Latest Greek Crisis News

  • Spain summons Venezuelan ambassador over president's remarks 22 hours ago

    MADRID (AP) — The Spanish foreign ministry has summoned the Venezuelan ambassador to once again protest comments by Venezuela's president against Spanish Prime Minister Mariano Rajoy. More »

  • Greece launches bailout talks as Plan B details revealed
    Greece launches bailout talks as Plan B details revealed Mon, Jul 27, 2015

    Greece's government on Monday launched complex bailout negotiations with creditors, but faced rebuke following revelations that former finance minister, Yanis Varoufakis, formed a secret committee to plan ... More »

  • Secret 'parallel' money plan clouds start of Greek bailout talks
    Secret 'parallel' money plan clouds start of Greek bailout talks Mon, Jul 27, 2015

    Greece's then-finance minister Yanis Varoufakis, pictured on March 4, 2015, claims to have "hacked" into his own ministry to create duplicate files for millions of Greek taxpayers More »

  • Summer of Finnish discontent: Is Greek crisis distracting from Finland's … Mon, Jul 27, 2015

    Two weeks ago, when Finland signed on to a third bailout deal for Greece, many Finns were surprised when the foreign minister did not withdraw from the government. After all, Timo Soini is not just the most hawkish member of a strongly pro-austerity Finnish government. “We want to spend the next four years getting Finland into shape,” he declared, quoting the slogan used by Prime Minister Juha Sipila’s Center Party in its successful campaign in April, while supporting the government’s continued hard-line on Greece. More »

  • Greek PM to take on party critics over unpopular bailout
    Greek PM to take on party critics over unpopular bailout Mon, Jul 27, 2015

    Greek Prime Minister Alexis Tsipras on Monday set the scene for a bruising showdown with his critics by demanding a congress at his ruling Syriza party to tackle a brewing revolt over an unpopular EU-IMF bailout. More »

  • Greece readies for bailout talks as Plan B details revealed
    Greece readies for bailout talks as Plan B details revealed Mon, Jul 27, 2015

    The Greek government was poised Monday for the imminent start of intricate bailout discussion but faced rebuke following revelations that former finance minister, Yanis Varoufakis, formed a secret committee ... More »

  • Greek creditors seek third wave of reforms before loan
    Greek creditors seek third wave of reforms before loan Mon, Jul 27, 2015

    By Francesco Guarascio and Renee Maltezou BRUSSELS/ATHENS (Reuters) - International creditors want Greece to enact a third wave of politically sensitive reforms before they will release any money to keep the near bankrupt country afloat under a third bailout they began negotiating on Monday. The government of Prime Minister Alexis Tsipras has pushed two packages of measures through parliament this month as a condition for starting talks on a three-year loan worth up to 86 billion euros (£61.3 billion) to keep Greece in the euro zone. Technical talks, delayed for several days by logistical issues, began as former Finance Minister Yanis Varoufakis confirmed he had made secret plans to hack into citizens' tax codes to issue a parallel currency if necessary. More »

  • Greek PM appeals to Syriza party to maintain unity Mon, Jul 27, 2015

    ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras on Monday appealed to his Syriza party to stay united and sought a broad party conference to formulate strategy, after a bruising revolt from leftist rebels left the group on the verge of a split. "Our strategy should be clarified with calmness and maturity through the party procedures," he told the party's political committee. "So we should plan for a conference as soon as possible, as envisaged by (the party's) charter." (Reporting by Renee Maltezou and Angeliki Koutantou, Writing by Deepa Babington) More »

  • Britain, France see euro reform as possible 'win-win'
    Britain, France see euro reform as possible 'win-win' Mon, Jul 27, 2015

    By Mark John PARIS (Reuters) - Britain and France agreed on Monday that efforts by euro zone nations to shore up the single currency after the Greek crisis could go hand-in-hand with wider reforms the UK needs to stay in the European Union. Prime Minister David Cameron wants assurances that non-euro zone EU members such as Britain will not see their influence wane in the wider 28-country bloc as the euro zone integrates more, before he puts British membership of the EU to a landmark referendum by 2017. With the prospect of near-bankrupt Greece's exit from the zone narrowly averted for now, France and Germany have floated ideas to strengthen the 19-member currency union, for example with its own budget, "government" and parliament. More »

