New Cypriot President Nicos Anastasiades of Cyprus, during a vist to Athens on March 11, will reportedly ask Greek Prime Minister Antonis Samaras to fork over 2 billion euros ($2.6 billion) from its bank recapitalization funds to help pay the cost of a bailout for the island. Cypriot banks were brought to the edge of [...]
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The 12 Events That Bent Greece In 2012
The world was supposed to end in 2012 – on Dec. 21 for you Mayan calendar believers and doomsday cultists – and for many Greeks it seemed like it did. Like the Flogging Molly song, it was the worst day since yesterday for people crushed by pay cuts, tax hikes, slashed pensions, coming layoffs, growing [...]
Greece Protects Banks From Bond Buyback
The Greek government will exempt the country’s struggling banks from a plan to use 10 billion euros ($12.9 billion) to buy back its bonds from investors at a big discount in a bid to write down debt by 20 billion euros ($25.8 billion) as the economy continues to flounder. Officials also said that Dec. 7 [...]
Comerzbank Says Another Greek Haircut Coming
After earlier imposing 74 percent losses on banks and investors – and nearly wiping out its own banking industry in the process – Greece will probably give its bondholders another so-called “haircut,” including those who refused to participate before, the CEO of the Frankfurt-based Comerzbank said. “We will eventually see another debt haircut on Greece, [...]
ECB, Eurozone Taxpayers Could Get 30% Greek Haircut
ATHENS – After stiffing private investors for 74 percent losses earlier this year on their holdings in Greek bonds, Greece may also give a so-called “haircut” of 30 percent losses to the European Central Bank (ECB) and the 16 other countries in the Eurozone who are helping with bailouts. The Reuters news agency reported that [...]
Troika Puts Off Talks, Tsipras Says Greece Should Bail Out
ATHENS – Inspectors for international lenders providing Greece with critical money lifelines were to arrive on July 3, but negotiations with officials of the country’s new coalition government on whether changes will be allowed to bailout deals have been put off. The newspaper Kathimerini reported that the talks that could decide whether new Prime Minister [...]
Greece Recapitalizes Biggest Banks With 18 Billion Euros
ATHENS – With Greece’s bank sector reeling in the wake of big losses imposed by the government as part of a deal with international lenders to reduce its debt, the country’s four largest banks have been given 18 billion euros ($22.6 billion) in a recapitalization that comes the same month anxious customers have been withdrawing [...]
Samaras Says He Can’t Form Coalition, SYRIZA’s Turn Is Next
ATHENS – New Democracy head Antonis Samaras, whose party finished first in the May 6 general elections but with less than 19 percent of the vote, said after less than a day of trying that he can’t form a coalition, setting off new jitters that Greece won’t be able to create a new government and [...]
Greek Elections Campaign Reaches Home Stretch With Promises Flying
ATHENS – After a three-week campaign that was mostly conducted in closed-doors members-only rallies and away from a public furious over austerity measures, a mix of mainstream traditionalists, anti-capitalists, anti-bailout groups, Nazis, nationalists and even a porno star made last-minute appeals to a disenfranchised and disaffected electorate in what promises to give the country the [...]
Greek Banks Could Nix Loans to Ship Owners
ATHENS – Greece’s shipping industry, which pays no income taxes to its homeland, may find it difficult to get more financing from Greek banks because of the economic crisis that has created a deep recession and has threatened to push Greece out of the Eurozone, a research report has indicated. The problem could be especially [...]
20.2 bln Euros of Foreign Law, SOE Bonds to be Included in Swap Deal
Greece said Thursday a further EUR20.2 billion of Greek government bonds will be swapped over as part of its debt restructuring plan and that a deadline to the second leg of the agreement has been extended to April 20. According to Dow Jones, in a statement, Greece΄s Finance Ministry said that it will complete on [...]
Warnings that Greece May Have to Restructure Again
Despite two bailouts totaling $325 billion, a $134 billion write-down in debt, crushing pay cuts, tax hikes, slashed pensions, the coming firing of 150,000 workers, reducing the minimum wage 22-32 percent, phasing out collective bargaining rights for workers and the onset of deep pay cuts in the private sector as well, Greece may still have [...]
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Calendar – Exhibits, Concerts, Fun
- Open Call for Greek Designers May 19, 2013
- Greece Celebrates International Museum Day on May 18 May 18, 2013
- Edessa Cherries, Wine For Gastronomy Fair May 17, 2013
- Greek Choreographers Festival In Thessaloniki May 17, 2013
