Greece cut to the bone

Special Report

Last modification: 04/11/11

Will Greek islands soon be on sale? It may sound far-fetched, but it’s one of the proposed solutions to save the country, which is drowning in debt and on the brink of default. The €110 billion bailout granted by the EU and IMF in May 2010 may not be enough, and Socialist Prime Minister George Papandreou is pushing through tough new austerity measures – much to the displeasure of millions of Greek citizens who have taken to the streets over the past months.

Greek PM faces confidence vote after referendum fiasco

Greek Prime Minister George Papandreou faces a parliamentary confidence vote on Friday following an international furor at the G20 summit in Cannes over his ill-fated proposal for a referendum on a eurozone bailout plan for Greece.

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GREECE

Greek PM scraps referendum on bailout

Ignoring calls to step down Thursday evening, Greek Prime Minister George Papandreou scrapped his surprising proposal for a referendum on the country’s EU bailout plan and asked his opponents in parliament for support to pass the agreement into law.

ECONOMY

Greek PM Papandreou’s gamble on a referendum

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G20 CANNES SUMMIT

EU leaders warn Greece ahead of G20 summit

Ahead of a G20 summit in Cannes, French President Nicolas Sarkozy (right) and German Chancellor Angela Merkel (left) warned Greece that it would not receive "one more cent" unless it obeys the terms of a bailout deal agreed last week.

G20 CANNES SUMMIT

EU leaders scramble to defuse Greek debt ‘bomb’

World leaders are gathering in the southern French city of Cannes for the G20 economic summit, but Greece’s continuing debt crisis threatened to overshadow the global event before it began.

GREEK DEBT

Sarkozy, Merkel call meeting over 'irresponsible' Greece

French President Nicolas Sarkozy was set to meet with German Chancellor Angela Merkel in Paris Tuesday to discuss Greek PM George Papandreou's announcement that he would hold a referendum in Greece to decide whether to accept the eurozone bailout.

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GREECE

Greek PM faces party revolt over EU bailout referendum

Greek Prime Minister George Papandreou faced an internal rebellion Tuesday as one lawmaker from the ruling PASOK party defected and another called for early elections following the decision to hold a referendum on the latest EU bailout.

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SPECIAL REPORT

Greek austerity breeds new generation of homeless

Greece’s harsh austerity measures and the subsequent rise in unemployment have forced a growing number of Greeks out of their homes. Our reporters went to a crisis centre in the capital, where desperate Athenians seek refuge, food and medication.

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GREECE

Police and rioters clash as nation goes on strike

Flights were grounded, schools shut and civic offices closed in a nationwide strike Wednesday to protest the government's austerity measures. Riot police in Athens clashed with protesters and fired tear gas.

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GREECE

Missed targets cast doubt on Europe's recipe for Greece

Greece’s admission that it is likely to miss targets to slash its deficit over the next two years has heightened fears of a default and raised concern that the country’s harsh austerity cure may be doing more damage than good.

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GREECE

Eurozone delays decision on crucial loans to Greece

Eurozone finance ministers delayed a decision Monday to grant Greece its next crucial loan installment, ordering additional austerity measures from the near-bankrupt country after Athens said it would fail to meet its deficit targets.

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GREECE

Greece tipped to accelerate austerity measures

The Greek government will announce new reform measures on Wednesday, following a meeting with international lenders. The measures could include accelerated dismissals of state workers and cuts to pensions and wages, Greek media reports.

FINANCE

Moody's downgrades Greece to near-default

Moody's Investors Service downgraded Greece's credit rating Monday by three notches, leaving it just one above a default rating. The credit rating agency however offered a broadly positive assessment of last week's EU package of measures.

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FINANCE

New deal to shave €26bn off Greek debt load by 2014

Figures released after the emergency eurozone summit Thursday indicate that the new deal, which includes a 159-billion-euro bailout for Greece, will allow the country to shave €26 billion off its debt load by 2014.

GREECE

IMF approves €3 billion loan payment to Greece

IMF executives approved the latest 3 billion euro instalment of Greece’s rescue package late on Friday, with new Managing Director, Christine Lagarde, saying progress was being made but more work needed to be done.

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