Tag: Greece
European Countries Under Bailout
Cyprus on Saturday became the fifth country in the Eurozone under financial assistance after the bailouts granted to Greece, Ireland and Portugal, and the aid package for the financial sector in Spain. GREECE The amount allocated to Athens avoid bankruptcy amounts to over 380,000 million euros. This amount consists of two rescue plans. The first, [...]
Unemployment in Greece falls for the first time since 2008
The unemployment rate in Greece fell in December for the first time since a crippling recession began five years ago, helped by a rescue deal that boosted the willingness of companies to hire short-term staff. Unemployment in the nation affected by the debt fell to 26.4 percent from a revised record 26.6 percent a month [...]
Strong Opposition In The Parliament & The Street To New Cuts In Greece
The Greek government today found stiff opposition to its austerity policies, both on the street, in the form of a massive protest, as in the Parliament, which is expected to be approved today with a slight majority of new savings measures. The second day of the 48-hour general strike called by unions culminated today with [...]
Greece delays its way out of recession through 2014
Greece postpones departure of the “deep recession” facing the country until 2014, when it is expected to register a slight increase of 0.6%, according to the macroeconomic published today by the European Commission (EC). Data managed by the EU executive on Greece, provisional, show that Gross Domestic Product (GDP) will fall 6% this year and [...]
Sarkozy said that without reforms, France would be like Spain and Greece
French President Nicolas Sarkozy, candidate for reelection, has defended the economic reforms of his term because without them the country would be like Spain and Greece, and stressed that failure to strictly comply with the goals of deficit reduction, the types of debt will soar. “If we start hiring staff, if we spend, not that [...]
Lagarde Warned that Greece Might Still Leave the Euro and EU
Managing Director International Monetary Fund (IMF), Christine Lagarde, does not rule out that Greece still be headed toward bankruptcy and have to abandon the euro and the European Union, according to an excerpt from an interview with CBS which airs this Sunday. According to Lagarde, “there is still medicine to take and that’s what happens [...]
Greece forced to extend the deadline for debt relief
Greece has been obliged to extend again the deadline to complete the remove of some of its debt by the opposition to participate in a minority of Greek bondholders issued under foreign law. “The Republic extends the period of the deadline of its offer to 21.00 (CET) on April 20, 2012,” the finance ministry said [...]
ECB President urges to the governments to implement the labor market reforms
The President of the European Central Bank (ECB), Mario Draghi, today urged various governments in the euro area, such as Spain, Italy and Greece, to implement the reforms announced in the labor market. At a press conference, Draghi said that financial markets expect that the governments of some countries in the euro area implement reforms. [...]
The Eurogroup agreed to strengthen the rescue fund to the 800,000 million
Finance ministers of the euro area today agreed to strengthen the European rescue fund up to 800,000 million euros, including the 300,000 million already committed for bailouts of Greece, Ireland and Portugal, ahead of Austria’s Finance Minister, Maria Fekter. “There is a consensus to raise the roof from the bottom up to 800,000 million euros, [...]
Greek Prime Minister does not rule out that Greece may need a third package of Aid
The Greek Prime Minister Papadimos Lukas said that although Greece “work hard” maybe you will need a third package of aid, in an interview published today by the Italian financial newspaper “Il Sole 24 Ore.” “Greece will do everything possible to not need a third adjustment program. All depends on the speed and efficiency with [...]
