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EU calls for tougher budget rules

BRUSSELS - (APINTL) The European Union's budget rules will to be sharpened to try and prevent countries from following Greece's flagrant flouting of debt and deficit limits, the EU's top economy official said Wednesday. Greece's massive budget gap and soaring debt have rocked Europe's...

EU takes Greece to court over shipyard aid

BRUSSELS - (APINTL) The European Commission said Wednesday it would take Greece to court to force Hellenic Shipyards to repay the Greek government some euro230 million plus interest in illegal subsidies. EU regulators say Greece broke state aid rules with a series of payments, loans and guarantees...

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 asks for EU-IMF bailout

ATHENS Greece - (APINTL) Greek Prime Minister George Papandreou called for the activation of a joint eurozone-International Monetary Fund financial rescue to pull his country out of a major debt crisis. Papandreou, saying market pressure threatened to derail the country's economy, announced Friday...

EU president: Greek aid package talks 'on track'

TOKYO - (AP) European Union President Herman Van Rompuy said Wednesday that negotiations on the activation of a rescue package for debt-burdened Greece are "well on track" and he plans to hold a summit around May 10 for eurozone leaders. "The negotiations are going on. They are well...

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"...

Greece receives EU part of bailout loan

ATHENS, Greece - (AP) Greece received (EURO)14.5 billion in bailout loans from 10 other European Union countries Tuesday, the finance ministry said, just a day before a crucial debt refinancing deadline that threatened the country with default. The loans from other countries that use the EU's...

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...