Greece economy - updates

Rappler's latest stories on Greece economy


Greece woos tourists with pledge of 'maximum' virus safety

Jun 26, 2020 - 12:15 AM

With a quarter of Greece's economy dependent on tourism, the government faces an urgent challenge to reassure potential visitors they can safely vacation there

REOPENING. A staff member wearing a face mask works at the welcome desk of a hotel in central Athens on June 1, 2020, as Greece eases coronavirus measures. Photo by Louisa Gouliamaki/AFP

Greece 'more than sea and sun', says PM in tourism launch

Jun 05, 2020 - 8:00 AM

Greece desperately needs to attract visitors to boost its coronavirus-hit economy

GREECE TOURISM. Tourists walk in the Plaka area of central Athens, Greece, on March 13, 2020. Photo by Louisa Gouliamaki/AFP

A decade after debt crisis, Greece on verge of virus recession

May 02, 2020 - 10:45 AM

Though Greece has so far been spared the coronavirus death toll of other European nations, it will not escape the resulting economic downturn

People walkon the waterfront of Thessaloniki on May 1, 2020, after a month of banned access to the promenade, to prevent the spread of the COVID-19, caused by the novel coronavirus. - Greek Prime Minister Kyriakos Mitsotakis on April 28 announced a gradual easing of coronavirus lockdown rules from May 4 but said implementation would be monitored daily. (Photo by Sakis MITROLIDIS / AFP)

Greece, creditors look to debt relief after provisional fiscal deal

May 02, 2017 - 12:39 PM

3rd UPDATE Greece reaches a preliminary deal with its creditors that should pave the way for long awaited debt relief talks the Greek finance minister says

A woman stands by European Union and Greek flags in central Athens on April 21, 2017. Louisa Gouliamaki/AFP

IMF says Greece debt 'explosive' in long term

Jan 28, 2017 - 10:49 AM

The pessimistic report though in keeping with the fund s repeated statements on the topic makes it more unlikely the IMF stays on the sidelines of any new European loan deal for Greece

A file photo dated 18 May 2011 showing the sign of the International Monetary Fund at the entrance of the Headquarters of the IMF, also known as building HQ2, in Washington, DC, USA. File photo by Jim Lo Scalzo/EPA

Internal auditor hits IMF handling of 2010 Greece bailout

Jul 28, 2016 - 11:24 PM

An independent probe into the IMF s handling of European bailouts finds that it bent its rules and was vulnerable to political pressure as it embarked on the ill fated 2010 Greece rescue

A file photo dated May 18, 2011 showing the sign of the International Monetary Fund at the entrance of the Headquarters of the IMF, also known as building HQ2, in Washington, DC, USA. Jim Lo Scalzo/EPA

Greece in debt relief 'breakthrough' with eurozone, IMF

May 25, 2016 - 8:59 AM

UPDATED Analysts warn however that the details of the crucial deal are sketchy

An European Union and Greek flags fly in central Athens on July 4, 2015. Louisa Gouliamaki/AFP/File

IMF: Greece needs 'unconditional' debt relief from EU creditors

May 24, 2016 - 12:50 PM

The International Monetary Fund says creditors should fix interest rates on Greek debt at no more than 1 5

epa05323683 Demonstrators stage a rally in front of the Greek Parliament during a protest in Athens, Greece, 22 May 2016. The demonstration was called by trade unions to oppose an omnibus bill tabled by the government that includes the prior actions required by Greece's lenders to close the program review. EPA/ORESTIS PANAGIOTOU

Greek parliament approves new austerity measures to unlock bailout cash

May 23, 2016 - 12:48 AM

UPDATED The 7 000 page bill that raises the sales tax cap and introduces a contingency mechanism to slash spending further in case of budget overruns is passed thanks to the Syriza led coalition government s slim majority

Greek parliament approves controversial pension, tax reforms

May 09, 2016 - 8:11 AM

As expected all the opposition parties voted against the bill which will reduce Greece s highest pension payouts merge several pension funds among others

GREECE. A demonstrator is covered with a European Union flag during a pro euro rally in front of the Greek Parliament in Athens Greece, 09 July 2015. Photo by Fotis Plegas G./EPA

Greece paralyzed by strike over pension reforms and tax hikes

May 07, 2016 - 12:20 AM

Metro tram and bus systems in the country all grind to a halt as part of a 48 hour strike

epa05291881 Demonstrators protest against reforms on the pension and the tax system by the Greek government, Athens, 06 May 2016. Greece's largest trade union organisations, including the General Confederation of Employees of Greece (GSEE) and the civil servants' union federation (ADEDY), announceda day before a strike action against the draft bill on pension and tax reforms that is to be voted on over the weekend. GSEE announced a 48-hour general strike, accusing the government of a carrying out a parliamentary coup, through its sudden decision to bring forward the debate on the draft bill forward to the weekend using fast-track procedures. EPA/PANTELIS SAITAS

