Calamos Supports Greece

Troika

Greece Puts Moratorium on Spending, Except Salaries, Pensions

Under the gun to make cuts or find equivalent savings of $14.16 billion, the Greek government has put a hold on all spending, except for pensions and salaries, and will not pay its bills. The new coalition administration of...

Greek $5 Billion Bond Sale Holds Off Default – For Now

Facing a deadline this month to pay a $3.82 billion loan payment or risk defaulting, Greece has again managed to escape, by selling $5 billion in 13-week treasury bills, mostly to Greek banks who had been recapitalized by the...

Merkel’s Ministers Want to End Greek Bailouts

German Chancellor Angela Merkel, facing a tumultuous political year, has returned from holidays, only to face a deepening Eurozone crisis and threats from her senior ministers that Germany should veto the next aid package for Greece. Merkel's Christian Democratic Union...

EU Expert on Greek Privatization Quits Amid Corruption Charges

A Slovakian woman fired from her country’s National Property Fund after she had been placed by the European Union on the Greek privatization board TAIPED has been forced to resign after being caught up in a corruption scandal. Anna Boubenikova...

Samaras Cancels Prime Minister's Annual Economic Address

ATHENS – With Greece’s already-struggling economy sinking fast and his new coalition government unable to find any answers, Prime Minister Antonis Samaras is ending a tradition that has had Greek leaders for years giving an annual economic speech that...

Stournaras Wants Tax Cheats to Pay Overdue Fines

ATHENS – Struggling to find ways to cut $14.16 billion in spending and raise more revenues, Greece could realize as much as $1 billion just by collecting fines against convicted tax cheats who haven’t paid, Finance Minister Yiannis Stournaras...

Greek Labor Analyst Says Jobless Rate Could Hit 29%

ATHENS - With Greece’s unemployment rate already at a record high of 23.1 percent  - and 1.15 million people out of work during a crushing economic crisis, the Director of the Labor Institute at Greece’s largest private sector union...

Greece Fires Manager for Refusing to Cut Workers’ Pay

ATHENS – The new coalition government led by New Democracy Prime Minister Antonis Samaras has forced the manager of the state nickel producer LARCO to resign after he refused an order to reduce workers’ pay as part of efforts...

Greece Set to Fire 40,000 Public Workers, Unions Vow Resistance

ATHENS – Under the gun from international lenders to make another $14.16 billion in cuts on top of crushing austerity measures that have hit workers, the elderly and the poor, Greece is set to put some 40,000 workers in...

Greek Power Plant Threatens Blackouts to Fight Privatization

The Communist-inspired President of Greece’s most powerful labor union is threatening to have workers at the country’s biggest power plant turn off the electricity around the country in the height of the tourist season to protest government plans to...