Greece
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PSI

Greek Labor Minister: 'For the First Time We Will Have One-Speed Pensioners'

"For the first time we will have one-speed pensioners," Greek Labor Minister George Katrougalos said on Friday in a press conference on social security reforms. He added that the Memorandum along with the peculiarities of the system and the PSI are...

Cyprus Seeks €4 Billion in Damages from Greece for Laiki Bank

Defunct Cypriot bank Marfin Popular has resorted to the International Center for Settlement of Investment Disputes (ICSID) to seek damages of more than 4 billion euros from Greece over losses from the PSI debt restructuring in 2012. The story appeared...

Bank of America: What Would Happen if Greece Doesn't Pay IMF Installment

If Greece doesn't pay the upcoming International Monetary Fund installment of 458 million euros due on April 9, a chain of unpleasant events will follow, says a Bank of America report. However, Greece will not go bankrupt in April. The IMF will...

Venizelos Says Protesting Bondholders "Fascist-Like"

PASOK Socialist leader Evangelos Venizelos’ characterization of protesters upset with bond losses he imposed on them as “fascist-like,” drew a sharp rebuke from the right-wing Independent Greeks party ahead of the May 25 elections for Greek municipalities and the...

Greece's Council of State Rejects Claims for Unconstitutional Bond Haircut

During Greece’s Council of State  plenary session, it was concluded that the haircut (PSI) of the Greek State’s bonds is constitutional, lawful and in accordance with the European Court of Human Rights (ECHR). The bond haircut was a move...

Greek Bond Spread Reaches 500 Points

For the first time since the end of 2009 the spread of Greek bonds, especially decade-bonds ending in 2023 reached 500 points. This means that their yield is 6.6%. The purchase of Greek bonds by foreigners has been moving at...

Most Greek Aid Back To Lenders

Greece will use more than half of an incoming loan installment of 4 billion euros ($5.27 billion) from the Eurozone to give back to investors and banks who hold Greek bonds instead of using it for social services, in...

Cyprus Wants Greece To Pay For Bailout

New Cypriot President Nicos Anastasiades of Cyprus, during a vist to Athens on March 11, will reportedly ask Greek Prime Minister Antonis Samaras to fork over 2 billion euros ($2.6 billion) from its bank recapitalization funds to help pay...

The 12 Events That Bent Greece In 2012

The world was supposed to end in 2012 – on Dec. 21 for you Mayan calendar believers and doomsday cultists – and for many Greeks it seemed like it did. Like the Flogging Molly song, it was the worst...

Greece Protects Banks From Bond Buyback

The Greek government will exempt the country’s struggling banks from a plan to use 10 billion euros ($12.9 billion) to buy back its bonds from investors at a big discount in a bid to write down debt by 20...