Aid to Ease Greece’s Strain, but Hard Year Looms By MATINA STEVIS BRUSSELS—Greece is due to receive about €34 billion ($45 billion) in bailout aid this week that will ease strains on an economy that many pundits forecast would be forced out of the euro-zone this year, but a European Union report warned Monday that the country’s economic struggles are…
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According to Greek mythology, the noble Iphigenia was sacrificed so that the warships could have a fair wind to Troy. According to eurozone mythology, Greece should become the Iphigenia for the euro to sail ahead. However, this sacrifice would fail to do the trick. Since Greece cannot access capital markets and Greeks have no appetite to leave the eurozone, a…
Greek protesters take to Athens streets as creditors arrive for debt talks EU hopes for quick deal on 50% debt write-off as Papademos government insists it can and will impose reform Greek protesters chant slogans during a 24-hour strike against the austerity measures in Athens. Photograph: Louisa Gouliamaki/AFP Greece is braced for a second day of protests as representatives of international…
Analysis: Greek economy pays high price for its high prices Signs across Athens advertise property for rent or sale. One in three shops has closed. At those still open for business, turnover has slumped. So it is one of the mysteries of Greece’s economic depression that prices of some things – milk and the new iPhone, for example – are…