default

Fitch Ratings downgraded Greek banks to "restricted default" Monday, a day after the Greek government imposed capital controls that include limits on deposit withdrawals and closed Greek banks for a week. Here's the full release by Fitch Ratings: Fitch Ratings-Barcelona/London-29 June...

The Greek government must make tough fiscal decisions to reach an agreement with international creditors, or it risks catastrophic consequences for its economy and people, U.S. Treasury Secretary Jack Lew said in an interview released on Saturday. "I think we’re...

An emergency Eurogroup session will be held on Monday before the Eurozone summit scheduled that day in order to discuss the critical Greek issue as the country heads for default on the International Monetary Fund on June 30. Eurozone ministers...

Eurozone officials are preparing an emergency plan for Greece as it is unlikely that there will be any development on Thursday's Eurogroup in Luxembourg and Greece is heading to a default. According to a report on Greece's ANT1 television on...

Greek Finance Minister Yanis Varoufakis admitted that Greece may have a serious liquidity problem after two weeks. The statement was made after Monday's Eurogroup meeting in Brussels. Varoufakis said, "The liquidity issue is a terribly urgent issue. It's common knowledge,...

Forget the monotonous term "Grexit" that has occupied thousands of newspaper pages throughout the years of the crisis, Citigroup Inc. economist Ebrahim Rahbari adds yet another word to the recession's lexicon. It was him that in 2012 coined the term...

The German government declined on Wednesday a report saying that Berlin is formulating a plan to keep Greece in the Eurozone even if it defaults on payments to creditors, said Reuters. According to an article published in German weekly Die...

The Greek government denies the scenario of snap elections and allegations that it is seeking a rift with creditors in order to voluntarily default. The critical April 24th Eurogroup will determine the government's next move, analysts say. If Athens reaches...

Athens may have scraped enough cash to pay its dues in April but it may run out of funds in May and end up in sovereign default, a Financial Times report said. Greek Foreign Minister Yanis Varoufakis has assured International...

To the Greek banking system ended up more than 90% of the bailout loans given to Greece, while less than 10% ended in those really in need; the people of Greece, Italian newspaper La Repubblica argued in a direct...