Tag: Greece

• Saturday, May 15th 2010 - 04:37 UTC

  IMF Warns Developed Countries on “Urgent” Need to Cut Budget Deficits

  

  The International Monetary Fund has warned developed nations they face an “urgent” need to cut their budget deficits. Its warning comes as a slew of European countries face public unrest over their attempts to do just that.

• Wednesday, May 12th 2010 - 07:09 UTC

  World Markets Lower After Taking a Second Look at Euro Rescue Plan

  

  United States shares closed lower on Tuesday as global stock markets stalled on niggling worries over European debt problems. On Wall Street, the Dow Jones index closed down 0.34% following a turbulent day's trading, and a nearly 4% rise on Monday.

• Wednesday, May 12th 2010 - 03:54 UTC

  IMF: Euro Countries Must Focus on Cutting Deficits; Denies “Blanket Commitment”

  

  European countries saddled with debt should focus on cutting deficits in the wake of policy makers' unprecedented efforts to contain the region's sovereign-debt crisis, said John Lipsky from the International Monetary Fund.

• Tuesday, May 11th 2010 - 03:35 UTC

  Euro Support Package Approved by Soaring Global Markets, but Doubts Linger

  

  Global stock markets soared after the European Union and International Monetary Fund intervened to stop the Greek debt crisis spreading and support the weakened Euro.

• Monday, May 10th 2010 - 05:35 UTC

  EU Reacts and Unveils Package of 962 Billion US Dollars to Bolster the Euro

  

  European leaders unveiled an unprecedented loan package worth almost one trillion US dollars and a program of bond purchases in an attempt to bolster the Euro that has become highly vulnerable because of the Greek sovereign-debt crisis.

• Monday, May 10th 2010 - 03:33 UTC

  Greek Crisis Costs Germany’s Coalition Control of Parliament Upper House

  

  German Chancellor Angela Merkel's party and its coalition allies have been defeated in regional elections in North Rhine-Westphalia, projections suggest. If confirmed, this would see Ms. Merkel's national coalition lose its slim majority in the upper house of parliament, the Bundesrat.

• Monday, May 10th 2010 - 03:29 UTC

  German Highest Court Rejects Attempt to Block Rescue Aid to Greece

  

  Germany's highest court on Saturday rejected a request by a group of academics to block the immediate release of Berlin's multi-billion-euro loan to debt-stricken Greece.

• Saturday, May 8th 2010 - 06:17 UTC

  Fearing Global Impact from Greece, World Markets Close Sharply Friday

  

  Global stock markets closed sharply Friday amid investor fears that Greece's debt crisis could halt the global economic recovery.

• Saturday, May 8th 2010 - 01:42 UTC

  EU Full Support for Euro (and Greece) to Fight Contagion: Creates Stabilization Mechanism

  

  Leaders of the 16 EU member states that use the Euro have approved a 110 billion Euro loan to Greece to prevent its debt crisis from spreading. European Commission President José Manuel Barroso said the Eurozone would do whatever it took to safeguard Greece's financial stability. In return for the three-year loan, Athens must cut public spending.

• Friday, May 7th 2010 - 05:36 UTC

  Greek Default “Is Not an Option” and “Never Has Been” Says IMF

  

  A default by Greece on its debt obligations is not and has never been an option, a spokeswoman for the International Monetary Fund (IMF) said on Thursday. A Greek “default is not on the table, has not been on the table” insisted IMF director of external relations Caroline Atkinson.