News Overview - The Best from Greece

Anonymous, the secretive internet activist group, hacked the website of the justice ministry on Friday morning, posting a video and text calling for the government “to stop ACTA [Anti-Counterfeiting Trade Agreement] in Greece” within a fortnight.   If this was not done, the m...

Athens shopping streets may be busy, but thousands of stores are going out of business in the sector's worst crisis in decades Helena Smith in Athens In recent weeks Antonis Megoulis, who heads the national confederation of Greek commerce, has been playing spot the shopping bag. Stan...

Lenders are not in agreement on the impact of the debt swap plan on them By Yiannis Papadoyiannis The ambitious plan of merging two of Greece’s three biggest lenders, Alpha Bank and Eurobank EFG, may be suspended after all, if indications are anything to go by. Alpha Bank on Monday refe...

Chancellor Angela Merkel cemented her political ascendancy in Europe Monday when 25 out of 27 EU states - inclding Greece - agreed to a German-inspired pact for stricter budget discipline, even as they struggled to rekindle growth from the ashes of austerity.   Only Britain and the Czech...

EU 'to be given veto power over tax and spend plans' Unprecedented grab for control of soverign state   By Jane Bunce   The German government has reportedly called for Greece to hand control over its finances to the European Union, in what would be an unprecedente...

Jan. 27 (Bloomberg) -- International Monetary Fund Managing Director Christine Lagarde said that she’s not satisfied with the progress Greece has made on structural reform. “We’re not terribly positive about what has been done but we want to put together a program for the cou...

Greece will not cede control over its budget to the European Union as has been proposed by Germany as a condition to a second bailout, Greek government sources told AFP on Saturday. "Greece will not discuss such a possibility," one of the sources said. "It is out of the questio...

Germany is pushing for Greece to relinquish control over its budget policy to European institutions as part of discussions over a second rescue package, a European source told Reuters on Friday.   "There are internal discussions within the Euro group and proposals, one of which come...

Greece expects to clinch a long-awaited bond swap deal within days, Prime Minister Lucas Papademos told Reuters on Friday, promising the country would avoid an unruly default feared by financial markets worldwide.   But in a sign that Greece's troubles will be far from over even with a ...

Gov't does not see eye-to-eye with the troika on state assets that must go on sale By Vangelis Mandravelis With Greece’s creditors calling for two to three major privatizations within the year’s second quarter, the government is pushing for the utilization of state lotteries, the s...

Prime Minister Lucas Papademos is meeting on Saturday afternoon with the leaders of the three parties that form his coalition government as he attempts to obtain agreement on the demands for reforms made by the European Commission, European Central Bank and International Monetary Fund, commonl...

MANNHEIM: As private holders of Greek debt and public officials enter another round of crisis talks, Alliance Bernstein's James Ross, said he couldn't understand why hedge funds were 'still playing ball'. 'My question about the whole negotiations is why hedge funds don't hang the Greeks out...

The European Central Bank has ruled out taking voluntary losses on its Greek bond holdings but is now debating how it would handle any forced losses and whether to explore legal options to avoid such a hit, central bank sources told Reuters on Wednesday.   Earlier this month, speculation...

By Costas Karkayiannis BRUSSELS - Greece will need more money than the 130 billion euros estimated in October once the agreement with private creditors is completed, the vice president of the European Commission, Olli Rehn, said on Thursday, thereby admitting for the first time the existence o...

Prime Minister Lucas Papademos informed his ministers on Thursday of the major structural reforms and further austerity measures that Greece will have to adopt if it wants to qualify for further loans from the European Union and International Monetary Fund. Papademos distributed among his min...

Key talks between Athens and its private creditors are set to resume later to try to agree a debt write-off that would dramatically reduce Greece's debt levels. The two parties have so far failed to agree an interest rate on new bonds that would replace existing debts. If agreement can be reac...

PARIS: IMF chief Christine Lagarde said Wednesday that European public creditors would need to pitch in and help Greece if banks and insurers did not agree to a sufficient cut in money owed to them. If private creditors did not successfully negotiate a sufficient debt writedown with Greece, ...

Talks on a debt swap to avert a Greek default resume Thursday as international policy makers squabble over the mounting cost of the rescue. Charles Dallara and Jean Lemierre, negotiating on behalf of private creditors, return to Athens on Thursday after European finance ministers insisted bon...

Finance Minister Evangelos Venizelos returned to Athens on Tuesday from tough talks on a debt swap deal in Brussels to continue negotiations with international auditors, as Prime Minister Lucas Papademos was reportedly preparing for some difficult meetings too with pressure building for Greek ...

  Award-winning director Theo Angelopoulos died at the age of 76 in an Athens hospital on Tuesday, hours after a motorbike ran him over while he was filming a movie on location on the country’s debt crisis.   Winner of awards including the prestigious Cannes Palme D'Or prize in ...

New Democracy wants snap elections as soon as the country clinches a new bailout deal to avoid a default, and no later than April 8, its leader Antonis Samaras told Reuters on Tuesday.   He said the country was in a long-term depression, rather than just a recession. But he also expects ...

Development Minister Michalis Chrysochoidis, who has declared he intends to challenge for the PASOK leadership, said on Tuesday that when he was part of the Cabinet in 2010 he did not read the terms of Greece's loan agreement with the European Union and the International Monetary Fund. Speaki...

Eurozone finance ministers on Monday rejected as insufficient an offer made by private bondholders to help restructure Greece's debts, sending negotiators back to the drawing board and raising the threat of Greek default. At a meeting in Brussels, ministers said they could not accept bondhold...

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The abrupt departure from Athens of Charles Dallara, the private creditors’ chief negotiator, on Saturday, stalled talks for second time in eight days to come up with private-sector involvement (PSI) deal that is precondition to getting a second bailout for Greece and averting bankruptcy...

By Prokopis Hatzinikolaou Wednesday will see the start of discussions on the new tax system at the Finance Ministry, with the reduction of value-added tax being a real possibility as the government is seeking ways to bolster growth. The ministry will examine the reduction of the VAT rate of t...

EU finance ministers meet in Brussels to discuss new budget rules, Greek debt swap By Patrick Donahue European officials will forge ahea...

Greece is racing for a double debt-saving deal in parallel negotiations with private creditors and its EU-IMF bail-out partners. Greece is racing today for a double debt-saving deal in parallel negotiations with private creditors and its EU-IMF bail-out partners ahead of a default deadline lo...

The state and its private bondholders will resume debt swap talks on Friday amid signs they are inching closer to a long-awaited deal needed to prevent a chaotic default.   The government is keep to wrap up an agreement by Monday, paving the way for a fresh injection of aid before 14.5bn...

Israeli Prime Minister Benjamin Netanyahu will visit Greek Cyprus in February, an official said on Thursday, becoming the country's first premier to visit the island nation. "There is a plan to visit Cyprus in February,» the Israeli official told AFP on condition of anonymity, afte...

Prime Minister Lucas Papademos on Thursday struck a positive note following a joint meeting with the leaders of the three parties in his fragile coalition, dec...

Panathinaikos have scraped past another weak opponent to within a point of leaders Olympiakos in Greece's Super League. Costas Katsouranis scored with just two minutes left on the clock to grind out a 1-0 win over last-placed Doxa Drama at Athens' Olympic Stadium.   The Greens, now with ...

A top banking negotiator says a row over interest rates is holding up a vital deal with Greece to cancel 100 billion euros of the country's national debt.   Charles Dallara, head of the New York-based Institute of International, told CNN that he had come under pressure from outside Gree...

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Greece is due to continue on Thursday talks with banking representatives aimed at agreeing a haircut for private investors holding Greek debt. Charles Dallara, head of the International Institute of Finance representing private creditors, and Greece's prime minister Lucas Papademos met on Wed...

ATHENS, Greece — Greece resumed talks with its international debt inspectors Tuesday, facing a race against the clock to avoid becoming the first country that uses the euro to default on its debts and potentially trigger a chain reaction that could ultimately destroy the European si...

The Greek Culture Ministry said on Tuesday January 17 it is making it easier to rent some of the nation's most iconic archaeological sites for filming and photography for advertisers and other ventures. The ministry says the money raised would help maintain and protect the sites. The new ...

Greece is braced for a second day of protests as representatives of international creditors arrive in Athens for crucial talks on plans to write off 50% of the country's debts. Negotiations over Greece's ballooning debts are expected to be accompanied by protesters accusing lenders of hold...

Key talks between Greece and its private creditors that could could affect the country's future in the eurozone are expected to resume later on Wednesday. The two parties are trying to agree loan write-offs of about 50% to help Greece slash its high debt levels. The talks stalled last Friday a...

PM quashes default rumors as auditors start arriving in Athens for talks on reforms As government officials brace for an extremely tough week of talks with representatives of Greece’s foreign creditors, Prime Minister Lucas Papademos sought to strike a positive tone, stressing in an inter...

Prime Minister Lucas Papademos promised a debt swap would be clinched in time and dispatched senior officials to Washington on Monday to break a deadlock in talks that has prompted new fears of a disorderly default.   The government needs a deal with the private sector, the EU and the I...

Greece has sent top officials to the US for talks with the International Monetary Fund as it returns to centre stage in the eurozone crisis over fears that a debt deal impasse with bondholders could trigger a messy default. The Greek Prime Minister Lucas Papademos said on Monday he...

Germany is optimistic about the outcome of a bond swap deal aimed at slashing Greece's towering debt pile, Germany's foreign minister said during a visit to Athens Sunday which he said brought a message of solidarity.   Pressure is mounting on Athens to complete a deal with private bond...

European leaders promised on Saturday to speed up plans to strengthen spending rules and get a permanent bailout fund up and running as soon as possible, a day after US. agency S&P cut the ratings of several eurozone countries' creditworthiness.   In a conference call with reporters an...

Greek Energy Minister Giorgos Papaconstantinou ...

Germany expresses support ahead of gov’t talks with troika and bondholders There were encouraging words for Greece from Germany Sunday ahead of a challenging week of negotiations with representatives of the European Commission, the European Central Bank and the International Monetary Fun...

The head of the Orthodox Church of Greece will soon visit the jailed abbot of Vatopedi Monastery, Ephraim, in his cell at Korydallos prison.   The move by Archbishop Ieronymos of Athens and All Greece comes after the Church’s Holy Synod agreed, after a two-day discussion, to issue...

Progress was made on a couple of key pieces of reform legislation on Thursday as it was announced that representatives of the European Commission, the European Central Bank and the International Monetary Fund, commonly known as the troika, are due to arrive in Athens on Tuesday for their lates...

By George Georgakopoulos Stratos Perperoglou led Panathinaikos to victory at the top-of-the-table clash with Kolossos on Rhodes, but the...

United Arab Emirates (UAE) Foreign Minister Sheikh Abdullah bin Zayed bin Sultan Al-Nahyan on an official state visit to Greece has said “The attention we pay to this country (Greece) stems from our conviction that despite the difficult economic conditions the global economy is passing t...

Finance Minister Evangelos Venizelos says talks with banks for a 100bn euro debt reduction agreements are at "a very good point" the clearest indication so far that the complex negotiations could be nearing a conclusion.   Venizelos' optimistic assessment came hours before he w...

By Associated Press, Updated: Wednesday, January 11, 11:52 AM   LAGONISSI, Greece — Debt-crippled Greece’s budget deficit is expected to hit 9.6 percent of economic output in 2011, about half a percentage point above target, the development minister admitted W...

Disabled groups in Greece have slammed a government plan to categorise assorted varieties of criminal citizens, such as pyromaniacs, kleptomaniacs and, most controversially, paedophiles as disabled, over fears that it could undermine their state benefits. The Greek government decision was anno...

The chairman of Greek league leader Olympiakos says he will fine players after an embarrassing weekend draw with Doxa Drama that put rivals Panathinaikos and AEK Athens firmly back in title contention.   Vengelis Marinakis blasted players after the match for acting in a selfish an uninspir...

