NEWS ARCHIVE - OCTOBER 2012
October 30, 2012
PASOK appears to bend
Athens has been locked for months in talks with its European Union and International Monetary Fund lenders on a package of 13.5 billion euros ($17.4 billion) in cuts and tax measures.
A final agreement to secure aid to save it from bankruptcy has been held up by the refusal of the Democratic Left party, the smallest partner in the three-party coalition, to back some private-sector wage cuts included in the package.
But the Socialist PASOK, the second-biggest coalition partner, will not be swayed by the Democratic Left's refusal, a senior party official said ahead of a formal decision expected at a meeting of party lawmakers on Tuesday. The party has so far been sharply critical of labour reforms but has not explicitly said if it will vote for or against the measures.
"Our stance does not depend on what the Democratic Left will do," the official told reporters on condition of anonymity.
October 29, 2012
- "Greece have given everything" - President - Skynews
- Final stretch for Greece before Eurogroup - eKathimerini
- Greece Riskier Investment Than Libya, Syria: CFO Survey - CNBC
- Euro Falls on Uncertainty Over Greece, Spain - CNBC
- European markets down on Greece, US markets closed - NASDAQ
- Germany supports ECB Greek debt buyback plan, rejects write-off - eKathimerini
October 25, 2012
- Greece Reaches Agreement With International Lenders - New York Times
- Greece says it has been given more time on austerity - Reuters
- Greece to Get Two More Years on Budget Targets, Germany Disputes - Wall Street Journal
- Germany signals flexibility on "factors beyond Greece's control" - Reuters
- IMF says "outstanding issues" remain on Greek aid - Reuters
October 24, 2012
- Greece fights drug shortages by suspending exports - Reuters
- Euro Recovers On Greece News, Downside Risks Far From Over - Seeking Alpha
- Greece: We got an extension; EU: No you didn't - Seattle PI
- Greece Seeks To Reduce Debt By Cutting Rates, Extending Payment - Financial Minister
October 23, 2012
"One of the hottest trades of the past few months has been the bonds of a country so shaken by economic and social turmoil that a neo-Nazi party is running third in the polls.
That's right: Hedge funds have been buying Greece.
Ever since Greece completed a debt restructuring in March that turned €200 billion in bonds into about €60 billion, distressed-debt investors—many at U.S. hedge funds—have been picking them over. "
October 18, 2012
"Police fired tear gas and protesters threw molotov cocktails during a large rally in the Greek capital where thousands staged a demonstration against plans by the government to change labour conditions and cut wages in the latest round of debt cutting austerity. "
"European Union leaders are expected to clear the way for releasing 31.5 billion euro (USD 41 billion) in urgently-needed financial assistance for debt-stricken Greece at their two-day summit which opens in Brussels today. "
Golden Dawn - Fascism in Greece, Circa 2012
October 17, 2012
- Athens coalition parties reject further cuts - EU Observer
- Greece, lenders declare progress as inspectors depart - Reuters
- Greece ‘close to deal’ with lenders - Financial Times
- Greece, Spain 'in depression': Nobel prize-winning economist - Economic Times
- Greece Fund’s 50% Three-Month Rally Leads All ETFs - ETF Trends
- "Grexit" could spark global economic crisis: German think tank - Reuters
- Angela Merkel's Athens - German chancellor's trip - The Economist
- Euro-tsar to have veto powers on national budgets: Schaeuble - EU Observer
October 16, 2012
- Greece Is Not Poor; Has Abundance Of Uptapped Gold, Oil And Natural Gas
- Bond Prices Climb as Fears on Greece Ease - Wall Street Journal
- Softening stance on Greece, Merkel rules out default - Reuters
- Greece admits €13.5bn in cuts unlikely to be settled by EU summit - UK Guardian
- Zeti: Reforms in Greece should be done gradually - Star Malaysia
October 14, 2012
"European leaders, basking in the glow of a Nobel Peace Prize and praise for their rediscovered crisis-fighting skills, meet this week as Greece seeks to justify renewed aid and Spain holds out on tapping a bailout.
The European Union’s leaders convene for an Oct. 18-19 summit in Brussels after a weekend in which international finance chiefs expressed some optimism that a firewall is in place to contain the euro’s turmoil and urged further action to quell the main threat to global growth.
