European finance ministers on Tuesday ordered Greece and Spain to swiftly get debts under control as a recession threatened to undermine efforts to end a two-year crisis.
01/1/2012
— Filed under: Finance,Politics
Tags: debt, Greece, Spain
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Greece must improve the competitiveness of its damaged economy if it is to remain in the euro zone, a top European official said on Wednesday.
Greece’s deepening recession will probably scuttle its 2011 deficit targets and mean no growth next year, the country’s finance minister said, as European Union and International Monetary Fund officials suspended a review to allow Athens to work on measures to boost growth.
08/20/2011
— Filed under: Finance
Tags: economy, European Central Bank, Greece
On July 21, EU leaders, the European Central Bank and the International Monetary Fund agreed on a second rescue package for Greece, one they hoped would put the country in a position to come to grips with its debts. As they agreed, fears were already growing over Spain and Italy, which a few weeks later required the ECB to step into the market and start buying the bonds of both countries.
Greece will receive the next tranche of international aid in September as scheduled, even if European parliaments delay approving new powers for the continent’s temporary bailout fund, a European Commission official told a Greek newspaper Tuesday.
08/7/2011
— Filed under: Finance
Tags: crisis, Greece, loans
Bailed-out Greece is confident it will get the next tranche of debt rescue funding from the EU and IMF despite the current economic and market turmoil, Finance Minister Evangelos Venizelos said.
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The world’s largest banks signalled that they were willing to take writedowns on their stocks of Greek debt to help foster a wider solution to the eurozone sovereign debt crisis.
In a statement, the board of the Institute of International Finance, representing more than 400 of the world’s largest banks, announced its intention to consider buy-backs of Greek government bonds «to lay the basis for a more sustainable debt position».
A sizzling equity market rally took most of the shine away from government bond prices on Tuesday as investors tossed core European bonds down the safety chute. Yields rose sharply after EU officials ruled out a «total restructuring» of Greek debt and announced that they were engineering a new package likely to be unveiled towards the end of June.
05/19/2011
— Filed under: Politics
Tags: bond, goverment, Greece
Greek Prime Minister George Papandreou said on Friday that Europe must stick with its single currency and stop a «blame game» that is preventing progress on issues from finance to unemployment.
