Greek debt crisis http://www.globalpost.com/taxonomy/term/21534/all en Greek bail-out: where's the panic? http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-bail-out-wheres-the-panic <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> A deal has been expected for a couple of weeks, why is every one so blase about the delay? </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> The terms of the Greek bail-out package were supposed to be agreed with its private bond-holders two weeks ago, then last Friday, then definitely before last Monday&#39;s EU leaders&#39; summit in Brussels and then again by today.</p> <p> Nothing is happening &hellip; and it&#39;s not clear when there will be agreement. The EU&#39;s finance ministers were scheduled to meet Monday in Brussels to discuss details of the EU&#39;s 130 billion euro rescue package for the country. But that package is conditional on the country&#39;s private creditors agreeing to take a substantial loss on the bonds they hold.</p> <p> Six months ago this would have triggered panic in the markets. Today the FTSE 100 closed at a seven month high, up 1.8 percent on the day. The Paris <span data-scayt_word="CAC" data-scaytid="1">CAC</span> and Frankfurt <span data-scayt_word="Dax" data-scaytid="2">Dax</span> posted similar gains.</p> <p> What gives?</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-bail-out-wheres-the-panic" target="_blank">read more</a></p> ECB euro zone debt crisis Greece Greek bond haircuts Greek debt crisis Home Regions Business Debt Crisis Europe Global Economy On Europe Europa GlobalPost Blogs Fri, 03 Feb 2012 18:18:26 +0000 Michael Goldfarb 5690290 at http://www.globalpost.com Greeks joke, "Even God gave up on us" http://www.globalpost.com/dispatch/news/regions/europe/120207/greece-jokes-god-gave-up-on-greeks-debt-crisis ATHENS — Humor and art have become mechanisms to cope with high unemployment, poverty and the chaos that is Greek politics. <p><a href="http://www.globalpost.com/dispatch/news/regions/europe/120207/greece-jokes-god-gave-up-on-greeks-debt-crisis" target="_blank">read more</a></p> Greece Greek debt crisis Europe Culture & Lifestyle Wed, 08 Feb 2012 12:22:00 +0000 Nikolia Apostolou and Polyxeni Athanasoulia 5690768 at http://www.globalpost.com Greek leaders meet: Europe shrugs http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-leaders-meet-europe-shrugs <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> In or out, Europe is now prepared for any eventuality. </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Tick-tock, tick-tock &hellip; the clock on the Greek crisis is running down for real. As I write, leaders of Greece&#39;s three main political parties are meeting with Prime Minister Lucas Papademos to agree on the terms of a harsh budget that will allow the country to qualify for its next bail-out from the EU.</p> <p> The meeting has been scheduled and postponed often in the last four or five days. As I <a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-bail-out-wheres-the-panic">blogged</a> on Friday, last autumn this would have had the markets in a tizzy. Now, they shrug. So do leading eurocrats in Brussels.</p> <p> &quot;It&rsquo;s not the end of the world if someone leaves the euro zone,&quot; Neelie Kroes, the European Commission vice-president, told Dutch newspaper De Volkskrant. &quot;It&rsquo;s always said, if you let one nation go, or ask one to leave, the entire structure will collapse. But that is just not true.&quot;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-leaders-meet-europe-shrugs" target="_blank">read more</a></p> ECB euro zone debt crisis Greek debt crisis Home Mario Draghi Regions Business Debt Crisis Europe Global Economy On Europe Europa Wed, 08 Feb 2012 17:10:50 +0000 Michael Goldfarb 5690901 at http://www.globalpost.com Greek debt crisis: have Greek leaders or haven't Greek leaders agreed a deal? http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-have-greek-leaders-or-havent-greek-leaders-agre <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Will the rest of the EU or won't the rest of the EU accept it? </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> In Greek mythology Hercules was set 12 impossible labors by the Goddess Hera, journalists have been set one impossible task by the Greek government: trying to summarize what is happening in the Greek debt crisis.</p> <p> Late last night, following a marathon meeting (sorry, those Greek allusions can&#39;t be avoided) Prime Minister Lucas Papademos and the leaders of the three political parties in the country&#39;s coalition government agreed to a package of further austerity measures meant to insure Greece gets another bail-out from the EU. The bail-out is worth 130 billion euros ($ 171.4 billion).