Driven down by relentless austerity measures, Greek government debt fell from 170.3 percent of Gross Domestic Product in 2011 to 156.9 percent at the end of last year, according to figures published by Eurostat, that also showed the deficit rose from 9.5 to 10 percent in the same period. Greek public debt peaked at 355 [...]
Tag Archives | Greek Debt
Stournaras Steers Toward Primary Surplus
Greek Finance Minister Yiannis Stournaras said his goal is to push Greece into a primary surplus this year to earn debt relief. That comes after inspectors from international lenders concluded a review of Greek books that is slated to open the way for 8.8 billion euros ($11.5 billion) in the release of delayed loans. “For [...]
Visiting N.Y., Tsipras Calls For EU Debt Summit
Alexis Tsipras, the leader of the major opposition Coalition of the Radical Left (SYRIZA) party that is battling for the lead in polls with the New Democracy Conservatives of Prime Minister Antonis Samaras, told the New York Times that he wants all European heads of state to hold a summit to ease crushing austerity measures [...]
Greece Sells 4.38B Euros in T-bills
Greece sold 4.38 billion euros ($5.67 billion) of one- and six-month treasury bills on Dec. 11 to roll over maturing issues that come due Dec. 14, its debt agency (PDMA) said. Some 2.762 billion euros of one-month T-bills priced to yield 3.99 percent and 1.625 billion of six-month paper were sold at 4.38 percent, three [...]
Greece Pushes Debt Buyback Back
After initially saying it had secured enough participation, Greece has extended the deadline for a buy back of its bonds in a bid to reduce its staggering debt to Dec. 11, in a last attempt to try to get more offers from bondholders, its debt agency (PDMA) said. Only a few days earlier, on Dec. [...]
Samaras: Greek Debt Buy-Back will Not Apply to Greece’s Pension Funds
Greek pension funds will not take part in a debt buy-back that is a key part of the country’s international bailout, Greek Prime Minister Antonis Samaras said in a newspaper interview. “The debt buy-back does not concern the pension funds,” Samaras was quoted as saying in an interview with Sunday’s Proto Thema newspaper. Greek pension [...]
Euro zone Looking for Greece to Buy back 40 Billion Euros of Debt
The euro zone is hoping Greece will be able to repurchase at least 40 billion euros of its own bonds in a buyback operation with private investors, two euro zone officials said on Friday. Euro zone finance ministers expect Athens to spend 10.2 billion euros to buy back at least two-thirds of the 63 billion [...]
Moody΄s: Greek Debt Unsustainable Despite Deal
Greece΄s debt remains unsustainable despite short-term relief from this week΄s deal with major creditors, and Athens will probably need some of the principal on its debts reduced eventually, Moody΄s Investors Service said Thursday. Tuesday΄s deal with euro-zone finance ministers and the International Monetary Fund, unlocking the next 44 billion euros ($57 billion) in loan payments [...]
Borg Says Greek Debt May Need More Talks
Swedish Finance Minister Anders Borg said on Nov. 27 that he was positive on a deal reached on debt relief for Greece but that further talks on loans might be needed already next May. “Most probably, we are back to discussions on the Greek program somewhere around May-June,” Borg told a bank seminar in Stockholm. [...]
IMF Wants Eurozone to Take a €40 Billion Haircut on Greek Debt
The International Monetary Fund wants euro zone finance ministers to agree to cut Greece’s debt by 20% of GDP now (equal to €40 billion) and commit to further cuts later in order to put the country’s debt in a sustainable path, Reuters reported citing an unnamed source. This reduction could be achieved through lowering interest [...]
French Finance Minister: Eurozone Deal on Greek Debt Near
The eurozone is very close to an agreement on Greek debt, French Finance Minister Pierre Moscovici said Sunday on the eve of key talks between the currency bloc’s finance ministers. “I think that in effect we are very close to a solution,” he told BFM Television, adding: “I don’t know if there will be an [...]
Schaeuble Rejects Haircut On Greek Debt For Public Sector
German Finance Wolfgang Schaeuble reiterated his opposition to any haircut on Greek debt held by the public sector, speaking during a television interview on Sunday. Schaeuble told German ARD public television that under national budget rules such a haircut would forbid the government to give any new loans to Greece or sign guarantees for loans [...]
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Calendar – Exhibits, Concerts, Fun
- Crete Hosts Talks On Ancient Novels May 23, 2013
- Velos Mutiny Honored in Special Ceremony May 23, 2013
- Contemporary Theatrical Adaptation of Homer’s Iliad May 22, 2013
- A Greek Portfolio at The Benaki Museum May 22, 2013