  • ECB board member says Greek debt needs restructuring
    ECB board member says Greek debt needs restructuring Mon, Jul 27, 2015

    ECB executive board member Benoit Coeure says Greece will need its debt restructured and calls for greater political integration of the eurozone More »

  • How, not if, to restructure Greek debt is the problem - ECB's Coeure
    How, not if, to restructure Greek debt is the problem - ECB's Coeure Mon, Jul 27, 2015

    The euro zone no longer questions whether to restructure Greece's debt but rather how best to go about it, ECB Executive Board member Benoit Coeure said in a newspaper interview published Monday. Coeure told French daily Le Monde that all euro zone countries wanted Greece to remain in the shared currency bloc and were prepared to offer "unprecedented financial solidarity" as long as Greece carried out reforms. Coeure defended the European Central Bank in the face of criticism about its handling of Greece, saying that the ECB had always stuck to its mandate during the crisis. More »

  • German business confidence up as Greece fears ease: Ifo
    German business confidence up as Greece fears ease: Ifo Mon, Jul 27, 2015

    The Ifo institute's business climate index rose to 108 points in July, the first increase in three months More »

  • Survey shows unexpected upturn in German business confidence Mon, Jul 27, 2015

    Business confidence in Germany, Europe's biggest economy, has risen unexpectedly this month as worries over Greece have subsided, a closely watched survey showed Monday. The Ifo think tank's monthly confidence ... More »

  • The creeping Russian border in Georgia
    The creeping Russian border in Georgia Mon, Jul 27, 2015

    Moscow-backed security forces recently moved the border fence with Georgia, taking more territory for Russian control. More »

  • Greek PM Tsipras under pressure over covert Syriza drachma plan reports
    Greek PM Tsipras under pressure over covert Syriza drachma plan reports Sun, Jul 26, 2015

    By Angeliki Koutantou ATHENS (Reuters) - Some members of Greece's leftist government wanted to raid central bank reserves and hack taxpayer accounts to prepare a return to the drachma, according to reports on Sunday that highlighted the chaos in the ruling Syriza party. It is not clear how seriously the plans, attributed to former Energy Minister Panagiotis Lafazanis and former Finance Minister Yanis Varoufakis, were considered by the government and both ministers were sacked earlier this month. Around a quarter of the party's 149 lawmakers rebelled over the plan to pass sweeping austerity measures in exchange for up to 86 billion euros in fresh loans and Tsipras has struggled to hold the divided party together In an interview with Sunday's edition of the RealNews daily, Panagiotis Lafazanis, the hardline former energy minister who lost his job after rebelling over the bailout plans, said he had urged the government to tap the reserves of the Bank of Greece in defiance of the European Central Bank. More »

  • Italy's Padoan calls for tighter euro zone integration - FT
    Italy's Padoan calls for tighter euro zone integration - FT Sun, Jul 26, 2015

    The euro zone needs deeper integration to remove the risk of a member country leaving the single currency, Italian Economy Minister Pier Carlo Padoan told the Financial Times in an interview on Sunday. Padoan's comments came days after a report in German magazine Der Spiegel that Germany was willing to discuss the creation of a euro zone finance minister who would have his own budget and the power to raise extra taxes. European Commission President Jean-Claude Juncker last month laid out a vision for tighter joint control over the currency zone's economies, including an eventual common euro zone treasury. More »

  • New Greek bailout talks to begin Monday: EU, IMF
    New Greek bailout talks to begin Monday: EU, IMF Sun, Jul 26, 2015

    A man waits at a bus stop in the center of Athens on July 26, 2015 More »

  • Minister: Greek bailout talks format still being negotiated
    Minister: Greek bailout talks format still being negotiated Sun, Jul 26, 2015