</p> <p> The country&#39;s Finance Minister Evangelos Venizelos set off for Brussels to meet with his euro zone counterparts to present the plan and presumably get their approval.</p> <p> He didn&#39;t get far on his journey before the plan came under attack both inside Greece and outside.</p> <p> One of the political leaders in the room when the deal was agreed, Georgios Karatzaferis of LAOS, said he would not vote for it.</p> <p> The Greek newspaper <a href="http://ekathimerini.com/4dcgi/_w_articles_wsite1_5206_10/02/2012_427107">eKathimerini</a> quotes the LAOS leader saying, &quot;The creditors are asking for 40 years of submission. Greece will not give itself up.&quot; Karatzaferis added, &quot;Greece can survive outside the EU but cannot survive under a German boot.&quot;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-have-greek-leaders-or-havent-greek-leaders-agre" target="_blank">read more</a></p> EU euro zone debt crisis Greek debt crisis Hera Hercules Home Lucas Papademos Regions Twelve labors Wolfgang Schauble Business Debt Crisis Europe Global Economy On Europe Fri, 10 Feb 2012 16:52:27 +0000 Michael Goldfarb 5691242 at http://www.globalpost.com Greek debt crisis: a deal, a riot and some not widely known improving statistics http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-deal-riot-and-some-not-widely-known-improving-s <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Despite the chaos Greece's deficit is coming down </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> The Greek parliament <a href="http://www.bbc.co.uk/news/world-europe-17007761">voted</a> to bite down harder on the austerity bullet and passed a further 3.3 billion euros ($4.4 billion) cuts to government spending. The headline measures were a 22 percent reduction in the minimum wage and another 15,000 government employees being laid off,</p> <p> On top of that euro zone finance ministers are saying the Greek government must find another 325 million euros in savings if it is to receive an EU funded 130 billion euro bail-out ($172 billion).</p> <p> No wonder there were violent demonstrations last night.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-deal-riot-and-some-not-widely-known-improving-s" target="_blank">read more</a></p> athens EU Greece Greek debt crisis Home IMF Papademos Regions Troika World Bank Business Debt Crisis Europe Global Economy On Europe Europa GlobalPost Blogs Mon, 13 Feb 2012 11:33:57 +0000 Michael Goldfarb 5691455 at http://www.globalpost.com Bailout talks delayed as Greece fails to meet conditions http://www.globalpost.com/dispatch/news/business-tech/debt-crisis/120214/bailout-talks-delayed-greece-fails-meet-conditions <p> Talks on further Greek bailout money have been delayed by the Eurogroup of EU finance ministers as Greece fails to meet budget conditions.</p> <p><a href="http://www.globalpost.com/dispatch/news/business-tech/debt-crisis/120214/bailout-talks-delayed-greece-fails-meet-conditions" target="_blank">read more</a></p> Greece Greek debt crisis Greek debt talks Business Debt Crisis Europe Global Economy Tue, 14 Feb 2012 21:33:43 +0000 Alexander Besant 5691711 at http://www.globalpost.com Greek debt crisis: insult upon insult http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-insult-upon-insult <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Greek and German media folk trade unpleasantries </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> My thanks to Faisal Islam (@faisalislam) of Britain&#39;s Channel 4 news for pointing me toward this story in the <a href="http://www.athensnews.gr/portal/1/53523">Athens News</a>.</p> <p> Yiorgos Trangas, a radio host for Real FM, called German Chancellor Angela Merkel a &quot;dirty Berlin slut&quot; live on the air recently. Now, the station has been fined 25,000 euros ($33,260) by the National Council of Radio and Television for the outburst. He was judged to have &quot;abused the Greek language&quot; and used an obscene word to describe Merkel.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-insult-upon-insult" target="_blank">read more</a></p> Angela Merkel Greek debt crisis Home Regions Business Debt Crisis Europe Germany On Europe Europa GlobalPost Blogs Thu, 23 Feb 2012 17:52:00 +0000 Michael Goldfarb 5693150 at http://www.globalpost.com Greek bailout has strained Greek-German relations http://www.globalpost.com/dispatch/news/regions/europe/120227/greek-bailout-has-strained-greek-german-relations <p> Rhetoric in Greek and German media has gotten heated with obscene gestures and controversial symbols.