Greece

EU to step up efforts for trade agreements with US, Ukraine

EU to step up efforts for trade agreements with US, UkraineAthens, Mar 1 - The European Union is committed to step up the ongoing process leading to the signing of two significant trade agreements with the US and Ukraine, European officials said Friday.

The Transatlantic Trade and Investment Partnership (TTIP) between the EU and the US and the Free Trade Agreement between the EU and Ukraine were key topics of the Council of Foreign Affairs on Trade's two-day informal meet being held in Athens in the context of Greece's rotating EU Presidency, Xinhua reported.

Greece dismisses chairman of privatisation agency

Greece dismisses chairman of privatisation agencyThe authorities in Greece have announced its decision to dismiss the chairman of its privatisation agency, Mr. Stelios Stavridis after reportrs showed that he travelled on a plane belonging to a businessman who bought gambling firm Opap from the government.

Eurozone ministers to released fresh aid for Greece

Eurozone ministers to released fresh aid for GreeceThe finance ministers of the Eurozone member nations have agreed to release a fresh batch of aid for the troubled Greek economy in order to help the country recover from its prolonged crisis.

Growth projections for Greece may have been too optimistic, IMF

Growth projections for Greece may have been too optimistic, IMFThe International Monetary Fund (IMF) has admitted that its growth projection for Greece might be too optimistic and might be difficult to achieve.

The global financial institution also said that it had to lower the standard for debt sustainability in order to bail out Greece from its financial crisis. The IMF is among the three international lenders, which offered assistance in 2012 in order to help the Greek government avoid a monetary default on payments of its debt obligations and resulting in the exit of the country from the Eurozone.

Alpha Bank raises enough capital to avoid state control

Alpha Bank raises enough capital to avoid state controlAlpha Bank form Greece has been able to raise enough capital from the investors in order to avoid a takeover by the state indicating that the bank might be able to survive through the prolonged financial crisis in the country.

Lenders reach agreement on Greece economic targets

Lenders reach agreement on Greece economic targetsInternational lenders of Greece have reached an agreement on the economic targets for the Greek government and there are indications that the country is on the right path to meet the conditions, paving the way for the releasing of the next batch of the bailout package.

Greece most corrupt country in 27-member EU: Transparency International

Greece most corrupt country in 27-member EU: Transparency InternationalIn the 27-strong European Union, Greece fared the worst in the on Transparency International's corruption perceptions index.

The global watchdog said on Wednesday that Greece's global ranking on the corruption perceptions index slipped to 94th place this year, from 80th place in 2011.

In terms of public corruption, Transparency International ranked Greece on a par with economically much-weaker countries Moldova and Mongolia.

Greece aiming to buy-back bonds to cut debt

Greece aiming to buy-back bonds to cut debtThe government of Greece has said that it is planning to spend 10 billion euros or about $13 billion to buy back is bonds that were issued earlier in the year in its efforts to reduce its ballooning debt.

The bond buyback plans are linked to the efforts by its international lenders to reduce the country's debt to acceptable levels. The success of the bond buyback plan would also allow the country to gain access to funding and avoid a bankruptcy.

NGO facing survival threat in Greece

NGO facing survival threat in GreeceAmid the prolonged sovereign debt crisis in Greece, the Non-Governmental Organizations (NGOs) in the country are finding it difficult to sustain themselves as the funding from the state and others has fallen.

It is believed that the civil society groups will now have to change the way they exist and work in the country. Several NGOs took part in a conference in the northern city of Thessaloniki, which was organized by the German consulate, to discuss the future strategy for civil organizations in the country.

S&P/ASX200 index rises 0.3 per cent to 4424.2

S&P/ASX200 index rises 0.3 per cent to 4424.2The benchmark, S&P/ASX200 index has recorded an increase of 11.2 points or 0.3 per cent to the level of 4424.2 over optimism from developments in Greece.

Investors showed some confidence following the meeting of European finance ministers to determine the next step to address the sovereign debt issue of Greece. The shares also increased due to figures suggesting higher retail sales in the US market.

Euro rises over Greece optimism

Euro rises over Greece optimismThe Euro has risen against the US dollar and is heading for a weekly gain over the prospects an agreement over the Greece’s debt issue.

