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Greek Deficit Shoots Up; Citigroup Trader Probed for False Speculation
By Anthee Carassava - AOL NewsATHENS, Greece -- This country's 2010 deficit shot up significantly more than anticipated, European Union data revealed today, signaling ailing attempts by the government in Athens to rein in the country's runaway finances and avoid a painful debt makeover. At 10.5 percent of the country's gross domestic product -- well above the 9.4 percent forecast -- the Greek deficit ranked second highest in the European Union last year, according to a statement from Eurostat, the EU's statistics agency. Crisis-hit Ireland topped the list with 32.4 percent, while the U.K. ranked third with 10.4 ...
Greece Proposes Spending Cuts, but Will They Be Enough?
By Anthee Carassava - AOL NewsNEWS ANALYSIS ATHENS -- Greece was heading for bankruptcy last year. It still is today, only now, its chances of fiscal recovery look bleaker, pundits and market analysts predict. The reasons? Half-baked fiscal reforms, shortfalls in revenue and a state debt expected to explode to over 160 percent of its gross domestic product by 2013. This week alone the cost of insuring Greek government debt against default was so worrying that it hit a record on speculation that the Athens government was priming for a debt restructuring plan, the first by a Western state in 60 years. What's more, ...
Will Propping Up Portugal Halt Spread of Insolvency in Europe?
By Anthee Carassava - AOL NewsATHENS, Greece -- Following Greece and Ireland, Portugal, too, has requested a bailout from its European peers. But will Spain, a larger economy with stronger significance to global finance, follow? And more important, has European aid done anything to solve what appears to be a growing solvency problem. In answering at least the latter question, financial gurus like Yanis Varoufakis, a professor of economics at Athens University, are emphatic: No. "From the onset of this crisis," he told AOL News today, "Europe's leading taskmasters have been behaving like compulsive gamblers, sinking more ...
Greece's Credit Rating Crash Puts It in 'Junk' Land
By Anthee Carassava - AOL NewsATHENS, Greece -- This country's credit rating has crashed once more, standing, now, on a par with Angola and Vietnam, and leaving the government in Athens jaded. Moody's Investor Services downgraded Greece's debt by three notches to "highly speculative" status -- way below even debt-troubled Ireland, Portugal and Spain. The downgrade fixes the eurozone nation firmly into "junk" territory. Cash-strapped Greece averted bankruptcy in May when its European Union partners and the International Monetary Fund cobbled together a $146 billion bailout in exchange for sweeping cutbacks, aggressive ...
Greek Riot Police Clash With Protesters as Strike Turns Violent
By Anthee Carassava - AOL NewsATHENS, Greece -- In the latest sign of swelling social unrest, Greek riot police clashed with angry demonstrators in Athens today, marring a nationwide protest against continued austerity measures. The clashes sprang from a massive demonstration that drew an estimated 40,000 workers to the streets in the first major labor protest this year. Riot police fired tear gas at young protesters, who hurled stones, petrol bombs and firecrackers at government buildings. Thick smoke blanketed much of the city for hours, sending demonstrators and bystanders scrambling for cover. AFP / Getty ...
Greek Police Storm Acropolis to Break Up Jobs Protest
By Anthee Carassava - AOL News
ATHENS, Greece (Oct. 14) -- Club-wielding police burst through crowds of protesters at the Acropolis today, clashing with culture ministry workers who blockaded Greece's most sacrosanct archaeological site as they pressed for renewal of their state contracts. Watched by bewildered visitors, the violent scuffles bruised Greece's already battered tourism reputation, eroded earlier this year by recurring scenes of protests and social unrest that have brought this debt-choked country to a standstill on several occasions. Louisa Gouliamaki, AFP / Getty Images Riot police are deployed at the ...
Greek Leader Faces Protests Despite Pledge of Recovery
By Anthee Carassava - AOL NewsTHESSALONIKI, Greece (Sept. 12) -- It's not just Iraqis who throw shoes at the mighty. As Greece's staid Prime Minister George Papandreou walked out of an exhibition center teeming with vendors and marketers weary with the nation's economic austerity measures, a 49-year-old doctor weaved through the crowd and hurled a shoe at him. He missed. The brown penny loafer sailed over the prime minister's head and security guards wrestled the bearded radiologist to the floor, whisking him and two other protesters to a local police precinct Saturday. Sakis Mitrolidis, AFP / Getty Images Authorities ...
Greek Prime Minister Overhauls Cabinet
By Anthee Carassava - AOL NewsATHENS, Greece (Sept. 7) -- Greece's embattled Prime Minister George Papandreou has overhauled his Cabinet, retaining top ministers in key posts but demoting and unseating others crimping government designs to enact reforms, spur growth and yank Greece out of its deepening recession. Although anticipated for months, Papandreou surprised pundits, politicians and even some of his closest aides, taking to a sweeping Cabinet shake-up that had him deliberating in the inner sanctums of the nation's parliament well into the early hours of Tuesday. Louisa Gouliamaki, AFP / Getty Images Greece's ...
Greek PM Poised for Cabinet Shake-up
By Anthee Carassava - AOL NewsATHENS, Greece (Sept. 6) -- Greece's embattled Prime Minister George Papandreou looks set to overhaul his Cabinet as criticism swells over lagging attempts to enact reforms, spur growth and yank Greece out of its deepening recession. It remained unclear, however, whether the shake-up -- anticipated for months, and now due to be announced by Tuesday -- would include sweeping Cabinet changes or a mere replacement of three deputy ministers drafted by the prime minister over the weekend to run in upcoming local elections. Aris Messinis, AFP / Getty Images Greek Prime Minister George Papandreou ...
Help Greece's Economy: Buy an Island
By Paul Wachter - Politics DailyWith its economy in the tank, Greece is taking drastic measures to fill its coffers, including selling off some of the country's 6,000 islands (only 227 of which are populated). An "area in Mykonos, one of Greece's top tourist destinations, is one of the sites for sale," the British newspaper the Guardian reports. "The area is one-third owned by the government, which is looking for a buyer willing to inject capital and develop a luxury tourism complex, according to a source close to the negotiations." The islands for sale (or long-term lease) can be found on privateonlineislands.com (though ...
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