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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 »

Clock Ticking, Greek Far Left Says No Coalition

Refusal means new elections, more uncertainty likely

(AP) - Greek radical left leader Alexis Tsipras says he will not join or support a pro-bailout coalition government, saying he cannot agree to what he terms a mistake. His continued refusal makes new elections in the crisis-struck country more likely. Tsipras made the comments today after attending a meeting convened by... 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 »

Greece OKs Austerity Bill Amid Rioting

Dozens of police and protesters injured, buildings ablaze

(AP) - Greece's parliament has approved an austerity and debt-relief bill, crucial for the country to avoid bankruptcy and remain in the eurozone. Lawmakers voted today in favor of the bill that imposes harsh new austerity measures in return for a $171 billion new bailout agreement and related deal with private... More »

Greek Deputy Minister Resigns Over Cuts

Yiannis Koutsoukos not a fan of the new measures

(AP) - Greece's deputy labor minister has resigned to protest the agreement on new austerity measures. Yiannis Koutsoukos issued a statement today saying he opposes the implementation of cutbacks and reforms agreed to earlier today to secure the country's $172 billion international rescue loan lifeline. In a letter to PM... 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 »

Mighty Germany Leans on Troubled Neighbors

With unemployment at record lows, Berlin needs workers

(Newser) - Greece may be threatening to destroy the euro and the European Union, but mighty Germany still could really use a hand from the beleaguered country, reports the AP . With just a 6.6% unemployment rate—Germany's lowest in 20 years—and an aging population, Germany needs at least 12,... 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 »

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