The latest negotiations between Greece and its lenders have ended, at least momentarily. Athens has agreed to endure ever-more painful pension, spending, and wage cuts, with monthly minimum salaries dropping 20 percent. The powerful leaders of ‘the troika’ — the International Monetary Fund, the European Union, and the European Central Bank — have charted the [...]
In early Monday morning, February 13th, 2012, the Greek parliament passed a new 3.3 billion euro austerity package into law. 199 lawmakers in the 300-seat parliament voted in favour of the package and 74 against. 43 deputies from the main political parties, the socialists PASOK party and the conservative New Democracy party voted against the [...]
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Tags: European Union, finance, Greece, the euro zone debt crisis 
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On Thursday, February 9th, 2012, the Greek political leaders supporting the Prime Minister Lucas Papademos’s government of national unity agreed a new 3.3 billion euro programme of spending cuts. On Friday, February 10th, the Greek unions launched a 48-hour strike. Protesters clashed with the police on the streets of central Athens. Scores of youth in [...]
On Thursday, November 10th, 2011, Lucas Papademos, a former vice-president of the European Central Bank, was named to be an interim prime minister of Greece. He will head a government of national unity until a general election, which has been tentatively set for February 19th, 2012. Lucas Papademos has replaced the Socialist government of [...]
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On Monday, October 31st, 2011, the Greek Prime Minister George Papandreou announced that he would call a referendum on a second bail out deal, which had been agreed at the Euro summit on October 26th, 2011. On Thursday, November 3rd, 2011 he scrapped his plan for a bail out referendum and instead set his goal [...]
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On Wednesday, October 26th, 2011, at the Euro summit, which took place in Brussels, Euro zone leaders and private creditors agreed to take a 50% debt write-off on the Greek government bond holdings. In addition to that, a second bail out loan/package for Greece was revised to a total value of 130 billion euro, up [...]
Posted in Economy and Finance, Europe, Featured, Politics in the World Tags: European Union, finance, Greece, Italy, the euro zone debt crisis No Comments »
On Friday, September 16th, 2011, the Euro zone finance ministers during a meeting, which took place in Wroclaw, Poland, decided to withhold an 8 billion euro financial tranche for Greece under the current rescue programme, until after a new series of cutbacks and tax increases has been implemented by the government in Athens. On [...]
Posted in Economy and Finance, Europe, Featured, Politics in the World Tags: finance, Greece, the euro zone debt crisis No Comments »
