Yanis Varoufakis, Greece’s flamboyant finance minister, abruptly resigned Monday morning despite a national referendum that delivered a rousing endorsement to his anti-austerity policies just hours earlier.
The resounding rejection of an international bailout deal by voters in Greece raised fears Sunday of the collapse of the country’s banking system, a catastrophic government default, an eventual exit from the euro and potential social unrest.
As Greece once again peers over the precipice of expulsion from the Eurozone common currency club, millions worldwide are wondering what consequences lie ahead for other countries and investors if, as now appears likely, Athens defaults on its bailout debts on Tuesday.
Madrid (AFP) – Spanish Prime Minister Mariano Rajoy boasted of a “rebuilt” economy Thursday as fresh data showed the nation’s strongest growth rate since a job-wrecking 2008 property crash. The eurozone’s fourth-largest economy expanded by 0.4 percent on a quarterly basis in the first three months of 2014, the sharpest increase in six years, the […]
Athens (AFP) – Bailed-out Greece returned to bond markets with a bang on Thursday after a four-year exile, raising three billion euros and sending a major signal that the eurozone debt crisis is fading. Greece’s EU-IMF creditors hailed the move which the Greek prime minister said had “opened the way for cheaper borrowing” for the […]
Athens (AFP) – Eurozone officials urged France’s incoming government on Tuesday to stick to reform pledges, and Greece to capitalize on its austerity sacrifices in return for a long-delayed 6.3-billion-euro slice of bailout cash. The loan disbursal announced at a two-day meeting of European finance ministers, after seven months of tough talks between Greece and […]
BRUSSELS (AP) — Eurozone leaders on Thursday agreed to a sweeping deal that will grant Greece a massive new bailout — but likely make it the first euro country to default — and radically reshape the currency union’s rescue fund, allowing it to act pre-emptively when crises build up. The eurozone countries and the International […]