The European Union is expected to bring forward a meeting of foreign ministers due to decide on an oil embargo on Iran by one week to January 23, EU diplomats said on Monday.   They said a final decision would be taken by a meeting of EU ambassadors in Brussels on Tuesday, and the aim wo...

The labor reserve scheme, which is designed to place 30,000 civil servants on reduced salaries for a year and which politicians pored over for more than a year was on Tuesday described as “bordering on the absurd and ridiculous” by Administrative Reform Minister Dimitris Reppas. ...

Talks between the Greek government and private creditors on a debt swap are proceeding satisfactorily, focusing on the coupon new bonds will carry, Deputy Finance Minister Filippos Sachinidis said on Tuesday, as the government and its private creditors are said to be putting the finishing touc...

Defense Minister Ehud Barak left Israel, Tuesday morning, on a two-day diplomatic and security visit to Greece. During his visit, he will discuss bilateral security relations and other security and regional matters with senior government and security officials. ...

Germany and France warned Greece on Monday it will get no more bailout funds until it agrees with creditor banks on a bond swap and pressed for an early deal to avert a potential default in the eurozone's most debt-stricken nation.   Chancellor Angela Merkel and President Nicolas Sarkozy...

Europe's biggest commercial broadcaster RTL Group is giving up on the Greek broadcasting market as the country's debt-induced economic crisis crushes advertising revenue.   RTL said in a statement it would sell its 70 percent stake in Alpha Media Group to minority stakeholder and Greek e...

A painting by Pablo Picasso, given to Greece by the artist himself, was stolen in a predawn heist at the country’s biggest state art gallery Monday, along with two other works of art. “Woman’s Head,” a 1939 cubist bust, was donated to the country in 1949 in recognition ...

One of Greece’s best-known hotels and a Thessaloniki landmark, the Makedonia Palace is to set to reopen on January 14 after the IKA social security fund, which owns the building, and the hotel managers reached a deal to keep the operation going for a few more months. The Daskalantonakis...

Dec 30 (Reuters) - Greece picked 22 financial institutions as primary dealers in government paper next year, a joint decision taken by Finance Minister Evangelos Venizelos and the country's central banker George Provopoulos, the Bank of Greece said on Friday. There was no change from the li...

Article | December 29, 2011 - 12:51pm | By By Dionyssis Kefalakos The Private Sector Involvement (PSI) in alleviating the Greek sovereign debt seems to be faltering. The two negotiating sides, Greece's official creditors, the EU and the IMF, and the International Institute of Finan...

In a move that is likely to lead to a number of sackings and job transfers, private consultants will be brought in to evaluate Greece’s civil servants in 2012, it was announced on Thursday. Administrative Reform Minister Dimitris Reppas said that a bill would be submitted to Parliament ...

Electricity prices will increase by 9.2 percent from New Year’s Day, the environment, energy and climate change ministry said on Thursday.   The increase is less than state-controlled utility Public Power Corporation (DEI) wanted said it needed to shore up its finances but still a...

All structural reforms must be underway or either completed by mid-January, ahead of the signing of the country’s new loan agreement, the prime minister underlined on Thursday during a Cabinet meeting, according to government sources.   The sources said that Lucas Papademos has con...

The foreign ministry on Wednesday rejected criticisms by its Russian counterpart of the decision to place the abbot of Vatopedi monastery in pretrial detention.   Responding to a statement from the Russian foreign ministry over the ruling of Athens appeals court to remand Abbot Ephraim in ...

The state could soon reach a deal with banks and private creditors on a bond swap to reduce its mountain of debt, the government spokesman said on Thursday, as it tries to resolve differences with its creditors and avoid default.   The deal is a pivotal part of a second, 130bn bailout pa...

TAIPED to auction off Astir Palace and Golden Hall as well as plots at Afandou and Kassiop By Vangelis Mandravelis The state privatization fund (TAIPED) is about to embark on the second wave of tenders for state-owned properties, with four assets that are likely to attract significant interest...

Prime Minister Lucas Papademos has confirmed plans to find the financial support for programs aimed at helping some 150,000 people find new jobs next year. Papademos confirmed the initiative after meeting with ministers and Archbishop Ieronymos, the head of the Church of Greece, on Wednesday....

TAIPED about to put ‘for sale’ tags on state corporations, real estate properties By Vangelis Mandravelis The state privatization fund (TAIPED) is racing full throttle into the first quarter of the new year, having already chosen which state assets should be the first to go. The s...

Business associations are estimating a 30 percent drop in Christmas sales compared to last year – a potentially disastrous performance for the struggling retail sector.   "This year's Christmas market has suffered a heavy winter after, with losses on sales of retail stores con...

The finance minister has said that elections are likely to be held in late April, two months later than originally planned, giving the new coalition government time to push through key reforms.   Evangelos Venizelos told a meeting of Pasok's executive political council on Tuesday: "...

The government is calling on Turkey to investigate allegations by its former prime minister, Mesut Yilmaz, that the state funded a secret programme in the mid-1990s to start massive wildfires in Greece during a crisis between the two countries that brought them to the brink of war.   Yil...

ATHENS: Ten years of the euro have left Greece's economy in tatters, but the single currency remains highly popular among Greeks who fear a return to the drachma would be catastrophic. Politicians never fail to hammer it home, but the polls also confirm it: Greeks want to stay in the eurozone....

New Democracy leader Antonis Samaras (photo) on Saturday rejected an invitation by the prime minister of the Former Yugoslav Republic of Macedonia, Nikola Gruevski, for a meeting to discuss the ongoing name dispute between the two Balkan neighbors, saying in a letter released to the media, &ld...

By Yiannis Papadoyiannis Bank officials are expecting the local credit sector to shrink rapidly in 2012 and the following years. They es...

IOC's Jacques Rogge tells Kathimerini delays in Olympic preparation took their to By George Georgakopoulos and Spyridoula Spanea The 2004 Olympic Games in Athens did aggravate the Greek debt to an extent, the head of the International Olympic Committee, Jacques Rogge, said in an exclusive inte...

Papademos is to meet Papandreou on Tuesday, concluding talks with party leaders Prime Minister Lucas Papademos is on Tuesday due to meet his predecessor, socialist PASOK leader George Papandreou, completing a series of meetings with the heads of the three parties in his fragile coalition that...

Conservative New Democracy (ND) party signalled on Friday it would drop its insistence on holding elections in February, a move that would give prime minister Lucas Papademos more time to pass reforms and secure a vital debt restructuring deal.   Political deadlock over the timing of an ...

By George Georgakopoulos Holder AEK will have to defend its title at PAOK in the fifth round of the Greek Cup, according to the draw conducted on December 23. AEK beat PAOK last season in the Cup’s two-leg semifinals to advance to the final where it beat Atromitos, but this time it will...

Merkel's hard line on fiscal responsibility is a growth inhibitor. Spending will help prevent a European recession The patient, E.Z., is in failing health, and the European surgeons are arguing bitterly at the operating table. The Greek doctors call for a feeding tube, oxygen, antibiotics, the ...

ATHENS, Greece, Dec. 23 (UPI) -- A pre-Christmas snowstorm paralyzed parts of northern Greece, with hundreds of motorists stranded on a blocked highway in Macedonia early Friday. The storm began late Thursday, Ekathimerini reported. The Egnatia Odos highway came to a standstill after a tractor...

One motorist was killed while around 200 other drivers were trapped for hours in a multiple car crash during a heavy snowstorm in Greece, officials said. Due to the icy roads, a truck tipped over on a national road near Kozani city in northern Greece on Friday, causing a multiple car crash a...

Athens, Dec 24 : For the first time since a "Santa Claus Post Office" opened around two decades ago in Greece, children in the debt-hit country have not only asked for new toys, but also for jobs for their unemployed parents.   ...

 The Court of Appeals Judges’ Council on Friday decided that Abbot Ephraim of the Vatopedi Monastery, one of the leading defendants in a case concerning suspect land swaps between the monastery and the Greek state, be held in custody pending trial.     The ruling was in ...

Meetings with heads of two party chiefs conclude without nasty surprises or election date Prime Minister Lucas Papademos held meetings on Friday evening with the leaders of the two smallest parties in his tripartite coalition and appeared to secure their support for the continuation of his adm...

Shops to stay open until 6 p.m. on Saturday Christmas travelers are relieved to see maritime transport revert to normal on Saturday after the strong northeasterly winds subsided. Port authorities across Greece have allowed all ships to sail just in time for Christmas Eve, following days with ...

An inclement weather front hit the country early on Thursday, with heavy snowfall in the north of the country and on high ground in northern and central Greece, gale force winds and heavy rainfall in most parts of the country.   The bad spell is forecast to continue throughout Thursday i...

The coalition government will review sweeping changes to the court process at a cabinet meeting – in the first of several major reforms expected under interim Prime Minister Lukas Papademos.   The law would introduce fast-track divorces, longer court working hours and other changes...

 President offers to convene party leaders if Papademos’s talks fail to yield deal and curb election rumors resident Karolos Papoulias on Thursday offered to help Prime Minister Lucas Papademos ward off a political crisis by convening a session of party leaders if the premier’s t...

Apparel retail sales lose ground, while toys are the only exception By Mary Lembessi After suffering significant drops in profits and turnover over the course of the year, the local retail market is facing a similar picture this festive season as consumers attempt to combine their needs and d...

Dec 23 (Reuters) - Shareholders of Greece's fourth-largest lender Piraeus Bank approved on Friday a 400 million euro capital boost, through the sale of new preferred shares to the state. Piraeus is the second Greek lender this week to have used a 2008 bank support law to raise capital and shiel...

The consortium that produces Eurofighter jets announced on Thursday that it will be withdrawing from Greece. The reason for its withdrawal, the announcement said, was that Greece would not be in a position to procure anymore aircraft until 2018 or 2020. ...

When Greece’s technocrat government was formed, some in the media rushed to proclaim the Greek political crisis over. Not so, however, no more than the country’s economic crisis. Austerity and fund-raising measures are being put in place but privately and publicly, questions are b...

A cold front of gale force winds and snow on mountains swept across several parts of central and northern Greece on Thursday. Snowfall observed in many areas of Macedonia, Epirus, Thessaly and Evritania prompted local authorities to advise motorists to use snow chains. According to the Hellen...

Papademos to meet with party chiefs after debate on pension cuts causes rift   Prime Minister Lucas Papademos is to have a series of meetings with the leaders of the three parties in his fragile coalition, starting on Friday, after conservative New Democracy, the second-largest party in th...

By Christos Ziotis, Marcus Bensasson and Jesse Westbrook (Updates with Vega e-mail sent to Greek creditors in eighth paragraph. For more on the euro crisis, see EXT4.) Dec. 22 (Bloomberg) -- Greece’s creditors are resisting pressure from the International Monetary Fund to accept bigger l...

Published on Thursday 22 December 2011 00:33 BRITAIN and Ireland have been told they cannot send asylum seekers back to Greece because of the country’s inadequate asylum arrangements. A European Court of Justice ruling said no EU government could take it for granted that another member ...

Athens - Snowstorms, heavy rain and strong winds caused a transport chaos around Greece on Thursday. Ferry services were disrupted and there was heavy snowfall in many parts of central and northern Greece, prompting some schools to close. Kilometres-long queues were reported on motorways as ...

Net income from agriculture declined in Greece by 5.3 percent this year compared to 2010, while since 2005 farmers’ total revenues in this country have dropped by 20.9 percent, which constitutes the third-biggest drop in the European Union, according to Eurostat figures. In the same per...

No Greek parliamentarian has assets in Swiss banks, according to a preliminary probe into the “origin of wealth” declarations submitted by politicians for 2009 and posted on Parliament’s website on Tuesday. The so-called “pothen esches” forms -- in which specific ...

ND, second party in coalition, expected to challenge bill foreseeing cuts to auxiliary pensions ...

Hellenic Aerospace Industry (EAB) on Tuesday announced the signing of a cooperation memorandum with the company Advanced Military Maintenance, Repair and Overhaul Center (Ammroc) in the United Arab Emirates, thus boosting its presence in the UAE.   Ammroc is the primary support outfit fo...

