Rehn
Economy
Merkel Calls For Greek Referendum On Euro; Berlin Denies
ATHENS – German Chancellor Angela Merkel’s office is denying a report that she recommended to Greek President Karolos Papoulias that Greece should hold a referendum on whether to stay in the Eurozone. Late last year, she blasted then Prime...
Economy
Warnings that Greece May Have to Restructure Again
Despite two bailouts totaling $325 billion, a $134 billion write-down in debt, crushing pay cuts, tax hikes, slashed pensions, the coming firing of 150,000 workers, reducing the minimum wage 22-32 percent, phasing out collective bargaining rights for workers and...
Economy
Greek PM Tells Ministers: Stop Campaigning, Start Working
ATHENS – With elections looming on May 6, interim Prime Minister Lucas Papademos’ shaky hybrid government of PASOK Socialists and their bitter rival New Democracy Conservatives, who are jockeying for positions, is beginning to break down into petty squabbling,...
Economy
Fitch's Downgrades Greece to "Restricted Default" After Bond Swap
ATHENS – The deal in which Greece forced investors to take 74 percent losses so that the country could write down $134 billion in debt came with a price: being declared unsafe for creditors. The Fitch ratings agency downgraded...
Economy
Greece Down to the Wire With Debt Write-Down Deal
ATHENS – Greece will know by the end of March 8 if enough private investors have agreed to accept losses of 74 percent as part of a so-called Private Sector Involvement (PSI) deal designed to wipe out $13I) deal...
Economy
EU Says It’s Not Ready to Help Greece Yet
ATHENS - Despite new austerity measures rammed through the Parliament in the wake of riots that left parts of downtown Athens burning, European Union leaders said they aren’t convinced that Greece is serious about reform and won’t release a...
Economy
Greece Gets it Loan, but Worries Mount Faster
ATHENS – After weeks of anguish, Greeks found out that international lenders providing the country with a series of bailout loans will release a delayed $11 billion installment needed to keep paying workers and pensioners, but it curiously did...
Economy
Samaras Splits New Democracy Over EU Letter
A letter sent to European Union officials by New Democracy leader Antonis Samaras pledging his[...]
Economy
So Much for Unity – Samaras Won’t Sign Troika Deal
ATHENS – Just a few days after Greece got a coalition government charged with pushing through more austerity measures to get a second bailout of $157 billion from international lenders, New Democracy leader Antonis Samaras said he’ll refuse to...
Economy
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...