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AP: U.S. Warns EU That A Derivatives Ban Won't Work

AP | LESLIE PATTON | Posted 05.25.2011 | Business

BRUSSELS — Europe's threat to ban the sort of financial derivatives trading that some blame for worsening Greece's debt crisis wouldn't work, a ...

Greece and the Euro: Recession With No Exit

Barry D. Wood | Posted 05.25.2011 | World
Barry D. Wood

Now the Greeks don't know what hit them and they're already wishing they still had their tattered drachmas. Why?

No More Ouzo

Jeff Danziger | Posted 05.25.2011 | World
Jeff Danziger

...

Credit Default Swaps Ban: Sarkozy, Merkel Propose Eliminating Some CDS Trades

AP | MIKE CORDER | Posted 05.25.2011 | Business

THE HAGUE, Netherlands — French President Nicolas Sarkozy and German Chancellor Angela Merkel called Thursday for a clampdown on the type of spe...

Merkel: EU Bailout Fund would halt speculators

AP | AOIFE WHITE | Posted 05.25.2011 | Business

BRUSSELS — European officials urged the U.S. to join in a crackdown on speculators who bet against Europe's currency union, warning they might b...

EU Considers Its Own 'Crisis Fund'

AP | ROBERT WIELAARD | Posted 05.25.2011 | Business

BRUSSELS — The European Union plans to create a European Monetary Fund to better coordinate the economies of the 16 countries that use the euro ...

Greece Bonds Sell Off The Charts As Nation Raises Badly-Needed Cash

Posted 05.25.2011 | Business

ATHENS -- (Nicholas Paphitis, AP): Greece raised badly needed cash with a successful bond issue Thursday, passing a key test of its ability to avoid a...

Greece Debt Crisis: Leaders Await EU 'Solidarity' After Huge Budget Cuts

Posted 05.25.2011 | Business

ATHENS, Greece - (By NICHOLAS PAPHITIS, AP) Greece has announced a new austerity plan worth euro4.8 billion ($6.5 billion) in savings to deal with the...

Greece Offers to Repay Loans with Giant Horse

Andy Borowitz | Posted 05.25.2011 | Comedy
Andy Borowitz

In what many are hailing as a breakthrough solution to its crippling debt crisis, Greece today offered to repay loans from the European Union nations by giving them a gigantic horse.

Greek Bailout Details Coming As Early As This Week

Huffington Post | Ryan McCarthy | Posted 05.25.2011 | Business

After three weeks of political wrangling, a deal to bailout Greece may actually be announced later this week, according to several reports this mornin...

Washington Abandons Greece: Beware of Geeks Bearing Grifts

Janet Tavakoli | Posted 05.25.2011 | Business
Janet Tavakoli

The European Union is shocked -- shocked I tell you! -- that Greece used financial engineering to qualify for admission. Exactly how did they think that weaker countries managed to meet the requirements?

Cleaning up Greece's Augean Stable

Eric Margolis | Posted 05.25.2011 | World
Eric Margolis

Greece's financial mismanagement risks igniting the biggest financial crisis since the Dubai crisis, or even the collapse of New York's Lehman Brothers bank in 2008.

Could The EU Have Prevented Greece's Debt Crisis?

GlobalPost | Teri Schultz | Posted 05.25.2011 | World

After weeks of pointing fingers at Athens for sparking a crisis in the eurozone, Brussels itself is being blamed for many years of passing the buck, s...

Greece Debt Crisis: Officials Given 'Only Days' To Explain Complex Deals That Hid Debt

AP | AOIFE WHITE | Posted 05.25.2011 | Business

BRUSSELS — Greece has only days to explain its use of complex financial deals that it used to mask debt and just a month to prove that its drastic b...

Outrageous But Legal: EU Knew Goldman Sachs Helped Greece Use Derivatives to Conceal Deficits

Damien Hoffman | Posted 05.25.2011 | Business
Damien Hoffman

Bloomberg reports: Greece turned to Goldman Sachs Group Inc. in 2002, just after adopting the euro, to get $1 billion in funding through a swap on $1...

It's Greek to Goldman Sachs

Robert Scheer | Posted 05.25.2011 | Business
Robert Scheer

Just as it did with mortgages in the U.S., Goldman in effect bet against the collateralized Greek debt obligations. The basic issue is the same.

Greece Debt Crisis: EU Governments Agree On First Bailout Of A Member Nation

Posted 05.25.2011 | Business

BRUSSELS (By AOIFE WHITE, AP) - Greece's finance minister said a detailed rescue plan from other eurozone nations would be the best way to soothe the ...

Greek PM George Papandreau: EU Took Too 'Timid,' Slow To Show Economic Support

AP | by ELENA BECATOROS | Posted 05.25.2011 | Business

...

Greece Could Take Europe's Economy Down With It

Wall Street Journal | SIMON JOHNSON and PETER BOONE | Posted 05.25.2011 | Business

But it's not just about Greece any more. Thursday's European Union summit ended with vague assurances of mutual support but did not fundamentally chan...

European Union Break-Up Coming Over Overvalued Currency, Says Albert Edwards Of Societe Generale

BusinessWeek | Alexis Xydias | Posted 05.25.2011 | Business

Feb. 12 (Bloomberg) -- Southern European countries are trapped in an overvalued currency and suffocated by low competitiveness, a situation that will ...

Greece Derails: Is Europe Far Behind?

Simon Johnson | Posted 05.25.2011 | Business
Simon Johnson

Destabilizing actions or inflammatory statements by Greece make an orderly financial rescue less likely and put another major international economic crisis firmly on the table.

Greece Bail Out: Euro Falls On News Of Rescue

AP | AOIFE WHITE | Posted 05.25.2011 | Business

BRUSSELS — European Union leaders faced down markets Thursday with a statement of support for Greece – but offered no detailed bailout for...

Greece Debt Crisis, Euro Woes Could Infect U.S. Recovery

AP | TOM RAUM | Posted 05.25.2011 | Business

WASHINGTON — The United States, which led the world into recession, may now see its fragile recovery stifled by events across the globe. Danger...

Greece Debt Crisis: EU Governments Agree On First Bailout Of A Member Nation

AP | AOIFE WHITE | Posted 05.25.2011 | Business

BRUSSELS — Wealthy European nations were moving closer toward swallowing a bitter pill Tuesday: rescuing Greece from its overspending before its...

Greece Debt Crisis: New Tax Announced To Help Fight Greek Budget Woes

AP | NICHOLAS PAPHITIS | Posted 05.25.2011 | Business

ATHENS, Greece — Hopes that that Greece won't be allowed to default on its crushing debt load weighed against fears the country's crisis would s...