Latest Greek Crisis News

  • Greece names Supreme Court Judge Vassiliki Thanou as interim PM
    Greece names Supreme Court Judge Vassiliki Thanou as interim PM Fri, Aug 28, 2015

    Greece has named top Supreme Court judge Vassiliki Thanou as prime minister of the caretaker government, making her the first female leader to head the country. Thanou's nomination by President Prokopis Pavlopoulos came after all the major political parties failed to form a government. Thanou, a specialist in European law, assumed the helm of the male-dominated supreme court earlier this year, becoming only the second woman to hold the post since 1835, The Guardian says. More »

  • Anti-austerity judge Thanou becomes first female Greek PM Thu, Aug 27, 2015

    Top Supreme Court judge Vassiliki Thanou, 65, will be sworn in on Thursday to head a caretaker government that will lead the country to elections expected on Sept. 20 A vocal anti-austerity advocate, she made a name for herself as a judge who openly battled against wage cuts imposed on the Greek judiciary to appease European and International Monetary Fund lenders. Thanou's main task as caretaker prime minister will be to ensure Greece is safely taken to elections within roughly three weeks, leaving her without any mandate to implement the anti-austerity agenda that she has openly espoused. "The wrong economic policy which was implemented in the past five years, in line with the bailouts that were imposed by the (lenders) and failed, have led to a deeper recession, unemployment and the impoverishment of most of the Greek people," Thanou wrote in an open letter to her European counterparts in July. More »

  • Greece debt crisis: Greeks happy with Syriza fightback Thu, Aug 27, 2015

    After winning a landslide victory in the Greek elections in January 2015, the Syriza party debated its life away for months to discuss deals with its creditors and the Greek parliament, only to call new snap elections less than nine months after the elections. The situation in Greece has caused international uproar, led by organisations such as the Greece Solidarity Campaign in the UK. Isidoros Diakides, the co-chair of the campaign, told IBTimes UK he thought former Greek PM Alexis Tsipras and his party offered hope for the Greek people. More »

  • Could Greece become the Libya of Europe?
    Could Greece become the Libya of Europe? Thu, Aug 27, 2015

    Recognising its similarities with Libya should be Greece's first step towards avoiding a similar fate. More »

  • Greece deal points to flexible approach to bank rescues in EU
    Greece deal points to flexible approach to bank rescues in EU Wed, Aug 26, 2015

    By Huw Jones LONDON (Reuters) - European Union rules to shield taxpayers from having to rescue ailing banks should be applied flexibly because of broader economic imperatives highlighted by the latest Greek rescue package, analysts and lawyers say. It marks a "pick and mix" application of new EU rules that come fully into force in January to ensure that all stakeholders in a bank, from shareholders to creditors and uninsured depositors, contribute to a rescue before public funds can be called on. The risk is that excluding some stakeholders could create a shortfall that taxpayers are once again left to plug. More »

  • Syriza plans programme to ease 'negative' impact of Greek bailout
    Syriza plans programme to ease 'negative' impact of Greek bailout Tue, Aug 25, 2015

    A lottery-ticket vendor counts his money in central Athens on July 17, 2015 More »

  • Five Nuggets You Need To Know About Gold
    Five Nuggets You Need To Know About Gold Mon, Aug 24, 2015

    April to June - gold demand dropped to a six-year low, with the biggest factor behind its decline being driven by cooling demand for jewellery. China and India are the two biggest purchasers of gold for jewellery purposes. Jewellery demand in India is predominately driven by the Indian wedding season. More »

  • Euro zone hopes Greek election will boost bailout, investors uncertain Fri, Aug 21, 2015

    By Jussi Rosendahl and Shadia Nasralla HELSINKI/VIENNA (Reuters) - European policymakers saw Greek Prime Minister Alexis Tsipras' resignation and election call as a gambit to consolidate support for Athens' new bailout, but the move unnerved some investors who worried on Friday that reforms could be delayed. Tsipras resigned on Thursday, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece's creditors for a better bailout deal but had to cave in. Thomas Wieser, the head of the Euro Working Group which prepares decisions for meetings of euro zone finance ministers, took a sanguine view of the move. More »

