Eurozone finance ministers have finally approved Greece’s third debt bailout after Greek parliament endorsed the rescue package following a tough all-night debate. “New loans of up to €86 billion will be made available over the next three years to Greece,” the European Commission said in a statement on Friday after six hours of talks in the Belgian capital Brussels to nail down the painful... 

The United States is reported to be working with the International Monetary Fund (IMF) on a backup plan to rescue the Greek economy as economists throughout the world queue up to criticize the latest bailout plan as totally unworkable. The sheer folly of the latest bailout plan for Greece was summed up last week by Finland’s Minister for Foreign Affairs Timo Soini who said that, in agreeing... 

The President of France has come up with a very creative way of solving the European debt crisis. On Sunday, a piece authored by French President Francois Hollande suggested that the ultimate solution to the problems currently plaguing Europe would be for every member of the eurozone to transfer all of their sovereignty to a newly created federal government. In other words, it would essentially be... 

The Greek Finance Ministry says it is has started payment of €6.8 billion to creditors after last week’s €86 billion bailout deal was adopted. Banks in Greece have reopened three weeks after the introduction of capital controls. The payments announced on Monday include money owed to the ECB, the IMF and Greece’s central bank, a Finance Ministry official told Bloomberg, who preferred to stay... 

European creditors have agreed on a deal with Greece, but the existence of the political union in its previous form is out of the question. The EU will split, and the final break is only a matter of time, DWN wrote. Many international observers called the recent EU summit a “humiliation of the Greeks.” The talks which were the longest in the history of the Union diminished all values for which... 

The Bulgarian journalists have reckoned how much is an average country citizen poorer than that of a neighbouring Greece. It turned out, that average income of the Greeks have been 3,5 times higher against that of the Bulgarians for some years. In 2013, for example, an average annual income of a Greek resident made up €8,879, that is 17,366 Bulagarian Leva. An average Bulgarian citizen got only... 

Goldman Sachs, the Great Vampire Squid that helped oligarchs and corrupt politicians hide the debt central bankers say the Greek people owe, faces legal action over the role it played in the financial crisis. The investment bank worked behind the scenes to ensure Greece followed strict Maastricht rules for eurozone membership, according to a former Goldman banker who advised indebted governments on... 

Finance Minister Schäuble earlier asserted that the Greek crisis will have no serious consequences for the federal budget. However, President of the German Federal Bank Jens Weidmann views the situation in a different way. Greece’s withdrawal from the Eurozone is likely to create huge ‘holes’ in the federal budget planned by German Finance Minister Wolfgang Schäuble (CDU). Last Wednesday,... 

Two rival rallies took place in Athens on Friday. Police estimate that 25,000 came out to support the ‘No’ camp, which calls for the rejection of a new bailout deal with creditors in Sunday’s referendum, while 20,000 gathered to back the “Yes” vote. Greece’s Prime Minister, Alexis Tsipras, who called the referendum last week to add more weight to his position in talks with creditors, addressed... 

The EU and its financial institutions have been pushing an austerity policy on Greece for the last five years. High unemployment, more taxes, billions of euros fleeing, and an increase in suicides mean Greeks on Sunday have to decide if enough is enough. What happened? In January, the left-wing Syriza party led by Prime Minister Alexis Tsipras promised to end years of austerity measures without leaving... 

Greek Prime Minister Alexis Tsipras is ready to accept almost all the conditions proposed by the country’s international creditors at the weekend, marking the latest attempt to keep Greece in the eurozone. The prime minister said he would accept all of the terms proposed with just minor exceptions. He agreed to the changes in the country’s value added tax system but asked to keep a special 30... 

Athens is likely to leave the eurozone and the EU if it fails to reach an agreement to unlock a €7.2 billion bailout installment, said a statement from the Bank of Greece. “Failure to reach an agreement would, …, mark the beginning of a painful course that would lead initially to a Greek default and ultimately to the country’s exit from the euro area and – most likely – from the... 

Nikos Filis, parliamentary spokesman of Greece’s Syriza Party. The Greek government says the repayment of its debt to the International Monetary Fund (IMF) scheduled for early next month will not be possible unless a deal is reached between Athens and its international creditors for unblocking a bailout fund. The parliamentary spokesman for Greece’s ruling Syriza Party said Wednesday that the government... 

A new report shows that the economy of Greece under SYRIZA has slipped back into recession after having contracted by 0.2 percent during the first quarter of the current year. The report was released by the national statistics agency, ELSTAT, on Wednesday, showing the second consecutive quarterly fall in Greece’s national output, after it had grown for most of 2014, AFP reported. The downturn, the... 

The communist Syria party mislead Greeks to falsely believe that Greece will exit the EU if elected but now, only 3 months later after they were elected into office, Syriza Prime Minister Alexis Tsipras says his government’s main goal is to remain in the Eurozone and find an all-European solution to the country’s financial problems, Alexis Tsipras said Thursday. Speculations about Greece’s possible...