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  • China stocks plunge as market rout deepens Thursday, 2 Jul 2015 | 10:25 AM ET

    NEW YORK— Stocks ended a tumultuous trading week with slight losses Thursday as investors sought safety ahead of an extended holiday weekend. Investors bought at the opening of trading after a Labor Department report on job creation suggested the economy was improving, though not so fast as to raise the specter of inflation and higher interest rates.

  • Why Greece should vote 'No!' Thursday, 2 Jul 2015 | 10:20 AM ET
    Greek Prime Minister Alexis Tsipras leaves the European Council headquarters after a summit in Brussels.

    Greece should vote "no" on the European deal to extend its bailout—the best solution is for creditors to take a haircut, says Peter Morici.

  • SEOUL, South Korea— Global stocks were higher on Thursday as expectations for solid U.S. jobs data overshadowed worries about Greek debt. Britain's FTSE 100 was up 1.3 percent to 6,607.79 and France's CAC 40 jumped 2 percent to 4,885.45. The Institute for Supply Management, a trade group of purchasing managers, said its manufacturing index rose to the highest...

  • Alexis Tsipras told private Antenna TV station in an interview Thursday that he wants Greece to remain within the eurozone, but with a sustainable bailout agreement. He said a "yes" win would lead to a deal that puts additional burdens on Greece without growth. Greece's government says the International Monetary Fund's report on Greece "completely justifies"...

  • ATHENS, Greece— The battle for Greek votes entered full swing Thursday ahead of a crucial weekend referendum that could decide whether the country falls out of the euro. Greece's rescue lenders have halted negotiations on a new financial aid program until after the vote on whether to accept reforms the creditors proposed last week in exchange for bailout...

  • The Latest: Moody's downgrades Greece to Caa3 Wednesday, 1 Jul 2015 | 3:39 AM ET

    ATHENS, Greece— The latest news on Greece's financial woes:. A huge banner that urged Greek voters to reject a bailout deal from the country's creditors at Sunday's referendum has been taken down from the front of the Finance Ministry. German Chancellor Angela Merkel is sticking to her position that there can be no negotiations on a new aid package before Greece...

  • TOKYO— Asian stock markets bounced back Tuesday, recouping some of the previous day's sharp losses, but investors remained worried the crisis in Greece could spread to other financially weak countries. China's Shanghai Composite was down 0.6 percent at 4,052.47 while Australia's S&P/ASX 200 was little changed at 5,423.70. "Most traders are well prepped over...

  • "The bombshells that have come down from Puerto Rico in the last two days have not been particularly well orchestrated," said David Tawil, co-founder and portfolio manager of New York- based Maglan Capital. Unlike Greece, Puerto Rico cannot seek emergency financing from an institution because it's a U.S. territory. He noted that if Puerto Rico were considered a...

  • ATHENS, Greece— The latest news on Greece's financial woes as it closes its banks and limits money withdrawals:. Osborne said several thousand Britons who live in Greece but receive British pensions would continue to get their payments. He said British tourists who go to Greece should take more euros than usual.

  • *Creditors want Greece to raise VAT rates. PAROS, Greece, June 28- Alexis Kalaitzoglou makes a swift gesture to describe what he thinks about Prime Minister Alexis Tsipras: the shopkeeper on this busy tourist island pulls his leg back and swings it forward as if to give Greece's leader a good kicking. A rise in consumer taxes on the islands' goods and services is one of...

  • Greek tourism draws line in the sand over tax hikes Sunday, 28 Jun 2015 | 9:21 AM ET

    PAROS, Greece, June 28- Alexis Kalaitzoglou makes a swift gesture to describe what he thinks about Prime Minister Alexis Tsipras: the shopkeeper of this busy tourist island pulls his leg back and swings it forward as if to give Greece's leader a good kicking. A rise in consumer taxes on Greek islands' goods and services such as the ones Kalaitzoglou sells is one of...

  • Greece's parliament has voted in favor of Prime Minister Alexis Tsipras' motion to hold a referendum on the country's creditor proposals for reforms in exchange for loans. It has raised the question of whether Greece can remain in Europe's joint currency, the euro. Speaking in parliament, Tsipras said the reforms proposed by Greece's creditor institutions—...

  • ATHENS, Greece— Greece's fraught bailout talks with its creditors took a dramatic turn early Saturday, with the radical left government announcing a referendum in just over a week on the latest proposed deal— and urging voters to reject it. The move radically raises the stakes in Greece's confrontation with its increasingly irate creditors, whom Tsipras...

  • Asian stocks fall on Greek standoff, China margin curbs Thursday, 25 Jun 2015 | 4:04 AM ET

    NEW YORK— Stocks edged lower Thursday as talks over keeping Greece solvent stalled and got extended into the weekend. But that momentum was soon lost and Greece worries turned the market lower in the early afternoon. The bitter standoff between Greece and its international creditors was extended into the weekend, days before Athens has to meet a crucial debt...

  • Time to face reality on Greece: Morici Wednesday, 24 Jun 2015 | 10:46 AM ET
    (L-R) French President Francois Hollande, Greek Prime Minister Alexis Tsipras and Spanish Prime Minister Mariano Rajoy attend a Eurozone emergency summit on Greece in Brussels, Belgium, June 22, 2015.

    Greece will never be able to repay all it owes—and the sooner its creditors accept that, the better for everyone, says Peter Morici.

  • *Romania has precautionary aid deal with IMF, EU. *Romania says deficit under control, can afford tax cuts. BUCHAREST, June 24- Romania's parliament defied the International Monetary Fund and the European Commission on Wednesday by approving a government plan to start cutting all major taxes from next year until 2019..

  • ATHENS, Greece— Looking tired and leaning on his cane, Fotis Theodorakopoulos watched quietly as other demonstrators gathered to discuss Greece's financial drama and chant defiant slogans outside the parliament. After six years of recession, Greece is offering nearly 8 billion euros worth of new savings. The pensions are based on a state-funded system and...

  • Greece defends 'harsh' reforms it promised creditors Tuesday, 23 Jun 2015 | 5:09 AM ET

    ATHENS, Greece— Greece's government on Tuesday defended the billions worth of "harsh" new budget savings it has offered in talks with creditors, as some of the governing party's own lawmakers spoke out against them. Greek Prime Minister Alexis Tsipras will also travel to Brussels Wednesday, for midday talks with European Commission President Jean-Claude...

  • BRUSSELS— Greece has finally offered economic reforms that creditors consider closer to being acceptable, giving Prime Minister Alexis Tsipras a few days to turn a spirit of goodwill into a deal that might keep the country from a painful exit from the euro currency and roil international markets. Even though a firm deal between Greece and its lenders to get...

  • TOKYO, June 16- Japanese Prime Minister Shinzo Abe's ruling party urged the government on Tuesday to cap spending for the fiscal year from April 2018, countering views within the administration that has stressed growth over austerity to mend public finances. The Liberal Democratic Party submitted the proposal to the premier, calling for intensive spending...