May 10 (Bloomberg) — European policy makers unveiled an unprecedented loan package worth almost $1 trillion and a program of bond purchases as they spearheaded a global drive to stop a sovereign-debt crisis that …   Read More

>

Related search terms: Is Sovereign Debt Crisis Contained To Subprime–, Crisis Intervention, Crisis Management, Nullification Crisis, Cuban Missile Crisis, Crisis Band, Dancing Around The Pink Elephant In The Room: Why Wait For A Crisis–, Types of Crisis, What Is Happening in Darfur, Little Rock Nine, Crysis, Thomas Paine

News Media

EU Crafts $962 Billion Show of Force to Halt Euro Crisis – BusinessWeek
The steps came after failure to contain Greece's fiscal crisis triggered a 4.1 percent drop in the euro last week, the biggest weekly decline since the …

TREASURIES-Dive in Asia after EU agrees debt crisis package – Reuters
In addition, the Federal Reserve said it has reopened currency swap facilities, established during the 2007-2008 financial crisis, with other major central …

European Debt Crisis May Benefit India, Adviser Basu Tells PTI – Bloomberg
By Rajhkumar K Shaaw May 9 (Bloomberg) — The European debt crisis may be advantageous for India's capital markets if it is contained, Kaushik Basu, …

Identity Crisis: Half Yankees Half Rays Equals No Playoffs For Red Sox – Bleacher Report
As the old saying goes, you can't win the World Series in April, but you sure can lose it. Unfortunately this looks to be the case for the struggling Boston …

Central Banks Step In to Shore Up Confidence – Wall Street Journal
The Federal Reserve quickly joined with the ECB, agreeing to reopen a program employed during the 2008 financial crisis in which it lends US dollars to the …

Poll: Obama to blame for US-Israel crisis – Ynetnews
Despite the ongoing tension between Washington and Jerusalem, a clear majority ” 61% ” of the overall Israeli public defines the relations between the two …

How crisis is like toothpaste or tsunamis or … – MarketWatch
Henry Paulson, the former Treasury Department secretary, took his turn in front of the Financial Crisis Inquiry Commission on Thursday, armed with an …

China’s Stocks Rise as European Loan Package May Ease Crisis – BusinessWeek
… time in three days on speculation an emergency loan fund to bail out debt-laden European countries will keep the region's credit crisis from spreading. …

U.S. Presses Europe to Contain Crisis – Wall Street Journal
At the Federal Reserve, meanwhile, officials were considering whether to reopen a program, launched during the financial crisis, to ship US dollars to the …

Latest News: Greece Debt Crisis

Eurozone Leaders Act to Stop Crisis From Spreading- Greece Debt Crisis Coming to United States–
.

Greece Debt Crisis: Sarkozy Says Europe Will Help Greece During Meeting With Georges Papandreou
PARIS — Speculators beware: The euro zone’s biggest powers will back Greece through the debt crisis that has jeopardized all 16 nations in the common currency, French President Nicolas Sarkozy said Sunday. Greek Prime Minister George Papandreou, in Paris as part of a four-city tour seeking firmer EU and U.S. support for new austerity measures to rein in its massive budget gap, received from Sarkozy the most outspoken support for his plans yet. The French leader, coveting the chance to play the statesman with regional French elections to begin next Sunday, issued a warning to traders who would bet against the euro zone’s willingness to defend a member state. And in a show of high-stakes poker with speculators, he purposely didn’t detail what measures the bloc might take. Papandreou’s government has committed to a severe austerity plan to reduce Greece’s massive 12.7 percent budget deficit, and has warned that going to the International Monetary Fund is an option if a European solution is not found. “The Greek government … took the measures asked of it. Euro zone states must now be ready to take theirs,” Sarkozy told a news conference alongside Papandreou at the French presidential palace. “Of course, the future of Greece is in question, but it’s also that of Europe being played out,” Sarkozy said. “Europeans have created a common currency – all the countries that share this currency must show solidarity.” Sarkozy, who along with German Chancellor Angela Merkel is seeking to calm markets and bring down Greece’s high borrowing costs, didn’t spell out any specific ideas. “Concrete, precise methods exist – ones we don’t need to communicate about tonight, certainly not,” he said.