GOVERNMENT ministers admitted on Monday that the austerity policies pursued in the course of the past two years have not only failed to meet their budgetary targets but have also had detrimental effects to Greek economy.   “The government has been wide off the mark in all its macro...

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DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/05090c/greece_food_and_dr) has announced the addition of the "Greece Food and Drink Report Q1 2012" report to their offering. “Greece Food and Drink Report Q1 2012&rd...

by Dimitris Yannopoulos   19 Dec 2011 The ingenuity of finance ministry advisors knows no bounds when it comes to collecting taxes by unconventional proxies.   After enlisting the Public Power ...

Budget deficit to exceed 10 percent this year as state revenues continue to suffer By Prokopis Hatzinikolaou The government has decided ...

 Gov’t spokesman vague on reshuffle, calls for focus on reforms; ministry eases pain of property tax peculation about a possible reshuffle of Prime Minister Lucas Papademos’s coalition cabinet resurged on Monday as government spokesman Pantelis Kapsis pointedly avoided ruling o...

Despite several weeks of vehement protests against the imposition of a new property tax on homeowners, it appears that the levy has been one of the government’s few successful austerity measures as it is forecast to bring in 2 billion euros in much-needed revenue by the end of the year, ...

The government looks set to exceed its revenue targets from the unpopular property tax, an official at the Public Power Corporation (DEI) which is collecting the tax said on Thursday.   A total of 650m euros of the tax have been collected so far, suggesting the final take may breach the ...

Nikos Lekkas' team of tax investigators knew they were on to something when they found that a humble farmer on the island of Thasos owned a red Ferrari and a Porsche.   Intrigued by how a farmer who had declared just 100,000 euros in income over the past decade could afford such luxuries...

Settling the name dispute between Athens and Skopje will greatly benefit the Former Yugoslav Republic of Macedonia, where Greek investments have created some 20,000 jobs, Greece’s president said on Wednesday. “The message to Skopje is crystal-clear. The name dispute must be solved...

In an attempt to speed up the tortuous process of placing thousands of civil servants in a labor reserve scheme, the government said on Wednesday it would dock public sector workers’ pensions if it finds they fulfilled the criteria to enter the process but failed to be inducted because t...

Thomsen warns that unless reforms are implemented, budget deficit won’t be brought below 10 pct ...

Greece's debt inspectors have told the troubled country to axe public sector jobs and wage guarantees, after conceding that its austerity program had failed to drastically reduce budget deficits.   IMF envoy Poul Thomsen told a fiance conference that the government now had no choice othe...

Three gambling groups have expressed interest in buying the Hellenic State Lotteries, the privatisation agency said late on Tuesday, in a sign that the government's stumbling asset sales programme may be making some progress.   Some of the world's biggest gaming majors teamed up to consi...

by Dimitris Yannopoulos Striving to play down the role of the troika's austerity prescriptions in contributing to a an ever-deepening  recession  of the Greek economy, International Monetary Fund (IMF) mission chief Poul Thomsen on Tuesday shifted the blame on delayed structural reform...

Investment bank to be set up in Athens; major solar energy plant project planned for Kozani By George Georgakopoulos The German government appears determined to assist Greece through facilitating investment and offering know-how to Athens, but it also expects Greece to settle its debts to Germ...

In a drive to reverse the effects of a brain drain in its engineering sector, German industry representatives on Tuesday met with graduates of the National Technical University of Athens in an employment networking event organized by the Greek and German branches of the European Employment Ser...

PM tries to look upbeat on coalition prospects for pushing through tough reforms Prime Minister Lucas Papademos has sought to strike an upbeat tone on the prospects of his interim government, despite the massive hurdles and shortfalls in meeting budget targets, insisting that reform efforts ar...

By Associated Press, Updated: Wednesday, December 14, 9:36 AM ATHENS, Greece — Greece is in crisis, but it was hard to tell at Athens fashion week, which showcased spring and summer collections for 2012. “Keep Greek Fashion in Your Hearts,” was the motto, ...

Wednesday 14th December 2011, 2:09am EUROZONE HARRY BANKS GREECE’S yawning public deficit widened in the first 11 months of the year, putting budget targets further out of reach, as the IMF warned that the country was reaching its limit on new taxes and cut it...

Crisis-hit Greece is still losing billions of euros (dollars) to corruption in spite of efforts to stamp out graft and maximise the state's tax revenue, a report said on Wednesday. The Ta Nea newspaper said that tax evasion cost Greece 13 billion euros ($17.4 billion) annually in lost reve...

Greek economic facts 13 December 2011, 13:39 CET (ATHENS) - Basic economic figures for Greece, the epicentre of the eurozone debt crisis and the first member state to be bailed out by the European Union and the International Monetary Fund, in May 2010. EUROZONE E...

Greece raised 1.625 billion euros ($2.14 billion) for six months at an increased interest rate of 4.95 percent on Tuesday, the Greek debt management agency said. At the last such auction on November 8, Greece had paid a rate of 4.89 percent. However, the initial amount of bonds offered fo...

  SOCIAL awareness initiative RepowerGreece will bring its campaign that seeks to redefine the global image of Greece to the local business community at an open discussion on the economy to be held on Monday.   The event will take place at the Athens Chamber of Industry and Commerce (...

Panagiotis Roumeliotis will take over as non-executive vice chairman in Bank of Piraeus from January 1, 2012, the bank said on Friday. Roumeliotis will chair the bank’s risk management committee, while he will become a member of the bank’s strategic planning and supervise the grou...

Greece's privatisation authority is seeking expressions of interest for the acquisition of a majority stake in the company that owns the rights to develop the land around the former Athens airport, Hellinikon. Located within the greater Athens metropolitan area, the site is close to the hear...

In one of his few public interventions, Kostis Stefanopoulos expressed his total opposition on the immediate holding of elections, critising the ND party's stance as well as statements by A. Samaras on the participation of his party in the new government.   «The country has no need...

Governments and Greece's private-sector bondholders will meet Monday in Athens, marking the next step in trying to bridge the wide gulf between the two sides for working out a voluntary restructuring, senior sources close to the talks confirmed on Friday.   "The meeting is on Monday...

Panathinaikos comes from behind to beat Panionios By George Georgakopoulos Olympiakos and Panathinaikos kept the pressure on AEK in the Super League by chalking up away wins on December 11, with Marko Pantelic scoring four goals for the Reds to climb to the second spot in the scorers' chart, ...

By Dimitra Manifava Own-label products at supermarkets are gradually losing their advantage of being cheaper than those of well-known brands, as a survey by the state’s General Secretariat for Commerce has found their prices have risen significantly over the last year, in some cases by u...

Inspectors return to Athens to finalize terms of second rescue program, bond swap After several taxing weeks of political instability and economic uncertainty, senior representatives of the country’s foreign creditors are due back in Athens on Monday to resume talks aimed at finalizing th...

On 9 December, the European Investment Bank (EIB) as the manager of the JESSICA Holding Fund Greece signed two agreements valued at €135 million to support the real economy of Greece. €85m has been allocated for the establishment of an Urban Development Fund with the National Bank of...

Kuwait businessmen should look to capitalise on the distressed assets emerging from the Greek economy’s debt crisis, the head of an Arab-Greek trade body has said. Christos Folias, chairman of the Arab-Greek Chamber of Commerce and Development, said investors could yield good returns on op...

Governments and Greece's private-sector bondholders will meet Monday in Athens, marking the next step in trying to bridge the wide gulf between the two sides for working out a voluntary restructuring, senior sources close to the talks confirmed on Friday.   "The meeting is on Monday...

Labor issues will be at the focus of the new troika visit, that begins on Monday, as its first meetings in the new week will be with officials of the Labor Ministry. The first thing on the agenda of representatives of the eurozone and the International Monetary Fund will be to find out whethe...

...

Tourism, an important source of revenues and jobs, could be a key lifeline for debt-stricken Greece but it needs help and support to get through the current crisis, industry officials say. Greece has much to offer any visitor, from some of the world's premier historic sights such as the Acropo...

The need for deep structural reforms in Greece is well-known. But a new OECD report indicates that Athens may be incapable of such far-reaching changes. Ministries don't communicate, officials don't keep records and oversight is virtually nonexistent. The only thing that might help, it sa...

Voters like technocrat Prime Minister Lucas Papademos but deeply distrust his coalition government made up of career politicians, two polls showed on Friday.   Papademos' popularity rose to 60 percent in December from 55 percent last month, according to a survey by pollster Public Issue ...

The EU president on Friday pledged to inject cash into an IMF war-chest and impose stricter rules on deficits as part of the latest measures announced to tackle the eurozone debt crisis. After a crunch summit dubbed the last chance to save the embattled eurozone, European Union president Herm...

Europe divided on Friday in a historic rift over building a fiscal union to preserve the euro, with a large majority of countries led by Germany and France agreeing to move ahead with a separate treaty, leaving Britain isolated. Twenty-three of the 27 leaders agreed to pursue tighter integrat...

Estimates put funds required for the development of the area at 2 billion euros By Giorgos Lialios After a long delay, the government launched on Thursday the major tender for the real estate project planned for the area of the old Athens airport at Elliniko, giving details of the plan even th...

Athens mayor Yiorgos Kaminis has called on school children in the capital to decorate the city's main Syntagma Square on Friday, to save money on Christmas expenses.   Schools have been invited to decorate trees on the square between 11am and 1pm before Kaminis inaugurates the city's hol...

Bulgarian Deputy Prime Minister and Finance Minister Simeon Djankov announced after Wednesday’s Cabinet session in Sophia that Bulgaria was pulling out of the Burgas-Alexandroupoli oil pipeline project.     The pipeline aimed at connecting the Bulgarian Black Sea port of Burg...

Data show increase in Greeks’ share of the global fleet, with focus shifting to specialized vessels By Nikos Bardounias Despite th...

Olympiakos went from ecstasy to utter despair after their 3-1 win over Arsenal looked to be sending them into the Champions League last 16 only for Olympique Marseille to pip the Greeks at the death.   Marseille's two late goals in a 3-2 victory at Borussia Dortmund in the other final Gr...

ATHENS: The Greek parliament early Wednesday approved the country's 2012 budget designed to tackle a severe debt crisis, amid fresh anti-austerity protests that briefly turned violent Tuesday. With the support of the three parties backing the one-month-old interim government of Lucas Papademo...

A scratch Arsenal side suffered a 3-1 defeat at the hands of Olympiakos in their final Champions League Group F fixture, in a disappointing performance. Arsene Wenger chose to leave the bulk of his first-team back in London, with only two members of the side that beat Wigan 4-0 at the weekend trave...

The government passed the 2012 budget, which is aimed at shrinking the state’s debt mountain through tax hikes and spending cuts, hours after protesters clashed with police outside parliament.   Three major parties backing Prime Minister Lucas Papademos voted solidly for the budget ...

By Penny Bouloutza & Evgenia Tzortzi The Development Ministry is trying to make the best possible use of European Union funds to bol...

 Coalition expected to OK painful package in midnight vote as PM braces for crucial EU summit With its ample majority in Greece’s 300-seat Parliament, the coalition government of Prime Minister Lucas Papademos looked set to easily pass a tough budget for 2012 in a vote scheduled to t...

US Vice President Joe Biden, on a visit to Athens on Monday, emphasized Washington’s “solidarity” with Greece in the latter’s efforts to emerge from a debt crisis, stressing that a Greek recovery was “overwhelmingly in the interest” of the US. In comments be...

European Commission President Jose Manuel Barroso has warned Greece that it has to meet the commitments it has made to its eurozone partners or else it will have to leave the single currency. Barroso’s warning came a few hours after the International Monetary Fund cleared the way for At...

The financial crisis has led to 60,000 business closures since 2009, with the rate of failures due to rise next year.   National Confederation of Greek Commerce (ESSE), an association that mainly represents small businesses, said half its members says are now unable to meet their obligati...

The leaders of France and Germany agreed a master plan on Monday for imposing budget discipline across the eurozone, saying the EU's basic treaty will need to be changed in the search for a sweeping solution to its debt crisis.   President Nicolas Sarkozy and Chancellor Angela Merkel sai...