IMF chief says Greece plan 'good distance away' amid leaks row

Apr 04, 2016 - 1:00 PM

The IMF conducts its negotiations in good faith not by way of threats and we do not communicate through leaks says Christine Lagarde

epa05237608 International Monetary Fund (IMF) President Christine Lagarde attends the Seminar on International Financial Questions at the French Economy and Finance Ministry in Paris, France, 31 March 2016. EPA/ETIENNE LAURENT

Greece reaches deal to unlock further bailout funds

Dec 12, 2015 - 12:42 PM

This round of funding is contingent on reaching an agreement on the terms of a privatization fund and the sale of electricity distributor Admie

DEAL REACHED. Greek Prime Minister Alexis Tsipras (R) answers questions of a member of parliament about the refugee situation, during a parliament session in Athens, Greece, December 11, 2015. Photo by Orestis Panagiotou/EPA

Greece passes 'tough' austerity-extending 2016 budget

Dec 06, 2015 - 9:23 AM

Behind the numbers anybody can see the agonizing effort to support the working classes says Prime Minister Tsipras

PASSED. Greek Finance Minister Euclid Tsakalotos (L) and Prime Minister Alexis Tsipras (R) attend a parliament session prior to a budget vote in Athens, Greece, December 5, 2015. Photo by Yannis Kolesidis/EPA

Greece vote set for Sept 20 as Syriza takes poll lead

Aug 28, 2015 - 10:02 PM

UPDATED President Prokopis Pavlopoulos signs a decree dissolving parliament and confirming the widely expected date of September 20 for the crisis hit country s fifth election in 6 years

General view of the Parthenon temple on Acropolis Hill on a cloudy day, in Athens, Greece, 12 November 2013. Alexandros Vlachos/EPA

Greek stocks take historic beating as bourse reopens

Aug 03, 2015 - 11:24 PM

Trading resumes after a 5 week shutdown forced by capital controls

Greece working with ECB to deal with banking crisis: FM

Jun 28, 2015 - 9:38 PM

Greece scrambles to avoid a banking crisis before banks open on Monday

CRUNCH TIME. (FILE PHOTO) A man walks past a board displaying the words 'European Central Bank' in 24 languages at the European Central Bank (EZB) in Frankfurt/Main, Germany, 20 February 2015. EPA/CHRISTOPH SCHMIDT

Juncker says did not receive Greek counter-proposal on economic reforms

Jun 07, 2015 - 7:07 PM

European Commission President Jean Claude Juncker says he has never received the alternative proposal Alexis Tsipras promised to present by Thursday evening

EU Commission President Jean-Claude Juncker (R) is greeted men in traditional dress and as he arrives at Munich airport, Munich, Germany on 07 June 2015 to participate in the G7 summit. Leaders from the United States, Britain, France, Germany, Italy, Canada and Japan will meet at Bavaria's Castle Elmau on June 7-8 to discuss the global economy, as well as foreign, security and development policy. Photo by Armin Weigel/EPA

Greece makes progress but warns of cash crunch

May 12, 2015 - 12:45 PM

Greek Finance Minister Yanis Varoufakis admits Athens faces an imminent crisis

An illustration photo of an artpiece made of cut out Greek euro coins, in Frankfurt/Main, Germany, February 23, 2015. Boris Roessler/EPA

No new bailout needed if Greek debt restructured – minister

May 02, 2015 - 9:54 PM

However analysts believe that even if it manages to secure the last tranche of aid Greece may have to obtain a new rescue package to stay afloat

AFP file photo

Greek PM blasts Russia sanctions at Putin meet

Apr 09, 2015 - 9:31 AM

There are no concrete results from the encounter with Putin insisting Athens has not asked for financial aid and an embargo on Greek produce would remain

ONE ON ONE. Russian President Vladimir Putin (R) and Greek Prime Minister Alexis Tsipras (L) attend a signing ceremony in the Kremlin in Moscow, Russia, 08 April 2015.  Alexander Zemlianichenko/Pool/EPA

Greek PM in Moscow for Putin meet that rattles EU

Apr 08, 2015 - 4:59 PM

But analysts say that while the visit might see Moscow lift an embargo on Greek fruit overall it is more about political grandstanding aimed at pressuring Europe rather than a serious shift in policy

