Economy

Finance Minister Evangelos Venizelos said the government was prepared for tough negotiations with its European partners. “Saving Greece means saving Europe,” Venizelos told President Karolos Papoulias in a meeting in Athens today. There is great uncertainty in Europe and the...

With efforts to turn around the uneven economic situation in Greece continuing with the gathering of taxes, the country's Finance Minister, Evangelos Venizelos, is pursuing his struggle against tax evaders. Venizelos announced in Parliament that three lists carrying the names...

A Greek default could trigger a global economic shock on the scale of that suffered after Lehman Brother Holdings Inc.’s 2008 failure, said Nouriel Roubini, chairman and co-founder of Roubini Global Economics LLC. Roubini stated that default from a Eurozone...

According to Spiegel, an armoury deal between France and Greece could have a severe impact on the German arms industry. The article claims that the French government will deliver two to four new frigates to the Hellenic Navy. Because of Greece’s...

Greece's general government deficit for 2010 exceeded earlier estimates marginally, latest data from the Hellenic Statistical Authority showed Monday. The general government deficit was EUR 24.13 billion or 10.6 percent of gross domestic product (GDP) in 2010, up from 10.5...

The eurozone faces its "most critical week" as leaders battle to reach a lasting solution to the debt crisis that has shaken the European currency, Greek Prime Minister George Papandreou said today. The EU is under huge pressure to present...

The European Union should declare Greece’s bankruptcy official, according to Zoran Stavreski, Skopje's Finance Minister and Deputy Prime Minister. Skopje and Greece share borders, currently effectively closed because of a strike by Greek customs officers who have joined in protests...

The head of Germany's biggest bank, Deutsche Bank, is conducting talks over a 50-percent write-down of Greek debt in his capacity as chairman of the global banking lobby, a newspaper reported Sunday. Citing both government and banking sources, the mass...

ATHENS - As growing numbers of public workers join the ranks of strikers protesting pay cuts,  tax hikes, and the layoff of 30,000 workers Finance Minister Evangelos Venizelos blistered them for their actions and said the city was under...

State schools closed, hospitals running only on emergency staff, trash piling up, trains halted, metro and cabbies on strike, tax offices closed, customs officers walking out of their jobs, airlines grounded[...]

ATHENS - With rubbish piling up and even blocking some streets after two weeks of a strike by rubbish collectors, public health authorities said the government might bring in private companies to pick it up, signaling what could be...

During his interview with the Financial Times yesterday, the departing Head of the ECB Jean Claude Trichet made clear that if Greece is pushed into default, then the ECB will no longer be able to accept its government's bonds...

French Finance Minister Francois Baroin said Saturday that euro zone leaders will announce the extent to which private sector creditors will write down their Greek bonds at a summit in Brussels slated for next Sunday. Baroin said that significant progress...

German Finance Minister Wolfgang Schaeuble said Saturday that euro-zone members were confident of resolving Greece's debt woes. He also said G-20 finance ministers and central bank governors meeting in Paris acknowledged the efforts made by the euro zone to contain...

The IMF warned Cyprus that its economy faces “substantial downside risks”. In its annual review on the Island’s economy, the IMF urged the government to intensify efforts to balance its budget by 2014 and to implement spending cuts to reverse large...