Greece debt crisis FAQ
Why is Greece still in crisis– Don’t the bankers deserve it– Could the UK be next–Why is Greece still in crisis, wasn’t there a bailout–After months of uncertainty, the EU and IMF had finally offered a €45bn rescue package (€30bn from Europe and €15bn from the IMF), which might have seen Greece through its short-term borrowing needs. But political opposition in Germany led investors to lose confidence and drove up Greek borrowing costs to the point where a far bigger rescue package now looks necessary.What happens if a bigger bailout can’t be agreed–With short-term borrowing rates hitting 38% on Wednesday, investors fear Greece will have no choice but to default on some of its existing debt obligations, or at the very least negotiate a partial debt restructuring. In short, refuse to pay. The latest crisis was sparked on Tuesday when credit rating agency Standard & Poors downgraded Greek sovereign bonds to junk status.Why is this so bad– Don’t the bankers deserve it–It is bad for Greece because it will make it almost impossible to borrow its way out of trouble in future, making it difficult to pay all its public sector employees and deepening its recession. It is bad for everyone because most fund managers invest in these bonds on behalf of international pensioners and savers. Though Goldman Sachs has been criticised for helping Greece hide its problems and hedge funds are blamed for exacerbating the market reaction, the banking industry is far less culpable in this crisis than it was last year.Will Greece leave the euro–If its domestic economic crisis gets bad enough, Athens may decide a currency devaluation is the only way to restore international competitiveness.

The Greece debt crisis is far from over
With government bond yields still high, Greece may not be able to service its debt, making a joint eurozone and IMF rescue ever more likely..

Europe in Crisis Control over Greece Debt Woes
Key EU Nations Approve Greek Rescue Package as Leaders Look to Soothe Market Fears.

Debt crisis: The EU is waterboarding Greece | Poul Nyrup Rasmussen
The austerity measures forced on to the Greeks are not only unfair, they set a bad precedent for the rest of EuropeOn the day of the eurozone leaders’ meeting in Brussels, it is essential that we look at what is really going on in the European Union. The Conservative majority in the EU has again lost sight of the big picture. Its punishment of Greece is like the nation-state equivalent of waterboarding. It seems that it is unable to grasp the gravity of the situation. It is targeting Greece but refusing to see the dangers of its lack of EU coordination and inaction.For four months, EU centre-right governments have applied a torturous drip-drip approach with no less than four separate austerity programmes being demanded. These agonising tactics are due solely to Angela Merkel’s “policy of prevarication”.

Greece debt crisis: timeline
Greece’s economy has been in the balance for months, but the seeds of the crisis were sown a decade ago1 January 2001: Greece joins the euro Having been left out when the single European currency began at the beginning of 1999, Greece becomes the 12th member two years later after dramatically cutting inflation and interest rates, and bringing the drachma smoothly into line with the euro. The Greek government hails the achievement, saying it promised greater stability and prosperity. But the then president of the European Central Bank, Wim Duisenberg, warns that the country must keep working hard to improve its economy, and some analysts fret that the euro could suffer from the inclusion of weaker European nations.15 November 2004: Greece admits fudging euro entryClose scrutiny of Greece’s budget figures shows that the country has not actually met the conditions to join the eurozone. Greek government admits that its deficit has never been below 3% since 1999, as EU rules demand.29 March 2005: Austerity measuresHaving ousted the Greece’s socialist government a year earlier, the right-wing New Democracy party imposes an austerity budget to try to slash Greece’s deficit and get the public finances back on track after the cost of hosting the 2004 Olympics. It includes tax hikes on alcohol and tobacco, and an increase in VAT from 18% to 19%.Spring 2006: Bouncing back–A year after the austerity budget, Greece’s economy appears to be growing strongly again, with GDP up 4.1% in the first three months of 2006.4 October 2009: George Papandreou becomes Greece’s prime ministerPapandreou’s Panhellenic Socialist Movement (PASOK) party wins power after New Democracy calls a snap general election, asking the Greek people for a new mandate to tackle the looming financial crisis. The Greek economy has contracted by 0.3%, and the national debt has risen to €262bn, from €168bn in 2004.

Greece debt crisis deferred, not cured
Investors have good reason to think Greece’s debt crisis has not been solved by the IMF bailout packageThere’s a pattern here. European politicians stand up on a Sunday and declare that they have found a solution to Greece’s financial crisis. A day or two later, investors respond by shouting “no, you haven’t”. Today’s performance of this drama was the most alarming to date. The €110bn three-year bailout for Greece was meant to be the final word on the matter from the eurozone members and the IMF. It was greeted with big falls in stock markets around the world while the euro hit a 12-month low against the dollar.Unfortunately, investors have good reasons to think the Greek bailout will succeed only in deferring pain.

News Analysis: Deflation Could Stall Efforts to Revive Greece in Debt Crisis
There are serious questions about whether the harsh austerity measures Greece committed to are sustainable..

