The country is battling to rein in a bulging government debt that will reach 125% of GDP this year. Policymakers are hoping to reduce the domestic shortfall from 12.7% last year to less than 3% by 2012. To hit the targets, the Greek government plans to freeze civil servant pay, introduce taxes on wealthy estates, and increase tobacco and alcohol levies by 20%.
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By Reuters
Black-masked protesters throwing petrol bombs created a wall of fire on Sunday outside Greece's parliament as lawmakers inside looked set defy public rage by endorsing a new austerity deal to secure an EU/IMF bailout and avoid national bankruptcy. (Feb 12)
MORE TOPICS: IMF, GERMANY, EUROPEAN UNION, INTERNATIONAL MONETARY FUND
By Reuters
Greek lawmakers looked set to agree to a deeply unpopular bailout deal on Sunday to avert what Prime Minister Lucas Papademos warned would be "economic chaos", and Germany demanded Greece dramatically change its ways to stay in the euro. (Feb 12)
MORE TOPICS: UNEMPLOYMENT, IMF, GERMANY, EUROPEAN UNION, INTERNATIONAL MONETARY FUND
By IBTimes
Investors flocked to the security of safe-haven assets Friday, like U.S. Treasuries and cash dollar holdings, ahead of what is expected to be a volatile weekend in Athens, already rocked by riots and tense government negotiations. (Feb 10)
By IBTimes
Greece's prime minister struck back at critics in a letter to his Cabinet Friday evening, delivering a rousing plea in which he asked Greek government officials to coalesce behind a new "ambitious but achievable" program of fiscal aust... (Feb 10)
MORE TOPICS: UNEMPLOYMENT, GDP
By CME Group
Platinum has started off under pressure today and has fallen more than $30 below yesterday's high for the move. (Feb 10)
MORE TOPICS: CHINA
By Reuters UK
Euro zone finance ministers and officials were meeting on Thursday to discuss a second financial bailout package for Greece, after leaders in Athens clinched a long-stalled deal on reforms and austerity measures. (Feb 09)
By IBTimes
Following days of exhausting political drama, high-level brinkmanship and stern rhetoric in both public and private statements, the red-eyed leaders of Europe's leading financial institutions reached a deal Thursday with Greece's governing ... (Feb 09)
MORE TOPICS: PORTUGAL, EUROPEAN UNION, THE NEW YORK TIMES, EUROPEAN CENTRAL BANK, NEW YORK, MANAGEMENT
By Reuters
European Central Bank policymakers are still divided on what contribution the ECB could make to a restructuring of Greece's sovereign debt, two euro zone monetary policy sources said on Wednesday. (Feb 08)
MORE TOPICS: IMF, EUROPEAN CENTRAL BANK
By Reuters
Greek parties will try on Wednesday to agree to a reform deal in return for a new EU/IMF rescue to avoid a chaotic default, after repeated delays which have prompted warnings that the euro can live without Athens. (Feb 08)
MORE TOPICS: IMF, EUROPEAN UNION, ELECTIONS, EUROPEAN CENTRAL BANK, INTERNATIONAL MONETARY FUND, LONDON
By Reuters
Stocks edged lower at the open on Tuesday as investors awaited the outcome of discussions on a bailout package for Greece from international lenders that would help the country avoid a chaotic default. (Feb 07)
MORE TOPICS: DOW JONES, UBS AG, EUROPEAN UNION, THAILAND, NEW YORK, INTERNATIONAL MONETARY FUND
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