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.
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.
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.
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 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.
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 International Monetary Fund has revised its growth forecast for the euro zone to 2 percent, up from 1.6 percent, despite persistent concerns about the peripheral countries.
As the UK banking sector continues to resist pressure to open up lending to small- and medium-sized enterprises, start-up services for corporate borrowers are moving to fill the vacuum.
European stocks were expected to open lower on Monday after news from euro zone finance ministers early Monday that a decision on fresh aid for Greece will be delayed until July and dependent on further austerity measures being passed by the Greek parliament.
Greece's hasty cabinet reshuffle has failed to boost confidence both domestically and internationally in the ability of the Greeks to help themselves out of the deepening debt crisis, Konstantinos Michalos, president, Athens Chamber of Commerce and Industry, told CNBC Friday.
Agricultural commodity prices should fall back from their current highs as fresh supplies come onto the market, the Organization of Economic Cooperation and Development said in a report on Friday. However, food prices will continue to put upwards pressure on inflation.
Saudi women are planning to take to the streets on Friday, not to push for democratic reforms, as has been a common theme in the Arab Spring, but for the right to drive.
Financial bookmakers expected to see the leading European benchmark indexes falling on Friday and recording a seventh straight weekly loss, on mounting concerns that Greece might not be able to avoid a default.
Following a disappointing bond auction in Madrid on Thursday, the firewall that markets thought existed between Greece, Portugal and Ireland and the much bigger and systemic economies of Spain and Italy is in danger of being shown to be an illusion, according to Mike Riddell, a fund manager at M&G in London.
The list of corporate restructurings needed during the credit crisis already resembles "War and Peace" in length. Now, entire countries such as Greece seem to need restructuring. What are the main differences between restructuring a country and a company? And how can the hapless politicians and central bankers attempting to make struggling economies work learn from corporate restructuring?