Greece

Greece paid more yield at Auction

On Tuesday Greece had paid more yield than the previous month for selling lower amount of the 26-week T-bills.

Jan von Gerich, senior analyst at Nordea in Helsinki said, "The most recent jitters in the euro government bond market have pushed the likely re-entry point of Greece to the bond market further into the future."

Greece has exchanged severe austerity measures with $153.15 billion bailout package in a month of May and had also offered _300 million of the T-bills while it sold _390 million, which also includes 30 percent of the noncompetitive tranche.

PM of Greece denied for restructuring of national debt

The Prime Minister of Greece, George Papandreou said that restructuring the debt of the country would be harmful for both the credibility and economy of the country.

He also added that if the debt payments were cancelled in Greece, it would cause a probable and potential collapse of the banking system of the country. He said restructuring of the debts would cause the loss of property of the Greek families creating a huge tragedy. This statement from the PM came after the IMF declared to give the second phase of rescue loan to Greece.

Universal Watchdogs to Initiate Process of Scrutinizing Greece’s Loan Refurbishing Plans Today

The entrustment from the European Commission, International Monetary Fund and European Central Bank is due in Athens as Greece is anticipated to be offered with Euro 9 billion by Tuesday from the IMF and various other nations, belonging to the Euro zone.

The international investigators are going to initiate with the process of scrutinizing Greece’s endeavors concerning refurbishing its insolvent financial system and also, streamline its budget, keeping in mind approving another installment of the bailout loan amount.

Greek PM to Go Ahead with Austerity Plans Amid Protests

On Saturday, George Papandreou, Prime Minister of Greece, attended the 75th Thessalonica International Trade Fair, in the city of Thessaloniki, where he emphasized that the Government is not going to surrender its plans, which have been designed for the reformation of the financial status of the country’s economy.

Nevertheless, he urged the people to understand their significance in making these plans actually effective and ultimately in taking the country out of economic recession.

Greek economy fell down by 1.8% in the second quarter

The debt laden economy of Greece has seen a fall of 1.8% in the second quarter of this year as a result of the slashed consumers spending.

The decline in the economy was worse than expected before and well above the 0.8% shrinkage of the first quarter of the year. According to the national statistics office of Greece, the private consumption dropped down by 4.2% year on year against a rise of 1.5% in the first quarter in this year.

French finance minister optimistic about Euro and Greece

French Finance Minister Christine Lagarde has described the Euro as a credible as well as solid currency.

Christine Lagarde also said in an interview with the BBC that she was optimistic debt-laden Greece would be able to slash its public debt.

Lagarde’s comments emerged as the Euro slipped to a 19-month low against the pound on Thursday. Sterling was trading at €1.2351 against the Euro in morning trading, the lowest since November 2008.

Euro turning higher trends

Today for a change in the market the staggering euro was riding high due to the robust demand as the debt auctions soothed the issue related to the euro zone debt problems after the Monday's downgrade of Greece.

Further the euro eradicated the losses felt during the weak German ZEW investor sentiment survey, which has once more cropped the concerns regarding the negative aftermath of the euro zone debt crisis in the economy.

Hungary Determined to Avert Greece-Like Crisis

Following the remarks by a senior official's warning that the country is on the brink of facing a Greece-style fiscal meltdown, Hungary's new Government has failed miserably to calm the financial markets.

The remark made by Vice President of the Fidesz party, Lajos Kosa, said that Hungary is in a Greece-like sovereign credit crisis. Following the remark the currency of Hungary collapsed and the euro also came under extreme pressure.

However, no comments were made by the spokesman for Prime Minister, Viktor Orban as in the wake of the remark.

European Union Transferred First Installment of Emergency Loans to Greece

The first installment of emergency loans to Greece has been transferred by the European Union. This will allow the country to reimburse 8.5 billion Euros of bonds due tomorrow and avoid non-payment. EU Spokesman Amadeu Altafaj shared that an amount of 14.5 billion Euros was sent today.

EU Seems Worried Over Debt Plagued PIIGS

Hardly a year after global financial markets were pulled from the edge of collapsing, there have been bubbling fears that a European sovereign debt catastrophe may possibly thrust the world into another round of financial turbulence.

By late last week, stock markets in all major areas were rotating ferociously with indications that Greece was imminent of a debt default that could be the tipping point for defaults in Portugal, Ireland, Spain, the other members of the PIIGS group of heavily indebted-countries, and Italy as well.

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