  • Far-Left Splits From Tsipras as Greece Heads To Elections
    Far-Left Splits From Tsipras as Greece Heads To Elections Fri, Aug 21, 2015

    Rebels opposed to Greece's international bailout walked out of the leftist Syriza party on Friday, formalizing a split after its leader Alexis Tsipras resigned as prime minister and paved the way for early elections. Greece's president gave the conservative opposition a chance to form a new government following Tsipras's resignation on Thursday, but the country appears almost certain to be heading for its third election in as many years next month. Far left Syriza members, who oppose the promises of yet more austerity and economic reform that Tsipras made to secure 86 billion euros ($97 billion) in bailout loans, broke away to form a new party. More »

  • Fresh doubts over Greek bailout after premier Alexis Tsipras resigns
    Fresh doubts over Greek bailout after premier Alexis Tsipras resigns Fri, Aug 21, 2015

    Greece's 86 billion euro (£62 billion) bailout is facing fresh doubts after the resignation of prime minister Alexis Tsipras plunged the country into new political uncertainty. More »

  • Greek PM resigns and calls for snap polls
    Greek PM resigns and calls for snap polls Thu, Aug 20, 2015

    Following Alexis Tsipras' address to the nation, government sources say snap poll likely to be held on September 20. More »

  • Greek PM announces to resign to pave way for snap polls Thu, Aug 20, 2015

    Greek Prime Minister Alexis Tsipras said he would resign on Thursday to pave the way for early elections, saying it was up to Greeks to judge whether he adequately represented them in a battle with foreign lenders on austerity demands. "The political mandate of the January 25 elections has exhausted its limits and now the Greek people have to have their say," Tsipras said in a televised address. Fresh from clinching a bailout deal, Tsipras opted for early elections to consolidate his position after nearly a third of lawmakers from his Syriza party refused to back the programme in parliament last week, robbing him of a guaranteed political majority. More »

  • Greek PM Tsipras to Call Snap Elections
    Greek PM Tsipras to Call Snap Elections Thu, Aug 20, 2015

    Greek Prime Minister Alexis Tsipras has called for early elections, Greek state television announced on Thursday. A government official said Tsipras is planning to hand in his resignation to Greece's president later today, Reuters reports, in order to trigger the election process. A caretaker government would then be installed until the election takes place. More »

  • Southern euro zone yields rise as Greek PM expected to resign Thu, Aug 20, 2015

    By Marius Zaharia and John Geddie LONDON (Reuters) - Portuguese, Italian and Greek bond yields rose on Thursday after a Greek government official said Prime Minister Alexis Tsipras would resign. Earlier on Thursday, Greece made a crucial debt repayment to the European Central Bank, using newly released funds, a government source said. Portuguese yields rose 12 basis points to 2.62 percent. More »

  • European stocks falter amid China, oil price concerns
    European stocks falter amid China, oil price concerns Thu, Aug 20, 2015

    London's benchmark FTSE 100 index dropped 0.49 percent to stand at 6,371.91 points in midday deals More »

  • Germany wants IMF involved in Greek bailout for reform rigour - sources Thu, Aug 20, 2015

    By Paul Carrel BERLIN (Reuters) - Germany wants the International Monetary Fund involved in Greece's new bailout because of the economic rigour it brings more than for any financial help, government sources said on Thursday. The Washington-based fund says Greece's debt is not sustainable and that it does not want to participate unless there is some debt relief. On Wednesday, however, German Finance Minister Wolfgang Schaeuble, described IMF involvement in the programme as "indispensable". More »

  • Greek PM expected to call snap election on Thursday - state TV Thu, Aug 20, 2015

    ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras is expected to announce a snap election later on Thursday, state broadcaster ERT said, in a move to quell a rebellion in his leftist Syriza party after agreeing a new bailout for the country. Speculation of early elections, most likely in September, has grown in recent days with senior aides including Energy Minister Panos Skourletis openly calling for a return to the ballot box. ERT said one school of thought in the divided party was to hold the election on Sept. 13 or 20, while other party members preferred an October date. ... More »

  • European stocks falter amid China, US fallout
    European stocks falter amid China, US fallout Thu, Aug 20, 2015

    London's benchmark FTSE 100 index dropped 0.49 percent to stand at 6,371.91 points in midday deals More »

  • Greece Makes Debt Repayment, Minister Calls for Snap Polls
    Greece Makes Debt Repayment, Minister Calls for Snap Polls Thu, Aug 20, 2015

    Greece made a crucial 3.2 billion euro debt repayment on Thursday using newly released bailout funds, a government source said, as a senior minister argued for rapid elections following a rebellion in the ruling party. The repayment to the European Central Bank marked another step for Greece away from near financial collapse, but Prime Minister Alexis Tsipras must now tackle a political crisis after anti-bailout rebels robbed his government of its parliamentary majority. Greece came close to the economic abyss and exit from the euro zone in late June as Tsipras tried to extract concessions which the bloc's finance ministers refused to grant. More »

  • Greece to receive 23bn euro cash injection ahead of key repayment
    Greece to receive 23bn euro cash injection ahead of key repayment Thu, Aug 20, 2015

    Greece is set to receive the first instalment of its third multi-billion-euro bailout, as Prime Minister Alexis Tsipras mulls whether to hold early elections after the austerity bailout split his radical ... More »

  • Greece gets go-ahead for third multi-billion euro bailout
    Greece gets go-ahead for third multi-billion euro bailout Wed, Aug 19, 2015

    Greece will immediately receive a sum of 23 billion euros that will allow Athens to make a loan repayment of 3.4 billion euros due to the European Central Bank More »

  • Greek PM wants European parliament to join creditors quartet
    Greek PM wants European parliament to join creditors quartet Wed, Aug 19, 2015

    Greek Prime Minister Alexis Tsipras speaks during a parliamentary debate in Athens on August 14, 2015 More »

  • European bailout fund approves release of funds for Greece
    European bailout fund approves release of funds for Greece Wed, Aug 19, 2015

    European bailout fund supervisors on Wednesday approved the release of billions of euros to help rebuild Greece's devastated economy just as a new debt payment looms. The move — a virtual formality — came ... More »

  • Eurozone ministers approve first tranche of Greek bailout funds
    Eurozone ministers approve first tranche of Greek bailout funds Wed, Aug 19, 2015

    Greece will immediately receive a sum of 23 billion euros that will allow Athens to make a loan repayment of 3.4 billion euros due to the European Central Bank More »

  • Germany backs Greek bailout as Tsipras mulls early polls
    Germany backs Greek bailout as Tsipras mulls early polls Wed, Aug 19, 2015

    By Paul Carrel and Lefteris Papadimas BERLIN/ATHENS (Reuters) - The German parliament approved a third bailout for Greece on Wednesday after Finance Minister Wolfgang Schaeuble said the country should get "a new start", while in Athens the government agonised over whether to call a snap election. The Bundestag vote cleared one of the final obstacles to Greece getting funding so that it can make a 3.2 billion-euro (£2.3 billion) debt repayment to the European Central Bank on Thursday. The Dutch parliament also gave its blessing to the Greek rescue, while the board of the euro zone's bailout fund in a teleconference approved disbursing the first tranche of funds under the new Greek programme. More »

  • FTSE falls to lowest level since January amid fears over China and US
    FTSE falls to lowest level since January amid fears over China and US Wed, Aug 19, 2015

    World markets slumped with the FTSE 100 Index seeing more than £30 billion wiped off its value in its biggest one-day fall since the height of the Greek debt crisis. More »

