Fears Intensify That Euro Crisis Could Snowball

May 16, 2010 | by Nelson D. Scwartz and Eric Dash | www.nytimes.com

After a brief respite following the announcement last week of a nearly $1 trillion bailout plan for Europe, fear in the financial markets is building again, this time over worries that the Continent’s biggest banks face strains that will hobble European economies.

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EU Crafts $962 Billion Show of Force to Halt Crisis

www.bloomberg.com | By James G. Neuger and Meera Louis

May 10 (Bloomberg) -- European policy makers unveiled an unprecedented loan package worth nearly $1 trillion and a program of securities purchases as they spearheaded a drive to stop a sovereign-debt crisis that threatened to shatter confidence in the euro.

Jolted into action by last week’s slide in the currency to a 14-month low and soaring bond yields in Portugal and Spain, governments of the 16 euro nations agreed to make loans of as much as 750 billion euros ($962 billion) available to countries under attack from speculators.

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G-7 to Confer on Greece as Stocks Fall on Contagion

www.bloomberg.com | By Mayumi Otsuma and Kyoko Shimodoi
 

May 7 (Bloomberg) -- The Group of Seven plans to hold a conference call today to discuss the Greek debt crisis, according to Japanese Finance Minister Naoto Kan, after a global stock rout sparked by concern debt woes are spreading. 

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Greek Riots Threaten to Scare Tourists Key to Economy

www.bloomberg.com | By Armorel Kenna, Natalie Weeks and Mary Childs

May 6 (Bloomberg) -- The protests and riots in Athens threaten to undermine tourism, one of Greece’s few growth industries and the country’s best hope of easing the pain of its unprecedented austerity program.

“People will think twice about going to Greece,” said Ian Gamse, a director at London-based Otus & Co., which advises Marriott International Inc. and Hilton Worldwide. “People who have booked are going to start calling their tour operators. If Greece can’t get the situation under control, it is going to be a big problem.” 

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Europe approves giant Greece bailout

http://news.yahoo.com | Sun May 2, 5:23 pm ET 

BRUSSELS (AFP) – European governments Sunday endorsed an unprecedented 110-billion-euro bailout to save Greece from bankruptcy and shore up the single currency after Athens agreed to draconian spending cuts.

The first installment of the eurozone-IMF rescue package will be paid within the next few weeks, with the rest spread over three years and conditional on a swathe of painful cuts and tax rises in Greece, they said.
  
AFP – A man passes by a shop window in downtown Athens. European governments Sunday endorsed an unprecedented bail out.

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A Successful Restructuring in Greece May Leave a Weaker Europe Economy

Wall Street Journal | Monday, April 26, 2010 As of 10:17 AM (GMT +8 hours)

  

It matters little in the long run whether Greece's euroland colleagues and the International Monetary Fund agree to the requested €45 billion bailout— €30 billion from the euro-zone countries, €15 billion from the IMF. Even if the deal gets done, the bailers will have only applied a Band-Aid to a hemorrhage.

IMF Managing Director Dominique Strauss-Kahn (right) with Nicolas Sarkozy.

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Greece:Announcement on new economic and fiscal measures

The Greek Government announced a package of additional measures designed to safeguard the targets of the Stability and Growth Programme against macroeconomic and financial risks.

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Budget cuts give Greece a break

David Smith, Economics Editor March 7, 2010 | http://business.timesonline.co.uk

The country's Euro 4.8 billion austerity package announced by George Papandreou been welcomed abroad but not at home.

For George Papandreou, the Greek prime minister, last week brought the first real signs of relief in a crisis that has dominated his short time in office. His €4.8 billion (£4.3 billion) austerity package, announced on Wednesday, was favourably received in the markets.

A €5 billion, 10-year bond issue on Thursday was three times oversubscribed, lending support to the view that, while the markets are determined to extract higher interest rates for taking on Greek official debt, the danger of default is not seen as so high as to make them avoid it at all costs.

Some 400 institutions bid a total of €16 billion for the €5 billion of bonds in an offering jointly led by Barclays Capital. Nearly 80% of the bonds were bought by non-Greek investors.

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Greek PM sounds alarm, eyes tough new fiscal steps

Tue Mar 2, 2010 1:31pm EST | www.businessweek.com

ATHENS (Reuters) - Prime Minister George Papandreou painted a grim picture of the Greek economy in a speech to parliament on Tuesday, preparing the nation for new austerity measures needed to avert default and a broader euro zone crisis.

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Euro Declines for Third Month as Debt Crisis in Greece Persists

February 27, 2010, 1:07 AM EST | www.businessweek.com

By Inyoung Hwang and Ben Levisohn

Feb. 27 (Bloomberg) -- The euro fell for a third straight month against the dollar, its longest losing streak since November 2008, as Greece’s debt woes weighed on the region’s economic outlook.

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Four Biggest Greek Banks Downgraded

FEBRUARY 23, 2010, 8:18 P.M. ET | http://online.wsj.com

Greece's financial instability is spreading to its private-sector banks, the latest indication that the country's credit woes are worsening.

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Asia shares jump, euro firms on Greece report

22 Feb 2010, 1354 hrs IST, REUTERS

HONG KONG: Asian stocks leapt to their highest in nearly a month on Monday as risk appetite improved on talk of a quick bailout for Greece and as investors looked past the Federal Reserve's discount rate hike to signs of strength in the US economy.

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