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Greece Business - Page 4

Greece default fears grow

Greece must urgently break a deadlock in debt swap talks triggered by "unreasonable" demands from its partners, the head of a group of representing its private sector warned, as Athens raced against the clock to prevent an unruly default. Ref. Source 7

Business Greece

Greece hopes for debt relief deal `very soon' (AP)


AP - Greece is confident a debt relief deal with private creditors that is crucial to avoid default can be reached "very soon," a government spokesman said Friday.

Source: Yahoo! News: Business - European Economy

Greece Business History & Civil Business Politics

Greece's unions to hold two-day strike over cuts:

The unions, General confederation of Workers of Greece (GSEE) and Civil Servants Supreme Administrative Council (ADEDY), announced on Thursday that their members will go on a two-day strike from Friday in protest at the controversial decision. Ref. Source 6

Page 4 Business Greece

Lawmakers in Greece have voted to approve another round of austerity measures, sought in return for a new eurozone bailout of the debt-stricken country.

As lawmakers debated, police turned tear gas and stun grenades on protesters outside Greece's Parliament. Several buildings, including a bank, cafes and a movie theater, were ablaze in Athens.

The package, which includes deep cuts in government spending, wages and pensions, will help pave the way for eurozone finance ministers to sign off on the new 130 billion euro bailout deal (that's about $172.6 billion).

Greece needs the funds to meet €14.5 billion in debt repayments due next month.

Prime Minister Lucas Papademos had also urged approval of the deal, warning in a speech to the Cabinet on Saturday evening of "social explosion, chaos" if it failed. Ref. CNN

Business Greece

Eurozone finance ministers sealed a deal Tuesday morning for a second bailout for Greece, including 130 billion euros ($173 billion) in new financing.

The finance ministers from the 17 nations that use the euro, known as the Eurogroup, gave Greece funding it needs to avoid a potential default next month.

While this new deal provides some short-term relief for Greece, difficult days lie ahead as the government tries to trim debt to 121% of the country's gross domestic product by 2020. Greece's debt now stands at about 160% of GDP. Ref. CNN

Greece Business

German minister calls for Greece euro exit:

Chancellor Angela Merkel's conservative Interior Minister became the first member of her centre-right government to openly call for Greece to leave the euro zone in a magazine interview released on Saturday. Ref. Source 4

Greece Business - Page 4

Greece sinks in deeper crisis amid rescue deal doubts:

Greece could be forced to leave the eurozone if it fails to abide by EU and IMF loan commitments, a government economic advisor warned Wednesday as Athens raised prospects of renegotiating a bailout deal. Ref. Source 8

Greece Business Politics Business Civil & History - Page 4

Greece will run out of money soon, warns deputy prime minister:

Greece's deputy prime minister has said the country will run out of money in six weeks unless it honours its bitterly-disputed EU bailout deal. Ref. Source 9