  • Greek PM calls on European Parliament to join quartet of creditors Wed, Aug 19, 2015

    Greek Prime Minister Alexis Tsipras called for the European Parliament to join the so-called quartet of creditor institutions overseeing the country's 86-billion-euro EU/IMF bailout programme. "I deem it politically imperative that the sole European institution with direct popular mandate acts as the ultimate guarantor of democratic accountability and compatibility of economic policy in Europe," Tsipras wrote in a letter to European Parliament President Martin Schulz. Tsipras' office said Schulz reacted positively to his letter in a telephone conversation between the two. More »

  • Dutch PM grilled on Greece, beats no-confidence bid
    Dutch PM grilled on Greece, beats no-confidence bid Wed, Aug 19, 2015

    Dutch Prime Minister Mark Rutte received a grilling Wednesday in parliament for his cabinet's support for debt-ridden Greece's third international bailout, as he fended off a bid for a no-confidence vote on the issue. More »

  • German approval clears way for Greece to start getting loans
    German approval clears way for Greece to start getting loans Wed, Aug 19, 2015

    Germany's parliament overwhelmingly approved a third bailout for Greece on Wednesday, removing the last hurdle to providing new loans to the country and keeping it from defaulting on its debts in as little ... More »

  • Dutch parliament approves Greek bailout Wed, Aug 19, 2015

    The Dutch parliament on Wednesday voted down a motion calling on the government not to back a third bailout package for Greece, effectively endorsing the rescue of the debt-ridden fellow euro zone country. One member of Prime Minister Mark Rutte's own party broke away to oppose the bailout, which is unpopular with Rutte's conservative voter base. Rutte said earlier that a parliamentary motion for or against the bailout was unnecessary, as it was the cabinet, not parliament, that makes policy. More »

  • Majority of Dutch lawmakers supports Greece bailout
    Majority of Dutch lawmakers supports Greece bailout Wed, Aug 19, 2015

    A majority of Dutch lawmakers has given its backing to a third Greek bailout after a heated debate in which Prime Minister Mark Rutte was attacked for reneging on an election pledge by agreeing to the ... More »

  • German parliament overwhelmingly approves Greek bailout
    German parliament overwhelmingly approves Greek bailout Wed, Aug 19, 2015

    Germany's parliament overwhelmingly approved a third bailout for Greece on Wednesday, removing a key hurdle to providing new loans to the country and keeping it from defaulting on its debts in as little ... More »

  • Netherlands will back Greek bailout, no need for vote - PM Wed, Aug 19, 2015

    Dutch Prime Minister Mark Rutte said on Wednesday his government would support the latest bailout package Greece agreed with its creditors regardless of any parliamentary vote on the matter. Rutte said during a lengthy debate with lawmakers that a vote in support of the bailout would be unnecessary. "Voicing explicit support for Greee's support package is redundant," he said, explaining that under government rules it was the role of the cabinet to make policy. More »

  • Merkel averts major revolt as MPs approve Greek bailout
    Merkel averts major revolt as MPs approve Greek bailout Wed, Aug 19, 2015

    German Chancellor Angela Merkel (C) talks with MPs during a vote on a third bailout for debt-mired Greece at the Bundestag in Berlin on August 19, 2015 More »

  • German Parliament Approves Third Greek Bailout
    German Parliament Approves Third Greek Bailout Wed, Aug 19, 2015

    German MPs have overwhelmingly approved a third bailout deal for Greece, despite opposition from some conservative politicians. The final vote was 454-113, with 18 politicians choosing to abstain, following concern that Chancellor Angela Merkel could face dissent from conservatives in her ruling bloc. German Finance Minister Wolfgang Schaeuble said earlier today that it would be "irresponsible" for his fellow MPs to reject the bailout, as it was an opportunity to "seize the chance" for a new beginning in Greece. More »