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

Serb government tightens grip on central bank despite EU, IMF warning

BELGRADE (Reuters) – Serbia’s Socialist-led government stepped up control over the central bank in the struggling ex-Yugoslav republic on Saturday, ignoring IMF criticism and a warning that the move would hurt its bid to join the European Union. Parliament adopted amendments to the law on the National Bank of Serbia, as the government seeks to … 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.

Special Report: Clandestine loans were used to fortify Greek bank

By Stephen Grey and Nikolas Leontopoulos (Reuters) – The chairman of one of Greece’s largest banks and his family took out loans totaling more than 100 million euros to finance an undisclosed stake in the bank, according to audit documents seen by Reuters. Offshore companies owned by Michael Sallas and his two children paid for shares in … Continue reading

Security firm spies on Reuters correspondent

(Reuters) – A private security team was hired to follow and photograph a Reuters special correspondent who has written a series of articles exposing mismanagement in Greek banks. Stephen Grey, who was in Athens last week for further reporting, was followed to a meeting at a building in the city on June 20. The unidentified … Continue reading

One more summit: The crisis rolls on

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

Special Report: How a Greek bank infected Cyprus

(Reuters) – Like many Greek tycoons these days, Andreas Vgenopoulos is in trouble. By Stephen Grey, Michele Kambas and Nikolas Leontopoulos The self-made businessman built one of Greece’s leading corporate empires over the past two decades. Among its jewels was a major bank in the nearby Mediterranean island nation of Cyprus. Then it all started to unravel. … Continue reading

Most Aid to Athens Circles Back to Europe

PARIS — Its membership in the euro currency union hanging in the balance, Greece continues to receive billions of euros in emergency assistance from a so-called troika of lenders overseeing its bailout. But almost none of the money is going to the Greek government to pay for vital public services. Instead, it is flowing directly back into the troika’s … Continue reading

Analysis: Greeks not alone in bank savings exodus

(Reuters) – Greek savers may be gripped by a “great fear that could develop into panic” in the words of President Karolos Papoulias, but many Greeks shifted their money to safer havens in Britain, Switzerland, Germany and Nordic countries long ago. Worries about a run on Greek banks has rattled Athens this week, after savers withdrew at … Continue reading

EXCLUSIVE: GREEK GOVERNMENT ROBBED PUBLIC INSTITUTIONS TO COMPLETE BOND SWAP

REVEALED: HOW VENIZELOS REGIME SECRETLY REMOVED 70% OF MAJOR HOSPITAL, UTILITY & UNIVERSITY BANK ACCOUNT FUNDS TO PAY BONDHOLDERS Bank of Greece complicit in broadscale embezzlement revealed by respectable Greek health site The illegally denied default of Greece entered a dramatic new phase this afternoon with the revelation by mainstream Greek public health website Health News that, … Continue reading