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GreeceBailout
European Debt Crisis Could Shake Global Economy, Markets Suggest
By David Sessions - Politics DailyJust a week after financial leaders approved a nearly $1 trillion bailout package for Europe, fears are again mounting that the debt crisis in countries like Greece and Italy could place such a strain on major banks that it would send shock waves through the world economy, the New York Times reports. During trading on Friday, unease about the debt sent the euro to its lowest mark against the U.S. dollar in months. Already, world markets show signs of following the worried lead of European investors. Wall Street stocks plunged Friday along with the euro, and Monday morning trading in Japan and ...
As Greek Debt Is Deemed Junk, Fears Multiply
By Anthee Carassava - AOL NewsATHENS, Greece (April 27) -- Clad in tattered threads, a beggar trembles. His extended hands, bruised and bandaged, plead for help. "I'm hungry," he croaks as he rattles a tin can and clasps a picture of the Greek prime minister. In recent weeks scenes like this, though still rare, have swept up from Athens' rougher neighborhoods and taken center stage in the glossier quarters of the Greek capital. "Normally, I would have looked down with disdain at this man," says Lina Gaitanou, a 33-year-old civil servant. "But now," she adds, tossing him a 20-cent coin, "I'm troubled. I'm worried. I fear ...
Taming Financial Weapons of Mass Destruction
By Joseph Schuman - AOL News(March 9) -- The campaign to rein in a type of risky investment villainized in the economic crisis and blamed for the government bailout of AIG and the financial collapse of Greece is gaining momentum in Washington and other capitals, where officials are comparing it to piracy of another age. On Tuesday, a key U.S. regulator added his voice to the call for tighter rules and less secretive practices for credit default swaps, while the European Union said it is looking into a ban on the complicated financial instruments that have mushroomed into a multitrillion-dollar market. Mario Tama, Getty ...
Greece Bites the Bullet on Austerity Plan
By Anthee Carassava - AOL NewsATHENS (March 3) -- Greece faced crunch time Wednesday, ordering an additional $6.5 billion in radical budget cuts that will slash 30 percent off civil servants' holiday bonuses and slap fresh taxes on consumers. The measures amounted to a last-ditch bid to stave off the euro zone's first debt default and the broader financial fallout that would cause. The austerity plan, announced after an urgent cabinet meeting, comes days before Greece's embattled Prime Minister George Papandreou flies to Germany to enlist the help of Europe's biggest and healthiest economy. The move also aimed to calm ...
In Crisis, Some Greeks Blame the Germans
By Anthee Carassava - AOL NewsATHENS (March 1) -- After first blaming their country's grave fiscal crisis on a feckless political elite, Greeks have redirected some of their ire to the Germans, reviving haunting memories of Greece's Nazi occupation. Greece, a chronic violator of European Union budget rules, is under intense pressure from its EU partners and international financial markets to slash its yawning budget deficit of 12.7 percent of gross domestic product, more than four times the EU cap of 3 percent. As the government in Athens scrimps and scrapes to cover that gap, beleaguered Prime Minister George ...
Enraged Greeks Protest Austerity Moves
By Anthee Carassava - AOL NewsATHENS (Feb. 24) -- As a mechanical engineer working for the state for three decades, Dina Apostolou was set to retire this year. Instead, she's agonizing as Greece's enfeebled economy teeters on the verge of collapse. "If austerity measures take effect, then I may have to work another five years," she says as she stomps through the streets of Athens. "I understand the government has to find a way out, but why should the wage earners and the laborers be saddled with the cost of this crisis?" Milos Bicanski, Getty Images Crowds march through the streets of Athens on Wednesday to protest the ...
Chaos Theory - Goldman Sachs At Your Service
By Robert and Donna Trussell - Politics Daily...
PIGS in Europe Face Consequences of Budget Failures
By Joann M. Weiner - Politics DailyThere's an old saying in Washington's tax community that "pigs get fat and hogs get slaughtered." Typically, the phrase refers to corporations or even individuals who try to carve out too many exceptions to a general rule, or stretch a tax provision a little too far. By doing so, they draw attention to overly generous perks, and Congress takes them away. In Europe today, however, the PIGS -- Portugal, Ireland, Greece and Spain -- are getting slaughtered over the possibility that they may default on their sovereign debt obligations. Years of government spending far exceeding tax revenues have ...
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