Greece, Italy Face Shifting Governments
The financial crisis that brought down the leaders of both Greece and Italy is not finished with the nations yet. The two Mediterranean states must now focus on who will lead their new governments through the turmoil of their debt crises.
Papandreou Reportedly to Step Down as Greek Prime Minister
Greece's drama on the international stage continued on Friday as a confidence vote, scheduled for later in the day, could end its prime minister's career whatever its outcome. Sources in Athens said that George Papandreou, acknowledging that his call earlier in the week for a referendum on the country's newest...
Greece Verges on Collapse After Call for Bailout Referendum
Not just leaders of the eurozone, but markets were stunned by the news; Greek prime minister did not notify policymakers before the announcement.
Greek Debt Writedown May Top 60%
A debt crisis summit meeting of European leaders scheduled for October 18 was pushed back to October 23 amid a disagreement about the amount of Greek debt to be written down.
Push for Greek Austerity Vote
Prime Minister George Papandreou pledged to European leaders on a trip to Berlin on Tuesday that Greece would pass the latest round of austerity measures required for Athens to receive the latest round of funding its rescue package.
Greek Default Looms; Markets Hold Steady
Markets around the world steadied on Friday in Europe, despite rumors of an imminent Greek default.
Greece Worries Set Markets Tumbling
Worries that Greece might default on its mountain of sovereign debt sent global markets steeply downward on Monday, with bank stocks in France leading the plunge.
Greek Bailout Talks Halt as Tension Mounts
The Greeks and bailout officials also cannot agree on the amount by which Greece has failed to meet its targets, with Athens perhaps predictably citing a lower figure than the international representatives.
Greek Bond Swap to Cost Creditors 21%
Swaps of existing Greek bonds for new ones with longer maturity dates will cost private bondholders 21%, according to Greece's deputy finance minister, who said Tuesday that exchanges for the new debt instruments would begin in August.
Greek Prime Minister Names Rival to Finance Ministry
In the course of shuffling his Cabinet on Friday, Greece's Prime Minister George Papandreou sacrificed his finance minister, George Papaconstantinou. In Papaconstantinou's place the prime minister appointed his own chief rival in the Socialist Party, Defense Minister Evangelos Venizelos.