UN - Greece breached a United Nations-facilitated accord with the former Yugoslav Republic of Macedonia when it blocked its neighbour’s attempt to become a member of the North Atlantic Treaty Organization (NATO), the International Court of Justice (ICJ) ruled today. In a 15-to-one deci...

WASHINGTON: The International Monetary Fund is sending $2.95 billion to Greece, the latest installment in a joint effort to help the ailing government avoid a default on its debt. The global lending organization's rescue package follows $10.7 billion provided by the 17 eurozone nations last ...

November deficit and revenue figures are painting an ever bleaker picture as it has become blatently clear that there is no way of meeting the 2011 budget. ...

 Creditor representatives to focus on PSI+ impact on banks and their recapitalization   By Sotiris Nikas The International Mo...

AFP, The West Australian December 5, 2011, 6:24 am   European Union monitors and ratings agencies bear some of the blame for Greece's debt crisis that has plunged the continent into financial turmoil, former Greek prime minister George Papandreou says. Papandreou said his predec...

As the two feuding neighbours await the outcome of Macedonia's case before the International Court of Justice, some are already predicting that the outcome - whatever it is - will not much make difference. Sinisa Jakov Marusic Skopje he court is expected to rule on whether Greece broke the 19...

Finance Minister Evangelos Venizelos warned on Sunday that delays in dealing with the deepening eurozone debt crisis could lead to lead to a "two-speed" Europe, with countries pushed outside the core of the decision making within the single currency.   "Our struggle is aga...

By Costas Papachlimintzos GREECE is expecting a decision by the International Court of Justice (ICJ) on December 5 that will add another headache to the transitional government: its stance towards the Former Yugoslav Republic of Macedonia (Fyrom) and its long dispute over the republic’s ...

Eurozone leaders understand the high cost of failing to act on the bloc's debt crisis and US confidence that Europe will finally overcome the crisis has not clearly improved in the last two weeks, US Vice-President Joe Biden said on Sunday.   "I think the clearer it becomes that the...

By Mary Lembessi If there is one part of the retail sector that seems to be weathering the crisis without significant losses, it’s toy retailers, who are expecting to see a healthy surge in sales within the next couple of weeks as Christmas approaches. Retailers are guardedly optimistic ...

Macedonia is to suggest a deadline to Greece for solving the name dispute between the two countries, according to a Macedonian newspaper. The Balkan country's Interior Minister Nikola Poposki has presented the suggestion for a deadline to MEPs from the European Parliament's Committee on Forei...

 Q3 figures paint grim picture for companies on Athens bourse, with worse set to follow By Anestis Dokas The financial results of the companies listed on the Athens bourse have registered a new record in the first nine months of the year, in that they have posted total after-tax losses of...

Papademos does best to rally three parties behind common goal but unity is shaky Prime Minister Lucas Papademos on Thursday emphasized the need for all members of his fractious three-party coalition to fully support the government’s reform efforts even as rifts emerged between several mi...

A peaceful protest by thousands of private and public sector workers against austerity measures has taken place in Athens. A march was also held in Thessaloniki. Both were reported to be peaceful with no major disturbances. Police did not give an official estimate for the amount of people taki...

Greece needs to stay in the euro and realises its economy needs drastic reform, the country's prime minister said in a letter to international creditors in which he promised to stick to the terms of a debt reduction deal. The European Union had demanded the assurance from Prime Minister Lucas...

Schools shut, hospitals worked with minimal staff and train and bus service ground to a halt on Thursday as unions hold their first major strike since a new national unity government took power last month.   The main protest rallies will take place in downtown Athens, with a joint GSEE-A...

By Peter Apps Little more than a month ago, many assumed the biggest challenge facing the euro zone was how to manage the debts and dysfunctional economy of a single country, Greece. Now, policymakers and investors wish it were that simple. Amid worries over Italy's mountainous debt, France'...

Ratings agency Moody's said on Wednesday it was maintaining its negative outlook on Greek banks, estimating that their prospects would remain bleak over the next 12 to 18 months. An EU plan agreed last month to cut the country's privately-held debt by half will make most Greek lenders, which ...

9-month loss 287 mln euros as bad debt provisions jump * Bond swap impact seen in full year if terms agreed by then Nov 30 (Reuters) - Piraeus Bank, Greece's fourth-largest lender, on Wednesday reported a nine-month loss of 287 million euros ($382 million) on higher bad debt provisions, exclud...

Due to a 24-hour strike called by media unions, the Athens News website will not be updated on Wednesday....

Citigroup economists predict that Greece will be in recession until 2015 and should not expect a return to growth before 2013, they said in a report published on Tuesday. In «Prospects for Economies and Financial Markets in 2012 and Beyond,» the international financial services gr...

 Greece to get 8 bln euros but PM to warn cabinet about infighting harming progress Less than 24 hours after Greece secured a further 8 billion euros in loans from the eurozone and the International Monetary Fund, Prime Minister Lucas Papademos is expected to issue a stern warning to his ...

Macedonian Prime Minister Nikola Gruevski has once again asked Greece's new unity government to support the opening of EU accession talks for his country. In a letter to Greek PM Lucas Paparemos, Gruevski has pointed out that a potential Greek vote in favor of starting EU accession negotiatio...

US Vice President Joe Biden travels to Turkey this week amid deepening concern over Syria, before visiting a new Greek leader battling a debt crisis that could unravel the euro zone and sink the US recovery.   ...

  Worldwide uncertainty about the cohesion of the eurozone in recent weeks has prompted currency traders to prepare for the turmoil that will prevai...

Greece is hoping that eurozone finance ministers will on Tuesday end weeks of uncertainty and clear the way for Athens to receive the 8 billion euros of loans ...

by Ulrika Lomas, Tax-News.com, Brussels  | Monday, November 28, 2011 The European Union (EU) and International Monetary Fund (IMF) have welcomed a letter submitted recently by leader of the conservative New Democracy party in Greece, Antonis Samaras, pledging his support for the fisca...

The head of Elstat, Greece’s new independent statistics agency, faces an official criminal investigation for allegedly inflating the scale of the country’s fiscal crisis and acting against the Greek national interest.   Andreas Georgiou, who worked at the International Monetar...

In an interview with Kathimerini, outspoken Deputy Prime Minister Theodoros Pangalos admitted the economic policies of the outgoing Socialist government had failed but laid the blame for this on his peers. The memorandum -- the original debt deal drawn up between Greece and its creditors last...

With decision on vital rescue loans due Tuesday, Athens makes final push to convince creditors   As Greece braces for yet another critical week, with a decision on a crucial sixth tranche of rescue funding set to be made on Tuesday by eurozone finance ministers and a general strike looming ...

 In an interview published on Sunday in a major Greek newspaper, deputy prime minister Theodoros Pangalos blames current minister of finance Evangelos Venizelos and former finance minister (and current energy minister) Yiorgos Papakonstantinou as the ones responsible for the lapse of the ...

Greece's repeated failure to meet budget targets including for privatization revenues has angered international lenders, raising questions about whether they will continue indefinitely to keep the country afloat with bailout loans.   Kostas Mitropoulos, head of the Hellenic Republic Asse...

The debt crisis now ravaging the eurozone has seen governments cut spending, including to welfare programmes, and raise taxes. Unemployment is rising and many Europeans are planning for a bleaker future.   Romanian mayor Florin Cazacu staged a six-day hunger strike last week over cuts to...

By Douwe Miedema LONDON | Fri Nov 25, 2011 11:29am EST Nov 25 (Reuters) - Greece is demanding harsh conditions from its creditors as it starts talks with lenders about a proposed bond swap, a key part of Europe's plan to reduce its debt pile and save the euro, people briefed on...

Professor Robert Skidelsky, in his article published on New Europe’s website, has articulated a strong argument against the current economic wisdom, which is favouring policy measures that depress aggregate demand. He rightly argues that, in this way, the certain outcome will be less gro...

As we just reported, Reuters has broken news that Greece is starting to grow a pair and negotiate directly with debtholders on a much larger haircut on its debt than Dallara's IIF is hoping for. This is significantly bad news in terms of both the powers-that-be losing control, banks capital rais...

Recent economic and political developments in Greece were the subjects at a meeting between European Council president Herman Van Rompuy and Pasok leader George Papandreou in Brussels on Thursday afternoon.   At the meeting, Papandreou outlined the difficult but decisive work facing Prim...

by Dimitris Yannopoulos The postponement of parliamentary elections well beyond the” indicative” deadline of February 19 set for the “transitional” government of Lucas Papademos appeared very likely on Friday, following remarks by Finance Minister Evangelos V...

The Public Power Corporation (DEI), the country’s biggest electricity producer, reported a bigger-than-expected third-quarter loss, hurt by rising bad debt provisions due to the country's severe recession and growing fears of a further backlash against the state-owned firm.   &nbs...

 Karatzaferis says will write 'open letter' committing to government's task but is vague about terms The leader of the rightwing Popular Orthodox Rally (LAOS), Giorgos Karatzaferis, said on Friday that he would prepare an “open letter” in which he would commit to backing the c...

 Union threatens to work only 5-day week unless new salary scale is extended Guards employed at the country’s museums and archaeological sites have threatened to walk off the job on weekends – which would effectively close down all sites on Saturdays and Sundays – unless ...

Sixth tranche of aid expected to top talks of German, Dutch and Finn as EU officials appear upbeat The disbursement of a sixth tranche of rescue funding for Greece is expected to top the agenda of talks between the finance ministers of Germany, The Netherlands and Finland – Wolfgang Schau...

ATHENS — After refusing to do so for weeks, the leader of New Democracy, the second-largest party in Greece’s interim government, sent a letter to the country’s foreign creditors on Wednesday pledging to support a debt-relief deal. But it was not clear whether the move would bre...

Almost 200,000 people who were liable for early retirement because their professions had been included on the official list of those considered “hazardous and unhealthy” have now lost that right. The Labor Ministry published on Thursday a revised list of the professions still deem...

About 500,000 Greeks were living in households that had no income at all because all its members were unemployed, according to figures from the Bank of Greece (BoG). This accounts for 12.9 percent of the labor force, up from 9.8 percent said the central bank. Statistics also show that gross in...

Olympiakos scores 1-0 away win for the Champions League Olympiakos produced a priceless 1-0 victory at Marseille on November 23 to stay alive in the chase for a spot in the knock-out stages of the Champions League. Yiannis Fetfatzidis gave a glimpse of his rare talent by scoring the game&rsqu...

The leader of Greece's electricity workers' union has been detained by police, after they forced an end to a four-day blockade on Thursday of a Public Power Corporation (DEI) logistics office where disconnection orders are issued.   Nikos Fotopoulos and 13 other Genop-DEI union officials...

Greece has won a last chance to stay in the eurozone and needs an "all-out effort" to avoid being set back several decades, the central bank warned on Wednesday.   In a blunt snapshot of the country's precarious finances, the Bank of Greece said failure to hit fiscal targets, d...

In the latest move in the power game over the written commitment that EU leaders have asked Pasok and New Democracy to cosign, Antonis Samaras on Wednesday sent a letter to the European Union and IMF reiterating his support for the new prime minister and for fiscal adjustment targets.   ...

No more aid before a written pledge says Merkel as Benelux states also issue warnings German Chancellor Angela Merkel on Wednesday warned that the next slice of financial aid for Greece would not be granted unless the parties involved in the country's interim administration committed in writin...

A New Democracy advisor says the party's leader, Antonis Samaras, will not sign a letter committing the himself to the terms of EU-IMF bailout-loan deals, despite a European threat to cut off rescue funding to Greece.   Failos Kranidiotis told Skai television on Wednesday that repeated v...

Only the strict implementation of the recent eurozone deal can lighten the country’s load By Sotiris Nikas Greece will need to pay...

A close aide to Antonis Samaras, leader of Greece's New Democracy party, has urged the conservative chief against signing a written pledge for fresh measures as a condition for financial aid. “If you don't put the brakes on this, then more will come,” Failios Kranidiotis told Skai...

