece
 Europe Offers $41B to Greece 

Europe Offers $41B to Greece

Officials hope loan will calm markets

(Newser) - European officials made $41 billion in emergency financing available to Greece, hoping the easy access to credit would soothe fears that the country will default. EU Finance ministers agreed to price the loans at a below-market interest rate of 5%, as the Greek government is already struggling to pay high...

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