    Greece and rescue lenders are still working out the format of upcoming talks, the labor minister said Sunday, confirming a delay in the negotiations for a third international bailout. Giorgos Katrougalos ... More »

  • Pollution not contagion: eurozone debt market survives Greek crisis
    Pollution not contagion: eurozone debt market survives Greek crisis Sun, Jul 26, 2015

    The latest aggravation in the Greek crisis has strained nerves on the eurozone debt market, but unlike four years ago there has been no contagion across the single currency bloc More »

  • Greek bailout talks pushed back by a few days on logistics - official
    Greek bailout talks pushed back by a few days on logistics - official Sun, Jul 26, 2015

    By Angeliki Koutantou ATHENS (Reuters) - Talks between Greece and its international creditors over a new bailout package will be delayed by a couple of days because of organisational issues, a finance ministry official said on Saturday. The meetings with officials from the European Commission, European Central Bank and International Monetary Fund were supposed to start on Monday after being delayed for issues including the location of talks and security last week. A finance ministry official, who declined to be named, said talks between the technical teams of the lenders will start on Tuesday, while the mission chiefs will arrive in Athens with a delay of a couple of days for technical reasons. More »

  • European stock markets ruffled by China
    European stock markets ruffled by China Fri, Jul 24, 2015

    Europe's main markets lost ground, with Frankfurt's DAX 30 falling 1.43 percent to 11,347.45 points More »

  • Second half of 2015 begins on shaky note
    Second half of 2015 begins on shaky note Fri, Jul 24, 2015

    By Wayne Cole, Hugh Lawson and Caroline Valetkevitch LONDON/NEW YORK (Reuters) - The global economy started the second half of the year on shaky ground with China's factory sector activity contracting in July at the fastest pace in 15 months and euro zone manufacturing weaker than expected, although U.S. activity picked up. The purchasing managers indices (PMI)for the manufacturing sector from private data vendor Markit come after Beijing said it would allow its yuan currency to fluctuate more widely within its trading band as a way to support trade and despite the European Central Bank's 60 billion euro a month bond-buying program. CHINA PMI LOWEST SINCE APRIL 2014 The preliminary Caixin/Markit China PMI for July dropped to 48.2, the lowest reading since April last year. More »

  • Eurozone exit averted, but for Greek businesses, outlook is still bleak Fri, Jul 24, 2015

    Like many Greek businessmen, Stefanos Dimitroulakos has experienced first-hand the economic crises that have engulfed his country over the last six years. The family-run business produces metal shelving for both the domestic and export market, with its main production center about 40 miles outside of Athens. Recommended: Think you know Europe? More »

  • From cats to rhinos, Greek crisis takes toll on animals
    From cats to rhinos, Greek crisis takes toll on animals Fri, Jul 24, 2015

    Chimpanzees eat at the Attica Zoological Park in Spata, near Athens, on July 23, 2015 More »

  • Eurozone July business activity holds up despite Greek crisis
    Eurozone July business activity holds up despite Greek crisis Fri, Jul 24, 2015

    Eurozone private sector business activity slowed in July, according to the Markit Economics Composite Purchasing Managers Output Index (PMI) More »

  • Greek business exodus to 'safe haven' Bulgaria
    Greek business exodus to 'safe haven' Bulgaria Fri, Jul 24, 2015

    Panagiotis Douvos stands in his Greek deli in downtown Sofia, one of many Greek businessmen who have moved to Bulgaria faced with a deep economic crisis at home More »

  • Greek PM's austerity gamble sows deep divisions in Syriza
    Greek PM's austerity gamble sows deep divisions in Syriza Thu, Jul 23, 2015

    Greek Prime Minister Alexis Tsipras, pictured on July 18, 2015, is riding high in the opinion polls despite trouble in his ranks More »

  • Insight - 'Grexit' struggle tests Germany's power duo
    Insight - 'Grexit' struggle tests Germany's power duo Thu, Jul 23, 2015

