Euro zone governments kept Greece afloat on Wednesday after agreeing on a payment of 5.2 billion euros from the region’s bailout fund, despite opposition from some member states following the Greek election results. After a conference call, the board of the European Financial Stability Facility, the 700 billion euro bailout fund administered by the 17 [...]
Tag Archives | EFSF
Bank Recap Plan May be Unveiled After May 6 Election
Greece will take more time to wrap up a bank recapitalization plan it was set to unveil on April 20 and key terms may be have to wait until after a May 6 national election, government officials said on Thursday. Banks will need billions of euros to repair the hit on their capital ratios from [...]
Ailing Greek Banks Will Get A Bailout Too – $62.8 Billion
ATHENS – Awaiting $172 billion in a second bailout to save its economy, Greece will also get more than $62.8 billion in loans from the European Financial Stability Facility (EFSF) to recapitalize its banks, which will take $39.25 billion in losses as part of a separate deal allowing Greece to write down $134 billion in [...]
After the Haircut, What Next for Greece?
The signs are all there that investors have really given up on Greece: analysts no longer say “if” when[...]
Power Games Regarding Greek PSI and EFSF Role
The debate about the haircut of Greek debt has a new dimension, as a large proportion of banks involved in the negotiations expressed the view that the policymakers’ threat of a haircut by 60% would happen without the willingness of banks. That would mean a default, for which banks have no objection, as they state [...]
Troika Shocking Report on Greek Debt: Full Text
The European Commission, European Central Bank and International Monetary Fund have reported on the sustainability of Greece’s debt. Read the text of the report below: Greece: Debt Sustainability Analysis October 21, 2011 Since the fourth review, the situation in Greece has taken a turn for the worse, with the economy increasingly adjusting through recession and [...]
With Slovak Vote, Eurozone Gets New Debt Crisis Weapon
Slovakia finally ratified the eurozone bailout fund on Thursday, removing a major obstacle to the single currency area’s battle against a raging debt crisis set to deal a heavy toll on Europe’s banks. Slovakia became the last country in the 17-nation eurozone to agree to expand to 440 billion euros ($600 billion) the European Financial [...]
Prime Minister: We Need To Build On July 21 Conclusions
George Papandreou said on Thursday that the comprehensive package would include issues such as the need for deeper economic cooperation, integration and governance, the strengthening of the EFSF and the strengthening of the European banking system. “We need to ensure confidence and calm in the markets,” said the Prime Minister, following a meeting with European [...]
Slovakia Blocks Greek Rescue Fund
The Slovakian government has blocked plans to expand the European bailout plans, although international lenders are still expected to give Greece a loan next month. According to Reuters, Slovakia is the only country not to agree to grant the European Financial Stability Fund further powers. Each country in the eurozone agreed to the terms of [...]
EU Mulls 60-per-cent Greek Debt Cut as Merkel, Sarkozy Meet
Eurozone members were considering a possible Greek debt write-down of up to 60 per cent, German negotiators told dpa on Sunday, hours before German Chancellor Angela Merkel was due to meet French President Nicolas Sarkozy for talks in Berlin. Sources close to the German government said it was too early to make a final decision [...]
Euro Zone Postpones Greek Loan
Eurozone finance ministers have delayed a decision on giving Greece its next instalment of bailout cash. It came after Greece said it would not meet this year’s deficit cutting target, sending shares lower on Monday. A meeting set for 13 October, when finance ministers had been expected to sign off the next Greek loan, has [...]
Leading German Politician Calls for Greek Eurozone Exit
A top official from Chancellor Angela Merkel’s Bavarian sister party called Sunday for debt-mired Greece to exit the eurozone, as Germany’s leader fights to keep her government on message during the crisis. “I think it is a solution, if you want to bring Greece back to stable competitiveness, that they do so outside the eurozone,” [...]
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05 / 24 EU Leaders Tell Greek Voters to Make “The Right Choice”
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05 / 23 A Crisis of Democracy: Greece
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05 / 23 Fearing Eurozone Exit, More Greeks Stop Paying Taxes
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05 / 23 Market Watch: ‘If Greece Exits Eurozone, Replace It With Turkey’
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05 / 23 Pilot Program Allows Immediate Visa for Turkish Tourists on Arrival to Greek Islands
Calendar – Exhibits, Concerts, Fun
- Thessaloniki: 50 Year Anniversary Commemorated of Seferis Literature Nobel Prize May 23, 2012
- ‘Doctors of the World’ International Conference to be Held in Greece May 22, 2012
- Crete is a Mediterranean ‘Treasure’ of Aromatic Plants and Herbs May 22, 2012
- Crete to Export Products to Australia May 21, 2012
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