EU debt crisis: Greece granted €110bn aid to avert meltdown
Package agreed in return for pledges on most drastic overhaul of a European economy ever attempted European countries stepped into uncharted territory tonight, deciding on the first bailout of a single currency member state by agreeing a three-year package worth ¤110bn (£95bn) to rescue Greece from financial meltdown in return for pledges on the most drastic overhaul of a European economy ever attempted.Finance ministers from the 16 countries using the single currency met yesterday in Brussels to seal the pact following months of sitting on the fence and two weeks of tough negotiations in Athens involving the International Monetary Fund, the European commission, and the European central bank, which concluded on Saturday night.José Manuel Barroso, head of the European commission, described the bailout as decisive in preserving “the stability of the euro area”. The guardian of the euro and head of the European central bank, Jean-Claude Trichet, said the package was needed to shore up the single currency.Heads of government from the 16 countries are to gather for an emergency summit in Brussels on Friday to throw their weight behind the deal, after months of procrastination during which the crisis has deepened and spread.”This programme is unprecedented … in the scale of the financial support,” Olli Rehn, European commissioner for monetary affairs, said last night.”It’s not an easy day,” added George Papaconstantinou, the Greek finance minister who earlier put his country’s dilemma starkly: “The choice is collapse or salvation.”A day after May Day protests rocked Greece, the prime minister, George Papandreou, outlined his commitments to the EU and the IMF, making clear his programme envisaged the biggest shake-up of Greece’s welfare state ever contemplated. A homemade bomb later exploded outside an HSBC branch in Athens.”The problem has taken on huge dimensions. The fire risked extending not only to Greece but to the eurozone and beyond,” he said. “The cost of extinguishing it is very high, and it’s very high for Greek citizens.” Papandreou told Greeks they faced years of great sacrifice, but would be rewarded with the “rebirth” of their country.Barack Obama rang Papandreou to welcome “the ambitious reform programme announced by the Greek authorities”.

Top Links

EU Crafts $962 Billion Show of Force to Halt Crisis
European policy makers unveiled an unprecedented loan package worth nearly $1 trillion and a program of bond purchases as they spearheaded a global drive to stop a sovereign-debt crisis that threatened to shatter confidence in the euro.

EU Preps $645 Billion Fund to Fight –Wolfpack,– Debt Crisis
European Union finance ministers moved toward agreement on an unprecedented loan package worth at least $645 billion to prevent Greece’s fiscal woes from triggering a broader sovereign-debt crisis and shattering confidence in the euro.

Friday Funnies – The Housing Crisis.. why, oh why–
Getting to the root of the financial crisis

BP’s Preparedness for Major Crisis Is Questioned
White House officials, lawmakers and others are asking whether BP failed to foresee and prepare for a disaster, as doubts deepen over the company’s ability to handle the oil spill in the Gulf of Mexico.

Europe Plans Vast Contingency Fund, Racing To Contain Crisis
ATHENS — European finance ministers threw a trillion-dollar protective wall around the euro on Sunday, approving an emergency loan program meant to ensure than no other governments come under the same market assault that nearly pushed Greece to a default.

News Activity for Greece Debt Crisis

SEC Ogled Porn As The Financial Crisis Unfolded! So Did You
One SEC accountant tried to access porn 1,800 times in two weeks, another tried 16,000 times in one month. In another case, an SEC attorney spent eight hours a day looking at and downloading porn— as reported by the Associated Press and ABC News— when his disk drive was full he resorted to CDs and DVDs. Gross.Over the last five years, the SEC has launched “33 probes of employees looking at…

BBC News – Asian stocks slide amid Greek debt crisis
Greek drama sends Asian markets sliding: Asian stock markets fall because of the Greek debt crisis, as the IMF .. http://bit.ly/bugPCv

Did Porn Cause the Financial Crisis– – Business – The Atlantic
The above headline might seem like a joke. It isn’t. Senior staffers at the Securities and Exchange Commission were surfing Internet pornography when they should have been policing the financial system. A deeply disturbing SEC memo to Senator Chuck Grassley (R-IA) exposing this problem was reported Thursday night by ABC News. Here are some highlights via the Associated Press: _A senior attorney…

BBC News – Greek crisis set to overshadow IMF meeting
Greek crisis hangs over IMF talks http://bit.ly/byc4Ej #follow

BBC News – Greece crisis: Europe ‘must act fast’ ex-minister warns
Europe ‘must act fast’ on Greece- Greece must be prevented from becoming “the Lehman Brothers of the sovereign debt… http://bit.ly/djIFmm

Recent Twitter Activity

Greece Debt Crisis Images

taxpayers_cure_the_crisis_259645damned_crisiscrisisfinancial-crisis-concept-thumb8038079financial-crisis-cartoon-27102008crisis-in-darfurcrisis_bigbush-on-financial-crisisenergy_crisis_1_2time-crisis-strike-iphone1962_cuban_missile2008070316crisiscrisis16a00d83420295d53ef0120a6b22d0b970c-800withe-art-crisiscredit-crisisglobal_crisis2421135485_de8cc56203chinese-crisis-2eu-financial-crisis-large271_cartoon_housing_crisis_large