Bad News for Banks: Greece May Not Pay Them
As Greece daily steps closer to defaulting on its loans, Finance Minister Evangelos Venizelos has[...]
Back to the Drach? Papandreou May Let Voters Decide
ATHENS – As pressure builds on Greece to default, Prime Minister George Papandreou is reportedly mulling a referendum to let the people decide whether to give up the fight to stay in the Eurozone, abandon the euro, and return...
Greeks Gird for More “Blood and Tears” Economic Hits
With Greece still poised on the edge of bankruptcy and growing predictions the country will fail, Prime Minister George Papandreou said he will institute new deep cuts in public spending – another 20% pay cut for workers and a...
Another EU Task Force Descends on Greece
ATHENS – Already under the thumb of the EU-IMF-European Central Bank Troika which is requiring Greek Prime Minister George Papandreou to keep cutting workers pay, pensioners benefits and raising taxes as a condition of getting rescue loans to keep...
EU Wants Greek Private Sector Workers Pay Cut Too
ATHENS – With public workers set for another barrage of pay cuts – teachers already bracing for a retroactive salary slash of 380 euros, or $525 per month – European Economic and Monetary Affairs Commissioner Olli Rehn has proposed...
Greek Crisis Threatens Eurozone Survival
ATHENS – As speculation intensified that Greece would default, the crisis that has gripped the country for 18 months, setting off protests and riots over government-imposed pay cuts, tax hikes and slashed pensions to satisfy international lenders putting up...
Greece Stops Paying Bills
Strapped for cash and facing the prospect of being unable to pay workers without the next installment of rescue loans from international lenders, Greece has frozen payments to its creditors, but will keep sending out checks for salaries and...
CEO of EFSF Warns Standard of Living Will Fall for Greece
According to Reuters, Klaus Regling, CEO of the EFSF (i.e. European Financial Stability Facility) said during a discussion organized by the Social Policy Association that the IMF/EU bailout programme may have bore fruits for Ireland and Portugal in terms...
Courts Fine Tax Evaders $10 Billion Greece Hasn't Collected
ATHENS – Even as the government is trying to squeeze every last cent out of taxpayers, it has failed to collect some $10 billion owed by tax evaders who’ve been ordered by the courts to pay, official data from...