Greece bailout

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Europe's Bailouts Aren't Working
 Europe's Bailouts 
 Aren't Working 
OPINION
Nov 24, 2010 1:52 PM CST

Europe's Bailouts Aren't Working

Europe needs to do more than force Ireland and Co. to slash budgets

(Newser) - First there was Greece. Then Ireland. And now it looks like Portugal and Spain are next. “Let’s just be blunt: The Eurozone bailout program has failed,” writes Michael Schuman in Time . Europe has so far hoped that throwing money at troubled countries and ordering them to cut...

Eurozone Sets Up $1 Trillion Bailout Fund

Europe hopes 'umbrella' will boost sagging currency

(Newser) - Eurozone nations are setting up a trillion-dollar "umbrella" fund to restore investor confidence and halt the euro's plunge. Finance ministers say the bailout fund will be available to any eurozone nation risking debt default, AP reports. Investors fear Spain or Portugal are likely to follow Greece into needing a...

EU Forges $960B Bailout Fund
 EU Forges $960B Bailout Fund 
May 10, 2010 2:39 AM CDT

EU Forges $960B Bailout Fund

Officials hope it's enough to contain crisis

(Newser) - European officials hammered out a $960 billion bailout fund for nations facing the prospect of default. The bailout is nominally to provide the euro with stability, but is mainly pointed at Greece, with a secondary eye to Spain and Portugal, which are both teetering on economic chaos, reports the Times...

Dow Plunges 980, Then Rebounds

Fears of Greek chaos contributes

(Newser) - The Dow was in freefall today as protests again roiled Greece. Tens of thousands of protesters marched through Athens after lawmakers approved drastic austerity cuts needed to secure international rescue loans worth $140 billion. Fears over the debt crisis helped send the Dow plunging to nearly 1,000 points in...

Flights Grounded, 3 Killed in Greek Strike, Protests

Violence hits Athens just as Berlin weighs $28B loan

(Newser) - Greece was paralyzed by a 24-hour general strike that grounded all air traffic today, and 3 people died in a fire set by protesters trying to storm the parliament, MSNBC reports. Street battles were breaking out in the capital just as Angela Merkel was busy asking the German parliament to...

Soon, We'll Be Broke Like Greece
Soon, We'll Be Broke Like Greece 
Dana Milbank
Mar 9, 2010 11:50 AM CST

Soon, We'll Be Broke Like Greece

Unless things change, the US will be begging for help, too

(Newser) - America, remember the plight of George Papandreou, the Greek prime minister who arrived in Washington this week, hat in hand, as part of his world tour seeking help for his nearly bankrupt nation. Because “if current trends persist, an American president will be doing the same thing in about...

Banks That Hid Debt Now Pushing Greece Toward Ruin

Credit-default swaps make default a self-fulfilling prophecy

(Newser) - The same banks that fed the Greek financial crisis are wagering on the country's collapse— and in doing so, critics say, they're making default more likely. Goldman Sachs, JP Morgan and others who helped mask the true extent of Greece's financial problems are now placing bets against the country on...

Merkel, Germany Turn Up Heat on Greece 'Scandal'

Meanwhile, Greeks want Germans to pay them WWII reparations

(Newser) - Angela Merkel ripped into Greece and the bank that helped it massage its budget, saying the country has “falsified statistics for years,” and that “it’s a scandal if it turned out that the same banks that brought us to the brink of the abyss helped.”...

Greek Debt Crisis Is Warning for US
 Greek Debt Crisis 
 Is Warning for US 
OPINION
Feb 17, 2010 1:24 AM CST

Greek Debt Crisis Is Warning for US

Partisan deadlock allowed budget problems to fester

(Newser) - America's on course to become much more like Greece and not in a good way, warns Anne Applebaum. Greece is bankrupt because of financial weaknesses that were allowed to fester for years. Its budget deficit ballooned largely because the nation's deeply partisan political system was paralyzed and no cuts could...

Goldman Helped Greece Hide Catastrophic Debt

Bank concocted deal with phony exchange rate

(Newser) - Greece's budget problems were allowed to grow to their current monstrous size with the help of a Goldman Sachs deal worthy of an Oscar for creative accounting. Greek government officials—no strangers to number-juggling themselves—used the US bank to concoct a derivatives deal that allowed the country to circumvent...

Eurozone Mulls Greece Bailout
 Eurozone Mulls Greece Bailout 
Feb 9, 2010 2:32 AM CST

Eurozone Mulls Greece Bailout

Officials avoid B-word while planning 'rescue package'

(Newser) - Greece won't be getting a bailout from the EU itself, officials said yesterday, but they're scrambling to put together a package of loans from member nations to shore up the staggering Greek economy. The EU charter forbids the European Central Bank and national central banks from bailing out countries, but...

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