Bailout, Greece Debt Crisis | featured news

Debt-ridden Greece enters yet another week of anti-austerity protests. The country risks coming to a standstill as the parliament votes on a fresh austerity package of cost cuts and tax hikes for a new cash injection from its international creditors. A 24-hour strike starting Monday is expected to unite hospital doctors, journalists, Metro, taxi and train drivers and other transport workers, reports RT's Peter Oliver from Athens.

German Chancellor Angela Merkel got a hostile reception from many ordinary Greeks Tuesday when she flew into Athens on her first visit to the country since its debt crisis erupted three years ago....

Angela Merkel reassured Greek Prime Minister Antonis Samaras on Friday that she wanted his country to stay in the euro zone, but gave no sign of ceding to his pleas for more time to meet the tough terms of Athens' international bailout.

Political leaders in Greece have agreed on most of the austerity measures demanded by its creditors and are now eyeing pension and wage cuts to find the final 1.5 billion euros of savings still needed, a source close to the talks said on Sunday.

Greek stock markets rebounded strongly on Monday from a 22-year low on hopes a pro-bailout party will win crucial national elections next month, which would avoid a catastrophic rift with international creditors and keep the struggling country within the euro currency union....

Greece’s next government may hold a trump card worth more than $510 billion if it heeds voters’ demands to renegotiate its bailout with the European Union. The nation owes about 400 billion euros ($517 billion) to private bondholders, public bodies such as the International Monetary Fund and European Central Bank, and other creditors, according to data compiled by Bloomberg. About 252 billion euros of that’s due to official organizations that used their status to avoid the losses suffered by ordinary bondholders when Greece restructured its debt two months ago.

Greece has successfully pushed through a deal to lower its debt burden and avoid defaulting on its outstanding bonds in the near future.

Decision day for the Greek debt crisis is drawing near, and insiders are predicting that if things go awry it could cost the world economy $1 trillion.

The German parliament approved a second, euro130 billion ($173 billion) loan package for Greece on Monday after Chancellor Angela Merkel warned lawmakers that it would be irresponsible to abandon the country to bankruptcy.

Eurozone finance ministers sealed a deal Tuesday morning for a second bailout for Greece, including 130 billion euros or $173 billion in new financing.