Tag: George Papaconstantinou

• Tuesday, May 10th 2011 - 10:17 UTC

  S&P downgrades Greek debt as junk; “haircut” a growing possibility

  

  Standard and Poor's cut Greece's credit rating further into junk territory, reflecting growing doubts that the Euro zone's most fragile economy can manage its debt without imposing losses on private bondholders.

• Friday, May 7th 2010 - 00:38 UTC

  Greece Shocked by Riot Deaths; Parliament Approves Draconian Saving Reforms

  

  Greece's parliament approved Thursday the hefty cuts and reforms proposed by the government to address the country's financial crisis. Members voted 172-121 to pass the bill, which includes tax rises and cuts in pensions and public sector bonuses. Police used tear gas to disperse protestors who rallied outside. On Wednesday, three bank workers died in a petrol bomb attack as demonstrations over the planned austerity measures turned violent.

• Tuesday, May 4th 2010 - 05:48 UTC

  European Central Bank Beefs Greek Rescue-Plan; Takes “Junk” Bonds as Collateral

  

  The European Central Bank (ECB) has moved to shore up the €110 billion EU/IMF rescue of Greece by offsetting the impact of the “junk” rating on the country’s debt.