June 17, 2012 |
The White House issued a statement Sunday congratulating Greece on its elections and urging new leaders to form a coalition in time to stave off further economic turmoil. "We hope this election will lead quickly to the formation of a new government that can make timely progress on the economic challenges facing the Greek people," Press Secretary Jay Carney said in a statement issued shortly after the pro-Europe New Democracy party claimed victory. The win was expected to be welcome news for foreign leaders who have been pushing Greeks to vote to remain in the Eurozone.
March 9, 2012 |
Greece has successfully pushed through a deal to lower its debt burden and avoid defaulting on its outstanding bonds in the near future. Holders of Greek bonds had until Thursday to agree to trade in their old Greek bonds for new ones with a lower face value. After tabulating all the responses, Greece said overnight that over two thirds of its bondholders agreed to the exchange -- the threshold necessary for the deal to go forward. If Greece was unable to secure agreement from enough of its creditors it was expected to default on bond payments due later this month, which would likely have set off some amount of economic panic.
May 17, 2012 |
When Germany'schancellor, Hannelore Kraft, met France's president, Francois Hollande, in a sunny Berlin earlier this week, they agreed on a compelling strategy to save the Eurozone. With no elections due in any Eurozone country for the next two years, they were able to stretch the austerity timeline for Greece, Spain and Italy, add some elements of growth stimulus but also keep up the essential pressure for fiscal discipline and structural reform. As a result, even devastated Greece began to glimpse light at the end of the tunnel.
October 11, 2012 |
Maybe it was the soaring unemployment, or possibly the deep debt crisis. But as Greece struggles with its myriad troubles, its largest company, Coca-Cola Hellenic, is jumping ship to more stable ground. The company, one of the world's largest Coke bottlers, is the biggest Greece-based company by market value, at $7.6 billion. But on Thursday, the company said it is switching its main stock listing from Athens to London and relocating its corporate headquarters to Switzerland as it looks to "enhance liquidity" for shareholders.
February 9, 2012
NEW YORK -- The stock market finally got a deal in Greece, but it didn't produce much of a rally. U.S. stocks rose Thursday morning after Greece announced an agreement to cut costs and keep from defaulting on its debt next month, an event that could have shocked the world financial system. But stocks dropped later in the morning and never returned to their highs for the day. Analysts cautioned that the market had expected the deal in Greece and warned that Europe still faced problems.
December 13, 2012 |
LONDON -- European officials Thursday took two more steps in their fight against the region's lingering debt crisis, agreeing on a deal to put big banks under the oversight of a single supervisor and releasing desperately needed loans for Greece to pay its mounting bills. The plan to have the European Central Bank supervise the Eurozone's major financial institutions lays the foundation for a deeper "banking union" across the 17-nation currency bloc, or a harmonization of rules governing the finance sector.
February 10, 2010 |
Christos Maggelis is nothing but a bit player in the latest Greek drama. Yet somehow, he fumes, he's the one being punished by the gods. Those would be the ruling politicians of this sun-kissed land who, like Hercules and the Augean stables, face a cleanup task of mammoth proportions: getting rid of a toxic mountain of government debt that threatens the financial health of much of Europe. To do so, Greece wants to cut the pay of hundreds of thousands of civil servants on its overstuffed payroll as part of a tough new public-spending regimen.
December 31, 2012 |
ATHENS - Greece's ruling coalition on Monday called for a parliamentary probe into allegations that former Finance Minister George Papaconstantinou altered a list of more than 2,000 wealthy Greeks with Swiss bank accounts, deleting the names of three relatives. The move, petitioned by 71 lawmakers from the three-party governing alliance, follows a probe by judicial investigators who found evidence that Papaconstantinou acted in breach of faith and duty while handling a list of potential tax dodgers during his nearly two-year term at the helm of the Finance Ministry.
June 29, 2011 |
Greece took a step back from imminent default Wednesday by passing a stinging new austerity package but failed to dispel fear that its mounting debt is becoming unsustainable and, sooner rather than later, will still have to be restructured. The Greek government eked out a tense legislative victory that saw lawmakers defy raging street protests outside Parliament to vote 155-138 in favor of $40 billion in painful budget cuts and tax hikes over the next few years. The showdown came after stark warnings from European leaders that failure to pass the austerity plan would spell certain bankruptcy for Greece and potential disaster for the euro by spreading instability to more populous debt-laden nations such as Spain and Italy.