Greece's caretaker Cabinet was sworn in Thursday and will lead the country into next month's election, after a deadlocked vote sparked more political turmoil and brought the country's use of the euro currency into question.
Athens (AFP) - Greek stocks plunged Thursday for a third straight day as the prime minister urged deputies to elect a new president next week and safeguard the country's fragile economic recovery.The Athens general index closed 7.35 percent down, with the top banks losing 5.29 and 13.89 percent.
Athens (AFP) - Eurozone finance ministers were set to hold crunch talks over Greece Thursday, after a barrage of warnings that the country risks a damaging exit from the EU if it fails to strike a deal with its creditors.
And just like that the Santa rally is over, if only in Greece where both bonds and stock are tumbling after the third vote for PM Samaras' appointed presidential appointee Stavros Dimas concluded as many had expected: in failure, with 168 Greek lawmakers voting in favor of Dimas, well short of the 180-vote threshold needed. 132 voted against Mr. Dimas. This means that the "worst case" scenario - at least as described by Goldman - is now on deck: a snap general election that could bring the anti-bailout Syriza party to power.
ROME — The front-runner to become Italy’s next prime minister warned Friday of a Greek-style social and economic meltdown unless austerity measures were maintained.
Final rallies in Rome, Naples and Florence ahead of Sunday’s general election brought a flurry of last-minute appeals to a deeply-disillusioned nation.
Polls suggest as many five million Italians have not made up their minds which party to support in the election, which will be held over two days in a country hit by a series of corporate and political scandals.
Remember George Papandreou? The former Greek prime minister who in 2011 resigned just after he threatened to do what Tsipras shocking just did last night, i.e., hold a referendum? If not, here is a reminder. From November 2011:
BRUSSELS: European leaders Monday pleaded with Greek voters to back hotly disputed bailout proposals in a crunch referendum or face leaving the euro as bank closures left many in Greece scrambling to find cash. On the eve of an expected debt default that could set Greece on the path to a euro exit, Prime Minister Alexis Tsipras sought to calm nerves by leaving the door open to talks, saying the July 5 plebiscite on creditors' latest cash-for-reform plans would leave the country "better armed" in the fight for a debt deal.
ATHENS: Greece's leftist cabinet met for the second time in three days on Tuesday to thrash out what concessions to make in cash-for-reform talks with creditors after Athens had to resort to a temporary expedient to make a crucial payment to the IMF. Greek officials said they had emptied an International Monetary Fund holding account to repay 750 million euros to the global lender on Monday, avoiding default but underscoring the dire state of the country's finances.