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Austerity

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  • ATHENS, Greece— The latest on the bailout referendum in Greece:. Greek Finance Minister Yanis Varoufakis has resigned, saying he was told shortly after the Greek referendum result that the other eurozone finance ministers and Greece's other creditors would prefer he not attend the ministers' meetings. The president of the eurozone finance ministers' group,...

  • But as celebrations died down early Monday, Greece entered a second week of severe restrictions on financial transactions and faced the prospect of even limited amounts of cash drying out, with no prospect of an immediate infusion. Greece imposed the restrictions to stem a bank run after the vote was called and its bailout program expired.

  • TOKYO— Shares tumbled Monday after Greece's voters vehemently rejected conditions set by the country's international creditors, deepening doubts over its future in the 19- nation eurozone. In early trading, Britain's FTSE 100 slipped 0.7 percent to 6,543.09, while Germany's DAX lost 1.2 percent to 10,926.13. Iscaro said he expected the European Central...

  • FRANKFURT, Germany— After two bailouts totaling 240 billion euros and six years of depression, spending cuts and lost jobs, Greece teeters on the edge of collapse. Here are seven short explanations of how Greece got into today's mess:. There is no way around it: Greece engaged in a three-decades-long credit binge starting in the early 1980 s, spending the money on...

  • FRANKFURT, Germany— After two bailouts totaling 240 billion euros and six years of depression, spending cuts and lost jobs, Greece teeters on the edge of collapse. Ahead of the vote, here are seven short explanations of how Greece got into today's mess:. There is no way around it: Greece engaged in a three-decades-long credit binge starting in the early 1980 s,...

  • Things to know Massachusetts' state budget delay Saturday, 4 Jul 2015 | 11:22 AM ET

    July 1 came and went without a final agreement between the House and Senate on how Massachusetts should spend roughly $38 billion over the next 12 months. The governor wanted a two-week interim budget, but the Legislature gave him one that would cover the entire month of July if necessary, which was seen as a possible sign that talks were progressing slowly.

  • Correction: Greece-Bailout story Friday, 3 Jul 2015 | 9:00 AM ET

    ATHENS, Greece— In a story July 2 about the Greek referendum, The Associated Press reported erroneously that the International Monetary Fund had said Greece would need debt relief worth 50 billion euros. The IMF said Greece needs new financing worth 50 billion euros as well as debt relief. ATHENS, Greece— Costas Christoforidis hasn't decided how to vote in...

  • The case for Greece: when it forgave Germany's debt Thursday, 2 Jul 2015 | 11:46 AM ET

    The International Monetary Fund certainly thinks so, according to a new report in which it argues Greece should get help. But Germany, another major creditor to Greece, is resisting, even though it knows better than most what debt relief can achieve. The 1953 agreement, in which Greece and about 20 other countries effectively wrote off a large chunk of Germany's...

  • 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—...