LONDON, April 19- The threat posed by Greece beyond its borders may have diminished but efforts to agree an economic reform programme to free up bailout funds and avert default will capture world attention this week. Euro zone finance ministers meet in the Latvian capital Riga on Friday with both sides saying time is running short to keep Greece afloat.» Read More
European shares were called to open flat to slightly lower on Monday with Spain at the forefront of investors’ minds as it was expected to formally ask its euro zone partners for up to 100 billion euros ($125 billion) to recapitalize its banks.
Troubled Cyprus, the small island affected by its closeness to Greece, has approached Russia for a loan, but its preferred option would be borrowing from Europe, the island’s Finance Minister told CNBC Friday.
European shares were called to open lower on Friday after Moody’s Investors Service cut the credit ratings of 15 of the world largest banks on Thursday, citing volatile market conditions and their continued exposure to the euro zone sovereign debt crisis.
European shares were called to open lower on Thursday after Federal Reserve Bank president Ben Bernanke lowered his forecast for U.S. economic growth and said job creation in the economy was unlikely to pick up significantly until at least 2014.
Greece might be in economic crisis mode and getting productivity levels up might take time, but there are signs of improvement according to one economist.
European shares were expected to open lower on Wednesday after the G20 summit concluded with world leaders stating that they would take “all necessary measures” to prevent a euro zone collapse, but giving little detail on how.
The Greek election result has simply postponed the finding of a lasting solution to the euro zone debt crisis to a later date and meetings between international leaders are not tackling the underlying issues, Richard Cookson, Global Chief Economist at Citi Private Bank told CNBC.
The new government of Greece, expected to be announced within days, will need some more “breathing room” from its international creditors, a rising star within the conservative New Democracy party has warned.
European shares were called to open slightly higher on Tuesday on hopes of a resolution to the euro zone debt crisis as leaders from the world’s 20 biggest industrialized nations met in Mexico and Greece looked closer to forming a coalition government following elections on Sunday.
The "drama" in Greece has to end for the sake of Greece itself and the euro zone, George Papandreou, former Prime Minister of the country, told CNBC Monday.
The likelihood of Greece exiting the euro zone over the next 12 to 18 months remains between 50 and 75 percent even after pro-bailout parties that plan to stick to European Union-imposed austerity won a victory in Sunday's elections, analysts at Citigroup Global Markets, the brokerage and securities arm of Citigroup, said on Monday.
Spiraling unemployment, biting austerity measures and political uncertainty have led to an upsurge in Greeks quitting the country for sunnier economic climes.
European shares were called to open higher on Monday as exit polls showed the Greek people had voted for pro-austerity party New Democracy in the second set of elections in as many months, easing fears of a Greek exit from the euro zone.
Recent weeks have seen the rhetoric from both sides of the Greek tragedy ramped up with naysayers claiming the days of the Hellenic Republic’s membership of the euro zone are numbered, and others insisting the bloc will stay intact come what may.
As Greeks prepare to go to the polls on Sunday June 17, the fate of the euro and the recovery of the global economy could rest in their hands. But the biggest pain could be felt closer home as the country suffers through a fifth year of recession.
In a Europe where the outcome of most elections is predicted weeks before votes are cast, the triumph of left-wing Syriza in May’s Greek elections was one of the few shocks of recent years.
The supply of healthcare and medicines in Greece is already increasingly difficult – and if the country left the euro, the situation would get even worse, Greek healthcare officials have warned CNBC.
European shares were called to open higher on Friday following a report from Reuters indicating central banks across the world are ready to provide liquidity to global markets if Sunday’s Greek election result is inconclusive or sees anti-austerity parties take power.
Investing is "unusually difficult" because of current uncertainties and there are some signs that the markets are pricing a "rare disaster" – but the situation is not as bad as it was in 2008, analysts at Goldman Sachs wrote in a market note.
As more and more Greek nationals turn to the promised land of Australia to escape unemployment and austerity, visa procedures may not make it as simple.