Greek Debt Crisis
-
-
Latest update from Athens:
* Greek anger responds to European lenders' mistrust
* Police fire teargas as protesters throw petrol bombs
* Far-right coalition party says cannot vote for austerity
* Police union refuses to fight "our brothers"
* Austerity plan likely to pass parliament despite defections
-
Greeks strike against IMF/EU austerity before crucial vote - Karolina Tagaris and Harry Papachristou
Striking Greek workers denounced a new wave of austerity on Friday as a demand too far by the IMF and EU, but Finance Minister Evangelos Venizelos told the nation it had to decide within days whether to take the pain and stay in the euro or not.
Police fired teargas as black-masked protesters threw petrol bombs, stones and bottles in central Athens. The biggest police trade union said it would issue arrest warrants for Greece's international lenders for subverting democracy, and refused to "fight against our brothers."
Read more -
Greek far-right ministers offer to resign: state news agency - Harry Papachristou
Ministers from a far-right party in Greece's coalition government have offered their resignation to Prime Minister Lucas Papademos, the semi-official Athens News Agency (ANA) said on Friday.
It is now up to Papademos to decide whether he will accept them, ANA said, without citing a source.
The far-right LAOS party, which has refused to vote in favor of a bailout agreement needed to avert a messy default, has four members in Papademos' cabinet. -
-
-
Greek police union wants to arrest EU/IMF officials
Greece's largest police union has threatened to issue arrest warrants for officials from the country's European Union and International Monetary Fund lenders for demanding deeply unpopular austerity measures.
In a letter obtained by Reuters Friday, the Federation of Greek Police accused the officials of "...blackmail, covertly abolishing or eroding democracy and national sovereignty" and said one target of its warrants would be the IMF's top official for Greece, Poul Thomsen.
Read more -
-
-
-
-
"Greeks cannot be hostages and serfs," LAOS leader George Karatzaferis told a news conference. "We were robbed of our dignity, we were humiliated. I can't take this. I won't allow it, no matter how hungry I am.
"Germany decides for Europe because it has a fat wallet and with that fat wallet it rules over the lives of all the southern countries." -
-
-
-
-
-
BREAKING: Greece's Deputy Foreign Minister Marilisa Xenogiannakopoulou has resigned
ATHENS (Reuters) - Greece's Deputy Foreign Minister Marilisa Xenogiannakopoulou has resigned in protest against tough terms included in a bailout agreement the country needs to avoid default, state television said on Friday.
The move by Xenogiannakopoulou, a member of the socialist party in the national unity government of technocrat Prime Minister Lucas Papademos, follows similar resignations by the socialist deputy labor minister and four far-right ministers.
(Reporting by Harry Papachristou) -
Greece's socialist party urges lawmakers to back bailout
ATHENS (Reuters) - Greece's Socialist party on Friday appealed to lawmakers to back a bailout package needed to avoid default, after the smaller, far-right LAOS party in the government refused to vote in favor of the unpopular rescue.
"In the crucial parliamentary votes ahead, the national interest requires a responsible stance and positive vote by all lawmakers so that the country can safely get out of the crisis," PASOK party spokesman Panos Beglitis said in a statement.
Two deputy ministers from the Socialist party have already resigned over the bailout, which includes unpopular wage and pension cuts. Several PASOK lawmakers have also threatened to vote it down.
(Reporting by Harry Papachristou) -
Europe stocks suffer worst day since January
European shares recorded their steepest daily fall since January on Friday, with investors ditching banks as fresh cracks appeared in Greece's bid to secure an international bailout and avoid a chaotic default.
(Reporting By Toni Vorobyova) -
-
-
Portugal watches Greek debt drama with foreboding
(Reuters) - Portugal's economy will shrink as much as Greece's this year, according to IMF projections. The two will have identical current account deficits and the red ink in Portugal's budget will be almost as deep as in Greece's.
But there's also a huge difference: Lisbon enjoys political support that Athens can only dream of. Euro zone leaders seem determined that the slow-motion crash that is Greece will be a one-off, not a template for other strugglers. Full Story -
-
Everyone keeps egging Greece to declare bankruptcy but I have a couple questions? What happens when Greek houses and businesses that were in Euros are now in Drachma not to mention wages and goods? What happens when theres no more money left to pay all those Government employees? You think these protests are bad you haven't seen anything yet if Greece hard defaults.
