Greece

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Greece Axing 15K Public Jobs

Country caves to creditors' demands

(Newser) - As politicians in the US debate the merits of smaller government, Greece's creditors are forcing it to shrink its public sector. Greece has agreed to cut 15,000 government jobs by the end of this year, and 150,000—a fifth of the total—by the end of 2015....

Death Toll Rises in European Cold Snap

Europeans grapple with worst winter in years

(Newser) - While much of the US basks in unseasonably warmish weather, Europe continues to be locked in a deep freeze that's getting even colder. More than 100 people have died in Ukraine, Italy is suffering its coldest winter in 27 years, and conditions are so severe in Serbia that thousands...

Greece, Creditors Near Deal
 Greece, Creditors Near Deal 
Jan 29, 2012 6:34 AM CST

Greece, Creditors Near Deal

After long impasse, creditors lower demands, increasing bailout chances

(Newser) - After weeks of deadlocked talks , Greece again appears to be teetering toward a deal with its creditors, a key condition toward Greece getting its vitally needed $170 billion bailout, reports the New York Times . On top of a 50% loss already agreed to, creditors now appear willing to have interest...

S&P: We'll Likely Declare Greece in Default

As Greece struggles to restructure debt

(Newser) - Standard & Poor's will likely downgrade Greece's rating to "selective default" after its debt restructuring, the rating agency said at a Bloomberg event today—though it adds that the move might not destroy the European Union's credit. "It's not a given that Greece's...

Critical Greek Debt Talks Hit Impasse

Creditors, rescuers clash over rates, write-downs, and sweeteners

(Newser) - Greece is trying to cut about $129 billion from its gargantuan $350 billion debt, but as creditors and rescuers face off, the complex deal appears stuck and time is running out, reports the Wall Street Journal . With $19 billion in Greek debt coming due March 20, European authorities had hoped...

Greece Hires Out Ancient Ruins to Raise Cash

The Acropolis, the temple of Delphi, and Parthenon going for $2,070 a day

(Newser) - Debt-stricken Greece is taking an unprecedented step and exploiting its own magnificent history to raise cash and help its crippled economy. The Guardian reports that Greece is offering up its architectural masterpieces, including the Acropolis, the temple of Delphi, and the Parthenon, as backdrops for movies, commercials, and photo shoots—...

Greece's Economic Mess Fuels a Medical One

Austerity measures aren't painless for poor

(Newser) - As Greece's debt crisis mounted and the country looked for austerity measures, its unwieldy and often corruption-riddled universal health care system became a prime target, with spending cut 13%. But that has had dire consequences, the New York Times reports. Public clinics are suddenly overwhelmed, as patients newly unable...

Get Ready for &#39;Eurogeddon&#39;
 Get Ready for 'Eurogeddon' 
OPINION
Nov 27, 2011 7:23 AM CST

Get Ready for 'Eurogeddon'

Jeremy Wagner warns of riots, 'biggest mass default in history'

(Newser) - With the euro crisis spreading even to mighty Germany last week—when investors ignored a bund auction and sovereign debt yields grew more expensive than the UK's—it is clear now that the euro crisis is not just about the debts of the poorer, peripheral countries like Greece and...

Mighty Germany Leans on Troubled Neighbors

With unemployment at record lows, Berlin needs workers

(Newser) - Greece may be threatening to destroy the euro and the European Union, but mighty Germany still could really use a hand from the beleaguered country, reports the AP . With just a 6.6% unemployment rate—Germany's lowest in 20 years—and an aging population, Germany needs at least 12,...

Greece Names New Cabinet
 Greece Names New Cabinet 
Nov 11, 2011 8:54 AM CST

Greece Names New Cabinet

Evangelos Venizelos keeps finance minister post

(Newser) - Greece's new cabinet has been named, with Evangelos Venizelos retaining the key position of finance minister. The new coalition government, formed today, includes ministers from the country's two main parties—the Socialists who have governed for the past two years, and the conservatives—along with some from a...

Papademos Named New Greek PM

Four days of talks finally lead to official decision

(Newser) - Greece has a new prime minister—presumably for real this time. The AP reports that Lucas Papademos, former VP at the European Central Bank, has been officially named the PM of the new interim coalition government. T he president's office made the announcement today, Reuters adds. Papademos had been...

Greek PM Deal Falls Through
Greek PM Deal Falls Through
Nov 10, 2011 2:50 AM CST

Greek PM Deal Falls Through

Former European Central Bank VP Papademos once again the top choice

(Newser) - So much for the new Greek prime minister: Yesterday’s deal with parliament speaker Filippos Petsalnikos fell through after more intra-party fighting, leading to a fourth day of meetings to determine a new coalition. Former European Central Bank VP Lucas Papademos is once again the top choice and is at...

Greece Settles on New PM
 Greece Settles on New PM 
Nov 9, 2011 12:20 PM CST

Greece Settles on New PM

Parliament speaker Filippos Petsalnikos will lead unity government

(Newser) - Greece has a new leader, as long as no last-minute obstacles pop up: parliament speaker Filippos Petsalnikos, who founded the ruling socialist PASOK party. Sources confirm that the parties settled on Petsalnikos to lead a unity government after three days of feuding. "We have agreed on Petsalnikos, but things...

Is This Man Greece's Next Leader?

Both parties look to Lucas Papademos to head unity government

(Newser) - With George Papandreou set to step down in favor of a unity government , officials from both parties have a new leader in mind: Lucas Papademos, former vice president of the European Central Bank. Many insiders see Papademos as an appropriate choice for compromise between the parties, but some remain skeptical....

Greece OKs New Government at 11th Hour

Replacement for Papandreou not yet found

(Newser) - Greek leaders emerged from crisis talks today agreeing to form a new unity government without Prime Minister George Papandreou—but it's not clear they've agreed on much else, the New York Times reports. The new government is expected to put in place a debt deal that European Union...

Papandreou to Quit After New Govt Forms

'Everything will take its course' after he steps down, opposition says

(Newser) - Greek PM George Papandreou will step down as soon as a new coalition government is formed, CNN reports. As the Greek Cabinet met a second day today in a last-ditch effort to avoid bankruptcy, the government issued a statement saying the meeting would be the last presided over by the...

Greek PM Scrambling to Form Coalition

That may require his resignation soon

(Newser) - Greek Prime Minister George Papandreou has been busy shuttling around all day in a bid to put together a coalition government—so it can ratify the nation's European bailout and ease world markets—but the results so far are just more "political uncertainty," according to the New ...

Greece PM Survives Confidence Vote

George Papandreou remains in office after tumultuous week

(Newser) - Greece's prime minister survived a confidence vote early Saturday, calming a revolt in his Socialist party with an emotional pledge to step aside if need be and seek a cross-party government lasting four months to safeguard Europe's new debt agreement. George Papandreou won the critical confidence motion with...

Tonight's the Night: Greek PM Braces for Vote

Prospects uncertain; adviser eyed as interim leader

(Newser) - Tonight's the night for George Papandreou, and things still look pretty dismal . Though lawmakers yesterday managed to arrive at an agreement on Europe’s bailout plan, the Greek PM's chances of emerging on top after this evening's confidence vote are slim, the Washington Post notes. His Socialist...

Greek PM Cancels Bailout Referendum

...but tomorrow's confidence vote will still occur

(Newser) - It's official: The Greece prime minister has scrapped his plan to hold a referendum on the latest European debt deal. George Papandreou reversed himself after his political opponents agreed to broad austerity measures in exchange for the bailout. "The government announces formally that we are not carrying out...

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