Greece's parliament gave Prime Minister Papandreou a midnight vote of confidence, but the move doesn't mean Greece will ultimately go along with the austerity plan, or even avoid default.
Greece's parliament is expected to give Prime Minister George Papandreou a midnight vote of confidence, but the move doesn't mean Greece will ultimately go along with the austerity plan, or even avoid default.
Any change in Greek leadership would likely bring with it new economic and political goals, and thus may not agree to the same austerity terms already agreed to with the IMF.
I got a harsh—if not intriguing—wake up call from former Republican David Stockman this morning. The man doesn't hold back, even pre-caffeine.
Greece’s parliament square, Syntagma square, has been the center stage for protests against the country’s harsh austerity measures since spring 2010, when the first EU/IMF bailout package was signed.
Greece’s Prime Minster George Papandreou will face a vote of confidence in parliament tonight at midnight Athens time, 5PM ET. The government is working around the clock to gather support for its economic reforms and a new set of austerity measures.
With markets and political analysts beginning to say that a Greek default is unavoidable, continuing to delay the inevitable may be the best bet to avoid contagion into other Southern European countries, according to some market observers.
European stocks rose early Tuesday and the euro stabilized versus the Swiss franc on hopes that euro zone officials will find a way to prevent a Greek default, as Fitch said even a voluntary maturity extension would lead to a cut in ratings.
On last Friday's show, I provided a trading idea for the Federal Reserve's monetary policy meeting. Here it is again, with an update.
The matters of food production, lack of transparency in food stocks and speculation on commodities markets need to be tackled as they are affecting food prices, French agriculture minister Bruno Le Maire told CNBC.com Monday.
With the world’s markets focused on the no-confidence vote in Athens Tuesday evening, one of the big questions facing the investors is if Portugal and Ireland could fall into similar difficulties if dreaded contagion where to spread across Europe’s periphery.
With economic data heading south, the Greek debt crisis and China raising rates, stocks have been under pressure, having for months managed to shrug off a wall of worry.
German banks want incentives to buy new Greek bonds once the old ones mature, to keep the country afloat, according to representatives of the Association of German bankers.
Tuesday will be the 'longest day' in Europe, John M. Hydeskov, chief analyst at Danske Markets in London, told CNBC Tuesday morning.
For more than two years, we have witnessed the economic demise of several European countries. This soon led to the financial community systematically assessing the health of several peripheral southern European countries, tumbling investment grade ratings and spikes in required rates of return on government debt of these sovereigns. As the European Central Bank continues to dole out rescue packages, many are now looking for the next country to suffer a financial attack and wondering if the euro will even survive, reports the FT.
Vote European stocks were expected to open higher on Tuesday after falling on Monday as euro zone finance ministers gave Greece two weeks to approve further austerity measures in exchange for a 12 billion euro bailout package and ahead of a vote of confidence in the government of Prime Minister George Papandreou on Tuesday evening.
A critical midnight vote in Athens will keep markets tuned to the latest act in Greece's financial drama Tuesday.
"The Euro is hanging in there because ultimately the market believes that Greece will get the next aid disbursement in July," says Amelia Bordeau, Westpac Institutional Bank.
Trade unions remain a fearsome political and economic force around the world, able to mobilize large numbers of warm bodies to man picket lines and pressure politicians.
The Greek people are increasingly realizing they do not have to acquiesce to the demands of their wealthier European neighbors who are demanding punitive austerity measures. Indeed, many of the other Europeans may have more to lose from the Greek crisis than the Greeks.