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Greece Said to Need Another $3 Billion in Cuts

Even as the shaky coalition government led by Prime Minister Antonis Samaras is having trouble finalizing some 11.5 billion euros, or $14.16 billion in cuts demanded by international lenders in return for rescue loans, another $3 billion in savings...

Greece Says Bailout Break Would Help Economic Recovery

Hoping to press the case that Greece needs more time to hit fiscal targets demanded by international lenders, a report from the country’s Finance Ministry said that a possible recovery could be spurred by allowing two more years for...

Finland Sees Greek Eurozone Exit, Preparing for Breakup

With more signs showing that Greece is heading toward an exit from the Eurozone of the 17 countries using the euro as a currency, Finland says it’s preparing for the worst and putting together an operational contingency plan if...

Despite Austerity, Greek Debt Rises to $374 Billion

ATHENS  - Despite two years of punishing pay cuts, tax hikes and slashed pensions – and with more looming – Greece’s staggering debt has risen to $373.95 billion, up $28.58 billion since March 31, with no signs it’s going...

Samaras Readies to Visit Merkel, Hollande to Make Greece's Case

Greek Prime Minister Antonis Samaras, struggling to get a consensus in his shaky coalition government for another $14.16 billion in cuts and austerity measures he’d vowed to avoid, will take his case to German Chancellor Angela Merkel in Berlin...

Greek, American Researchers: Tax Evaders Cost Greece Billions

Leaving their country to struggle through recession and austerity measures, tax cheats have robbed Greece of some 11.2 billion euros, ($13.76 billion) that could be collected, according to Greek and American researchers. Rather than looking at tax records to...

Greece Puts Moratorium on Spending, Except Salaries, Pensions

Under the gun to make cuts or find equivalent savings of $14.16 billion, the Greek government has put a hold on all spending, except for pensions and salaries, and will not pay its bills. The new coalition administration of...

Greek $5 Billion Bond Sale Holds Off Default – For Now

Facing a deadline this month to pay a $3.82 billion loan payment or risk defaulting, Greece has again managed to escape, by selling $5 billion in 13-week treasury bills, mostly to Greek banks who had been recapitalized by the...

Merkel’s Ministers Want to End Greek Bailouts

German Chancellor Angela Merkel, facing a tumultuous political year, has returned from holidays, only to face a deepening Eurozone crisis and threats from her senior ministers that Germany should veto the next aid package for Greece. Merkel's Christian Democratic Union...

EU Expert on Greek Privatization Quits Amid Corruption Charges

A Slovakian woman fired from her country’s National Property Fund after she had been placed by the European Union on the Greek privatization board TAIPED has been forced to resign after being caught up in a corruption scandal. Anna Boubenikova...