March 10, 2012 |
Better a big loss than chancing even greater losses. That's the bet that big banks and private investors wagered on, the Greek Finance Ministry said Friday, when they agreed to commit $227 billion of their holdings of Greek bonds to a debt restructuring deal designed to offer assurances to the world that a Greek default can be stalled. The landmark exchange, the largest debt restructuring in history, buys time for the small Mediterranean nation to fix its economy while clearing the way for a new injection of bailout funds toGreece'scash-strapped coffers.
July 2, 2011 |
The prospect of a resolution to the Greek debt crisis, bolstered by Greek lawmakers' approval of a sweeping austerity plan, has buoyed investor spirits: After falling for much of the last two months, in part out of concern about Europe's debt troubles, the stock market rallied each day last week, with the Dow Jones industrial average jumping 5.4% to close within 228 points of its late April high. Still, important issues need to be resolved for the Greek aid package to go forward.
June 15, 2012 |
Click here to download TV listings for the week of June 17 - 23 in PDF format TV listings for the week of June 17 - 23 in PDF format are also available here This week's TV Movies SATURDAY Good Morning America (N) 7 a.m. KABC McLaughlin Group (N) 6:30 p.m. KCET SUNDAY The Chris Matthews Show Watergate: David Ignatius, the Washington Post; Kelly O'Donnell, NBC; Howard Fineman; Liz Marlantes, Christian Science Monitor.
March 6, 2012 |
Decision day for the Greek debt crisis is drawing near, and insiders are predicting that if things go awry it could cost the world economy $1.3 trillion. Holders of Greek bonds have to decide by this Thursday whether they will trade in their old Greek bonds for new bonds that are worth less. Bond holders have an interest in agreeing to the swap because if it doesn't work, Greece is likely to default on its debt when it has scheduled payments on March 20. In a confidential memo that has just surfaced, the industry group representing bond holders has said that the consequences of such a default could be $1 trillion in losses.
October 6, 2011 |
For 24 hours Wednesday, Greece's public sector lay in a coma. Flights were grounded, state schools closed and government offices stopped services as tens of thousands of civil servants walked off their jobs to protest a fresh batch of brutal budget cuts and a debt crisis showing no signs of ending. Organized by the country's two biggest labor unions, the strike was the first since Greece's beleaguered socialist government last month unveiled new controversial austerity measures that include more pension cuts and property tax and plans to terminate 30,000 public sector jobs by the end of the year in a desperate bid to stave off a dangerous default.
June 21, 2011 |
Greek Prime Minister George Papandreou survived a crucial confidence vote, winning his gamble on the fate of his government and helping him contain a debt crisis that has rattled international markets and imperils Europe's single currency. Papandreou was backed by all 155 of his Socialist party lawmakers in the 300-seat Parliament. Two opposition deputies abstained, and 143 voted against the government. If Papandreou had failed to win the midnight Tuesday vote, it would have forced him to resign, pushing Greece into a messy restructuring of its $485-billion debt or an outright default — a first within the club of 17 nations that share the euro currency.
September 23, 2011 |
Amid tanking stocks, fear of a Greek default and the risk of another global recession, a small beacon of hope shone from a quiet corner of Europe on Thursday: Bailed-out Ireland is showing promising signs of a comeback. The Irish economy grew by a stronger-than-expected 1.6% in the second quarter this year, easily surpassing European heavyweights such as Germany and France. The news fueled hope that a modest recovery is underway after three painful years of economic contraction. It was the second straight quarter of growth for the Irish economy, which despite the real estate crash that killed the so-called Celtic Tiger continues to be a magnet for dynamic multinational companies such as Microsoft and Google.
February 20, 2012 |
Europe's ailing currency union approved its second bailout for Greece in less than two years, signing off on a $170-billion rescue package early Tuesday after weeks of bickering and rising ill feeling between Athens and other regional capitals. The deal should help ward off the specter of an imminent Greek default, which threatened to occur as early as next month and to throw global markets into turmoil. But the price for Greece is a fresh round of punishing austerity cuts that its parliament approved last week, despite an economy already gutted by previous belt-tightening measures.
July 1, 2011 |
Greece's Parliament on Thursday passed crucial legislation implementing unpopular austerity measures demanded by international creditors to unbolt rescue funds and ease fears of Europe's first sovereign default. The legislation, enabling swift implementation of $40 billion in budget cuts, plus a $72-billion sell-off of state assets, was backed by 155 lawmakers of the 300-member Parliament. Five abstained, four were absent and 136 lawmakers, mainly opposition conservatives, voted against the bill, the second and final piece of austerity legislation put to the test this week.
September 30, 2011 |
Oil fell on the way to the largest quarterly drop since the 2008 financial crisis as signs of slowing growth in China, the U.S. and Germany heightened concern that fuel demand will weaken. Futures dropped as much as 2.6% after China's purchasing managers' index fell for a third month while German retail sales declined in August and U.S. consumer spending slowed. Prices rebounded from the day's lows on a report that U.S. business activity unexpectedly accelerated in September. "The Chinese PMI and the German retail sales numbers are what started the ball rolling down and then personal income pushed it further," said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.