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Merkel warns Greece on second bailout

Speaking at a joint news conference in Berlin with French President Nicolas Sarkozy, Merkel told reporters “the second Greek aid package... must be in place quickly. Otherwise it won’t be possible to pay out the next tranche for Greece."

Euro falls to 16-month low against dollar as bank shares slump

The beleaguered currency fell to $1.2831 against the dollar after rising French borrowing costs and a suggestion from Spain’s new economy minister that Spanish banks may face up to €50 billion in new bad loan provisions unsettled markets.

Sarkozy sells out to Merkel on euro rescue

PARIS — French skeptics say Europe already has a law similar to Merkel's plan. And countries have violated it more than 60 times since 1997. 

Merkel's plan won't fix Europe; Germany still says “NEIN!” to ECB as last resort lender (UPDATED)

Berlin — While the rest of the world demands forceful action, Germany talks about revising treaties. Here's why.  

Is Mario Monti's honeymoon over?

ROME — "Italy is like a train left behind on an abandoned track, full of people arguing over who gets the window seat," said Stefano Quintarelli, a frequent commentator.

Should the Fed intervene in the euro zone's debt crisis?

BOSTON — Political gridlock in Europe threatens the global economy. Should the US step in?

Germany catches euro contagion: good news for France?

Paris — French leaders can breathe a sigh of relief now that the euro contagion aflicts Germany as well.  

Greece goes after big tax dodgers

Tax cheats cost $20b per year. Next up: a naming and shaming campaign.
Greece demonstration political reform urgentEnlarge
Demonstrators clash with police on Oct. 20, 2011 in Athens, Greece. Despite another massive bailout, experts are asking, is Greece ungovernable? (Milos Bicanski/Getty Images)

Athens – Making good on its vow to stop tax evasion, the Greek government has arrested several high-profile businesspeople alleged to owe millions of dollars to the state.

Tax dodging costs Greece more than $20 billion per year and is one of the reasons why the country is mired in debt and living month-to-month on international bailouts.

The government is also nearly ready to publish the names Greece’s biggest tax evaders. Finance Minister Evangelos Venizelos told parliament last week that the list should be posted online in coming weeks, after final clearance of privacy rights issues.

On Monday, Constantinos Giannikos was arrested for allegedly withholding $1.5 million in value-added tax (VAT), according to the independent Kathimerini newspaper. Giannikos is the president of the private television station Alter.

“This is the result of an outcry by the society that justice is not done,” said Costas Bakouris, chairman of the Greek chapter of Transparency International, an anti-corruption organization. “It’s a step in the right direction, no question about it.”


Where Greeks hide their savings

ATHENS — Amid deepening anxiety, Greeks withdraw many billions from local banks. 
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