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

Greece and the euro: the crisis continues

The cuts strategy is not working in Greece: not economically, not socially and certainly not politically What’s Greek for constructive dismissal? Because that’s an apt term to describe how Greece is being treated by the other members of the eurozone. Consider: party leaders in Athens have spent days agonising over how to make €3bn (£2.5bn) of … Continue reading

Greece: One step forward, two steps back

NEW YORK (CNNMoney) — The Greek government needs to do more to prove that it is worthy of more bailout money, top eurozone finance officials said late Thursday. The latest package of austerity reforms that Greek political leaders spent the last several days haggling over is not enough to immediately secure a€130 billion bailout, according to … Continue reading

Greece bows to new austerity measures – but still a bailout deal is not finalised

European finance ministers are piling the pressure on Greece to come good on pledges to slash public spending to the bone before closing a deal on a new €130bn (£109bn) bailout – even as the prospect of a disastrous default looms closer. Following weeks of brinkmanship that have poisoned relations between the bankrupt country and its eurozone … Continue reading

Greece bailout: Eurozone ministers set new conditions

The chairman of a meeting of Eurozone finance ministers says fresh conditions will be attached to a 130bn euro ($170bn; £110bn) bailout for Greece. Jean-Claude Juncker said an extra 325 million euros ($432m; £273m) in savings for 2012 will be needed. The Greek parliament will also have to pass the package of cuts and reforms … Continue reading