The new leaders of Italy and Greece sought yesterday to convince EU partners they can resolve debt crises now threatening France while a debate raged over the role of the European Central Bank. Italian Prime Minister Mario Monti went into talks with European Commission president Jose Manuel ...

Luxembourg Prime Minister Jean-Claude Junker, who will head European Finance Ministers on Nov. 29, continued to pressure on Greece as he gave Greece a deadline of one week to provide a written pledge for adopting austerity measures as a clause to receiving the next disbarment as well as any ot...

  The months of the Arab Spring were marked with a 50% rise in illegal immigration in the EU, with a particular impact on Greece, EU immigration officials said in Athens. EurActiv Greece contributed to this article.  The impact of the Arab Spring on illegal immigration was...

WASHINGTON | Mon Nov 21, 2011 6:18pm EST Nov 21 (Reuters) - U.S. President Barack Obama told Greek Prime Minister Lucas Papademos on Monday the United States backs Greece's efforts to implement the terms of a EU-IMF program to tackle its debt crisis, the White House said. "...

(For more on the sovereign-debt crisis, see EXT4.) Nov. 22 (Bloomberg) -- Antonis Samaras, head of Greece’s New Democracy party, was told by the president of the European Commission to quit playing “political games” and drop his refusal to pledge written support for Greek bud...

Hungary’s economic woes should provide a sobering example for European politicians in their efforts to deal with Greece.   On the surface, the Hungarian government looks in far better health than its eurozone counterpart. Government debt as a percentage of GDP is 81.9% agai...

Finance Minister Evangelos Venizelos has announced the doubling of anticipated guarantees to Greek banks, through the Bank of Greece, during the discussion on the relevant legislative content act at the Parliamentary Economy Committee.   As a consequence, another 30bn euros will be added...

The prime minister said today that he will push party leaders for the written guarantees that eurozone leaders have requested that they agree to implement the decisions of October 27.   "This letter by the leaders of the parties supporting the government, as has been requested by th...

US President Barack Obama spoke by phone Monday with new Greek Prime Minister Lukas Papademos to express support for the troubled European economy, the White H...

 Chrysochoidis on Monday became the first PASOK member to declare his candidacy Development Minister Michalis Chrysochoidis on Monday became the first member of the PASOK hierarchy to publicly declare his candidacy for the party leadership but current president George Papandreou remained...

A decision on whether the European Union and the International Monetary Fund will release the next loan installment for Greece is due to be taken in a week but the final decision could still hang on whether New Democracy leader Antonis Samaras gives the country’s lenders his written guar...

 Papademos: Bailout letters are necessary     The prime minister said today that he will push party leaders for the written guarantees that eurozone leaders have requested that they agree to implement the decisions of October 27.   "This letter by the leaders of the par...

 Budgeting, paying for pensions and getting heard THERE’S little rest for Greek lawmakers. After surviving a three-day parliamentary debate over whether to give the new coalition government of Lucas Papademos a vote of confidence, MPs are now preparing to wrangle over the 2012 budget...

 Press Watch Prime Minister Lucas Papademos’ trip to Brussels for talks with European Commission President Jose Manuel Barroso and European Council President Hermann Van Rompuy is the story of the day.   The troika, with prodding from Germany, is itching to get New Democracy l...

 Vehicle registration fees   All car and motorcycle owners should expect at least a 10 percent rise in their annual car registration fee – or 20 percent compared to 2010.   The fee depends on the size of the vehicle engine. Specifically, owners of cars with a 1,548cc engin...

 PM heads for Brussels as Samaras threatens expulsions   New prime minister headed to Brussels on Sunday to fight for the aid Athens needs to avoid bankruptcy, even as one of his coalition backers refused to give a written pledge to support reforms and a public sector union geared up...

THERE’S little rest for Greek lawmakers. After surviving a three-day parliamentary debate over whether to give the new coalition government of Lucas Papademos a vote of confidence, MPs are now preparing to wrangle over the 2012 budget - or how the government will spend what little money ...

All car and motorcycle owners should expect at least a 10 percent rise in their annual car registration fee – or 20 percent compared to 2010.   The fee depends on the size of the vehicle engine. Specifically, owners of cars with a 1,548cc engine will be required to pay 240 euros (...

New prime minister headed to Brussels on Sunday to fight for the aid Athens needs to avoid bankruptcy, even as one of his coalition backers refused to give a written pledge to support reforms and a public sector union geared up for strikes.   Lucas Papademos must convince the Internation...

Greece will probably not be able to collect the 9.3 billion euros from privatizations next year as planned in the 2012 draft budget, the head of the Privatizat...

The Athens metro, ISAP electric railway and tram service will be pulling their brakes on Tuesday from noon until 4 p.m., the union representing public transport workers announced. Protesting reforms to the sector that include reductions in staff numbers and salaries, workers on these three mo...

If Greece does not receive the sixth tranche of aid funding from the European Commission, the European Central Bank and the International Monetary Fund, it may be unable to meet its financial commitments in December, the labor minister said on Tuesday morning. Speaking on Skai TV, Giorgos Kou...

By Stathis Kousounis The hotel market in Athens is experiencing significant activity from domestic and foreign companies over the last few weeks despite the ongoing crisis, with two major developments expected after a quiet period. Sources have told Kathimerini that a new international chain...

The European Commission is seeking far tighter control of national budgets to combat the eurozone's debt crisis, a senior official said on Friday, as the ECB's chief urged rapid action on a eurozone fund for rescuing countries in trouble. ...

Greece predicted today that its budget deficit will fall sharply next year, helped by a bond writedown, and insisted that no fresh austerity measures will be needed to plug a hole in this year's finances. Submitting the 2012 budget, Finance Minister Evangelos Venizelos said the deficit will sh...

International lenders are today pressing Greece's political parties to give written guarantees that they will back austerity measures under a bailout deal aimed at saving the country from financial ruin. The leader of conservative New Democracy - one of three parties in the new national unity...

The cabinet is meeting at 9.30am on Friday to approve the draft 2012 budget, after which the document will then be tabled in parliament at noon.   At 12.30pm, Finance Minister Evangelos Venizelos is expected to give a press conference on the budget plan.   The budget plan will fo...

Charles Dallara, managing director of the Institute of International Finance (IIF), said it may take more than a couple of weeks to complete debt renegotiation talks with Greece.   "End of November is an optimistic timetable. We want to move as promptly as possible," he s...

Coalition gov’t to resume talks with creditors, but ND leader resists EU call for guarantees With representatives of Greece’s foreign creditors set to return to Athens on Friday to assess the country’s efforts at fiscal adjustment, it remained unclear whether the new coalition...

ATHENS: Greece was to present a new austerity budget for approval in parliament on Friday as its interim government prepared for talks with international creditors on a bankruptcy-saving debt deal. Finance Minister Evangelos Venizelos will table the blueprint at midday (1000 GMT) as auditors...

Greece's new government is set to present its 2012 austerity budget to parliament on Friday. The move comes as European inspectors arrive in Athens for talks on unlocking the next instalment of emergency funding Greek needs to avoid default. By News Wires (text)   REUTERS - Gree...

Friday, November 18 07:52:39 The EU is helping Greece to negotiate a tax agreement with Switzerland to claw back at least some of billions of euro in unpaid taxes that has fled there. The clawback is to form part of a wider Greek clampdown on tax evasion which is costing it an estimated 60b...

BRUSSELS (Reuters) - Greece has 60 billion euros ($80 billion) in unpaid taxes because of tax avoidance and lack of compliance, a report by the European Commission's task force on Greece said on Thursday. The figure is equivalent to around 25 percent of Greek gross domestic product. Greece's t...

BRUSSELS, Nov 17 (KUNA) - Following its economic adjustment programme the Greek government has taken "some important first steps in this direction over the past 18 months, " according to a first reported released Thursday by the EU's Task force for Greece. "In addition to fisc...

MP Christos Polyzogopoulos, a deputy of the former ruling Pasok party, on Wednesday night sharply criticised party leader and former prime minister George Papandreou, saying that with the policy applied by the latter, he contributed to the responsibilities in the 2004-2009 period of the then N...

By Damian Mac Con Uladh It’s November 17, the 38th anniversary of the bloody suppression of the 1973 Polytechnic revolt against the military strongmen that seized power in a coup in 1967.   Thousands of people are expected to march today in memory of that event, but also to reiter...

Two businessmen were arrested in Evosmos, Thessaloniki, on Thursday, on charges of outstanding taxes amounting to 2.088,000 euros. The two men, aged 50 and 68, are business partners and have previous court orders for unpaid taxes. Meanwhile, on Wednesday police arrested 72-year-old Leon Levy,...

A large-scale rally commemorating a student uprising violently suppressed by the military junta on November 17, 1973, is expected to see thousands of protesters marching on the streets of down town Athens on Thursday. The annual rally is also billed as a protest against austerity protest impo...

Prime Minister Lucas Papademos comfortably won a vote of confidence for his interim government on Wednesday though the refusal of the leaders of the two smaller parties in the coalition to provide guarantees sought by Greece’s foreign creditors overshadowed the victory. Of the 300 MPs i...

US President Barack Obama on Tuesday vowed to back Greece during “difficult times,” the White House said in a statement. The ...

The Associated Press Date: Wednesday Nov. 16, 2011 8:40 AM ET ATHENS — Greece was negotiating with international bankers Wednesday over the details of a C100 billion ($135 billion) writedown of its debt, as the country's new prime minister geared up to win a confidence vote on his coa...

The perception of Greece as a brand has seriously declined in the United States since the start of the country's debt crisis, a study has shown. The research, conducted by Aloft Group Inc consultants, found that 75 percent of Americans think the financial meltdown has had a somewhat to extrem...

 Workers cut power to health ministry The health ministry was left without power this morning after power workers cut the electricity supply in a symbolic protest against the government’s property tax.   The property tax is being levied through electricity bills. Workers compl...

 GDP down 5.2% in Q3 The country's gross domestic product (GDP) declined by 5.2 percent in the third quarter of the year against the same quarter in 2010, the Hellenic Statistical Authority (Elstat) said on November 15.   Elstat, in a flash estimate for quarterly national accounts, ...

Ousted ND MP brings accusations closer to home The disciplinary committee of opposition New Democracy party on Tuesday finalized the expulsion of conservative veteran Sotiris Hatzigakis (photo) from the parliamentary group for suggesting that «far-right elements» had worked their wa...

 Commission expects signatures     Greece must provide written confirmation to its European partners that it is committed to reforms to bring down its debt, no matter who wins the next elections, the European Commission said on November 15.   "The Eurogroup as a whole...

 Halandri blast linked to bank probe Police officers looking into an explosion at an apartment block in the northeastern Athens suburb of Halandri on Friday have redirected their investigation after discovering that one of the people living in the building was a Bank of Greece employee res...

First draft of public sector salary review published   Lower entry level wages, significant reductions in overtime pay and special benefits, stricter family allowances and raises based on the basic, entry level salary are some of the changes to the public sector pay structure outlined in ...

Time running out for tax evaders, ministry says The country’s worst tax offenders have another 10 days - until November 24 - to pay their dues to the state otherwise their names will be published online, the Finance Ministry has said in written warnings sent out to 150,000 individuals and...

 EU pact main policy goal, PM says Speaking in Parl’t ahead of confidence vote on Wednesday, Papademos seeks commitment to reforms   The prime minister of the country’s new interim government, Lucas Papademos, on Monday stressed that the chief aim of his administration i...

 Prosecutors on round-clock riot duty Eleven public prosecutors have been placed on round-the-clock duty for Thursday's annual march to mark the anniversary of the 17 November 1973 anti-Junta uprising.   Police are bracing for violence during the demonstrations, with anti-austerity ...

Generous minimum wage a myth in Greece      From Berlin to Bratislava, indignant Europeans have gasped at stories of the relatively high wages and generous benefits enjoyed by Greek workers, whose fabled laid-back lifestyles have been blamed for helping bring the eurozone to its ...

