Interesting facts about Greece. Enjoy!
Posted 21 February 2012 - 08:15 AM
voice of russia
Greece to get 130 billion euros as part of 2nd bailout plan
Feb 21, 2012 10:46 Moscow Time
The Eurozone countries and the International Monetary Fund will grant Greece a loan of 130 billion euros before 2014 as part of the second bailout plan.
This came in a statement at a news conference Tuesday by the Euro Group Head Jean-Claude Juncker following a 12-hour meeting of the Eurozone Finance Ministers.
The new loan is divided in several tranches, of which the first will go to Athens in March, so Greece could pay the interest on the earlier-granted loans and avoid default.
According to Juncker, private banks are prepared to write off 53.3% of what Greece owes them. Greece’s debt to private lenders makes up 230 billion euros, of the overall debt of 350 billion euros.
Meanwhile, Greek Prime Minister Lucas Papademos referred to the lenders’ decision, during a news conference in Brussels, as historic. The agreement to grant the new loan to Athens is due to be officially signed in March.
Eurozone FMs approve bailout plan for Greece
The Eurozone Finance Ministers have approved a bailout plan to help Greece cope with its debt crisis.
The Finance Ministers were negotiating the issue for almost 10 hours almost drowning in heated disputes about the situation in Greece.,
Earlier, the bailout package was set at 130 billion euros, but it followed from subsequent reports that the amount will prove insufficient for Greece to reduce its debt from the current 250% of the GDP to the targeted 120% of the national gross domestic product by 2020.
According to other reports in Brussels, private banks are prepared to write off 53.5% of the Greek state debt. Greece’s debt to private banks is estimated at some 230 billion euros, of the overall debt of 350 billion euros.
Edited by Venezuela, 21 February 2012 - 08:15 AM.
Posted 21 February 2012 - 01:12 PM
Greece gobbles up precious euros !
Greek DEBT: 161.7 percent of its GDP !
One may ask if Greece is a rotten barrel with holes
where money keeps seeping through ?
Or some old shoes without soles ?
My goodness !
Eurozone ministers agree on 2nd bailout package for Greece
Eurozone finance ministers talk while attending a Eurogroup meeting at the European Union council headquarters, Brussels, February 20, 2012.
Tue Feb 21, 2012 5:29AM GMT
Eurozone finance ministers have agreed to provide Greece with a new bailout package to help the heavily indebted country stabilize its debt-to-GDP ratio and
avert looming bankruptcy.
The long-awaited package worth 130 billion euros was sealed in Brussels on Tuesday morning after more than 12 hours of intensive negotiations.
The rescue loan is meant to bring down Greece’s debt to 120.5 percent of its gross domestic product (GDP) by 2020.
Eurozone officials had on Monday expressed concerns over how Athens could manage to reduce its debt, while imposing harsher austerity measures.
The deal, however, was vital for Greece’s coalition government to pay off a 14.5-billion-euro bond redemption payment on March 20. Athens risked going bankrupt without the rescue package as it did not have the necessary funds to make the payment.
Greece had earlier in the month approved the austerity cuts demanded by the troika of the European Union, the European Central Bank and the International Monetary Fund, which was required in order to unlock the new bailout package.
The cuts include a 22-percent reduction in the minimum wage, 150,000 civil service layoffs, and a 15-percent cut in supplementary pensions.
The announcement of the austerity measures caused days of violent demonstrations in Athens that led to tens of people being injured, more than 100 shops being looted and a number of buildings being set on fire.
Greece also implemented harsh austerity measures in return for a first 110-billion-euro bailout package received in 2010. Greeks have been turning up on the streets for anti-government demonstrations on numerous occasions since the austerity cuts were first implemented in early 2011.
The country has been in recession since 2009, despite the austerity cuts and the bailout funds, which are meant to stimulate growth for its troubled economy.
Greece’s debt stood at 161.7 percent of the GDP in 2011, which is the highest debt ratio in the eurozone. Moreover, the country witnessed its economy contracting by 7.0 percent in the fourth quarter of 2011. Unemployment currently stands at 20.9 percent in the European state. The Standard & Poor's credit rating agency rates Greece at CC, which is almost comparable to a default.
