Greece

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Moody's: Greek Default 'Virtually Certain'

But EU effort means country will likely stabilize

(Newser) - Moody's downgraded Greece's bond ratings by a further three notches today and warned that it is almost inevitable the country will be considered to be in default following last week's new bailout package . The agency says the new EU package of measures implies "substantial" losses for...

Greece Gets Bailout Deal
 Greece Gets 
 Bailout Deal 
Jul 21, 2011 5:42 PM CDT

Greece Gets Bailout Deal

Eurozone nations, IMF agree to $155B deal

(Newser) - Eurozone leaders today agreed to a sweeping deal that will grant Greece a massive new bailout and radically reshape the currency union's rescue fund, allowing it to act pre-emptively when crises build up. The deal resolves a political deadlock between Europe's top economic authorities over how to save...

S&P: Greek Rescue Plan Would Count as a Default

Credit rating firm rejects French banks' plans

(Newser) - Greece got yet more bad news today, when Standard & Poor's issued a statement saying that a proposed rescue plan from banks in France "would likely amount to a default" as far as it was concerned. French banks planned to roll over their holdings in the country's...

Greece Passes 2nd Austerity Bill

Final hurdle before receiving bailout funds now cleared

(Newser) - Greece has bought itself some time to deal with its crippling debt crisis after lawmakers cleared the final hurdle for crucial bailout funds to be released, which will prevent the country from defaulting next month. The EU and IMF had demanded Parliament pass two bills— an austerity law and a...

Greek Austerity Measures Pass

Despite protests, bill grabs majority in parliament

(Newser) - It’s official: Greece’s parliament has approved a wave of sweeping—and wildly unpopular—austerity measures, paving the way for it to receive bailout loans from Europe to avoid defaulting on its debt, the AP reports. The bill passed 155-138, garnering even the support of Alexandros Athanassiadis, a Socialist...

Streets Erupt as Greece Begins Austerity Vote

Deep cuts expected to pass

(Newser) - Things got ugly in the streets of Athens today, as Greece’s parliament began voting on austerity measures—needed to keep the nation out of default—that looked increasingly likely to pass. Police firing tear gas fought what Reuters describes as “running battles” with protesters, who threw firebombs, rocks,...

Youths Hurl Rocks as Greeks Begin 2-Day Strike

20,000 march on Parliament

(Newser) - Greek workers launched a 48-hour general strike today to protest government austerity measures as 20,000 demonstrators headed to Parliament and another 7,000 marched in the country’s second-biggest city. Some 5,000 police guarded Athens, and while the initial protests were peaceful, things are heating up. Young people...

Oil Drops Below $91 on Release of Reserves

Investors optimistic Greece will approve austerity plan

(Newser) - Oil prices slipped below $91 a barrel today as markets grappled with Greece's debt crisis and the release of crude reserves by the International Energy Agency. By early afternoon in Europe, benchmark oil for August delivery was down 61 cents to $90.55 a barrel in electronic trading on...

Greece Leader Survives Crucial Vote

Papandreou win clears way for austerity plan to appease creditors

(Newser) - Greek Prime Minister George Papandreou has survived a confidence vote in parliament, winning a gamble on his government's survival and the danger of a devastating debt default that could spark a financial maelstrom around the world. Papandreou won 155 votes to 143, with two abstentions in the 300-member legislature.

Greek PM Faces Critical Vote of Confidence

And that's the easy part

(Newser) - Greek Prime Minister George Papandreou faces a critical vote of confidence tonight that will determine both his political future and that of Greece—and in some ways, that’s the easy part. If Papandreou survives the midnight vote (5pm ET) he’ll be able to pass austerity measures that will...

Europe Delays Decision on Handing $17B to Greece

New austerity measures must be passed first

(Newser) - European finance officials ramped up pressure today on Greece, delaying their decision on whether to release the next $17 billion in rescue loans to the debt-laden country. Officials indicated the next installment of emergency loans would be disbursed in July, but only if Greece enacts controversial new austerity measures including...

Greece Names New Finance Minister

Prime minister George Papandreou reshuffles cabinet

(Newser) - Greek PM George Papandreou replaced his finance minister today in a broad cabinet reshuffle to counter widespread anger over tough new austerity measures essential to prevent Greece from a disastrous default. The critical position, held by George Papaconstantinou since the debt crisis began in late 2009, will now be taken...

Greek Leader to Reshuffle Cabinet Amid Protests

Markets in turmoil again over uncertainty

(Newser) - Greece's prime minister, struggling to ensure parliamentary approval for a crucial austerity bill, said today he would reshuffle his Cabinet and seek a vote of confidence for his new government this week. He spoke after coalition talks with opposition parties failed. George Papandreou's announcement came on a day...

Greek Strikers Throw Yogurt, Firebombs

As police fire tear gas into crowd to push protesters away from Parliament

(Newser) - A rally of more than 20,000 protesters in Athens' Syntagma Square turned ugly today, as police fired tear gas into the crowd and protesters hurled rocks, firebombs, and even yogurt at them. There was also fighting amongst the crowd, with demonstrators clashing with a group of violent hooded youths,...

S&P Kicks Greece to World's Lowest Credit Rating

Says default is likely

(Newser) - Standard & Poor’s knocked Greece down a whopping three notches in its latest credit rating today, saying a default was "increasingly likely." Greece’s new rating—CCC—is the lowest of any country in the world, standing just four steps above default, Reuters reports. What’s worse,...

Euro Plummets on Greek Default Fears

Developments in Portugal, Finland deepen market panic

(Newser) - The euro took a nose dive today, and so did the bonds of weak eurozone nations, as investors panicked over fresh speculation that Greece will have to restructure its debt in the near future, and the election of an anti-Euro party in Finland. German government sources tell Reuters that they...

6.2 Quake Shakes Crete
 6.2 Quake Shakes Crete
Apr 2, 2011 4:44 AM CDT

6.2 Quake Shakes Crete

No injuries reported on Greek island after powerful quake

(Newser) - A magnitude 6.2 earthquake shook the Greek island of Crete yesterday, shaking buildings as far away as Egypt and Israel and sparking panic in Turkish resort cities. Police on the island say they had no reports of damage or injuries, AP reports. "It was a strong earthquake in...

In Greece, Graves Are Only for Rent

After that you have to watch while they dig up your relatives

(Newser) - If you’re looking forward to resting in peace someday, try not to kick it in Greece. The country is so drastically short on cemetery space that by law the dead may only rent graves, and then for a maximum of three years, reports Alex Mar of Slate , whose grandparents...

Man May Have Sailed the Seas 130K Years Ago

Humans may have used boats as many as 130K to 700K years ago

(Newser) - Humans may have been traveling by sea as many as 700,000 years ago—tens of thousands of years earlier than was previously thought. Archaeologists on Crete recently discovered tools on the island between 130,000 and 700,000 years old. Since Crete separated from the mainland about 5 million...

As Crises Spread, Europe Scrambles for an Answer
As Crises Spread, Europe Scrambles for an Answer
analysis
Dec 1, 2010 10:04 AM CST

As Crises Spread, Europe Scrambles for an Answer

Even healthier countries now feeling pinch

(Newser) - Financial crises in Greece, Ireland, and Portugal have stoked fears for Italy, Belgium, and the more robust Germany as Europe struggles to find a solution, the New York Times reports. Worry that Germany may have to pay the brunt of bailout costs have prompted the sale of its debt; investor...

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