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.
A group of Greek lawmakers opposed to the country’s bailout programme abandoned the governing party, Syriza, as Prime Minister Alexis Tsipras moved to force an early election to shore up his position.Friday, 21 August, 2015, 5:31pm
The Greek Prime Minister quits after seven months in office, paving the way for a snap election that he hopes will strengthen his hold on power.
Greece and its international lenders want the country's struggling banks to be recapitalised by the end of the year, Greece's finance minister said, a move that would avoid new rules forcing large depositors to pay for some of it.
Euclid Tsakalotos said that both sides discussing a new bailout for Greece were on the same page regarding the speed needed for recapitalisation.9 Aug 2015 - 11:05pm
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.23 Jul 2015 - 3:09pm 1 comment
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
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)
Eurozone ministers say Greece must implement reforms before bailout gets green light. (Photo: AFP)
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 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
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)
The "No" vote wins in Greek referendum, triggering celebrations in Athens, and contemplation in Germany. (Photo: Xinhua)
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
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
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)
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