Edited by Venezuela, 21 February 2012 - 01:13 PM.
Posted 21 February 2012 - 07:30 PM
Greek workers demonstrate against austerity measures
Greek pensioners protesting against cuts on February 14, 2012.
Tue Feb 21, 2012 4:53PM GMT
In Greece, anti-austerity protests have been held just hours after European Union leaders approved of the country
Posted 22 February 2012 - 06:04 AM
Feb 22, 2012 09:53 Moscow Time
The Greek government has submitted a number of bills to be considered by parliament later this week.
The bills stipulate additional austerity measures, including cuts in wages and pensions, a health reform and bond swapping, in return for a bailout package from the EU, the European Central Bank and the IMF.
To qualify for a 130bn euros bailout deal, Greece has to
Posted 22 February 2012 - 04:47 PM
Fitch downgrades Greece rating
Feb 22, 2012 17:35 Moscow Time
The Fitch agency has downgraded its long-term sovereign debt rating on Greece to the pre-default level.
The decision came despite the facts that Greece had secured 130 billion euros in international bailout funds, and its private creditors had written off over one half of the debts owned to them by the Greeks.
The rescue came in return for introducing stringent austerity measures which sparked mass protests in many Greek cities. Athens, for instance, saw violent clashes between demonstrators and police.
Posted 25 February 2012 - 09:05 PM
Germany urges Greece to exit eurozone
Sat Feb 25, 2012 8:37PM GMT
German Interior Minister Hans-Peter Friedrich has said debt-stricken Greece should leave the eurozone because the country will have a better chance to make its economy competitive if it is outside the monetary union.
Posted 26 February 2012 - 08:05 PM
Iran refuses to deliver 500k-barrel oil shipment to Greece
Sun Feb 26, 2012 12:43PM GMT
Iran has refused to deliver a 500,000-barrel shipment of oil to Greece in response to EU oil sanctions imposed against the country.
According to a report by Fars News Agency on Sunday, oil tankers that had come to transfer 500,000 barrels of Iranian crude oil to Hellenic refining complex in Greece were forced to return empty-handed after the Islamic Republic refused to deliver the shipment.
European Union foreign ministers agreed on January 23 to ban oil imports from Iran and to freeze the assets of the Iranian Central Bank across the EU. The sanctions will become fully effective on July 1, 2012, to give EU member states enough time to adjust to the new conditions and find alternative crude oil supplies.
The EU decision followed the imposition of similar sanctions by Washington on Iranian energy and financial sectors on New Year’s Eve which seek to punish other countries for buying Iran oil or dealing with the its central bank.
The Senate Banking Committee on February 2 adopted a package of tougher new sanctions targeting Iran's national oil and tanker firms, authorizing the US government to impose a ban on foreign companies that buy oil from the National Iranian oil Company (NIOC) or have oil shipped by the National Iranian Tanker Company (NITC).
On February 16, Iran stopped oil exports to British and French firms in line with the decision to end crude exports to six European states in response to sanctions imposed on the country’s energy sector.
The announcement caused a major spike in oil prices pushing the price of crude to over 122 dollars a barrel.
Iranian officials have repeatedly said that the country has no problem in exporting and selling crude oil to its customers.
Iran announced on February 21 that it will only continue exporting oil to the European Union if the member states give a guarantee to pay the price and sign medium- and long-term oil purchase contracts.
Greece has been in recession since 2009 despite austerity cuts and receiving bailout funds. The country has the highest debt burden in proportion to the size of its economy.
Edited by Venezuela, 26 February 2012 - 08:07 PM.
Posted 02 March 2012 - 07:53 AM
Greece is hit by nationwide transport strike
People wait at a bus station in the Greek capital of Athens on March 1, 2012 as only the bus and taxi services are available to commuters due to the 24-hour-long public transport strike.
Fri Mar 2, 2012 7:43AM GMT
Public transport workers in Greece have launched a nationwide 24-hour-long strike in protest at the parliament
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