Greek debt crisis worsens as EU revises figures

ATHENS Greece - (APINTL) Markets pushed Greece closer to an expensive bailout after the EU raised its estimate of the country's budget deficit Thursday and a top agency downgraded Greece's credit rating. The twin moves caused the heavily indebted nation's borrowing costs to spike to unsustainable...

Greece downgraded as debt crisis worsens

ATHENS - (APINTL) Europe's government debt crisis worsened ominously Tuesday when Greek bonds were downgraded to junk status and Portugal's debt was lowered on fears the trouble could spread. Stocks slid on the news. German reluctance to fund most of a euro45 billion bailout of Greece by European...

Europe debt crisis spreads to Portugal

ATHENS - (APINTL) Greece was pushed to the brink of a financial abyss and started dragging another eurozone country Portugal down with it, fueling fears of a continent-wide debt meltdown. Stocks around the world tanked after ratings agency Standard & Poor's on Tuesday downgraded Greek bonds...

Spain downgraded as Europe debt crisis widens

BERLIN- (APINTL) Europe's debt crisis has spread its contagion to another country as a major agency downgraded Spain's credit rating, even as Germany grudgingly moved closer to bailing out Greece from imminent collapse. Greece and Portugal up to now the focus of alarm are relative economic...

EU president: Greece will get aid in time

TOKYO - (AP) The European Union's president said Wednesday he is fully confident that debt-laden Greece will receive the financial assistance it needs in time to address its debt problems and to preserve eurozone stability. Negotiations on a euro 45 billion rescue package are "on track"...

Greek PM says more cuts needed for survival

ATHENS, Greece - (AP) Facing a dire choice of additional pain or bankruptcy, Greece on Friday heralded drastic new cuts and tax increases to win rescue loans from its European partners and the International Monetary Fund and avoid a disastrous default on government debt. Prime Minister George Papandreou...

Greeks and the state: an uncomfortable couple

ATHENS - (AP) A pony-tailed Greek on a motorcycle pulled up onto the sidewalk, hunting for a better parking spot, and an elderly tourist with a crutch shuffled out of the way. The good-natured driver explained his illegal maneuver with a smile. One word was enough. "Greece," he told her...

EU tries to calm market fears over debt crisis

BRUSSELS - (APINTL) The European Commission on Wednesday tried to calm fears that Greece's debt crisis is spreading to other European countries, insisting Greece is a "unique case." Presenting a small upward revision to this year's growth forecast for Europe, EU Commissioner Olli...

General strike hits indebted Greece over new cuts

ATHENS, Greece - (AP) Flights to and from Greece were grounded, trains and ferries suspended their routes and public services were paralyzed Wednesday as angry Greek workers went on strike to protest harsh new spending cuts aimed at saving their country from bankruptcy. The 24-hour general strike...

Euro zone summit to try to douse debt crisis

BRUSSELS - (APINTL) With shares plummeting from China to the United States on fears that Greece's debt disaster could undermine a global recovery, European leaders gather Friday for another try at calming panicky markets skeptical of their pronouncements that the crisis won't spread to other...

EU creates $1 trillion package to save euro

BRUSSELS - (APINTL) The European Union put up a staggering $1 trillion Monday to contain its spreading government debt crisis and keep it from tearing the euro currency apart and derailing the global economic recovery. Analysts said the huge sum supplied the "shock and awe" markets had been...

EU lays out tighter rules to stem debt crisis

BRUSSELS - (AP) European Union officials urged a crackdown on widespread government overspending, calling Wednesday for much closer economic coordination between EU nations to curb the acute debt crisis that has threatened to sink their shared currency. The plan by the EU's executive commission...

German lawmakers approve euro rescue package

BERLIN - (AP) German lawmakers on Friday approved their country's share of the massive rescue deal to save the euro and contain the debt crisis, as EU finance ministers gathered in Brussels to create new budget rules to win back financial markets' confidence. The lower house of parliament...

EU, IMF team in Athens to review deficit progress

ATHENS Greece - (APINTL) A delegation from the International Monetary Fund and the European Union arrived in Athens Monday for an interim review of Greece's efforts to pull itself out of a major debt crisis that pushed it to the brink of default. The delegation, which will stay in Athens for the...

Debt crisis pushes Europe toward economic reforms

MADRID - (AP) In the ashes of Europe's debt crisis, some see the seeds of long-term hope. That's because the threat of bankruptcy is forcing governments to implement reforms that economists argue are necessary to help Europe prosper in a globalized world but were long viewed as being politically...

As cuts bite, Greece battles dissent

ATHENS Greece - (APINTL) The Greek government is battling growing discontent over a new round of economic austerity, with fresh strikes, public hostility, and party dissent testing the nation's ability to make it out of its debt crisis. Unions on Thursday staged their sixth general strike this...

Debt crisis will strengthen Europe, French PM says

TOKYO - (AP) France's prime minister said Friday that Europe is united in tackling the Greek debt crisis and will emerge stronger than ever, as he sought to calm the fears of an important Asian trading partner. Speaking to business leaders in Tokyo, Francois Fillon reassured investors that the...