 Deadline expires for state downsize list An extended deadline expires today for agencies in the public sector to submit lists of employees eligible for suspension, as part of a troubled government cost-cutting scheme.   The so-called labour reserve – suspending civil servants...

 Bond swap talks to start Weds: reports   The state and its private lenders will begin talks on a bond swap to cut 50 percent of the country's debt on Wednesday in Frankfurt, Kathimerini said on Tuesday, without citing sources.   The talks are part of the eurozone ba...

 Deputy minister's office targeted in gas-canister attack A small gas-canister bomb exploded outside the office of deputy foreign minister Mariliza Xenoyiannakopoulou, causing minor damage and no injuries.   The blast at the entrance of the Solonos Street office in central Athens oc...

 Power union leader defies tax threat The emergency property tax is being levied through electricity bills                                       (Eurokinissi)   The head of the powerful ...

Papademos’ tough programme Presenting his government’s programme to parliament, Prime Minister Lucas Papademos declared that implementation of all of Greece’s obligations under its EU-IMF bailout is a necessary condition for Greece to remain in the eurozone.   There was...

...

Greece’s conservatives have already warned Prime Minister Lucas Papademos he cannot count on them to approve future austerity measures. Anticipating today’s debate and Wednesday’s confidence vote on existing reforms the conservatives said they will cooperate now but next week...

The state and its private lenders will begin talks on a bond swap to cut 50 percent of the country's debt on Wednesday in Frankfurt, Kathimerini said on Tuesday, without citing sources.   The talks are part of the eurozone bailout plan agreed on October 27 in Brussels. Under the plan, abo...

From Berlin to Bratislava, indignant Europeans have gasped at stories of the relatively high wages and generous benefits enjoyed by Greek workers, whose fabled laid-back lifestyles have been blamed for helping bring the eurozone to its knees.   Athens' international lenders have pushed f...

BERLIN—Prosperous Germany has a surprising message for sinking Greece: Help Wanted. With a shrinking labour force and buoyant economy, Germany desperately needs skilled workers to keep its industrial engine churning forward. Increasingly, it’s seeking them from Greece and other Eur...

Poll finds that Lucas Papademos already enjoys support though hope for country's prospects is in short supply More than half the Greek public has a positive vi...

By Chryssa Liaggou It is unlikely that the state coffers will see anywhere near as much money as expected by the George Papandreou government from the Special Property Tax, levied on citizens via electricity bills, as the first signs have been rather disappointing. An estimated 2.8 million b...

 Panagiotis Roumeliotis says officials want confirmation after new PM pressed by Merkel and Sarkozy Greece’s foreign lenders – the European C...

Papademos to launch debate Monday ahead of confidence vote as troika returns The country’s new prime minister, Lucas Papademos, faces a critical week with a confidence vote in his new interim government due on Wednesday and representatives of Greece’s foreign creditors -- the Europ...

By Geetha Pillai | November 12, 2011 5:16 AM GMT It's now the turn of professionals to find a solution to the debt crisis of the two beleaguered nations that shook the very existence of eurozone - Greece and Italy. The political leadership of these two nations is going to be in the hands of...

Greece is relying on Iran for most of its oil as traders pull the plug on supplies and banks refuse to provide financing for fear that Athens will default on its debt, Reuters reported. Traders said Greece has turned to Iran as the supplier of last resort despite rising pressure from Washin...

Tokyo - IMF chief Christine Lagarde on Saturday welcomed the “significant progress” made in resolving the political instability in Greece and Italy that has sent shockwaves through world markets. But in a Tokyo press conference, the International Monetary Fund managing director w...

Eurozone states must do more at a European level and pass some of their responsibilities for budget setting and fiscal policy to European institutions to find a way out of the debt crisis, Germany's Finance Minister was quoted on Saturday as saying.   Wolfgang Schaeuble told Germany week...

A national unity government, led by technocrat Prime Minister Lucas Papademos, took power on Friday with the task of tackling Athens' huge debt load and meeting the terms of a 130 billion euro bailout agreed with rescue lenders last month.   Papademos replaces George Papandreou, who unea...

Winds of up to 100 kilometers per hour have stopped virtually all maritime transport across Greece on Saturday as wintry weather is sweeping the country with unseasonably low temperatures. There are no ships sailing from Piraeus, Rafina or Lavrio, the three ports of Attica, to the Aegean isla...

Deputy Prime Minister Theodoros Pangalos expressed on Saturday the hope that one day politicians will be able to cross Syntagma Square without running the risk of getting beaten up. Pangalos, who remained at his post as the government changed, told state television that he looks forward to an...

Greece installed a former central bank chief as its new prime minister on Thursday night, despite criticism that he was one of those responsible for getting the country into its current mess. Lucas Papademos, who was governor of the Bank of Greece for eight years, was appointed leade...

Lucas Papademos, a former vice president of the European Central Bank, was named the country’s new prime minister on Thursday after the leaders of the th...

Greece’s new prime minister, Lucas Papademos, and an interim cabinet are due to be sworn in at 2 p.m. today before beginning the job of tackling the economic crisis. The swearing-in ceremony will trigger the start of a debate in Parliament that will conclude with a confidence vote on Su...

Greece Is “Not the Problem” for the Eurozone, According to Popular Financial e-Letter Profit Confidential Profit Confidential, the popular stock market and economic e-letter, says today that “to understand the European debt crisis, investors must realize that Greece is not t...

Lucas Papademos will guide nation through debt crisis BERLIN -- Lucas Papademos, named Thursday to be interim prime minister of Greece, steered the country into the euro region as central bank governor more than a decade ago. Now the former European Central Bank vice president will have to se...

Former European Central Bank vice-president Lucas Papademos has been named as Greece's new prime minister, following days of negotiations. Mr Papademos, 64, said he was taking over at a "critical point" for Greece. Leaders of the three main parties making up a new government of nation...

The will-he, won’t-he saga of whether Lucas Papademos would assume the leadership of the transitional government was finally settled shortly after 2.30pm on November 10 when the former ECB vice-president was confirmed as the country’s next prime minister.   The formalities of t...

By Harry van Versendaal Lucas Papademos, a former European Central Bank vice-president, will head Greece's crisis coalition government, it...

Managing an interim assignment is one of the most challenging things any leader ever does under any circumstances, let alone when your charge is on the verge of defaulting, scuttling the EU, and “putting a dent” in the world economy in a bad way. What then is Lucas Papedemos to do as ...

Thursday November 10 2011 Former European Central Bank vice-president Lucas Papademos has been officially named next Greece Prime Minister . The announcement came after Mr Papademos joined power-sharing talks between current PM George Papandreou and opposition leader Antonis Samaras. Mr Papan...

Inflation rose by 3.0 percent in October 2011 against October 2010, the independent Hellenic Statistical Authority (Elstat) said on Wednesday.   Elstat, in a report, said that the Consumer Price Index (CPI) in October 2011 compared with October 2010, increased by 3.0%. In October 2010, th...

Greek power-sharing talks in 4th day, Papademos returns as front-runner Greece's politicians were expected to hold a fresh round of talks Thursday aimed at picking an interim administration and prime minister for the crisis-wrecked country, after negotiations once again hit an impasse on Wedne...

Talks over the creation of a Greek unity government will continue today, as Italy battles to persuade the financial markets it can impose tough economic reformsWhat's going on in Greece today? Hopefully, the creation of a coalition government. But after yesterday's chaotic on/off quest to appoin...

ATHENS: Greece's bickering politicians were to resume talks on Thursday on a unity government to take the crisis-hit country out of economic paralysis as global pressure for a deal mounted to avert bankruptcy. Greek President Carolos Papoulias has called a meeting of party chiefs for 0800 GMT ...

France's third-biggest listed bank, Credit Agricole, said on Thursday that third-quarter net profit slumped by 65 percent on the back of Greek sovereign debt losses. The bank [CAGR.PA  4.817    -0.199  (-3.97%)   ], which is majority owned by a group of region...

PARIS -- Credit Agricole SA (ACA.FR), France's third-largest bank by market capitalization, Thursday reported a 65% drop in third-quarter net profit, hit by a write-down on the value of its Greek government bonds and lower revenue from its insurance and asset management businesses. The Paris-b...

The name of the new prime minister and composition of the new coalition government will be announced shortly after noon on Wednesday, sources have told the state-run Athens-Macedonian News agency.   The sources said that outgoing Prime Minister George Papandreou will be received by Preside...

By George Gilson The European Union’s shattered trust in Greece and interparty wrangling have delayed the announcement of Greece’s new coalition government, even as persistent but unconfirmed reports that had banker Lucas Papademos assuming the premiership were put in doubt on Tuesda...

European Court of Justice president Vassilis Skouris latest name linked to premiership ...

BRUSSELS (AP) — Dexia, the Franco-Belgian lender that had to be bailed out last month, said Wednesday the firesale of its Belgian retail business and losses on Greek government bonds cost it almost euro6.32 billion ($8.74 billion) in the third quarter. In a sign of the uncertainty ov...

The question of whether Greece can – and indeed, should – be kicked out of the euro has come to the fore with a vengeance ever since the Greek socialist Prime Minister, Georges Papandreou, who has since agreed to step down, announced that he would call a referendum on the latest bail...

Critical power-sharing talks between Greece's two main political parties are entering their second day, as European leaders step up the pressure for a quick resolution by holding back a vital rescue loan that the country needs to prevent a potentially catastrophic default. Socialist Prime Minist...

AlJazeeraEnglish   : 7 nov 2011 Lucas Papademos, the former vice-president of the European Central Bank, is considered by many analysts to be the frontrunner to become Greece's new prime minister. If chosen as the head of an interim coalition government, the 65-year old economist...

It took several requests but the Finance Ministry has finally given Grigoris Peponis, the public prosecutor responsible for investigating economic matters, a lis...

Talks between Prime Minister George Papandreou and New Democracy leader Antonis Samaras aimed at naming a new premier and cabinet to govern Greece over the next f...

The die is cast by Pasok and New Democracy, who have decided that early elections will take place on February 19.   After Sunday’s meeting of George Papandreou and Antonis Samaras in the presidential mansion, representatives from the two parties began discussing the details of the coa...

Prime Minister Andeas Papandreou and the New Democracy leader Antonis Samaras are expected to agree today on who will become the country's next prime minister.   A former vice-president of the European Central Bank from 2002-2010, Lucas Papademos, is widely tipped as front runner to tak...

German Chancellor Angela Merkel on Monday expressed her «respect» during a phone call with Greek Prime Minister George Papandreou for his decision to step down, her spokesman said. "The chancellor, for her part, expressed her respect for the decision of the prime minister and...

By Giorgos Lialios Whether due to an overabundance of vision or a lack of touch with reality, the country’s Infrastructure and Transport and Networks Ministry appears to be unfazed by the ongoing economic crisis and the ensuing refusal of banks to provide funding for any of Greece’...

Eurozone finance ministers pressed an incoming Greek unity government Monday to prove it can implement austerity pledges amid an acute risk the debt crisis could drag down Italy. As ministers were to gather for evening talks in Brussels, borrowing costs for Italy, the eurozone's third-biggest e...

The Budgets Committee of the European Parliament approved on 7 November aid totalling €42.3 million from the EU Globalisation Adjustment Fund (EGF) to support workers who have lost their jobs in Ireland, Austria and Greece. Ireland had filed three applications covering almost 6000 people wh...

LONDON (Reuters) - In Italy, Eastern Europe and elsewhere, technocratic governments like the one expected to take the reins in Greece have a relatively good record at pushing through reforms seen as tough but necessary. But, experts say, former bureaucrats and policy specialists-turned-rule...

While Lucas Papademos is the candidate most widely tipped to succeed George Papandreou as the prime minister, the Athens News has learned that three candidates were discussed by Prime Minister George Papandreou and New Democracy leader Antonis Samaras as potential leaders of the interim governmen...

Prime Minister George Papandreou and opposition leader Antonis Samaras agreed on the form of a coalition government at talks hosted by the president Karolos Papoulias on Sunday.    A presidency statement said they will meet again on Monday to discuss who would lead the coalition gover...

