greece debt

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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 »

Fitch Upgrades Greece, Deems Rating 'Stable'

...But that's still junk status

(Newser) - We have something rare for you today, folks: Positive economic news out of Greece. Fitch has upgraded the beleaguered country's dismal credit rating from CCC to B-, saying it had made "clear progress" toward trimming its budget deficit and its risk of dropping out of the euro currency... 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 »

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 »

Greek Gunmen Drive Van Into Microsoft HQ

Latest in series of attacks on symbols of power in Greece

(Newser) - If idle hands are the devil's hands, Greece is finding out the hard way: Gunmen this morning stormed Microsoft's Athens headquarters, ramming the building with a gasoline-laden van before setting fire to it. The attack injured no one, but heavily damaged the building's first floor and shut... 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 »

Greeks Close In on Deal, But Germany May Not Like It

Parties intent on renegotiating bailout

(Newser) - The leaders of Greece's political parties emerged from meetings today saying they were determined to form a government—though from the sound of things, that may be a government at odds with Germany. The conservative New Democracy party is hoping to form a unity government with Socialist Pasok and... More »

Euro Crisis Has New Buzzword: 'Grexit'

That's slang for 'Greek Exit'

(Newser) - Want to strike fear into the hearts of European bankers? Throw around the term "grexit." It's slang invented by Citigroup referring to Greece's euro exit, and it's part of a growing lexicon of weird terms surrounding the eurozone crisis, the Wall Street Journal reports. Other... 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 »

Radical Left Gets Shot at Running Greece

Eurozone exit more likely than ever after election revolt

(Newser) - Irate Greek voters may have shoved their country out of the eurozone for good in Sunday's election , by crippling the mainstream parties that voted for the country's bailout. The head of the Conservative New Democracy Party gave up trying to form a ruling coalition within hours yesterday, the... 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 »

77-Year-Old Greek Kills Self Over Debt

Shoots himself 300 feet from parliament in Athens

(Newser) - How dire is the situation in Greece? It's come to this: A 77-year-old killed himself in an Athens square this morning, apparently distraught over his mounting debt. Police say the unidentified man shot himself about 300 feet from the parliament building in Syntagma Square, as rush-hour commuters passed by.... More »

Most Greek Bondholders Agree to Take Huge Loss

Debt swap deal a success

(Newser) - A whopping 85.8% of Greece's private bondholders have agreed to swap their bonds for new ones that are worth half as much, the country announced today. "The response exceeded all expectations, and every historic precedent," Greece's finance minister boasted. Greece can now use a "... More »

Eurozone Economy Shrinks

Nine of 17 member states post a fall

(Newser) - For the first time since 2009, the eurozone economy contracted last quarter. The fourth quarter of 2011 saw the GDP shrink 0.3% compared to the third quarter; the last quarterly contraction occurred during the second quarter of 2009 when the GDP dropped 0.2%. Meanwhile, the GDP grew just... 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 »

Greece, Creditors Near Deal

After long impasse, creditors lower demands, increasing bailout chances

(Newser) - After weeks of deadlocked talks , Greece again appears to be teetering toward a deal with its creditors, a key condition toward Greece getting its vitally needed $170 billion bailout, reports the New York Times . On top of a 50% loss already agreed to, creditors now appear willing to have interest... More »

S&P: We'll Likely Declare Greece in Default

As Greece struggles to restructure debt

(Newser) - Standard & Poor's will likely downgrade Greece's rating to "selective default" after its debt restructuring, the rating agency said at a Bloomberg event today—though it adds that the move might not destroy the European Union's credit. "It's not a given that Greece's... More »

Critical Greek Debt Talks Hit Impasse

Creditors, rescuers clash over rates, write-downs, and sweeteners

(Newser) - Greece is trying to cut about $129 billion from its gargantuan $350 billion debt, but as creditors and rescuers face off, the complex deal appears stuck and time is running out, reports the Wall Street Journal . With $19 billion in Greek debt coming due March 20, European authorities had hoped... More »

Euro Breakdown Starts Now

CEBR gives Eurozone 99% failure rate over 10 years

(Newser) - Welcome to the year that the Eurozone begins its breakup and slides into certain doom—or so says one economic think tank in Europe. There is a 60% chance that "at least one country (and probably more) will leave" the euro in 2012, the head of the Centre for... More »

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