Greece is trying to raise cash by reviving an ambitious program to privatize state assets. The country’s lenders, which include the European Union and the International Monetary Fund, hope the sell-off will cut the country’s enormous debt. But Antonis Tsifis, who runs a betting shop in a working-class neighborhood in Athens, is upset that the … Continue reading
FINANCE Minister Michael Noonan says he is willing to overrule civil servants in his department and release a letter from the ECB which forced Ireland into a bailout. Mr Noonan was speaking in Limerick this morning, and said it “would be appropriate” for him to publish the letter, despite his department previously refusing to release it under … Continue reading
by BEN CHU The Greek begging bowl is being brandished, once again, in European capitals. The leader of the country’s coalition government, Antonis Samaras, wants Athens to be given more time to fulfil the conditions of its IMF/EU bailout. Under the agreement’s present terms, Athens is required to reduce its budget deficit, which stood at 9.3 … Continue reading
By RACHEL DONADIO and SUZANNE DALEY ATHENS — Only a month after Greece installed a new government, the country is facing renewed peril. Its official lenders are signaling a growing reluctance to keep paying the bills of the nearly bankrupt nation, even as the government is seeking more leniency on the terms of its multibillion-euro bailout.
German Economy Minister Philipp Rösler has been accused of being reckless and unprofessional after saying he is skeptical that Greece’s reform efforts will succeed and that a Greek exit from the euro had “lost its horrors.” But some senior members in Germany’s ruling coalition agree with him. German Economics Minister Philipp Rösler, the leader of … Continue reading
Associated Press. Spanish miners and sympathizers incensed with the nation’s seemingly endless austerity cutbacks clashed with riot police on one of Madrid’s most famed avenues Wednesday, and six demonstrators were hospitalized after police fired rubber bullets. Police made seven arrests, and two officers were injured. The miners’ march into the capital was the culmination for some … Continue reading
By Harry Papachristou and George Georgiopoulos (Reuters) – The European Central Bank told Greeceon Monday not to waste time trying to renegotiate its international bailout as government ministers hashed out a plan for easing its punishing terms before a review by the country’s lenders. Echoing Greece’s euro zone partners, ECB policymaker Joerg Asmussen signalled that Prime Minister Antonis … Continue reading
by Charles Wyplosz The EU summit produced a vaguely worded agreement that can and has been read in different ways in different nations. This column provides a quick reaction to what was and was not decided. It concludes that useful progress was made, but this was far from the decisive turn-around that many had hoped … Continue reading
Cyprus becomes 5th eurozone state to seek bailout Cyprus becomes 5th eurozone nation to ask for a bailout as it struggles to rescue its banks
NICOSIA, Cyprus (AP) — Cyprus on Monday became the fifth eurozone country to request financial aid from its partners in the troubled European currency union as it struggles to shore up its banks, which took heavy losses on Greek debt. The island nation’s government said in a terse statement that it required assistance following … Continue reading
The German Chancellor is terminating growth and pushing us towards a new Depression. BY MEHDI HASAN Which world leader poses the biggest threat to global order and prosperity? The Iranian president, Mahmoud Ahmadinejad? Wrong. Israel’s prime minister, Binyamin Netanyahu? Nope. North Korea’s Kim Jong-un? Wrong again.