Greece’s unemployment rate was 27 percent in February, up from 26.7 percent a month earlier and still hovering around the record 27.2 percent mark that was set earlier before being revised. The statistics were particularly hard on Greece’s young, rising to 64.2 percent for those under 24, which means only one in three of them [...]
Tag Archives | Greek crisis
Stournaras: “The Worst is Over”
Greece’s crisis-hit economy is finally beginning to heal, according to the country’s finance minister ahead of a crucial report by the International Monetary Fund which is likely to be more positive than in the past. Yannis Stournaras said “the worst is over” and the country had “reached the [bottom of the] trough”. Mr Stournaras’s upbeat [...]
Greek Migrants In The 60′s And Today
Over the past few years the financial crisis has forced thousands of Greeks, mainly scientists and degree holders, to abandon their country in search of a better life abroad. Many have rushed to compare this new migration wave to that of the 1960′s. However, the modern Greek migrant profile differs from that of 50 years [...]
Samaras Says Fired Workers Will Be Replaced
Without explaining how it would cut costs or the government’s bloated payroll, Prime Minister Antonis Samaras said a deal struck with the country’s international lenders that calls for the firing of 15,000 workers over the next two years would allow all of them to be replaced with new, younger workers. “At a time when uncertainty [...]
Stournaras says Greece Clinches Deal with Troika on Review
Greece has reached a deal with its international lenders on a review of the country’s austerity program, finance minister Yiannis Stournaras said on Monday. “We have a deal,” Stournaras told reporters on the sidelines of an Athens conference. An agreement was clinched over the weekend, when the two sides settled the issue of how to [...]
Greek Migrants’ Stories Become Documentaries
New Diaspora is a new online platform featuring stories from Greeks forced to leave the country within the crisis. It is an independent web documentary movement as listed in its official webpage that presents various narratives directed by Nickolas Stamboulopoulos. More than just a website for the Greeks living abroad, the site aims to offer [...]
Inspection Finds Greek Workers No-Shows
With the Greek government backing off commitments to fire up to 8,000 public workers who are disciplinary problems, have committed felonies, faked their credentials, are insubordinate or present problems in other areas, surprise inspections of ministries and and state organizations show as many as 20 percent of civil servants don’t bother to come to work. [...]
Stournaras Says Banks Safe, Troika Talks Linger
With the apparent abandonment of a plan to allow the National Bank of Greece and Eurobank to merge after international lenders raised objections and the banks couldn’t raise enough capital, Finance Minister Yannis Stournaras reassured Greeks their deposits were safe. But he said that negotiations with the Troika of the European Union-International Monetary Fund-European Central [...]
NBG, Eurobank, Will Recapitalize Apart
As Greece and envoys from international lenders are still at odds over whether the National Bank of Greece and Eurobank should merge, as the government wants, the banks will be recapitalized separately, according to two bankers who were not identified, the news agency Reuters reported. “There will be separate recapitalizations,” one of the bankers close [...]
Greece and Cyprus Leave Eurozone, Adopt Dralira
Saying they would no longer put up with being told what to do and to keep imposing pay cuts, tax hikes, slashed pensions and seizing bank accounts so that foreign bankers putting up bailout loans could be paid back, Greece and Cyprus have decided to quit the Eurozone and adopt a new currency, the Dralira. [...]
Athens Stock Exchange Suffers Heavy Losses
Athens Stock Exchange slumped for a second day on Wednesday, on fear of contagion from the financial crisis in neighbouring Cyprus. Although the deal brought temporary relief, investors soon focused on the future ramifications of the bailout plan and what this would mean to other larger economies with weak banking sectors. Cyprus is Greece΄s fourth [...]
Greek Market Slumps
Athens Stock Exchanges ends lower on Tuesday as investors remained anxious about negative implications of the Cyprus bailout plan and if it would serve as a template for other euro zone economies. Although the deal brought temporary relief to investors soon focused on the future ramifications of the bailout plan and what this meant for [...]
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Calendar – Exhibits, Concerts, Fun
- Edessa Cherries, Wine For Gastronomy Fair May 17, 2013
- Greek Choreographers Festival In Thessaloniki May 17, 2013
- Greece Celebrates International Museum Day on May 18 May 17, 2013
- Taxidi Exhibit 2013 Opens in Cyprus May 16, 2013