    By Noah Barkin BERLIN (Reuters) - On July 17th, her 61st birthday, Angela Merkel stepped to the podium in the Bundestag and urged German lawmakers to approve a new round of bailout negotiations with Greece, warning of "chaos and violence" if Athens were pushed out of the euro zone. The chancellor had worked tirelessly to negotiate the blueprint of a deal with Greek Prime Minister Alexis Tsipras, forcing him to make major reform concessions at a marathon summit in Brussels days earlier. Schaeuble, sitting on the coalition benches to the right of Merkel, stared straight ahead with a frown on his face. More »

  • IMF expects 'difficult' discussions on new Greek bailout
    IMF expects 'difficult' discussions on new Greek bailout Thu, Jul 23, 2015

    The IMF predicts "difficult" talks in upcoming negotiations on Greece's latest bailout More »

  • Greek PM promises will not allow foreclosure of primary homes Wed, Jul 22, 2015

    Greek Prime Minister Alexis Tsipras on Thursday pledged his government would never allow banks to seize the primary residences of Greeks as parliament prepared to vote on a bill that toughens rules on foreclosures. "There will be no foreclosures of primary homes," Tsipras said in a speech to parliament ahead of the vote on the second package of reforms required to seal a bailout agreement. "The protection of primary residences, by this government, was, is and will be lasting." Tsipras reiterated that his government was forced into making a difficult choice of accepting tough reforms at the threat of a Greek euro exit, which he said remained on the mind of some of the country's partners. More »

  • Greek PM Tsipras Seeks Support As Vote Looms
    Greek PM Tsipras Seeks Support As Vote Looms Wed, Jul 22, 2015

    The coalition government in Greece may yet need the help of opposition parties to secure support for a new round of reforms crucial to its bailout prospects. Prime minister Alexis Tsipras has been struggling to convince enough MPs within his Syriza party to back him, guaranteeing the judicial and banking reforms pass. Tsipras now has just 123 seats, and failure to pass the measures expected by the international creditors may undermine his coalition government further and trigger fresh fears over the country’s future in the euro. More »

  • Greek bailout vote puts Syriza party rebellion to the test
    Greek bailout vote puts Syriza party rebellion to the test Wed, Jul 22, 2015

    By Costas Pitas and Angeliki Koutantou ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras sought on Wednesday to contain a rebellion in his left-wing Syriza party ahead of a vote on a second package of reforms required to start talks on a rescue deal. The bill lawmakers will vote on late on Wednesday covers rules for dealing with failed banks and speeding up the justice system - two more conditions set by the euro zone and IMF to open negotiations on an 86 billion euro rescue loan. More »

  • Recent developments in the Greek debt crisis
    Recent developments in the Greek debt crisis Wed, Jul 22, 2015

    People sit outside the Greek parliament in Athens on July 21, 2015 More »

  • Greece moves ahead on bailout reform votes, but will Tsipras pay the price? Wed, Jul 22, 2015

    On the streets of Athens, Greeks are taking a long breath after the daily uncertainties and worries of the last few weeks, when for a while it appeared increasingly likely that their country could drop out of the euro zone. Recommended: Think you know Europe? While passage of the tough austerity measures demanded by the country’s international creditors in exchange for another round of financial bailouts appears likely, the toll for that passage may come at the cost of Mr. Tsipras' government. More »

  • Insight - On reform, Europe asks Greece to go where many fear to tread
    Insight - On reform, Europe asks Greece to go where many fear to tread Wed, Jul 22, 2015

    By Mark John and Holger Hansen PARIS/BERLIN (Reuters) - Greece's new bail-out deal imposes a stiff dose of budget rigour and market deregulation which critics say few leaders of Western Europe's biggest nations have dared serve their own voters. "Francois Hollande is very good at telling others how to do their reforms," opposition French conservative Xavier Bertrand said in a dig at France's Socialist leader, a key broker in the Greek accord clinched on July 13 after all-night Brussels talks. "So what's he waiting for in France?" said Bertrand, who was labour minister in the 2007-2012 government of former President Nicolas Sarkozy, which also struggled to make good on campaign pledges to revamp the euro zone's second largest economy. More »