The estimated 1.4 billion euros ($1.8 billion) spent on bribes by Greeks last year wouldn’t pay off its bailout debts, but it might give its people more spare cash to deal with belt-tightening elsewhere.
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.
CNBC's Steve Liesman has the latest details on a report that says European Central Bank president Mario Draghi stands ready to support the euro zone's banking system.
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.
“We are moving from being a Western country to a poor country,” George Protopapas, national director of international charity SOS Children’s Villages, told CNBC.
Europe’s currency union may be inching ever closer to the brink of collapse, but Chancellor Angela Merkel has a message for those pressing her to ride to the rescue: Germany is not as strong as it looks, and certainly not strong enough to prop up the rest of Europe, the New York Times report.
The markets jump on reports central banks are putting plans in place to prepare for the Greek elections; UK bankers say they will take whatever steps necessary to protect their currency; the video game industry continues its free fall; Allen Stanford is sentenced to 110 years in jail.
Speculation that major central banks are planning coordinated action heightened on Friday on a media report that Group of 20 nations are preparing to provide liquidity to financial markets.
If Angela Merkel had been president of the U.S. in 2008 and 2009, the Federal government would not have invested $700 billion to bail out the financial and automobile industries.
With the great economic turmoils Greece faces, more and more citizens are questioning whether their country will emerge from the recession with a secure future.
The sand in the hourglass for Europe to solve its debt crisis is running quickly and the chances of a successful resolution grow slimmer by the day, David Rosenberg, chief economist at Gluskin Sheff and Associates told CNBC’s “Worldwide Exchange”.
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.
The stereotype of the lazy Greek worker, putting in long hours but not producing much, and not declaring everything to the taxman, has dogged the country’s efforts to get international sympathy.
Sam Chandan, President & Chief Economist, Chandan Economics says that a 'blunt ' instrument like the Volcker rule will not be broad enough to contain any unexpected shocks in the U.S. banking system.
Emotional sell-offs related to the fears of any country's exit or other euro zone related issues are tremendous buying opportunities for high quality multinational U.S. stocks — they are extremely cheap, their businesses are growing and the entirety of the euro zone, generally speaking, makes up less than 20 percent of U.S. exports.
Antoine Drean, Triago, says the worst is still to come for Europe's economy, adding that Hollande could be dangerous for Europe and printing money may be the only solution.
CNBC's Andrew Ross Sorkin offers highlights from Jamie Dimon's testimony on Capitol Hill, including comments that TARP was "forced upon" the bank.
One of Greece’s most powerful weapons in the fight to get its economy back on track and avoid a potentially catastrophic crash out of the euro could be the millions of Greeks who live elsewhere.
Greek leftist party Syriza is committed to keeping Greece in the euro zone, its leader Alexis Tsipras said on Wednesday.