Euro zone officials have agreed that each euro zone country must prepare an individual contingency plan in the eventuality that Greece decides to leave the single currency area, two euro zone officials said to Reuters on Wednesday. The agreement was reached during a teleconference of the Eurogroup Working Group (EWG), which started at 9:00 a.m. [...]
Tag Archives | Eurogroup
Jean-Claude Juncker: Talks of Greek Exit are “Nonsense, Propaganda”
Finance ministers of the euro zone made a show of closing ranks around Greece Monday, with Eurogroup chairman Jean-Claude Juncker saying that no-one had argued for it to leave Europe΄s currency union at their monthly meeting, Dow Jones reported. “The exit of Greece from the euro zone was not the subject of our discussions today,” [...]
Juncker: Eurozone Didn’t Focus Enough on Greek Growth
The eurozone has focused on helping Greece putting its financial house in order while ignoring the vital question of growth, Eurogroup chief Jean-Claude Juncker said in an interview on Sunday, quoted by AFP. “I believe we have not paid enough attention on the aspect of growth. … We have insisted on cleaning up public finances [...]
Eurozone Approves Launch of Second Greek Bailout
Eurozone finance ministers gave their final approval to a second bailout for Greece today and turned their fire on Spain, demanding it aim for a tougher deficit target this year to get back on track in 2013. Greece, the source of the currency bloc’s debt crisis, swapped its privately held bonds at the weekend for [...]
Moody’s Cuts Greek Debt Rating To C From Ca
Moody’s Investors Service on Friday has downgraded Greece’s local- and foreign-currency bond ratings to C from Ca and has not assigned an outlook to the ratings citing recently announced debt exchange proposals. Greece is facing this latest round of downgrade following its effort to reduce its debts through a debt swap deal with its private [...]
Euro Zone Agrees 2nd Greek Bailout Deal Worth EUR130 Billion
Greece and its creditors have reached a final deal on a second, enhanced rescue package for the country totalling EUR130 billion, officials close to the talks said early Tuesday. Officials said the deal will require Greece’s private creditors to take a deeper writedown on the face value of their EUR200 billion in holdings than at [...]
Second Greek Bailout: Almost Done!
Eurozone finance ministers are leaning towards approving the new $171-billion bailout for Greece. The second bailout for debt-laden country would resolve Athens’ immediate repayment needs but seems unlikely to revive the nation’s shattered economy. French Finance Minister Francois Baroin said Monday that after months of negotiations over terms of the deal for debt-ridden Greece, an [...]
Merkel Optimistic Greek Deal Can Be Agreed Monday
The leaders of Germany, Italy and Greece are “optimistic” that a deal on a second massive bailout for Athens can be clinched next week, a spokesman for German Chancellor Angela Merkel said Friday. Agreement on a second, €130 billion ($170 billion) bailout has been delayed for months due to doubts over Greek political leaders’ commitment [...]
Eurogroup Call Off Face-to-Face Bailout Talks as Greeks Argue (Again)
Euro zone finance ministers dropped plans on Tuesday for a special face-to-face meeting on Greece’s new international bailout, saying political party chiefs in Athens had failed to provide the required commitment to reform. A source familiar with negotiations on Greece’s 130 billion euro rescue also said conservative leader Eurogroup had yet to sign a commitment to [...]
Euro Zone Puts Greek Plan Under Microscope
Greece’s bid for a new bailout got close inspection on Tuesday from euro zone officials poring over the details of Athens’ budget to decide whether it has met conditions to get the money. Even if it passes muster, the second round of funds may only be paid out once Greece proves it has taken action. [...]
Olli Rehn: Greek Vote ‘Crucial Step’ to Winning Second Bailout
The vote by Greece΄s parliament late Sunday in favor of additional austerity measures was a “crucial step” toward winning a second bailout program from its European partners and the International Monetary Fund, European economics affairs Commissioner Olli Rehn said Monday. However, Rehn said there is still further work to do for the new bailout package [...]
Jean-Claude Juncker: Eurozone Not Ready to Unlock Greek Bailout
Eurozone finance ministers warned Greece on Thursday that they are not yet ready to unlock a new debt bailout despite an agreement between Greek political leaders on new austerity cuts. Luxembourg prime minister, Jean-Claude Juncker, arriving to chair Brussels talks among the 17 governments in the Eurogroup, said there were too many “points to clear [...]
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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
Salonica
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