Greek political chiefs are scrambling to form a unity government and call early elections to try to stave off a massive debt crisis that threatens the stability of the eurozone. The stricken nation was due to name a new leader and cabinet by the end of Monday after talks between outgoing Prim...

Greece: coalition heads to pick new premier for 15-week power-sharing government ATHENS, Greece (AP) -- The heads of Greece's emerging interim government are due to resume talks to name the country's new prime minister, after reaching a historic power-sharing deal to save the country from defaul...

ATHENS, Greece, Nov. 7 (UPI) -- Key members of near-bankrupt Greece's new government will be named Monday, a spokesman said, as eurozone finance ministers meet to discuss Greece's plight. "We will have the composition of the new government ... and, if all goes well, we hope to have it sworn...

With the Greek government teetering on the edge of collapse and fears a eurozone exit would trigger a domino effect through Spain, Portugal and Italy, Europeans are split on whether Greece should be cut loose.   "If Greece leaves the euro the same thing that happens there will happen...

 By George Gilson THE arduous effort to draft a roadmap toward an interparty understanding on Greece’s future through a national unity government will be even more difficult for George Papandreou than his stunning success in surviving a dramatic confidence vote.   Under the kli...

The head of Greece's main opposition party on Saturday called for early elections in the crisis-hit country, as Prime Minister George Papandreou prepared to start talks on forming a unity government. Antonis Samaras, the leader of the New Democracy party, said in a statement: "The ma...

Although the Greek Prime Minister Giorgos Papandreou snagged a narrow vote-of-confidence win late Friday, it has done nothing to minimize the threatening economic disaster that has plagued the debt-laden country and sent shock waves through international markets.Sweden’s European Union Aff...

Prime Minister George Papandreou faces a cliffhanger confidence vote at midnight after his plan for a referendum on an EU/IMF bailout - supposed to save both Greece and the euro zone from disaster - backfired spectacularly on Thursday.   But even if Pasok survives the late-evening parliame...

By Kim Hjelmgaard LONDON (MarketWatch) -- The Stoxx Europe 600 index XX:SXXP +0.39% moved up 0.38% to 243.15 in early trading Friday. Germany's DAX 30 index ...

The Greek Prime Minister George Papandreou is facing a vote of no confidence after scrapping plans for a referendum on the proposed eurozone bailout. Mr Papandreou claims his only interest is the future of Greece, and has suggested he will accept growing calls to stand down if MPs back him toda...

LONDON (Reuters) - Britain's finance minister George Osborne said on Friday he thought it currently unlikely that Greece would exit the euro, warning people should not underestimate how traumatic the event could be if it did. "I wouldn't say at the moment it was likely," he told BBC ...

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The leaders of Germany and France told Greece on Wednesday it would not receive another cent in European aid until it decides whether it wants to stay in the eurozone.   They also made clear that saving the euro was ultimately more important to them than rescuing Greece.   After emer...

Franco-German determination to preserve the euro at all costs, including the expulsion of Greece if necessary, was the resounding message of Angela Merkel and Nicolas Sarkozy after tense talks with George Papandreou in Cannes.
   In an ultimatum to Athens, the two leaders said that a new...

International Monetary Fund managing director Christine Lagarde says Greece will not receive its next loan tranche until the result of a planned referendum on the country’s euro membership has taken place “I welcome the prime minister’s indication that the referendum which has ...

New Democracy has blasted Prime Minister George Papandreou for suggesting there are any serious doubts in Greece about the country’s membership of the euro following his talks with eurozone leaders in Cannes on Wednesday. “The comments made by Mr Papandreou, as well as those by [Fre...

 Finanace minister calls for consensus and Oct 26 EU deal to be followed Finance Minister Evangelos Venizelos has heaped doubt on the future of Prime Minister George Papandreou and his government after distancing himself from the idea of holding a referendum on whether Greeks want to remai...

Nicolas Sarkozy, the French president and Angela Merkel, the German Chancellor, said no funds from either Europe or the International Monetary Fund (IMF) would be made available until Greece had accepted the austerity programme. ...

By Graham Bishop, Special to CNN November 2, 2011 -- Updated 1451 GMT (2251 HKT) Editor's note: Graham Bishop is an independent analyst of EU financial affairs and provides Continuing Professional Development (CPD) on EU financial regulation at www.GrahamBishop.com. He was chief European ec...

By Greg Keller Greek Prime Minister George Papandreou was flying to the chic French Riviera resort of Cannes on Wednesday to explain himself to European leaders furious over his surprise referendum on a bailout deal that took them months to work out. French president Nicolas Sarkozy, German Cha...

ATHENS, Greece -- The Greek government teetered and markets around the world plunged Tuesday after the prime minister's stunning decision to put a hard-fought European debt deal up for a risky public vote. As governing Socialist party lawmakers in Athens revolted and European leaders watched...

 Samaras: government is 'desperate and dangerous' Main opposition New Democracy (ND) leader Antonis Samaras has warned that the Pasok government was "desperate and dangerous" and pledged that an ND government would do everything necessary to attain Greece's fiscal targets.  ...

 Cabinet backs PM's bid but uncertainty remains     Greek Prime Minister George Papandreou fought off a barrage of criticism to win the backing of his cabinet on Wednesday to push ahead with a referendum the government said would take place as soon as possible on a European Union...

 FinMin exits hospital   Greek Finance Minister and Deputy Prime Minister Evangelos Venizelos was discharged from an Athens hospital on Wednesday morning. The minister checked into the clinic on Tuesday where he was treated for abdominal pains. Venizelos was absent from a Cabinet meet...

Schengen membership in doubt, Papoutsis says  Greece’s efforts to tackle illegal immigration are still being monitored by European authorities and there is still a possibility that the country could be excluded from the 25-nation Schengen zone in Europe, which allows passport-free tr...

 Greek PM wins over cabinet, next up Merkel and Sarkozy Prime minister George Papandreou won the backing of his cabinet in the early hours of November 2 to hold a referendum on latest Brussels bailout deal but will find the stunned eurozone leaders who engineered the deal on Octobe 26-27 ...

 PM faces opposition from some ministers, MPs Despite support from most of the Cabinet for Prime Minister George Papandreou’s bid to hold a referendum on whether Greece should adopt the latest loan deal it has agreed with the eurozone, some ministers objected to the proposal and the ...

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Greek Prime Minister George Papandreou fought off a barrage of criticism to win the backing of his cabinet on Wednesday to push ahead with a referendum the government said would take place as soon as possible on a European Union debt bailout deal. Some of his party lawmakers called for him to...

The cabinet decided early on Wednesday to back Prime Minister George Papandreou's proposal for a referendum on a European Union aid deal, the government spokesman said.   "The cabinet expressed its support," said government spokesman Elias Mossialos. "The referendum will tak...

 ND leader insists on elections General elections are a «national necessity,» Antonis Samaras, the leader of the main opposition New Democracy party told reporters following his meeting with President Karolos Papaoulias in Athens on Tuesday. In a brief statement to the press, ...

FinMin hospitalized with stomach pains Greek Finance Minister Evangelos Venizelos checked into an Athens hospital because of stomach problems on Tuesday and was expected to be discharged later in the day, his office said in a statement. "The Deputy Prime Minister and Finance Minister Evan...

 Opposition parties accuse PM of 'blackmail' New Democracy leader Antonis Samaras is to meet with President Karolos Papoulias on Tuesday, when he is expected to repeat his call for snap polls New Democracy rejected Prime Minister George Papandreou’s call for a referendum on the de...

 Greece a candidate member of the Global Cultural Heritage Committee Culture and tourism minister Pavlos Yeroulanos  attended on Monday Unesco's 36th General Conference which is taking place in Paris from October 25 to November 10.    At the conference, in which delegation...

 PM announces confidence vote and referendum Papandreou takes major political gamble in apparent bid to avoid snap polls   Prime Minister George Papandreou dropped a political bombshell on Monday night Prime Minister George Papandreou dropped a political bombshell on Monday night b...

 ND renews call for snap poll   Greece's conservative opposition repeated its call for snap elections on Monday, while urging the socialist government to renegotiate a deal with the country's foreign lenders. “The government should renegotiate [the EU/IMF deal] instead of draw...

 Parliamentary eye   CUTS, cuts and more cuts. Parliament’s 2012 budget will force lawmakers to tighten their own belts to save the country some 27 million euros next year.    The new 170.9 million euro budget, which was tabled by parliament speaker Filippos Petsaln...

 Migratory birds return to endangered lake Pelicans and cormorants have reportedly returned to endangered Lake Koroneia, east of Thessaloniki, during the ongoing autumn migration this month, scientists announced this week.   More than 700 pelican and other avian species reappeared a...

A debt deal hammered out in Brussels last week will allow crisis-hit Greece to stand back on its feet German Finance Minister Wolfgang Schauble said in an interv...

 Venizelos seeks backing for EU deal The finance minister appealed to citizens and opposition parties on Monday to back austerity measures or face being cut off by international lenders, after a poll showed Greeks opposed last week's EU rescue deal.   Evangelos Venizelos said an agr...

Foreign minister to CNN: 'We are very optimistic' Foreign Minister Stavros Lambrinidis, speaking in an interview with CNN, stressed that Greece is "very optimistic" after the European Council decisions on October 27 and that "now, the path is more realistic, providing the prospect ...

 IIF sees take-up of debt discount above 90 percent Eurozone leaders struck a deal with private banks and insurers on Thursday for them to accept a voluntary 50 percent loss on Greek government bonds under a plan to lower the country's debt and try to contain the two-year-old eurozone cris...

 Debt deal will not last more than three months, Soros says Billionaire investor George Soros has criticized the latest eurozone deal saying it will last only between “one day and three months.” After marathon negotiations in Brussels last week, European leaders persuaded bond...

 Greece must implement measures for continued aid, FinMin says Greek Finance Minister Evangelos Venizelos appealed to his countrymen and opposition parties on Monday to back austerity measures or face being cut off by international lenders, after a poll showed Greeks opposed last week's EU...

 Talks with Swiss on deposit tax Pact aims to tax billions of euros held by Greek tax evaders in Swiss accounts Greek authorities are in talks with their Swiss counterparts on a deal -- expected to be ready by the end of the year -- aimed at taxing billions of euros’ worth of bank d...

 UN says first round of Cyprus talks 'positive' By Michele Kambas A UN envoy for ethnically split Cyprus said talks on Sunday to overcome a logjam in peace negotiations were «positive» but said it was up to the rival sides to find common ground in the decades-old conflict. Th...

Most Greeks negative on EU summit deal, poll says      Most Greeks have responded negatively toward the EU agreement which slashed the country's debt because they believe it harms the national sovereignty, according to a poll Saturday.   The survey published by newspaper&n...

WASHINGTON - The relation between the US and Greece "is solid", US Secretary of State Hillary Clinton said here on Thursday while welcoming visiting Greek foreign minister Stavros Lambrinidis for talks at the State Department.    Speaking at a joint press conference and re...

In the wake of the plan to reduce Greece’s debt by fifty per cent, the country’s government is moving forward with economic reforms that many Greeks feel are too harsh. Prime Minister George Papandreou insists the changes are vital: “We must continue to work intensively. We hav...

Gabriele Steinhauser and Sarah DiLorenzo/ Associated Press Brussels— The excruciating work of inking a deal to contain their two-year debt crisis over, European leaders turned Thursday to a potentially more difficult task: implementing the agreement that asks banks to take on bigger losse...

In an agreement reached after more than eight hours of sometimes harsh negotiations, the private sector said it would voluntarily accept a nominal 50 percent cut in its investments to reduce the country's debt burden by 100 billion euros, cutting its debts to 120 percent of GDP by 2020, from 160...

A deal that imposes 50 percent losses on private sector bondholders means Greece's debt burden will be sustainable, Greek Prime Minister George Papandreou said on Thursday. Greece will produce no more primary budget deficits from next year, but some of the country's banks may face temporary nat...

