Euro Zone Crisis

The euro zone crisis was triggered in 2009 when Greece's debts, left by its previous government, reached a record 300 billion euros, leaving the southern European economy with debt levels more than four times higher as a proportion of gross domestic product than the official euro zone cap of 60 per cent of GDP. Since the original problems were uncovered, Greece has been bailed out twice, and lenders have also had to rescue Ireland and Portugal. In the latter half of 2012. Cyprus also required a bailout.

Greek PM Alexis Tsipras keeps lid on party rebellion to pass bailout vote

While the new law will come as a relief to Prime Minister Alexis Tsipras - who is negotiating a new bailout worth up to 86 billion euros ($93 billion)  over three years -it saw him suffer a major rebellion amongst MPs in his  leftist Syriza party for the second time in a week.  Photo: AFP

Greek Prime Minister Alexis Tsipras contained a rebellion in his left-wing Syriza party to win parliamentary approval on Thursday for a second package of reforms required to start talks on a financial rescue deal.

Thursday, 23 July, 2015, 3:09pm 1 comment

INFOGRAPHIC: How the Greek Euro crisis happened

INFOGRAPHIC: How the Greek Euro crisis happened

Despite a bloated public sector and high government spending, Greece adopted the euro as its currency in 2001. In 2004, the Greek government admitted it had lied about its annual budget deficit to circumvent the criteria needed to join the euro zone.

24 Jul 2015 - 8:10pm

Greek protesters denounce terms of European bailout deal

Greek protesters denounce terms of European bailout deal

Hundreds of anti-austerity protesters gather in front of the parliament in Athens to decry debt deal accepted by Prime Minister Alexis Tsipras. (Photo: Bloomberg)

14 Jul 2015 - 9:02am

Bailout ball in Greece's court

Bailout ball in Greece's court

Eurozone ministers say Greece must implement reforms before bailout gets green light. (Photo: AFP) 

13 Jul 2015 - 9:03am

Can Greece start making drachma as a way out of euro debt crisis?

A tourist and child look at a storefront display of jewelry made from old drachma coins in the historic Plaka district of central Athens. Photo: AP

With each day, the likelihood is growing that Greece's financial catastrophe will force it out of the euro currency alliance and compel it to restore its old currency, the drachma. It won't be simple.

10 Jul 2015 - 12:56am

Greece vows pension and tax reforms from next week in return for three-year emergency loan

Greek Prime Minister Alexis Tsipras addresses the European Parliament yesterday promising 'credible' reform proposals. Photo: Reuters

Greece yesterday promised it would start pension and tax reforms next week, as demanded by creditors, in return for a three-year euro-zone loan to drag its financial system back from the brink of collapse.

10 Jul 2015 - 1:03am

Angela Merkel urges Greece to act quickly to submit new proposal

Angela Merkel urges Greece to act quickly to submit new proposal

German Chancellor Angela Merkel tells Greece the door to talks is still open but urged Athens to act quickly to submit a new proposal. (Photo: Xinhua) 

7 Jul 2015 - 9:52am

Greece votes 'no' in bailout referendum, Germans ponder eurozone future

Greece votes 'no' in bailout referendum, Germans ponder eurozone future

The "No" vote wins in Greek referendum, triggering celebrations in Athens, and contemplation in Germany. (Photo: Xinhua) 

6 Jul 2015 - 12:00pm

IMF might have lost its policy clout over Greece

The IMF's tough monetary medicine has proven to be too bitter to swallow for Greece. Photo: AFP

Until not so long ago, governments and markets were in thrall to the International Monetary Fund. The IMF is one of the world's most powerful institutions and its word on global stabilisation efforts has generally been seen as sacrosanct and final.

5 Jul 2015 - 5:21pm

IMF says Greece needs an extra €50 billion in funds to stay afloat over next three years

Referendum campaign posters that reads "No" in Greek  as people line up at an ATM outside a National Bank branch in Athens. Photo: Reuters

The International Monetary Fund delivered a stark warning of the huge financial hole facing Greece as angry and uncertain voters prepare for a referendum that could decide their country’s future in Europe.

3 Jul 2015 - 9:24pm 1 comment

International Monetary Fund "solid and strong" despite Greek debt, says managing director Christine Lagarde

International Monetary Fund "solid and strong" despite Greek debt, says managing director Christine Lagarde

IMF Managing Director Christine Lagarde says if Greece leaves the Eurozone, the IMF will continue to engage with Athens in hopes of reform. (Photo: Reuters) 

2 Jul 2015 - 11:05am

EU’s Juncker makes last-ditch offer to Greece to reach bailout agreement, sources claim

EU Commission President Jean Claude Juncker apparently made a last-minute offer to Athens. Photo: EPA

European Commission President Jean-Claude Juncker made a last-minute offer to Athens in a bid to reach a bailout agreement before the deadline expires today, European Union and Greek government sources said.

30 Jun 2015 - 8:39pm

EU warns of "no" vote in Greece

EU warns of "no" vote in Greece

European Council President Donald Tusk says Greece will not have a stronger negotiating position by voting against bailout in a referendum.  (Photo: AFP)

30 Jun 2015 - 8:42am

Wall Street joins global sell-off on Greek crisis

A trader on Wall Street rubs his head as stocks suffered their biggest losses for the year on Monday over the crisis in Greece. Photo: AP

US stocks added to a global selloff on Monday as Greece veered toward a default on its debt, while the euro recovered from an early sharp loss to turn higher against the dollar.

30 Jun 2015 - 8:52am

Policymakers should foster closer integration in euro zone

The Greek crisis raises key questions about the outlook for the euro-zone economy, the survival of the euro and the future viability of a united Europe. Photo: Reuters

With the Greek crisis playing out its last act of denouement, it raises key questions about the outlook for the euro-zone economy, the survival of the euro and the future viability of a united Europe. Grinding austerity policies, stagnant growth and the blight of high unemployment have deepened economic divisions, posing major dangers for European political cohesion ahead.

28 Jun 2015 - 5:52pm

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