Greek Opposition Holds Out on Spending Cuts
Prime Minister Antonis Samaras ound the going tough over the weekend as he failed to convince all members of his coalition that additional austerity measures must be enacted to obtain the next tranche of rescue funding.
Spanish Banks Downgraded as Cyprus Seeks Bailout
The troubled eurozone continued to experience turmoil as Moody’s downgraded 28 Spanish banks and Cyprus requested a bailout that could amount to more than half its economy.
Greece Forms New Government
On Wednesday Greece managed to agree in principle to form a conservative coalition government, with three pro-bailout parties agreeing to cooperate and giving the coalition a majority of 179 seats.
Greek Mandate Still Unfulfilled
Four days after Greek elections that left five anti-bailout parties seated in Parliament, a ruling coalition still has not emerged.
Greece, France Jockey for Change
Alexis Tsipras of the Syriza party in Greece has given leaders of other parties an ultimatum: reject the bailout and its tough conditions, or be shut out of the government.
Sarkozy, Austerity Are Losers in E.U. Elections
Europe could be in for change, if voters in three different countries over the weekend have anything to say about it.
Greece Gets 95% Participation in Debt Swap
Greek Finance Minister Evangelos Venizelos was quoted saying, “The debt-swap results show that international markets see the prospects the Greek economy has to regain a sustainable fiscal situation.”
Big Banks Join Greek Debt Swap
By Thursday Greece must win over the rest of the participants to exchange new bonds for old, or it will invoke collective action clauses to compel additional bondholders to participate. The target is to reduce the country’s privately held debt of 206 billion euros ($270 billion) by 53.5%.
Greece Agrees on Sharp Cuts to Clear Way for Bailout
Disagreement over pension cuts had stalled an agreement among Greek leaders on austerity reforms demanded by the troika of the European Union, International Monetary Fund and European Central Bank.
Greece Stalls, Germany Pushes for Deal
German Chancellor Angela Merkel says she doen't understand how more delays can help.