The Greek patient returns for more help

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

Euro’s Medicine May Be Making Greece’s Symptoms Worse

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.

ECB warns Greece as ministers plan softer bailout bid

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

Divided Greece “risks social explosion”

By Michael Stott ATHENS | Mon Jun 18, 2012 6:43am EDT (Reuters) – Pro-bailout party New Democracy may have come first in Sunday’s Greek election but the radical left anti-austerity SYRIZA bloc was celebrating like the real winner well into the warm Athens night. The election exposed a struggling nation deeply divided over whether to implement a harsh … Continue reading

Greek election: Syriza ‘to tear up EU austerity deal’

The leader of Greece’s left-wing Syriza bloc has said he will try to form a coalition based on tearing up the terms of the EU/IMF bailout deal. Alexis Tsipras, whose bloc came second in Sunday’s vote, said Greek voters had “clearly nullified the loan agreement”. He has three days to reach a coalition deal and … Continue reading

Election Threatens to Become Snapshot of Greek Despair

Greek voters are slated to head for the polls this weekend. The candidates are pledging to change everything in the crisis-plagued country. But in many cases these promises are coming from the very politicians who helped drive the country into the abyss. A group of men with microphones and cameras pushes its way to the podium under the … Continue reading

Greece Asked to Destroy Itself In Exchange for Bailout

Greek bailout talks have deadlocked again, but at the moment the culprit is not the hedge funds seeking a higher payout on the distressed debt they bought, but the “troika” of the EU, ECB and the IMF. They gave Greece a Monday deadline to accept bailout terms. And those terms, frankly, are totally insane.