ATHENS, Greece — Rival Greek political parties were locked in talks to hammer out a historic power-sharing deal to secure a €130 billion ($179 billion) rescue package, but markets remained wary and European leaders kept up pressure by holding back a vital bailout loan.
By Costas Kantouris, The Associated Press
, November 07, 2011
Eurozone leaders on Thursday agreed to a sweeping deal that will grant Greece a massive new bailout — but likely make it the first euro country to default — and radically reshape the currency union's rescue fund, allowing it to act pre-emptively when crises build up.
LUXEMBOURG — Hours of talks between eurozone finance ministers on the imploding finances of Greece broke up early Monday morning without the ministers signing off on a vital installment of rescue loans needed to avoid bankruptcy next month.
By Gabriele Steinhauser, The Associated Press
, June 19, 2011
Two major credit agencies signaled their concern about Greece's massive debt on Monday, lending new credence to the view that European authorities must do more to help the country a year after it barely avoided bankruptcy with a bailout.
BRUSSELS (AP) — Wealthy European nations were moving closer toward swallowing a bitter pill Tuesday: rescuing Greece from its overspending before its debts drag down the euro and stock markets all the way to Wall Street.
EU finance ministers are pressing their indebted and riot-prone Balkan member to embrace a massive austerity plan and plug its debilitating deficit. But with markets skeptical and the appetite for more bailouts at a low, there are deepening concerns that a Greek meltdown could deal a severe blow to the very European idea of a common currency, and set off a domino effect through Italy, Spain, and Portugal.
Keen to keep Greece from crashing the euro, European Union governments pressed the country Tuesday to stick to a painful austerity program that could cut its ballooning debt at the risk of social unrest.
View your ad here! Cost effective targeted advertising. Contextual advertising starting as low as $79/month. This includes targeted ad delivery and search results! Add your business to the Marketplace »