The Euro is expected to record a gain against 12 of its 16 major currencies for this week even after reports suggested that an index of German business confidence fell for the seventh month in November. Experts say that there is some optimism surrounding the euro and Greece is not expected to become a dominant factor for the market.

Merkel encourages Greece to continue along path of reforms

Angela-MerkelGerman Chancellor Angela Merkel has urged all eurozone countries, particularly Greece, to stick to program of reforms to fight back persistent recession.

As Merkel began discussions with French President Francois Hollande, she said, “It is important for me that we all stick to our commitments ... but I will encourage Greece to continue along its path of reforms.”

However, she added that she could not take further decisions on whether the recession-hit Greece could stay in the 17-country euro block before getting the much-awaited report by Greece's international creditors on Athens' progress on reforms.

Spain, Greece concerns threaten future of Eurozone

Spain, Greece concerns threaten future of EurozoneContinuing concerns in Spain and Greece are posing a direct threat to the survival of the Eurozone even as the European leaders work together to address the issues.

Analysts say that Greece is highly unlikely to meet the terms set for the bailout and this might result in a default on debt payments by the country. On the other hand, Spain paid the second highest yield on short-term debt since the introduction of the Euro in an auction of three- and six-month bills on Tuesday and might need a full international bailout.

Pro-bailout parties looking to form coalition in Greece

Pro-bailout parties looking to form coalition in GreeceVarious political parties supporting the deal for a bailout package are looking to form a coalition in Greece to form a new government.

The centre-right New Democracy party is aiming to form an alliance with other parties, who also back the international bailout package for the country. The narrow victory for the party addressed fears that the country might be forced to leave the Eurozone suddenly.

Greece can be asked to leave euroze to save the euro, George Osborne

Greece can be asked to leave euroze to save the euro, George OsborneGeorge Osborne, UK chancellor has suggested that there is a possibility that Greece might be asked to leave the eurozone in order to save the currency.

The comments came as the European and the worldwide markets received financial shocks as the Spain’s borrowing costs reached a new high. The chancellor suggested that Greece may be asked to leave the eurozone so that it will be easier for the German government to convince its people that the funding into the common currency is worth.

Eurozone finance ministers likely to approve Greece package

Eurozone finance ministers likely to approve Greece packageThe finance ministers of the Eurozone countries are most likely to approve a package aimed at helping Greece sort out its financial mess.

The finance ministers of all euro countries are scheduled to meet in Brussels to discuss the package and debt exchange. According to people familiar with the matter, a two step has been thought of to reduce Greece’s debt load and tighten control of the aid.

Greece aiming to reach a new deal with European partners

Greece aiming to reach a new deal with European partnersThe finance minister of Greece has reached Brussels on Thursday is aiming to reach a new aid deal with its European partners.

The move comes after talks in the Greek government failed over the issue of reduction in pension benefits demanded by international creditors.

EU agrees on fiscal union pact

EU agrees on fiscal union pactLeaders in the European Union collectively backed fiscal union pact and also agreed on the details of a _500 billion permanent bailout fund for the euro zone.

The share markets in the European region rose slightly after the European Union summit in which the leaders showed a united front and agreed upon the crucial steps to address the crisis.

Stock Market at Stronger Position as France and Germany Gears to Aid Greece

Stock Market at Stronger Position as France and Germany Gears to Aid GreeceFollowing the report of France and Germany aiding financially ridden Greece have brought a sharp turn in the UK’s market as stocks and Euro were seen rising on Wednesday. Despite Moody's ratings review of Italy, the euro finished up by 0.7 % at $1.4306 which was a week ago at 0.2% decline.

Greece PM Reshuffles Cabinet To Enforce Austerity Measures

Greece PM Reshuffles Cabinet To Enforce Austerity MeasuresIt seems the long running appeal to find a solution for the debt-ridden Greece is not going to get any by-pass sooner. With the Europe Union (EU) trying to win consensus on extending financial leeway to Greece, financial market has been hit by this euro debt crisis badly.

Following a brewing dissatisfaction among the ruling Cabinet, Greek Prime Minister George Papandreou has been roped in Evangelos Venizelos as Finance Minister so that austerity measures can be exercised.




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