IN MOSCOW. Greek Prime Minister Alexis Tsipras (C) attends a wreath-laying ceremony at the Tomb of the Unknown soldier in Moscow, Russia, 08 April 2015. Ivan Sekretarev/Pool/EPA

Greece agrees to repay IMF debt by April 9 – Lagarde

Apr 06, 2015 - 10:40 AM

There was speculation that Athens might fail to meet the 460 million euro 501 million IMF installment if forced to choose between the IMF and paying government workers

A file photo dated 18 May 2011 showing the sign of the International Monetary Fund at the entrance of the Headquarters of the IMF, also known as building HQ2, in Washington, DC, USA. Jim Lo Scalzo/EPA

Tsipras seeks 'honest compromise' as Greece wrangles with creditors

Mar 31, 2015 - 10:08 AM

Experts from the IMF and the EU are scrutinizing a list of reforms that Athens has proposed in its bid to get the creditors to release 7 2 billion euros 7 81 billion in loans

In this file photo, Greek Prime Minister Alexis Tsipras signs the protocol of the swearing in of the new government, in Athens on 27 January 2015. Orestis Panagiotou/EPA

Tsipras tells Merkel 'impossible' to repay debt – report

Mar 23, 2015 - 4:31 PM

Report: Greece s Prime Minister Alexis Tsipras warnes German Chancellor Angela Merkel in a letter that Athens will not be able to service its debt without financial help from the EU

Greek flags flutter in the breeze in Athens. Simela Pantzartzi/EPA

Greece seeks bailout extension with reform plan

Feb 23, 2015 - 8:11 PM

UPDATED Greece submits the list of economic reforms demanded by its creditors to extend the country s bailout program by 4 months a European source says

Greek Finance Minister Yanis Varoufakis delivers a speech with his French counterpart Michel Sapin (not pictured) during a press conference after a meeting at the French Ministry of Economy and Finance of Becy in Paris, France, 01 February 2015.  Etienne Laurent/EPA

Veteran conservative Pavlopoulos elected Greek president

Feb 19, 2015 - 9:40 AM

The former minister and expert in public law was put forward for the post in a bid to draw much needed cross party support as debt laden Greece races to negotiate a new loan deal with its international creditors

MR. PRESIDENT. In this file photo, Prokopis Pavlopoulos talks with Greek Prime Minister Alexis Tsipras (not in photo), during their meeting in Prime Minister's office, in Athens, Greece, 17 February 2015. Alexandros Vlachos/EPA

Austerity drove up Greek suicides by a third – study

Feb 03, 2015 - 9:49 AM

The study is the first attempt to chart suicides in Greece on a monthly decade spanning scale and to correlate them to big economic events

DARK DAYS. In this file photo, a man walks in front of a closed shop in central Athens, Greece, 07 December 2012.  ( Alkis Konstantindis/EPA )

Greek MPs hold crunch presidential vote to avert snap polls

Dec 28, 2014 - 12:49 PM

The definitive round of voting to choose a successor to President Karolos Papoulias comes during last ditch efforts by Prime Minister Antonis Samaras to get the government s candidate elected

Members of the Parliament vote for Greek President at the Parliament in Athens, Greece, 23 December 2014. TSimela Pantzartzi/EPA

IMF approves 1.7-B euro loan payout to Greece

Jul 30, 2013 - 11:04 AM

The multilateral lender releases 1 72 billion euros 2 29 billion in aid for Greece after completing a review of the country s performance under the international rescue program

Greek lawmakers pass austerity package

Nov 08, 2012 - 7:16 AM

Conservative and socialist lawmakers from Greece s three party coalition government voted to adopt the 18 5 billion euro 23 6 billion budget cuts by 2016 despite protests earlier in the day

'Binders full of women' and other debate night quotes

Oct 17, 2012 - 2:12 PM

Here are some key quotes from the Obama Romney debate

US President Barack Obama and Republican Presidential candidate Mitt Romney participate in the second presidential debate at Hofstra University in Hempstead, New York, on October 16, 2012. Obama and Romney face off in a town-hall style debate with undecided voters asking questions of the two candidates. AFP PHOTO/Emmanuel DUNAND

Greek radical leader sets ten-day deadline to sway creditors

Jun 14, 2012 - 9:35 PM

Greek radical leftist leader Alexis Tsipras seen as a likely winner in Sunday s June 17 elections has set himself a ten day deadline to renegotiate an EU IMF bailout which he claims is killing the country s weakened economy

Pressure on Greece 12 days before election

Jun 05, 2012 - 7:45 PM

The prospect of Greece leaving the eurozone was due to figure in an emergency conference call later Monday among Group of Seven finance ministers as well as growing worries that shaky Spanish and Portuguese banks will mean fresh European turmoil