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.
Eurozone Finance Ministers to Meet in Brussels
Meeting will discuss rescue measures decided at the June EU summit meeting, and pessimistic markets drove the euro down to a two-year low in anticipation of the talks.
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.