Thu, Jun 20 2013
Greece's finance minister Evangelos Venizelos, left, and Greece's prime minister Lucas Papademos hold a joint news conference after a Eurogroup meeting in Brussels, February 21 2012.
Greece's finance minister Evangelos Venizelos, Greece's prime minister Lucas Papademos and Germany's finance minister Wolfgang Schaeuble
IMF Managing Director Christine Lagarde, left, and Greece's prime minister Lucas Papademos
Greece's finance minister Evangelos Venizelos, left, and European Central Bank President Mario Draghi
Greece's prime minister Lucas Papademos, Greece's finance minister Evangelos Venizelos, Luxembourg's prime minister and Eurogroup chairman, Jean-Claude Juncker and Germany's finance minister Wolfgang Schaeuble
With Greece planning to pay back the remaining debt it owes to the financial institutions over an extended period, those that bought the Greek bonds will ultimately lose about three-fourths of their investments.
Private investors have until 8pm GMT on March 8 2012 to agree to the debt swop on the 206 billion euro of Greek bonds they hold. But by March 7, agreements had only been reached covering 46 per cent of the debt.
ECB temporarily suspends Greek bonds’ eligibility for use as collateral in Eurosystem monetary policy operations. Standard and Poor's has classified Greek debt as in ‘selective default’ while Moody's says the risk of Greece defaulting on its loans ‘remains high’.
Is inflation going to go crazy or will austerity help keep it under control?
Greek unions strongly opposed to the second bailout are calling for new protests on February 22.
The finance chiefs of the 17 nations that use the euro are set to make a Greek bailout decision when they meet on February 20 2012 in Brussels.
Even as officials struggle to keep Greece's economic woes from spreading to other nations, the battle over the latest bailout is taking a psychological toll. In Greece, and across Europe, these economic worries are turning to gloom.
Analysts think leaving Greece out of the eurozone may be a better solution than austerity measures
The upcoming EU summit on March 1 and 2 must address growth, members of the European Parliament said.
The announcement was made a day after rioters torched the centre of Athens and parliament adopted a new round of controversial austerity measures.
Governments in Prague and Bucharest could soon join Sofia in instituting temporary moratoriums on shale gas exploration.
Coalition around ruling Democratic Party has largest share of vote in Serbia's parliamentary election, according to exit polls.
Centre-right New Democracy is said by exit polls to have largest share of votes, but diminished even from its 2009 defeat, while socialists Pasok – the 2009 victors – gets somewhere around 14 to 17 per cent.
An agreement reached with the Organisation for Security and Cooperation in Europe (OSCE) will allow voters with dual citizenship in Kosovo to vote in the upcoming parliamentary and presidential elections in Serbia.
Twenty radical Muslims suspected of being members of a terrorist group that has been linked to the murder of five fishermen in early April.