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| READ THE ORIGINAL POST AT online.wsj.com |
How the world sees Greece
Showing posts with label economic history. Show all posts
Showing posts with label economic history. Show all posts
Friday, September 14, 2012
European Ministers Debate Bailouts
Euro-zone finance ministers indicated they may consider giving Greece more time to meet its budget goals but ruled out additional aid for the country, while urging Spain to come clean on its overall financing needs.
Euro ministers to discuss giving Greece more time
Greece may be given some more breathing room to meet its bailout commitments but no more money, European finance ministers indicated Friday as they gathered in Cyprus for a top-level meeting.
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| READ THE ORIGINAL POST AT news.yahoo.com |
Greece may get more time to meet commitments, but Dutch finance minister ...
 San Francisco Chronicle | Greece may get more time to meet commitments, but Dutch finance minister ... Washington Post NICOSIA, Cyprus — Greece may be given more time to meet its bailout commitments if the country's recession turns out worse than expected, but no more money will be provided by its euro partners, Dutch finance minister Jan Kees de Jager said Friday. Dutch Finance Minister: Greece May Get More Time for Budget Goals, Not More ... |
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| READ THE ORIGINAL POST AT www.washingtonpost.com |
Monday, September 10, 2012
Greek PM meets austerity inspectors over further cuts
Greece's prime minister started a new round of negotiations today with representatives of the country's bailout creditors, who are demanding a fresh set of controversial austerity cuts to release the next batch of rescue loans the country desperately needs to stay afloat.
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| READ THE ORIGINAL POST AT www.independent.co.uk |
Saturday, July 7, 2012
Greek socialist leader warns of deeper recession
 Telegraph.co.uk | Greek socialist leader warns of deeper recession Reuters Venizelos says recession worse than projected in 2012* Wants fiscal adjustment period stretched to 3 years* Opinion poll shows Greeks split on sticking with bailoutBy George GeorgiopoulosATHENS, Greek socialist leader wants more time for deficit cuts Greece's Evangelos Venizelos calls for three-year bailout extension Greece: Socialists looking for new political identity |
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| READ THE ORIGINAL POST AT www.reuters.com |
Thursday, July 5, 2012
Greece presses case to change bailout terms
Greece presses case to change bailout terms Reuters ATHENS (Reuters) - Greece's new government took up the task on Thursday of persuading skeptical lenders visiting Athens to ease the punishing terms of the bailout saving the debt-laden country from bankruptcy.Just. Greece's finance minister meets debt inspectors Greece's new finance minister sworn in Greece Swears In New Finance Minister |
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| READ THE ORIGINAL POST AT www.reuters.com |
Tuesday, June 26, 2012
Leaders weigh urgent steps as Europe summit nears
BRUSSELS (AP) — European leaders are reaching for bold solutions to end a 2-year-old debt crisis that's spread economic misery across Europe, raised doubts about the future of the euro currency, rattled investors and threatened global growth.
Investors have driven up interest rates on Spanish and Italian debt to unsustainable levels, raising the risk those big countries will need a bailout the rest of Europe can't afford.
Even an election that brought a pro-euro-alliance Greek government to power failed to reassure investors that Greece would continue to pay its bills, keep using the euro and avoid a financial crackup that could set off a worldwide panic.
The worldwide financial crisis and the recession that followed ripped a hole in the budgets of many European governments, leaving them with huge debts.
Or excessive government debts — anything beyond 60 percent of a country's output — could go into a "European debt redemption fund," guaranteed collectively and paid down over 20 to 25 years.
Because the redemption fund would be a one-time move, it might be more palatable to Germany than a long-term eurobond plan.
—Handing power to a centralized eurozone budget authority to demand changes in individual countries' taxing and spending plans if they break budget rules.
—Tapping the $625 billion available from the eurozone's two bailout funds to buy government bonds on the open market.
[...] Europe faces the risk of banks runs:
—The European Commission, which writes laws and regulations for the EU, has proposed a deposit insurance fund to protect savers across the EU the way the Federal Deposit Insurance Corp. guarantees up to $250,000 per account in the United States.
Instead of lending money to Spain, pump it directly into Spanish banks and take an ownership stake in them.
The coalition government that emerged from Greece's June 17 election has said it's willing to make the painful budget cuts required under a bailout deal agreed to in March.
Greek voters chose that approach over a government that would have rejected the bailout and likely led Greece out of the eurozone.
The European Commission's banking plans wouldn't take full effect until 2018— not soon enough to calm depositors in troubled Spanish banks or allay fears of a banking crisis.
