US Treasury's Collyns to travel to Athens, Rome

AFP

US Treasury's Collyns to travel to Athens, Rome Reuters | WASHINGTON (Reuters) - The United States will dispatch an envoy to Europe this week to discuss the economies of Greece and Italy with senior officials in Athens and Rome, the US Treasury said on Monday. Treasury's Assistant Secretary for ... US Treasury official to visit Athens, Rome this weekAFP Copper Settles 2% LowerWall Street Journal Bill Clinton Pops Up in Greece as Europe's Woes WorsenBusinessweek MarketWatch -Financial Times -Telegraph.co.uk all 664 news articles »

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Spain struggles to fund itself

The Guardian

Spain struggles to fund itself CNN By Ben Rooney @CNNMoneyInvest July 23, 2012: 1:56 PM ET Spanish Prime Minister Mariano Rajoy and Minister of Economy Luis de Guindos at a meeting in Madrid earlier this month. NEW YORK (CNNMoney) -- Spain appears to have crossed a red line in the bond ... Euro slumps on mounting Spanish and Greece concernsReuters Euro Hits New Multiyear LowsWall Street Journal Fears over Spain's financial crisis flare upWashington Post The Associated Press -Businessweek all 2,617 news articles »

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ITUC general secretary stresses dire straits of Greek workers

International Trade Union Confederation (ITUC) General Secretary Sharan Burrow presented the findings of an European survey conducted by the ITUC at a press conference held at the offices of the General Confederation of Employees of Greece (GSEE) in Athens.



Noting that 91 percent of Greek workers had seen their income reduced relative to previous years, with 7 percent remaining at the same level and only 3 percent having any sort of increase in (...)

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Bill Clinton Pops Up in Greece as Europe's Woes Worsen

CNBC.com

Bill Clinton Pops Up in Greece as Europe's Woes Worsen Businessweek Is Greece turning into a charity case? One could conclude as much from the visit to Greece this past weekend by former President Bill Clinton who has a habit of showing up in disaster zones and urging the rest of the world to provide help. The Greek ... Germany sounds ready to kick Greece out of the euroWashington Post (blog) Greece Seeks More Cuts as Deadlines LoomWall Street Journal IMF says will support Greece in overcoming economic woesReuters Lexington Herald Leader -MarketWatch -CNBC.com all 411 news articles »

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Tsipras calls for government to end troika talks

Syriza chief Alexis Tsipras called on the government to end any discussion with the representatives of the EC-ECB-IMF troika, and propose an EU Summit meeting to focus on a different strategy for Greece.

Addressing the Syriza parliamentary group on Monday, Tsipras voiced his party’s determination to engage in dynamic action against privatisations and made a special reference to the case of ATEbank, calling it a “premeditated crime”.

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Is the EU ready to end Greece's bailout?

Lenders may be ready to cut their losses because Athens hasn't been able to cut its deficit enough

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Spain's borrowing rates hit record as crisis grows

Spain's borrowing rates hit record as crisis grows

Associated Press


Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Updated 09:46 a.m., Monday, July 23, 2012

The government predicts the economy will keep contracting into 2013 as new austerity measures — such as tax hikes and benefit cuts — hurt consumers and businesses.

The gloomy outlook has increased worries about public finances because shrinking economic output deprives the government of revenue it needs to lower the deficit.

If those borrowing rates do not fall back, the central government may end up being locked out of international markets and be forced to seek a financial rescue, like Greece, Ireland and Portugal.

A debt default by Spain would rock global financial markets and threaten the existence of the euro currency.

The ECB claims the measures are not effective in fighting the crisis and that governments need to take action by, among other things, sharing countries' debt loads.

The banks carry massive amounts of soured real estate investments following the collapse of the country's property bubble in 2008.

"There are situations of irrationality in the short term behavior of the markets, extreme nervousness which can't be resolved by governments and must be sorted out from other angles," he told reporters before going into Parliament to discuss the rescue package for the banks.

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