The Guardian | New problem for Greece: Designated finance minister steps aside Los Angeles Times ATHENS -- Less than a week after Greece installed a rickety coalition government, capping months of political turmoil, fresh fears of uncertainty flared Monday when Vassilis Rapanos, the man expected to fill the crucial post of finance minister, ... Greek finance minister quits days into job Greek Finance Minister Resigns Greece Faces More Woes: Finance Minister Resigns |
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Monday, June 25, 2012
New problem for Greece: Designated finance minister steps aside
Greece's designated finance minister quits
Debt crisis: as it happened June 25, 2012
Cyprus becomes 5th eurozone state to seek bailout
Greek finance minister resigns in blow to govt
Globe and Mail | Greek finance minister resigns in blow to govt Reuters * Rapanos taken ill before being sworn in * PM Samaras leaves hospital after eye surgery * New Greek govt wants austerity eased, Germany opposed By Harry Papachristou and Karolina Tagaris ATHENS, June 25 (Reuters) - Greece's new finance minister ... Greece faces more woes: Finance minister resigns Greek Finance Minister Resigns Greek Finance Minister Quits Days Into the Job on Illness |
Greek finance minister nominee turns down post
Globe and Mail | Greek finance minister nominee turns down post RTE.ie The bank chairman set to take the key post of finance minister in Greece's new government turned down the job today. Schaeuble: New Greek government should stop asking for more help |
Greece faces more woes: Finance minister resigns
Greece faces more woes: Finance minister resigns
Greece faces more woes: Finance minister resigns
Associated Press
Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Updated 10:57 a.m., Monday, June 25, 2012
The health problems of Greece's five-day-old government had already forced the country's international debt inspectors to postpone their Monday visit to Athens and prompted Germany to warn that a European Union summit later this week would be unlikely to produce any major decisions on Greece.
Rapanos, chairman of the National Bank of Greece, had been named finance minister last week in the country's new three-party coalition government but became ill before he could be sworn in Friday.
"The recent incident that led to my admission to a hospital shows that my health problem has not been fully overcome," Rapanos said in his letter of resignation, released by Samaras' office.
[...] before the summit, Greece's debt inspectors, known as the troika — representatives from the European Commission, the European Central Bank and the IMF — were to visit Athens and give their professional assessment of Greece's financial situation.
Samaras' government, comprised of his New Democracy conservatives, their long-time socialist rivals PASOK and the small Democratic Left party, has said it wants to revise its bailout conditions with creditors.
The latest figures released by the finance ministry Monday showed Greece's budget deficit for the first five months of 2012 was better than expected, coming in at €10.87 billion ($13.63 billion) instead of the target of €12.89 billion ($16.17 billion) on a modified cash basis.
Cyprus requests eurozone bailout
Financial Times | Cyprus requests eurozone bailout Financial Times Cyprus has become the fifth eurozone country to seek an international bailout amid mounting economic problems and fresh challenges for its banks after a credit-rating agency downgrade. Bowing to eurozone pressure, the cash-strapped government of ... Cyprus joins bailout queue as EU summit doubts grow Cyprus Requests EU Funds, Becoming 5th Euro Nation to Seek Aid Cyprus becomes next eurozone state to seek bailout |
Designated Greek finance minister resigns
Cyprus joins bailout queue as EU summit doubts grow
Health problems sideline Greek finance minister ahead of EU summit
Globe and Mail | Health problems sideline Greek finance minister ahead of EU summit Globe and Mail Prime Minister Antonis Samaras will also miss Brussels meeting after undergoing eye surgery. |
Greek finance minister resigns for health reasons
CBS News | Greek finance minister resigns for health reasons CNN Greek finance minister Vassilis Rapanos has resigned for health reasons, the Greek government said Monday. Greek finance minister resigns, crisis deepens Greek designated finance minister resigns after hospitalization Greek prime minister leaves hospital |
Greek Finance Minister Resigns
FTSE closes down as markets across Europe suffer
Italian and Spainsh markets down 4% and 3.7% with all eyes firmly on the continent for Thursday's EU meeting
Markets across Europe closed down today as fears that Thursday and Friday's EU summit will achieve the same outcomes as previous ones – very little.
Cyprus applied for an EU bailout, and the finance minister of Greece resigned due to ill health less than a week into the job.
Italian and Spanish bonds were both up 21bps and 28bps respectively, with Italy's 10 year hitting 6%.
Italy had a particularly tough day, as its FTSE MIB closed down 549 points, 4%, at 13114.
Markets in Spain was down 3.7%, France down 2.2% and Germany down 2.1%.
The FTSE 100 performed best (or the least worst), closing down 63 points, 1.1%, at 5451.
So, little interest seems to have been paid to the equities and stock picking has fallen in favour to watching the eurozone self-implode.
Biggest faller on the main index was pharmaceutical company Shire after its second best-selling drug will now get a generic competitor – shares closed down 223p, 11.3%, at £17.40.
Oil companies also suffered in the heat today, but not because a barrel of Brent crude finest is now worth $90.23, down 0.8% on the day.
Valiant Petroleum (down 23.8p, 6.2%, at 356.5p), Premier Oil (down 16.2p, 4.8%, at 326.8p) and Ithaca (down 14.5p, 13.2%, at 110p) all reported problems out in the, er, field.
Valiant found no gas in its latest drilling location and will abandon it.
Premier Oil's north sea oil drilling suffered a setback as its Coaster well turned out to be dry.
While Ithaca said only three of the four wells at its Athena field in the North Sea are flowing due to a blockage, stopping 5,000 barrels a day being released.
Bring on tomorrow.
Greek Finance Minister Hospitalized On Taking Job; Resigns
Greek finance minister resigns, crisis deepens
ATHENS (Reuters) - Greece's new finance minister resigned because of ill health on Monday, throwing the government's drive to soften the terms of an international bailout into confusion days before a European summit. Vassilis Rapanos, 64, chairman of the National Bank of Greece, was rushed to hospital on Friday, before he could be sworn in, complaining of abdominal pain, nausea and dizziness. Greek media said he had a history of ill-health. ...