Former Greek Finance Minister Giorgos Papakonstantinou said exiting the single currency would be disastrous for Greece. "Incomes would drop another 20 to 30 percent. Inflation would skyrocket up to 30 to 40 percent again," he told CNBC's "European Closing Bell".
CNBC's Julia Chatterly reports on recent events in Greece, the country's future and the recapitalization of Greek banks.
Irish voters head to the polls Thursday to vote on the new European treaty – but with substantial numbers of undecided voters, the result is far from a foregone conclusion and could isolate the country from the rest of the European Union.
Faced with so much market volatility and uncertainty, fund managers say they have sharply scaled back their exposure to countries in the euro-era “periphery”. They have, moreover, become highly selective about investing in banks, the Financial Times reports.
In the high-stakes game absorbing the euro zone, the stronger economies have got to show their hands to help restore stability, a former central bank official told CNBC Monday.
Greece will leave the euro zone on June 18 if the populist government wins the country’s elections on the 17 as the rest of the euro zone rounds on "cheaters," Nick Dewhirst, director at wealth management firm Integral Asset Management, told CNBC.com Monday.
The deepening euro zone crisis is threatening the integration of Eastern European nations into the single currency area, the Chief Economist at the European Bank for Reconstruction and Development (EBRD) told CNBC’s “Worldwide Exchange”.
Greece will try to attract investment by becoming more “business-friendly” and cutting taxes, a politician from right-wing New Democracy, which is leading opinion polls at the moment, told CNBC Monday.
International Monetary Fund chief Christine Lagarde says she has more sympathy for poor African children than Greeks suffering under the country's economic problems and austerity measures.
The EU is poised to launch one of its biggest trade cases against China in a generation after telling member states it has compiled firm evidence that Beijing’s telecommunications equipment companies have benefited from illegal state subsidies. The FT reports.
The technocratic government of Mario Monti has made significant progress towards overhauling Italy’s economy since it came to office last year, but has not done enough to combat tax evasion and the country’s sizeable black economy, an EU finding to be released this week has determined, the Financial Times reports.
Spain, Italy and Greece, already fighting a financial and economic crisis, are now facing an oil crisis. Olive oil, that is. the Financial Times reports.
Greece isn't the only factor weighing on the euro.
It was an up, but not a great week. David Darst, Morgan Stanely Smith Barney, and Rod Smyth, Riverfront Investment Group, discuss.
Bracing for a cruel summer in the markets, with Dan Genter, RNC Genter Capital Management, and Rob McIver, Jensen Portfolio.
Euro zone stocks could plummet up to 50 percent if Greece makes a disorderly exit from the euro zone, a research note from Societe Generale said on Friday.
Should Greece exit the euro zone and is China's economy weaker than analyst suggest? Marc Faber, Gloom, Boom & Doom Report, weighs in on those two scenarios and explains why he's making a move to gold.
CNBC's Simon Hobbs reports European markets closed mixed amid growing concerns over Greece's debt, and CNBC's Michelle Caruso-Cabrera has details on Spain's Bankia asking for more financial aid.
Alan Ruskin, Deutsche Bank, and Nick Bennenbroek, Wells Fargo, discuss the outlook on the euro zone and the risks of Greece exiting the currency.
Since the price of gold spacer has not ratcheted up in this latest Europe driven downturn, some say surely that must mean that the wisdom of owning gold is now null and void. I disagree; gold should still be a part of your investment plan.