Tag: Greece

• Friday, November 4th 2011 - 08:24 UTC

  Papandreou yields, scraps referendum, promises to step down

  

  Intense European pressure forced debt-stricken Greece to seek political consensus on a new bailout plan instead of holding a referendum after EU leaders raised the prospect of a Greek exit from the Euro to preserve the single currency.

• Friday, November 4th 2011 - 00:14 UTC

  If Greece leaves the Euro, it must also quit the EU, warns Brussels

  

  If Greece decided to leave the Euro, it would also have to quit the European Union, according to the terms of the EU treaties, the European Commission said on Thursday.

• Thursday, November 3rd 2011 - 08:09 UTC

  Greek surprise freezes China’s commitment to the Euro plan

  

  China has said it cannot commit to investing in the European Financial Stability Fund (EFSF) until the situation with Greece has been clarified. European leaders hoped that China would buy EFSF bonds, injecting capital in the region's financial markets.

• Thursday, November 3rd 2011 - 07:45 UTC

  Sarkozy tells the Greeks: shape up or ship out from the Euro zone

  

  Greece will receive no more European bailout aid until it has put an end to uncertainty and agreed to meet its commitments to the Euro zone, the leaders of France and Germany said on Wednesday.

• Wednesday, November 2nd 2011 - 20:35 UTC

  Germany/France lashes out at Papandreou and establish mid-December deadline

  

  Germany and France told Greece on Wednesday it should make up its mind by mid-December whether it wants to stay in the Euro zone when Greeks vote on a 130-billion-Euro bailout.

• Tuesday, November 1st 2011 - 20:30 UTC

  Don’t forget poor nations, victims of Euro crisis, World Bank tells G20

  

  Development banks could provide up to 200 billion dollars in financing to help poor nations deal with shockwaves caused by the European sovereign debt crisis, World Bank President Robert Zoellick said on Tuesday.

• Friday, October 28th 2011 - 04:39 UTC

  Sarkozy said Greece should have not joined the Euro in 2001: “it was not ready”

  

  French President Nicolas Sarkozy has said allowing Greece into the Euro zone in 2001 was a “mistake”. He said Greece was “not ready” at the time, but he added, it could be rescued thanks to Wednesday's EU deal on the euro debt crisis

• Thursday, October 20th 2011 - 21:22 UTC

  European Union remains split on how to strengthen Euro zone bailout fund

  

  The European Union has agreed that around 100 billion Euros is needed to recapitalise the European banking system, but splits remain before a high-profile summit on Sunday over how to strengthen the Euro zone's bailout fund.

• Wednesday, October 19th 2011 - 23:07 UTC

  Greeks have transferred to Swiss banks 200 billion Euros, claims German press

  

  Greeks fearing the safety of their deposits in banks, as well as Greeks trying to evade paying taxes, have reportedly “bailed out” their money of the debt struck country into the safe haven of Swiss banks in a scale of 200 billion Euros.

• Tuesday, October 4th 2011 - 20:00 UTC

  Greek striking public sector workers blockade ministries and paralyze Athens

  

  Greece’s striking public sector workers blockaded the entrance to several ministries in Athens on the second anniversary of the ruling Socialist party's election victory, disrupting talks with EU and IMF inspectors on the next aid tranche.