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Economy

Deutsche Bank Boss in Talks over Greek debt: Report

The head of Germany's biggest bank, Deutsche Bank, is conducting talks over a 50-percent write-down of Greek debt in his capacity as chairman of the global banking lobby, a newspaper reported Sunday. Citing both government and banking sources, the mass...

Venizelos Blasts Strikers, Says Tax Evaders Will Be Named

ATHENS - As growing numbers of public workers join the ranks of strikers protesting pay cuts,  tax hikes, and the layoff of 30,000 workers Finance Minister Evangelos Venizelos blistered them for their actions and said the city was under...

The Newest Greek Odyssey: Living in Strikeland

State schools closed, hospitals running only on emergency staff, trash piling up, trains halted, metro and cabbies on strike, tax offices closed, customs officers walking out of their jobs, airlines grounded[...]

Greece Talks Trash to Garbage Collectors

ATHENS - With rubbish piling up and even blocking some streets after two weeks of a strike by rubbish collectors, public health authorities said the government might bring in private companies to pick it up, signaling what could be...

Trichet: If Greece Defaults, ECB will Not Accept Government Bonds

During his interview with the Financial Times yesterday, the departing Head of the ECB Jean Claude Trichet made clear that if Greece is pushed into default, then the ECB will no longer be able to accept its government's bonds...

French Fin Min: Merkel, Sarkozy To Announce New Greek Haircut On Oct 23

French Finance Minister Francois Baroin said Saturday that euro zone leaders will announce the extent to which private sector creditors will write down their Greek bonds at a summit in Brussels slated for next Sunday. Baroin said that significant progress...

Schaeuble: Euro-Zone Members Confident Of Resolving Greece's Woes

German Finance Minister Wolfgang Schaeuble said Saturday that euro-zone members were confident of resolving Greece's debt woes. He also said G-20 finance ministers and central bank governors meeting in Paris acknowledged the efforts made by the euro zone to contain...

IMF Warns Cyprus of Possible Fiscal Shortfall

The IMF warned Cyprus that its economy faces “substantial downside risks”. In its annual review on the Island’s economy, the IMF urged the government to intensify efforts to balance its budget by 2014 and to implement spending cuts to reverse large...

Telephone Conversation Between Papandreou and Barosso

PM George Papandreou contacted the President of the European Commission Jose Manuel Barosso via telephone earlier in the afternoon to inform him of the latest developments and news concerning the Greek debt in view of the coming EU Summit. Mr....

Greek House Prices to Decline Further by 2013

House prices in Greece will decline by 10% by 2013, according to National Bank of Greece's monthly report on the economy, published on Thursday. The report estimates that the total correction of prices from their peak in 2008 will amount...

Russian President Medvedev to Visit Athens

Russian President Dmitry Medvedev will visit Greece, which is looking for support in the International Monetary Fund for its efforts to pull through the financial crisis, Finance Minister Evangelos Venizelos stated on Friday. "We want Russia's support, as we want...

Greek Surtax Doubles, Tax Inspectors Set to Strike

A relentless wave of tax increases hasn't provided enough revenue to plug a deep hole in public finances, so a new supposed one-time “solidarity” surtax on income paid by Greeks will continue next year[...]

Greece To Sell €1.25B 13-Week Treasury Bills

The Greek state will sell €1.25 billion of 13-week treasury bills at an auction on Tuesday October 18, according to the Public Debt Management Agency. The uniform yield at the previous auction was 4.56%, while the settlement date is on...

Greece and Turkey Sign Tourism Cooperation Protocol

Greece and Turkey signed a tourism cooperation protocol in Vouliagmeni, Athens, with visions of a greater exchange of information on issues of infrastructure, especially maritime tourism. The protocol was signed on the sidelines of the 3rd joint Greek-Turkish tourism committee...

Greek Crisis Out Of Control: Primary School Pupils Faint from Starvation

“Our pupils faint due to starvation. We see our pupils coming to school with holes in their shoes. They don’t even have money to buy food from the school canteen[...]