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Greece Business - Page 9

Defiant Greece plans bailout referendum 5 days after creditors' deadline

The debt-ridden country is set to defy demands by the IMF, European Union and European Central Bank, international media report. The news comes after Greek Prime Minister Alexis Tsipras declared in a statement that the EU was resorting to "Blackmails and ultimatum." Ref. USAToday

Business Greece

European Central Bank keeps emergency lending to Greece at current level

The European Central Bank has announced it is maintaining emergency credit to Greek banks at its current level. The decision keeps a key financial lifeline open but does not provide further credit to Greece's banks, which are under pressure as Greeks withdraw savings in the midst of the country's debt crisis. Greek Prime Minister Alexis Tsipras has called for a national referendum next Sunday on proposals from the country's creditors for reforms in exchange for loans. Ref. USAToday

Greece Business History & Civil Business Politics

Greek Finance Minister Varoufakis confirms his country will not pay IMF debt due Tuesday

Announcement comes as Greece was just hours away from defaulting on a loan from the International Monetary Fund. In addition, a national referendum on its membership of the euro currency is due to take place on Sunday. Athens owes the International Monetary Fund $1.8 billion. Ref. USAToday

Page 9 Business Greece

Greece has defaulted on the 1.5 billion euros ($1.7 billion) it owes the International Monetary Fund, becoming the first developed economy to default to the IMF. It is the biggest debt default by a country ever.

Greece is 323 billion euros ($352.7 billion) in debt to other European countries, the European Central Bank and the International Monetary Fund. The sum is equivalent to more than 175% of the country's GDP.

Greece took preemptive measures Monday, closing its banks and markets until July 6. The move caused European stocks to fall. The government in Athens also restricted bank withdrawals to 60 euros (U.S. $66) a day. Ref. CNN

Business Greece

The Greek government is now ready to sign on to a bailout package it threw out just days ago, but the about-face won't fix the country's crisis anytime soon.

Prime Minister Alexis Tsipras wrote to European leaders and the International Monetary Fund late Tuesday, accepting most of the conditions they had attached to releasing more cash, a European official told CNNMoney.

The official confirmed the contents of a letter first reported by the Financial Times.

European finance ministers will meet Wednesday to discuss the dramatic reversal in the Greek government's position.

But it won't spell the immediate end of Greece's financial crisis, even if the about-face is given a favorable reception by the country's creditors.

The only mechanism for Europe to hand over rescue loans expired at midnight. And Greece defaulted on a payment to the IMF Tuesday.

A new bailout agreement could take weeks to negotiate. Meanwhile, Greek banks remained shuttered, and the country's economy weakens by the day. Ref. CNN

Greece Business

What a stupid decision, they could have done that before but their bolstering did not help them it only made everything worst than it was before.

Greece Business - Page 9

Greece has voted by a big margin against Europe's latest bailout offer, raising the prospect of an economic disaster for the country and putting its future in the euro at risk.

With more than 94% of the vote counted, Prime Minister Alexis Tsipras had 60% support for saying "No." He hopes this will force Europe to hand over more money with less austerity attached, and cancel some of Greece's enormous debt.

Thousands of Greeks celebrated in the streets of Athens after the vote on Sunday. Ref. CNN

Greece Business Politics Business Civil & History - Page 9

Greece's parliament approves new bailout proposal to avert bankruptcy

Greece's lawmakers ratified a new plan for pension cuts and tax increases early Saturday in Athens to satisfy international creditor demands and prevent the country's ouster from the 19-nation eurozone. In return, the country hopes to get a new three-year bailout totaling nearly $60 billion and some debt relief to stave off a financial collapse. Ref. USAToday