With German Finance Minister Wolfgang Schaeuble today ruling out a Greek exit, the 17-nation euro area faces the challenge of harnessing positive sentiment by resolving differences on aid for Greece and Spain before investors pounce again. "
"Coca Cola Hellenic is leaving Greece. Sounds like a strange thing for a company with that name to do but it does make great sense..
The credit rating agencies are very unhappy at the idea of allowing a company a higher credit rating than the sovereign nation in which they are domiciled. This isn’t a hard and fast rule, we can find plenty of exceptions. But it is a tendency. And when a sovereign gets a downgrade (as Greece of course has) then corporates based in that country will see their own credit rating downgraded. And that can be significantly expensive for a company."
October 12, 2012
- Germany holds firm on Greece as IMF pressure mounts - Daily Star
- Merkel Rebuffs IMF Over Extra Time for Greece Reforms - Hispanic Business
- Greece shocked at EU peace prize amid economic 'war' - UK Guardian
- Greece better off alone: Swedish minister - The Australian
- Greece’s biggest firm exits, unemployment rate soars - Taipei Times
"Germany is leading a drive by euro-zone fiscal hawks to extract the maximum in economic changes from the Greek government. But the IMF fears that Greece's political and social tensions are near breaking point and any more budget pressures may spoil its chances for restoring growth. "
October 11, 2012
- Greece needs two more years to hit deficit target: IMF - Google AMF
- Greece's biggest company, bottler CCH, quits for Switzerland - Reuters
- Another Extension for Greece Now Seems a Sure Bet - CNBC
- IMF calls time on austerity - but can Greece survive? - BBC
- Greek Unemployment Hits Record 25.1% - Greek Reporter
- German institutes say Greece needs another "haircut" - Reuters
So many Greeks have this wonderful disease called philoxenia (love of strangers). Greece, circa 1968
October 10, 2012
- Greece Still Taking its Toll on Euro - Wall Street Journal
- Dollar, yen rise on Greece, third quarter earnings concerns - Reuters
- Spain and Greece Concerns Continue to Affect Euro Zone Trading - Jutia Group
How the Ottoman's empowered the Greek Revolution
October 9, 2012
- Greek police clash with protesters during Merkel visit - Reuters
- Merkel protestors dressed as Nazi soldiers - Business Insider
- Merkel says Greece covered 'much ground' - eKathimerini
Oct 18 Deadline?
"International officials told Greece on Monday night to accelerate the pace of economic reform in exchange for further financing from a stalled bailout package. Jean-Claude Juncker, the head of the Eurogroup of finance ministers, told a news conference that 89 so-called “prior actions” like overhauling labor and pension laws that were agreed to with Greece in March needed to be implemented, “at the latest,” by Oct. 18."
- Greece confounds euro zone - Fox Business News
- Greece worries propel dollar higher - Business Recorder
- Greece Finance Minister: Troika Considering Two-Year Extension - Nasdaq
- Greece given 10 days to act on broken promises - Western Australian
- Greek Debt May Hit 150% of GDP in 2020 - Nasdaq
Athens, Circa 1994
October 8, 2012
- Merkel to face protests on first crisis visit to Greece - First Spot
- Germany keeps pressure on Greece to reform - Boston.com
- GREECE: NBG offers to buy Eurobank in share swap - Financial Mirror
- Greece’s Coalition Government, Troika Pause on Budget Talks - Bloomberg
October 6, 2012
- Greece, Troika to Resume Talks Next Week - Wall Street Journal
- Fascist Movement Dawning in Greece amid Crisis - CBN
- IMF's Lagarde says talks with Greece "very productive" - News Talk WTAQ
- Greece's National Bank Launches Bid for Eurobank - Wall Street Journal
- Greece to continue austerity talks with international lenders - Economic Times
The Socialists' Revenge in Athens Greece
"... A friend and government insider leans over and tells me that the building we are in was erected entirely with European Union funds. The late socialist prime minister, Andreas Papandreou, helped the owner, a close friend, secure the subsidy under the guise that the building would server as a cultural center. " Read More
October 5, 2012
- Greece's National Bank, Eurobank in Merger Talks - Wall Street Journal
- Greece Prime Minister Warns Country Running Out of Money - CNBC
- Next aid payment may be delayed until November - NASDAQ
- Merkel visiting Greece Next Week - FXstreet
Jan 2012 to Sept 2012 News Archive
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Andros: The Little England of the Cyclades - AMAZON