</p> <p><a href="http://www.globalpost.com/dispatch/news/regions/europe/120227/greek-bailout-has-strained-greek-german-relations" target="_blank">read more</a></p> Greek debt crisis Debt Crisis Europe Germany Mon, 27 Feb 2012 21:36:05 +0000 Priyanka Boghani 5693729 at http://www.globalpost.com Greek debt crisis: next hurdle looming http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-next-hurdle-looming <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> For the last three weeks I have been working on a series of articles that will appear on GlobalPost shorty about the alarming rise of xenophobic ultranationalism in eastern Europe. Nazi worship is not just for the fringe out there.</p> <p> While I was on assignment the deal for Greece&#39;s second bail-out was agreed but I knew there would be plenty left in the story to blog about when I came back to it.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-next-hurdle-looming" target="_blank">read more</a></p> euro zone debt crisis Greek bond haircuts Greek debt crisis Home IIF Regions Business Debt Crisis Europe Global Economy On Europe Europa GlobalPost Blogs Mon, 05 Mar 2012 17:13:00 +0000 Michael Goldfarb 5694632 at http://www.globalpost.com Greek debt crisis: big hurdle crossed http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-big-hurdle-crossed <div class="field field-type-text field-field-subhead"> <div class="field-items"> <div class="field-item odd"> Most private bond holders accept their haircuts opening way for EU bail-out </div> </div> </div> <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> The bond-holders represented the last obstacle to the second bail-out of Greece&#39;s debt-shattered economy. They had to agree by 8 p.m. Athens time.&nbsp; 80 percent have, enough for the Greek bail-out to go forward.</p> <p> From the moment the crisis went from smoldering to explosive, last summer this deal has been haggled over, delayed, brought the single currency to the brink of extinction and threatened to take the world economy through a worm hole into a new dimension - a very dark one.</p> <p> A three-way deal between Greece, its EU partners and the private bond-holders often seemed as if it might be impossible to reach. This last piece of the puzzle was open to question even after Greece and the EU had reached agreement on their part.</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greek-debt-crisis-big-hurdle-crossed" target="_blank">read more</a></p> bond holder haircuts EU Greece Greek debt crisis Home IMF Nouriel Roubini Regions Business Debt Crisis Europe Global Economy On Europe Thu, 08 Mar 2012 19:51:01 +0000 Michael Goldfarb 5695219 at http://www.globalpost.com Greece and Merkel: you can't please all of the people all of the time http://www.globalpost.com/dispatches/globalpost-blogs/europe/greece-and-merkel-you-cant-please-all-the-people-all-the-time <div class="field field-type-text field-field-byline1"> <div class="field-items"> <div class="field-item odd"> Michael Goldfarb </div> </div> </div> <!--paging_filter--><p> Nothing German Chancellor Angela Merkel says or does will ever satisfy some Greek politicians and their constituents. In a<a href="http://www.bbc.co.uk/news/world-europe-17497656"> BBC interview</a> today Merkel says, &quot;We have taken the decision to be in a currency union. This is not only a monetary decision, it is a political one. It would be catastrophic if we were to say to one of those who have decided to be with us: &#39;We no longer want you&#39;.&quot;</p> <p><a href="http://www.globalpost.com/dispatches/globalpost-blogs/europe/greece-and-merkel-you-cant-please-all-the-people-all-the-time" target="_blank">read more</a></p> Angela Merkel BBC euro zone debt crisis Greece Greek debt crisis Home Karatzaferis Regions Business Debt Crisis Europe Germany On Europe Europa GlobalPost Blogs Mon, 26 Mar 2012 17:06:10 +0000 Michael Goldfarb 5697743 at http://www.globalpost.com Greek labor reform vote could have worldwide impact http://www.globalpost.com/dispatch/news/regions/europe/121102/greek-labor-reform-vote-euro-zone-debt-crisis <p>Two weeks ago, Greek Prime Minister Antonis Samaras declared that Greece would run out of cash on Nov. 16, which is why it&#39;s so critical that a decision on sending further aid to Greece is made at the upcoming meeting of euro zone finance ministers on Nov. 12.</p> <p><a href="http://www.globalpost.com/dispatch/news/regions/europe/121102/greek-labor-reform-vote-euro-zone-debt-crisis" target="_blank">read more</a></p> Greek debt crisis World Leaders Debt Crisis Europe Fri, 02 Nov 2012 12:35:46 +0000 Matthew Boesler, Business Insider 5724747 at http://www.globalpost.com Greeks march to commemorate 1973 student uprising http://www.globalpost.com/dispatch/news/regions/europe/121117/greeks-march-commemorate-1973-student-uprising Tens of thousands of Greeks gathered to commemorate the 39th anniversary of uprising.<p><a href="http://www.globalpost.com/dispatch/news/regions/europe/121117/greeks-march-commemorate-1973-student-uprising" target="_blank">read more</a></p> Greece Greek debt crisis Europe Sun, 18 Nov 2012 00:01:25 +0000 Jennifer Mattson 5726376 at http://www.globalpost.com