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Tag: Eurozone

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Finnish Parliament Will Debate Leaving Eurozone Next Year

HELSINKI (Reuters) – Finland’s parliament will debate next year whether to quit the euro, a senior parliamentary official said on Monday, in a move unlikely to end membership of the single currency but which highlights Finns’ dissatisfaction with their country’s

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City Of London Provokes EU Jealousy

The vitality and success of the City of London is not because of Britain’s European Union (EU) membership, but in spite of it. As the EU referendum date draws closer, passionate arguments on both sides will soon be overtaken by

Alexis Tsipras

Alexis Tsipras to Step Down As Greek PM, Call Snap Elections

Greek Prime Minister Alexis Tsipras of the socialist Syriza party will reportedly step down and call for snap elections on September 20, rocking his already crisis-riddled nation with fresh wave of political turmoil. A formal announcement of his resignation is expected Thursday afternoon, along with a televised address to the Greek people.

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Greece To Trouble Euro Zone For Decades

HELSINKI (Reuters) – Greece will be a headache for the euro zone for decades, Finland’s eurosceptic foreign minister said, and called for the International Monetary Fund to participate in the Greece’s new bailout package. “Unfortunately, this problem will be in

AP Photo/Yorgos Karahalis

Greek Stock Market Crashes 16% on First Day, Bank Stocks Hardest Hit

The Greek stock market was shut down five weeks ago, as the nation spiraled into an economic and political crisis, facing its final debt showdown with European creditors. The market just concluded its first day of trading since the shutdown, and the outlook is grim: the market lost 16.2 percent of its value on the first day back in business.

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Der Spiegel: Plans For Euro-Zone Tax Take Shape

From Der Spiegel: After the Greek bailout disaster, Paris, Berlin and Brussels want to reform the euro zone by creating an economic government and a special tax for the currency area. German Finance Minister Schäuble is in favor, but Chancellor

Reuters / Alkis Konstantinidis

Greek Parliament Approves Bailout as Socialist Syriza Party Comes Unglued

There was speculation Wednesday that the International Monetary Fund’s disapproval of the European Union bailout package for Greece would stiffen resistance in the Greek Parliament against it, but in the end, they voted in agreement with what Reuters describes as “sweeping austerity measures demanded by lenders to open talks on a new multibillion-euro bailout package to keep Greece in the euro.”

AP Photo/Emilio Morenatti

IMF Not Happy with EU Bailout Terms for Greece

There has been trouble brewing between the International Monetary Fund and the European Union about the vast debts Greece owes to both of them, but rhetorical shots were finally fired on Wednesday, as the IMF offered stiff criticism of the EU’s bailout deal with Greece.

AP Photo/Emilio Morenatti

Greek Bailout: Everybody Capitulated to Everyone Else

The seemingly final deadline for serious Greek proposals in the debt showdown was Friday morning, and some paperwork was indeed delivered on schedule, inducing some optimism that a Greek exit from the Euro would be averted. Depending on who you ask, the deal is either a stunning triumph or disastrous capitulation for either Greece or its creditors.

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Greek Meltdown Watch: Yanis Varoufakis Resigns as Finance Minister

As Greece breaks apart on the rocky shores of the European Union, the man who did so much to run his nation’s finances aground has decided to call it quits. The New York Times sees the sudden resignation of “combative” Finance Minister Yanis Varoufakis as a gesture of “conciliation” between the socialist Syriza government and a thoroughly fed-up European Union, but it might be premature to talk about Greece making peace with its creditors.

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Greek Pop Star Defies Leftist Government, Urges ‘Yes’ Vote on EU Referendum

As the ruling Coalition of the Radical Left (Syriza) vocally demands the Greek people vote “no” on a referendum regarding European Union debt repayment terms on Sunday, an unlikely voice has emerged representing the opposition “yes” vote, interpreted as a vote in favor of keeping the Euro as currency and remaining in the Euro: electro-pop megastar Sakis Rouvas.

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Greek Nationals Flee to Australia to Escape Financial Crisis

In the wake of the growing financial crisis, thousands of Greek nationals are fleeing their homeland. Tens of thousands have ended up in Australia. It is the largest wave of migration from Greece to Australia since hundreds of thousands fled the march of fascism in World War II.