Investors have driven up interest rates on Spanish and Italian debt to unsustainable levels, raising the risk those big countries will need a bailout the rest of Europe can't afford.
Even an election that brought a pro-euro-alliance Greek government to power failed to reassure investors that Greece would continue to pay its bills, keep using the euro and avoid a financial crackup that could set off a worldwide panic.
The worldwide financial crisis and the recession that followed ripped a hole in the budgets of many European governments, leaving them with huge debts.
Or excessive government debts — anything beyond 60 percent of a country's output — could go into a "European debt redemption fund," guaranteed collectively and paid down over 20 to 25 years.
Because the redemption fund would be a one-time move, it might be more palatable to Germany than a long-term eurobond plan.
—Handing power to a centralized eurozone budget authority to demand changes in individual countries' taxing and spending plans if they break budget rules.
—Tapping the $625 billion available from the eurozone's two bailout funds to buy government bonds on the open market.
[...] Europe faces the risk of banks runs:
—The European Commission, which writes laws and regulations for the EU, has proposed a deposit insurance fund to protect savers across the EU the way the Federal Deposit Insurance Corp. guarantees up to $250,000 per account in the United States.
Instead of lending money to Spain, pump it directly into Spanish banks and take an ownership stake in them.
The coalition government that emerged from Greece's June 17 election has said it's willing to make the painful budget cuts required under a bailout deal agreed to in March.
Greek voters chose that approach over a government that would have rejected the bailout and likely led Greece out of the eurozone.
The European Commission's banking plans wouldn't take full effect until 2018— not soon enough to calm depositors in troubled Spanish banks or allay fears of a banking crisis.
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| READ THE ORIGINAL POST AT www.sfgate.com |
Wednesday, June 20, 2012
Greece Seeking New Terms for EU Bailout
 Voice of America | Greece Seeking New Terms for EU Bailout Voice of America There are growing calls to renegotiate tough bailout conditions imposed by EU. EU to renegotiate bailout terms with Greece - official Supporting private sector, not civil service, will save Greece Greece austerity: How far still to go? |
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| READ THE ORIGINAL POST AT www.voanews.com |
Monday, June 18, 2012
Sigh of relief at G20 summit turns to angst
World leaders' relief at Greek voters rejection of an anti-bailout government that could have forced the country's exit from the European currency union had evaporated by early Monday on the continued severity of Europe's economic problems.
Harper heads to G20 as Greece vote ends
 Sydney Morning Herald | Harper heads to G20 as Greece vote ends Canada.com Prime Minister Stephen Harper and other world leaders at a meeting of the world's 20 most important. IMF says ready to work with Greece on economy G-7 Urge Greece Remain in Euro, Respect Commitments: Full Text China calls for a stable Greece after election |
IMF ready to lend economic support to Greece
 Kansas City Star | IMF ready to lend economic support to Greece Xinhua WASHINGTON, June 17 (Xinhua) -- The Washington-based International Monetary Fund (IMF) said on Sunday that it was ready to continue lending support to Greece's economic growth and job creation efforts. "We take note of the election results in Greece ... G20 reform: Time to take action – or risk irrelevance G-20 Plans Push for Growth, Again G20 summit to put heat on Europe |
Sunday, June 17, 2012
Greece's election could shake up bailout, economy
 Boston Globe | Greece's election could shake up bailout, economy Boston Globe Greeks head to the polls Sunday for the second time in two months with a pervasive sense of dread that any government that comes to power will fail to resolve ... |
Greek vote could unleash seismic shocks for euro
 New York Daily News | Greek vote could unleash seismic shocks for euro Reuters ATHENS (Reuters) - Greece's election on Sunday is too close to call and could push the debt-ridden country out of the European single currency, rocking the ... Greek Voters Face Tough Choices Greek vote may determine if global economy makes or comeback or ... Euro 2012: Could A Greek Victory Over Russia Decide The Nation's ... |
Friday, June 15, 2012
Britain unveils stimulus to parry eurozone threat
Britain has stepped up its action against the eurozone crisis by agreeing to offer billions of pounds in cheap loans to British banks, in co-ordinated action that took markets by surprise.
The government and Bank of England (BoE) announced the surprise plan late Thursday in London in a bid to force commercial banks -- which are reluctant to lend amid the threat of a Greek exit from the eurozone -- to lend to businesses struggling amid Britain's recession.
Wednesday, June 13, 2012
World stocks struggle as crisis fears weigh
Investors nervously await Sunday's Greek elections, when a party that's threatening to renege on the country's bailout terms could come away the big winner
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