-
-
Rocks, molotov cocktails and tear gas flew threw the air Friday as protesters and police clashed in the streets of Athens, Greece. The violence erupted at the start of a 48-hour general strike against new austerity measures imposed by eurozone finance ministers that would further cut jobs and pay. The Greek parliament is expected to vote on the harsh austerity plan by Sunday or Monday.
-
Greek PM will not reshuffle cabinet on Friday: source
ATHENS (Reuters) - Greece's technocrat Prime Minister Lucas Papademos will not announce a cabinet reshuffle on Friday, a government official said, playing down speculation of an imminent reshuffle after one minister and five deputy ministers stepped down over an unpopular bailout package.
"There will be no reshuffle today," said the official, who declined to be named. Papademos is expected to hold a cabinet meeting later on Friday.
(Reporting by Harry Papachristou) -
-
Breaking point? Greece vs. Argentina
As the crisis in Greece continues, the comparisons with Argentina’s chaotic bankruptcy a decade ago start to look more justified. In Argentina, a bank deposit freeze was the tipping point, triggering mass violent protests. People took to the streets banging pots and pans to protest against an economic collapse that plunged millions into poverty. The government declared a stage of siege and presidents resigned one after another. Greek unemployment and industrial production numbers out yesterday were dreadful but how to they compare to Argentina in late 2001? Full Blog -
-
Has anyone here actually read the history of what Argentina had to go through before, during and after their default? I strongly urge you to read the history because if frozen bank accounts, 80% inflation, capital flight, currency devaluation the list goes on sounds like just what Greece needs well then I won't say I told you so when the real fireworks get started.
-
-
-
-
-
-
Here's is a little fact on Greece everyone should bear in mind when thinking about bankruptcy. The service sector contributes 78.3% of Greek GDP of that over half is tied up in tourism. Now ask yourself this, if Greek goes bankrupt and there is mass social unrest how many tourists do you think will visit Greece knowing there saftey could be at risk? If tourism all but dries up in Greece that so heavily depends on tourism anyone want to take a guess what the unemployment figure will be then? Greece and Argentina are two completely different situations, economies and circumstances.
-
Greek PM says anti-bailout ministers must go
ATHENS (Reuters) - Greece must do whatever it takes to approve a bailout deal and avoid catastrophe, Greek Prime Minister Lucas Papademos said on Friday, adding that cabinet members who disagree have no place in the government.
"We cannot allow Greece to go bankrupt," Papademos told a cabinet meeting. "Our priority is to do whatever it takes to approve the new economic program and proceed with the new loan agreement."
"It goes without saying that whoever disagrees and does not vote for the new program cannot remain in the government."
(Reporting by Dina Kyriakidou and Harry Papachristou; Writing by Ingrid Melander) -
Greece economic overview, by Scott Barber
-
Greek Prime Minister Lucas Papademos (C) arrives for a cabinet meeting in Athens February 10, 2012. Greece must do whatever it takes to approve a bailout deal and avoid catastrophe, Papademos said on Friday, adding that cabinet members who disagree have no place in the government. [REUTERS/John Kolesidis]
-
-
Greek cabinet approves EU/IMF bailout bill
The Greek cabinet approved on Friday a draft bill committing the country to reforms required by the EU and the IMF in return for a new 130-billion euro bailout Athens needs to avoid a messy bankruptcy, government officials said.
"It was approved," a minister who took part in the cabinet meeting said.
The bill is scheduled to be voted in parliament on Sunday, which would take Greece one step closer to getting the loan.
The EU also wants Greece to identify further 325 million euros of spending cuts and clear commitments by main party leaders that the reforms will be implemented.
U.S. may boost Syria rebels if Assad won't talk peace
AMMAN/BEIRUT - Washington threatened on Wednesday to increase support for Syria's rebels if President Bashar al-Assad refuses to discuss a political end to a civil war that is spreading across borders.
- British soldier hacked to death in suspected Islamist attack
- Exclusive: Glencore, Trafigura deals with Iran may have skirted sanctions - U.N
- China milk powder firms court foreign cachet for domestic gains
- U.S. probe of Benghazi attack focused on more than five suspects
- Iran pushes ahead with nuclear plant that worries West
- European banks stop sending money to North Korea: aid groups
- Russian punk band member starts hunger strike to protest court ruling
|
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
