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Greece rejects bailout offer

Greece voters overwhelmingly rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt economy. This referendum, which is the first in more than four decades, adds to the uncertainty about Greece’s future in

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Eurozone finance ministers starting to lose patience with Greece

Head of the Eurogroup, Jeroen Dijsselbloem, said the Eurozone finance ministers were starting to lose patience with  debt-laden Greece. The Eurogroup is made up of the finance ministers from the 17 nations that use the single European currency. Greece has

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15000 civil servants to lose job as Greece passes a new bill

In a bid to ensure more bailout money from international creditors, the Greek parliament has passed a bill which will see 15000 state employees lose their jobs by the end of next year. The bill, passed by 168 votes to

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Greek debt is containable, says the troika

The troika, which includes the European Commission, the European Central Bank and International Monetary Fund (IMF), has said Greece will return to growth in 2014 after the release of the next tranche of financial support. The troika recently reviewed the

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12 Ultra Rich Greeks That Should Have Bailed Out Greece Themselves

By Kamelia Angelova- Business Insider Greece’s financial troubles forced its people to the streets and its fellow European nations to negotiations about bailing it out. But what about the Greek elite? Are there any wealthy Greeks that could have helped

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Greece to get the latest tranche of bailout funds

After weeks of tough talks, Eurozone finance ministers have agreed to approve the third tranche of bailout funds, 37bn Euros, to save the debt-ridden country. The country will get 34.3bn Euros “ in the following days”, with the rest to

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Greece the most corrupt country in the EU

According to the Transparency International’s 2012 Corruption Perceptions Index recent survey on 176 countries worldwide, Greece is perceived to have the most corrupt public sector of all 27 EU countries. The country’s economic turmoil and widespread tax evasion has caused

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Eurozone Deal On Greece Bailout

Eurozone finance ministers and the IMF have reached an agreement to release urgently needed loans to Greece in order to reduce the country’s debt.  The deal was made on Monday after 12 hours of talks at the third meeting of

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Eurozone extends deadline for Greece to budget targets

The Eurozone has agreed to allow two more years for Greece to meet its deficit-reduction targets. The Eurozone finance ministers met in Brussels and endorsed a proposal to extend from 2014 to 2016, as demanded by international lenders. The two-year

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Six Day Work Week Suggested For Greece

In an email sent to the Greek Ministries of Finance and Labor, Greece’s international lenders have suggested that Greece should introduce a six day work week. Other proposals made by the Troika in exchange for the second bailout include reducing

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France Putting Pressure on Greece

French President Francois Hollande is pushing Greece to meet the demands by international creditors in order to receive the second tranche (worth 33.5bn Euros)  of its bailout. Greek leader Antanois is seeking for more time to introduce reforms needed to

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Germany and France to Discuss Extension Allowance to Greece

German Chancellor Angela Merkel and French President Francois Hollande are set to have talks on allowing more time to Greece to make the cuts required by its debt bailout. Greece, being on its fifth recession at the moment, is in

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No more Leeway to Greece from Germany

Germany puts pressure on Greece to stick to its bailout conditions within the time limit given to them. Greece is expected to ask for more time to make cuts through austerity measures; however, some politicians Germany has opposed giving more

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Greece Will Need More Time to Repay its Debts

Minister Antonis Samaras expects the economy to shrink by 7%, greater than the 5% forecast by the country’s Central Bank. Mr. Samaras said that the country has been in recession for five years, and it is not easy to return

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Greek to be assessed on its debt reduction progress

Creditors from the troika (made up of the International Monetary Fund (IMF), European Central Bank (ECB), and the European Commission (EC)) arrive on Greece on Tuesday to audit Greek progress on debt reduction. The troika will then decide whether Greece

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Greek PM Samaras to miss EU summit

Greece’s new Prime Minister Antonis Samaras will miss this week’s EU summit while he recovers from eye surgery, according to a government spokesman. He underwent routine surgery on Saturday for a damaged retina, with the operation said to have been

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Greece: Why not let it sink?

Greece may have given us the word democracy and many of the principles of civil society. But now it is “the sick man of Europe,” and the people of other European democracies are asking whether it’s worth saving with billions

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EU needs to double the bailout fund, says OECD

The head of the Organisation for Economic Co-operation and Development (OECD) has said that the eurozone needs to double its bailout fund to 1 trillion euros ($1.3tn, £836m). Angelo Gurria said the eurozone must show investors they have the “firepower

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