The cost for Italy to borrow has been steadily rising and is now approaching the level at which experts believe it can’t service its debt payments. That means the Euro crisis, which could significantly affect the US, is getting worse, the previous bailouts have failed and the institutions that could save this are looking at each other not knowing what to do.
|By: David Dayen Tuesday November 8, 2011 9:53 am|
|By: David Dayen Monday November 7, 2011 6:15 am|
Let’s get up to speed on the latest out of Greece. When we last left things, Prime Minister George Papandreou’s tenure hung in the balance of a confidence vote on Friday. He survived the confidence vote, but only after agreeing to negotiations that will end his term as leader today.
|By: David Dayen Friday November 4, 2011 8:50 am|
Greek Prime Minister George Papandreou faces a confidence vote today, and there’s a lot of confusion over the outcome and the aftermath. One set of reports says that he will lose the confidence vote, and that he’s being urged to resign prior to it. Another set says that there’s a deal in place for Papandreou to resign after the confidence vote passes, and that a unity government will be established before snap elections within a month. This is what the opposition New Democracy party has been seeking.
|By: David Dayen Wednesday November 2, 2011 9:30 am|
Greek Prime Minister Papandreou’s cabinet unanimously approved his call for a referendum on the proposed debt and austerity deal. It’s a way to pressure the creditors for more favorable terms or create the conditions for leaving the Euro.
|By: Jon Walker Tuesday November 1, 2011 2:15 pm|
The decision by the Greek Prime Minister to call for a national vote on the proposed European mechanism for reducing Greek sovereign debt, rescuing banks and imposing further austerity measures on Greece is shaking up national markets. Fear of a European financial breakdown and recession, which could carry over to the US, may make Obama’s reelection chances even more uncertain than it was.
|By: David Dayen Tuesday November 1, 2011 7:45 am|
Greek Prime Minister George Papandreou announced that he would hold a referendum on the latest austerity terms – and possibly even continued participation in the euro – a move that the rest of Europe looked upon with despair.
|By: Scarecrow Friday June 24, 2011 9:00 am|
The hacks and charlatans, and the banks and governments that listen to them, are now imposing the equivalent of leeches on the Greek government, its economy and its citizens.
|By: David Dayen Thursday June 23, 2011 10:00 am|
[I]t looks like the Greek government will agree to crippling austerity measures as well as the selling off of state assets, just to get the cash to pay off the banks.
|By: Jeff Kaye Thursday May 6, 2010 6:01 am|
Over a hundred thousand Greek protesters took to the streets and shut down the country as popular unrest grew, aimed at a viciously strict austerity program, dictated by the Germans and the IMF to help pay for an economic bailout of Greece. The crisis has threatened the stability of both the European Union and the Euro, and is sending political tremors across the continent.