Euro zone leaders struck a deal with private banks and insurers on Thursday for them to accept a 50 percent loss on their Greek government bonds under a plan to lower Greece's debt burden and try to contain the two-year-old euro zone crisis. The agreement was reached after more than eight hours...

Hopes that summits in Brussels would deliver a 'grand bargain' to bring an end to an 18-month sovereign debt crisis fading fast Fears intensified of a fresh global slump on Tuesday as it emerged that Europe's leaders were still at loggerheads over a three-pronged plan to save the single currency....

 It combines the issue of devalued bonds with some cash, as haircut is likely to come to 50 pct All eyes are on Brussels on Wednesday for the eurozone summit that could determine the future of the Greek debt and of the bloc in general, with the likeliest scenario on Tuesday being for a 50 pe...

ATHENS, Oct. 25 (Xinhua) -- China's top political advisor Jia Qinglin said here on Tuesday that China encourages its enterprises to invest in Greece, and is ready to strengthen cooperation in ocean shipping and expand trade with the debt-ridden European country. Jia, chairman of the National Co...

The main comparative advantage of Greece remains state property, mainly in tourist-resort areas.  Tourist real-estate development can create increased values. A major disadvantage for Greece is its lack of liquidity.  Creation of convertible public bonds having as collateral tourist re...

 Brussels to get projects going   Major construction projects in Greece are in for a lifeline as the European Commission intends to allow the disbursement of community resources as guarantees for the funding of the stagnated public works. Sources put the amount of resources, expecte...

 Athens eyes definitive solution Gov’t official says the aim is for addressing all debt up to 2035, amounting to 207 billion euros Negotiations ahead of Wednesday’s eurozone summit, aimed at hammering out a solution for the bloc’s debt crisis, continue frantically, with ...

 Athens eyes definitive solution Gov’t official says the aim is for addressing all debt up to 2035, amounting to 207 billion euros Negotiations ahead of Wednesday’s eurozone summit, aimed at hammering out a solution for the bloc’s debt crisis, continue frantically, with ...

 Greece and China sign economic cooperation memorandum Development minister Michalis Chrysohoidis delivering a speech at a business dinner organised by the Greek Chinese Chamber of Commerce on Monday, 24 October   An economi...

 ND set to vote against new deal New Democracy leader Antonis Samaras, who spoke with Finance Minister Evangelos Venizelos, is likely to reject the government’s invitation to approve in Parliament any deal agreed in Brussels this week to tackle Greece’s debt crisis. Sources said...

EU deal will need big majority Venizelos suggests gov't will seek 180 votes in parl't vote on EU rescue package Prime Minister George Papandreou told his EU counterparts over the weekend that the debt problem was not a purely Greek one but European one   A new bailout for Greece, current...

 FinMin on Parliament's vote of new borrowing programme Finance Minister Evangelos Venizelos said on Monday evening that the government was considering the endorsement, by the Greek parliament, of the country's new borrowing programme with a broader (180) majority vote. The new programme...

 Greece wants solution for all debt to 2035-source Greece wants a solution to its crippling debt that applies to all its sovereign bonds expiring up to 2035, a government source said on Monday, adding that the process should remain voluntary and any deal must include the European Central B...

Troika okays aid amid EU rift   DISAGREEMENTS between French and German leaders coupled with an EU-IMF rift over Greek debt sustainability on October 20 dampened hopes of an early deal to end the eurozone crisis at an EU summit this weekend.    French President Nicolas Sarkozy f...

Tourism revenue grows 6.5 percent y/y in August Tourism is a key for Greece's 230 billion euro economy and accounts for about a fifth of gross domestic product (GDP). It has helped reduce the country's current account gap, which shrank to 10.5 percent of GDP last year.    Overall, the...

 PM: Goal is to lighten debt burden on Greek citizens   Prime Minister George Papandreou stressed late Sunday that "our goal is to lighten the burden of the debt that weighs down on the Greek citizens", in a statement at the end of a eurozone summit in Brussels, noting that t...

 Progress, but no results at EU leaders' meeting After debt talks, EU leaders to meet again on Wednesday as haircut still undecided European Union leaders in Brussels on Sunday. Greece remains on tenterhooks after a meeting of European Union leaders in Brussels on Sunday failed to deliver ...

  Riot police ordered to step back Riot police who stood back as members of the communist union PAME and a group of hooded attackers clashed outside Parliament on Thursday were under orders to do so, sources told Sunday’s Kathimerini. The fighting broke out during a protest against aus...

  Opinion: A revolution manifesto for Greece   Is there a Greek leader ready to rise up and spark a revolt? ARTICLE | OCTOBER 24, 2011 - 12:45PM | BY STRATIS G. CAMATSOS Last week, the public witnessed the largest-ever recorded protests in Greece. The cause i...

Press Watch   by George Gilson   ...

  Barroso: Confident that final decisions will be taken Wednesday at new EU summit   by...

 As Greece's debt continues to piling up, the head of the Institute of International Finance said the euro-zone and private-sector banks are at a stalemate over the country's bailout. "We're nowhere near a deal," he told the Associated Press on Saturday, adding that standing plans to ...

 Published on Monday 24 October 2011 11:13   a NORTH Yorkshire distributor of home grain mills has reported a rise in sales to Greece which he attributes to emergency planning by Greek citizens as their political leaders struggle to contain the country’s raging debt crisis. &...

  By Sarah Collins | Saturday 22 October 2011 Greece is to get a further slice of EU aid after eurozone finance ministers agreed on 21 October to pay over their share of an EUR8 billion loan, the sixth from the country’s first bailout. The decision on the EUR5.8 billion payment ...

Private holders of Greek debt may need to accept losses of up to 60 percent on their investments if the country's debt mountain is to be made more sustainable in the long-term, a downbeat analysis by the EU and IMF showed on Friday. Eurozone finance ministers threw Greece a lifeline on Friday by ...

Cosmote, Vodafone-Panafon and Wind Hellas, the three largest mobile telephony operators in Greece, expressed official interest in participating in a radio-frequency rights tender, the National Telecommunications and Post Commission (EETT) announced on Friday. The market watchdog said it will off...

Multinationals eye a share as FAGE expands As Greek yogurt is becoming ever more popular in the States, with major US companies deciding to get involved in the industry, Greece’s leading yogurt maker FAGE is increasing its storage capacity across the Atlantic. A recent Wall Street Journal re...

Eurogroup head Jean-Claude Juncker confirmed on Saturday there are talks for a Greek debt haircut in excess of 50 percent, while a French newspaper claimed there is an agreement with banks for a slash between 50 and 55 percent. On his way to the Ecofin meeting of European Union economy and financ...

Europe's finance ministers have agreed banks must accept substantially bigger losses on their Greek debt bonds to ease the eurozone debt crisis. Banks could face writedowns of up to 60 percent on their debt holdings.   Eurozone finance chiefs agreed on Saturday that banks must be prepared to ...

BRUSSELS, Oct 22 (KUNA) -- European Union finance ministers began talks here Saturday to find ways to solve the debt crisis plaguing Europe. Issues like bank recapitalizations, the eurozone's bailout fund EFSF, further debt relief for Greece, growth stimulation, and tighter budget discipline are to ...

BRUSSELS: Eurozone finance ministers said on Saturday that they have agreed that banks should accept substantially bigger losses on their Greek bonds, with a new report suggesting that writedowns of up to 60 per cent may be necessary. The report from Greece's international debt inspectors, which fo...

The Euro-Area Finance Ministers Approved to deliver the sixth tranche worth 8 billion euros of the bailout package for debt-burdened Greece on late Friday, the package is due to approved by the International Monetary Fund and Greece is expected to receive the sixth aid installment in Mid November. ...

The European Union and IMF's "troika" mission to Greece has recommended paying out a sixth aid tranche as soon as possible despite finding "extremely worrying" government debt dynamics, according to a draft of its long-awaited report. The draft says Greece's economic downturn is...

PASOK’s majority was reduced to just three seats after Prime Minister George Papandreou expelled MP Louka Katseli from the party. A bill containing a series of austerity measures and reforms demanded by the eurozone and International Monetary Fund so Greece could receive further loan installm...

The European Union and IMF's troika mission to Greece recommends paying out a sixth aid tranche as soon as possible, despite finding "extremely worrying" government debt dynamics, according to a draft of its long-awaited report obtained by Reuters on Thursday. The draft said Greece's ec...

The European Union's mission to Greece recommends paying out a sixth aid tranche as soon as possible despite finding «extremely worrying» government debt dynamics, according to a draft of its long-awaited report obtained by Reuters on Thursday. The draft said Greece's economic downturn ...

Demonstrators gathered in front of Parliament Thursday morning for a second day of protests against a new series of austerity measures which Parliament approved in principle on Wednesday. Tension mounted in the afternoon, however, when clashes between hooded youths and demonstrators left one man se...

Ahead of a key EU summit, Commission President José Manuel Barroso exposed at length the panoply of measures to put cash-strapped Greece back on track, but mass protests in Athens and other cities clearly indicate that "nobody in the country believes Barrroso," EurActiv Greece reported. ...

Demonstrators clashed with police in front of the parliament on Wednesday as hundreds of thousands rallied at the start of a 48-hour general strike timed to coincide with a vote on a bitterly resented new round of austerity measures. Protesters showered police with stones and fire bombs on the st...

By John O'Donnell Some eurozone countries want a European Commission task force to be given extra powers to oversee the sale of Greek state assets and the country's civil service under a far-reaching plan to tighten supervision of Athens, EU sources told Reuters. The radical proposal, dismissed by...

ATHENS, Greece (AP) — Demonstrators in Greece are hurling chunks of marble and gasoline bombs, while riot police are responding with tear gas and stun grenades in the first day of a two-day general strike. At least 100,000 people have gathered in Athens in what unions described as the largest...

October 19, 2011 Anger over proposed new austerity measures boiled over in Greece on Wednesday as unions shut down the country with what one newspaper called "the mother of all strikes." Flights were grounded and state offices and shops were shuttered on the first day of a 48-hour genera...

By SUZANNE DALEY Published: October 17, 2011 ATHENS — Stories of eye-popping waste and abuse of power among Greece’s bureaucrats are legion, including officials who hire their wives, and managers who submit $38,000 bills for office curtains. The work force in Greece’s Parliamen...

George Gilson 17 Oct 2011 Amid heightened uncertainty over what an October 23 European Council summit will decide on the Greek debt crisis, and facing mounting social unrest at home, Prime Minister George Papandreou briefed President Karolos Papoulias after noon on Monday on the latest political...

The head of Germany's biggest bank, Deutsche Bank, is reportedly conducting talks over a 50 percent writedown of Greek debt in his capacity as chairman of the global banking lobby. Citing both government and banking sources, the mass circulation Bild newspaper says Josef Ackermann is participating ...

ATHENS (Reuters) - Below is a list of the key measures included in Greece's new austerity law, which will be put to a vote in the country's parliament later this week. Passage of the law is a must for the country to qualify for further rescue payments under its current EU/IMF bailout, as well as fo...

France to Sell Frigates to Greece in Controversial Deal Berlin is unhappy about a weapons deal in which France plans to supply warships to highly indebted Greece free of charge for the first five years, and at a big discount when payment comes due. Firms and politicians in Germany say taxpayers may...

BEIJING, Oct. 17 (Xinhua) -- China's top political advisor Jia Qinglin will pay an official visit to Greece,the Netherlands and Germany from October 23 to November 4. Jia, chairman of the National Committee of the Chinese People's Political Consultative Conference, will pay the visits at the invita...

In an interview with the weekly Proto Thema newspaper, Papandreou said the government was fighting to stop Greece defaulting on its debts but the road ahead was hard. "I would very much like to guarantee everyone an immediate solution, a better life today," he told the newspaper in an ...

With reforms to go to Parliament on Thursday and ruling party rifts, PM and ministers appeal for consensus Facing what promises to be one of the toughest weeks of socialist PASOK’s two-year stint in government -- with a crucial vote on new austerity measures and a frenzy of union protest acti...