About: default

Natalie Ann Jaresko is not part of the new cabinet [Georgi Gotev]
Economy & Jobs 21-08-2015

Ukraine anticipates default-saving debt deal

Ukraine is expecting the announcement today (21 August) of a crucial debt restructuring agreement that could save the pro-Western, but strife-torn country, from a devastating default.
Euro & Finance 07-07-2015

Greek ‘No’ vote backs Angela Merkel into a tight corner

The resounding "No" uttered by the Greeks on Sunday offers yet more proof of their rejection of the vicious cycle of austerity. Angela Merkel now finds herself trapped between the will of the Greek people and the inflexibility of her finance minister. La Tribune reports.
Economy & Jobs 06-07-2015

‘Greece needs a humanitarian aid programme’, says Schulz

European Parliament President Martin Schulz said that “The sovereignty of the Greek people must be respected," after Greece voted “No” in Sunday's referendum on the EU bailout deal.
Euro & Finance 03-07-2015

EU declares Greece in default just before referendum

Greece was officially declared in default today (3 July), injecting even more urgency into a make-or-break weekend referendum that new polls suggest is too close to call.

Greece defaults on IMF loan, referendum hangs in doubt

Greece's last-minute overtures to international creditors for financial aid yesterday (30 June) were not enough to save it from becoming the first developed economy to default on a loan with the International Monetary Fund. The situation remains so uncertain that even the Sunday referendum, on whether to accept the aid, hangs in doubt.
Euro & Finance 30-06-2015

Greece to lose €16.3 billion at midnight

Assuming that there is no last-minute deal between Athens and its creditors, Greece will lose €16.3 billion of financing at midnight Washington time today (30 June), EU officials told the press in Brussels.
Economy & Jobs 25-06-2015

Merkel says ‘not enough progress’ on Greece

Speaking about Greece on her arrival at the June EU Council Summit, German Chancellor Angela Merkel said that “there hasn't been enough progress, and to some extent one can have the impression that we are moving backwards”.
Economy & Jobs 25-06-2015

Tsipras ‘confident’ of reaching agreement on Greek bailout deal

“After the comprehensive Greek proposals, I am confident that we will reach a compromise that will help the eurozone and Greece to overcome the crisis,” said Greek Prime Minister Alexis Tsipras upon his arrival to the EU Council Summit on Thursday.
Economy & Jobs 23-06-2015

Eurozone leaders hopeful of Greek deal

On Monday, Eurozone leaders welcomed new Greek budget proposals and called them a 'positive step forward' towards finding an agreement with Athens that would unlock frozen aid and stop Greece from defaulting.
Euro & Finance 22-06-2015

Dijsselbloem: New Greek proposals ‘positive step’

Speaking after a short meeting of eurozone finance ministers, Eurogroup president Jeroen Dijsselbloem said that the new proposals presented by the Greek government are seen as a “positive step' towards reaching an agreement with Athens.
Economy & Jobs 22-06-2015

Eurogroup meets amid fears of Greek default

Eurozone finance ministers gathered on Monday in Brussels, ahead of the EU leaders' summit, for emergency talks over Greece's bailout and the latest, last-minute proposals to stave off default from the Greek government.
Euro & Finance 15-06-2015

Talks with Greece collapse as default looms

Default by debt-wracked Greece loomed dangerously closer after last-ditch talks between Athens and its EU-IMF creditors collapsed on Sunday (14 May), bringing the threat of a Greek exit from the euro closer than ever.
Euro & Finance 16-10-2012

Merkel rules out Greek default

Chancellor Angela Merkel has ruled out letting Greece default on its debt, in the latest sign Berlin is softening its stance towards Athens ahead of an eagerly awaited report on its reform progress from the "troika" of international lenders.
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Economy & Jobs 21-08-2012

Greece in diplomatic talks amid euro exit fears

As European leaders slowly return from their summer break, Greece is at the center of the European stage yet again. Athens is expected this week to ask for two extra years to meet its deficit targets. The idea however hasn't gone down well amongst international creditors, who are due to release a 30 bn euro loan as early as next month in order to save Greece from defaulting. The European Commission said on Monday that no decision will be made until late September when Europe's assessment on Greece's reforms will be published.
Greek soldiers Athens, undated.[Shutterstock]
Euro & Finance 09-03-2012

Greece secures debt swap and escapes default

Greece claimed a major success for its bond swap offer to private creditors today (9 March) after it won heavy acceptance for a deal that averts the immediate risk of an uncontrolled default on its massive public debt.
Euro & Finance 16-02-2012

Socialist MEP leader: Troika ‘locusts’ cannot save Greece

Socialist members of the European Parliament have set up an "alternative Troika" to find solutions for Greece beyond austerity measures, with their group leader going as far as likening the current task force to "locusts". The socialists' concerns about Greece were largely echoed by other political group leaders in the Assembly, EURACTIV France reports from Strasbourg.
Euro & Finance 09-02-2012

Greece to present incomplete bailout deal

Greek leaders failed yesterday (8 February) to agree on a reform and austerity programme, the price of a financial bailout to avoid a messy default, forcing Finance Minister Evangelos Venizelos to go to the country's financial backers with an incomplete deal.
Euro & Finance 07-11-2011

Berlusconi struggles to hold coalition together

Italian Prime Minister Silvio Berlusconi has one day left to win over party and coalition rebels threatening to bring down his government in a backlash over its failure to adopt reforms.
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Economy & Jobs 27-10-2011

Eurosummit: post-game analysis

European leaders achieved a breakthrough early on Thursday to write off half of Greece's debt and seek foreign capital to double the eurozone's bailout fund to around €1 trillion. But crucial details on the fund's size were left for finance ministers to decide end of November.

Greece: Life after debt

Greece has a future beyond the current crisis, whether the country defaults or not, argues Sophia Chrysopoulou.
Euro & Finance 11-10-2011

Nobel prize winner: Europe needs a fiscal union

Two Americans were awarded the Nobel prize for economics yesterday  (10 October) and said they had no easy answers for the debt crisis plaguing Europe, but stressed a fiscal union can avoid the collapse of the euro.
Euro & Finance 05-10-2011

Moody’s slashed Italy credit rating

Moody's lowered its rating on Italy's bonds by three notches on Tuesday (4 October), saying it saw a "material increase" in funding risks for euro zone countries with high levels of debt and warning that further downgrades were possible.
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Euro & Finance 26-09-2011

Merkel: We’re buying time for other countries

German Chancellor Angela Merkel on Sunday said that she can not rule out letting a eurozone country default on its debts. Merkel said that this is a possibility to consider once the Eurozone has a permanent rescue fund in place. In a one-hour interview with ARD television, Merkel said a permanent rescue fund is necessary to prevent crisis in countries such as Greece from spilling over to other countries that use the euro as their currency.
Euro & Finance 21-09-2011

Greece pledges more austerity to avoid default

Greece pledged to bring forward painful austerity measures yesterday (20 September), convincing international lenders to return to Athens early next week for talks that it hopes will secure the aid it needs to avert bankruptcy.