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Greece Debt Crisis

Desperate Greece Says Bailout Is Only Hope

AP | ELENA BECATOROS | Posted 05.25.2011 | Business

ATHENS, Greece — Greek lawmakers approved drastic austerity cuts Thursday needed to secure international rescue loans worth euro110 billion ($14...

Greece Bailout 'Just The Beginning': Martin Wolf

ft.com | Martin Wolf | Posted 05.25.2011 | Business

Yet it is hard to believe that Greece can avoid debt restructuring. First, assume, for the moment, that all goes to plan. Assume, too, that Greece's a...

Greeks Riot Over Debt Crisis, Try To Storm Parliament, Get tear Gassed

AP | ELENA BECATOROS | Posted 05.25.2011 | World

ATHENS, Greece — Rioting over harsh austerity measures left three people dead in a torched Athens bank and clouds of tear gas drifting past parl...

Life in the Age of "Much Worse Than We Thought It Would Be"

Arianna Huffington | Posted 05.25.2011 | Business
Arianna Huffington

What was just a troubling oil spill a week ago is now, according to Interior Secretary Salazar, "potentially...very catastrophic." Has there ever been a crisis in the last decade that turned out to be better than we thought it was going to be? READ MORE The Unplug and Recharge Challenge: HuffPost Living and Health magazine are joining forces to help you de-stress, relax, and get your life back under control. Take the Unplug and Recharge Challenge and learn how to break your addiction to always being connected. READ MORE WATCH: Arianna Discusses The White House Correspondents’ Dinner on Morning Joe

The End of Greece's Bacchanalia

Eric Margolis | Posted 05.25.2011 | World
Eric Margolis

The bouzouki music has stopped. Club Med's credit cards are maxed out. The German repo men are at the door.

Debt Crisis and Threat of Bankruptcy Encourages Europe To Create Greater Economic Reform

AP | DANIEL WOOLLS and COLLEEN BARRY | Posted 05.25.2011 | Business

MADRID — 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 governm...

Left, Right & Center: The Oil Spill, Arizona's Immigration Law and Goldman Sachs' Hot Seat

HuffPost Radio | Posted 05.25.2011 | Politics
HuffPost Radio

Is Drill Baby Drill over now? Who will pay the political price of the oil spill: Dems or the GOP? That same question can be asked in light of the new Arizona immigration law...who wins, who loses?

George Papandreou, Greek Prime Minister, To Outline Needed Budget Cuts

AP | NICHOLAS PAPHITIS | Posted 05.25.2011 | Business

ATHENS, Greece — Facing a dire choice of additional pain or bankruptcy, Greece on Friday heralded drastic new cuts and tax increases to win resc...

Is the U.S. in Worse Fiscal Shape than Greece?

Laurence J. Kotlikoff | Posted 05.25.2011 | World
Laurence J. Kotlikoff

Greece's deficit is roughly 14 percent of GDP and its gross debt is about 115 percent of GDP. The U.S. (federal and state) deficit is roughly 12 per...

Baltic Countries Show What Greece May Look Forward to if it Follows EC/IMF Advice

Mark Weisbrot | Posted 05.25.2011 | World
Mark Weisbrot

This is a train going in the wrong direction, and once you go down this track there is no telling where the end will be. Greece - like Latvia and Estonia - will be at the mercy of external events to rescue its economy.

Casino Capitalism: Can It Be Contained?

Robert Guttman | Posted 05.25.2011 | Business
Robert Guttman

We may not be able to change the smugness and arrogance of the Goldman traders who testified before Congress but we certainly can pass tougher legislation that could put them in prison if they break the law.

Greece's Credit Rating Cut To Junk Status As Europe's Debt Crises Worsens

AP | NICHOLAS PAPHITIS and PAN PYLAS | Posted 05.25.2011 | Business

ATHENS — Greece was pushed to the brink of a financial abyss and started dragging another eurozone country – Portugal – down with it...

Greece: Aid Available In Several Days

AP | ELENA BECATOROS | Posted 05.25.2011 | World

ATHENS, Greece — Hobbled by exorbitant borrowing costs, Greece triggered an emergency aid plan Friday to draw cash from the International Moneta...

Left, Right & Center: The Greek Tragedy, Catholic Troubles, and SEC Porn

HuffPost Radio | Posted 05.25.2011 | Politics
HuffPost Radio

Obama's Wall Street speech only gently spanked the bankers. Is that enough? A Belgian bishop has resigned, admitting to engaging in sexual abuse. And now the SEC has its own crisis: PORN scandal!

Troubles in the EuroZone: Will the Contagion Affect the U.S.?

Marshall Auerback | Posted 05.25.2011 | World
Marshall Auerback

Should a government like Greece be allowed to default, the next realization could be that Greek depositors will take losses, and, therefore, the entire euro deposit insurance lose credibility.

Beat the Devil

Robert Zevin | Posted 05.25.2011 | Business
Robert Zevin

The rise from the ashes of the American and world economies has been slow and is likely to continue to be slow, at least in the world's highest income countries

Greece Saved For Now - Is Portugal Next?

Simon Johnson | Posted 05.25.2011 | Business
Simon Johnson

Sunday's package should make it possible for Greece to borrow short-term but it takes courage to lend for 5 or 10 years to the Greeks unless there is much more fundamental change.

The Real Culprits of the Euro Crisis

Joshua Rosner | Posted 05.25.2011 | Business
Joshua Rosner

So here we go again. To uncover the real culprits of the current euro crisis we first have to follow a common thread of this crisis -- government borrowers who need capital hire bankers.

Standing At Thermopylae: Greek Economic Situation Worsening Fast

Simon Johnson | Posted 05.25.2011 | Business
Simon Johnson

Government bond yields are rising rapidly today (currently the 10-year rate is around 7.5 percent). Unless there is rapid action by the international community, this has the potential to get out of control.

The Silver Lining of the Greek Debt Crisis

Steven Hill | Posted 05.25.2011 | Business
Steven Hill

What the experts have failed to notice is that the Greek crisis may turn out to be one of the best things to have happened to the European Union.

Selling the Deficit: When Austerity Matters

Neil K. Shenai | Posted 05.25.2011 | Politics
Neil K. Shenai

Over the past month, the blogosphere has born witness to a heated debate regarding the sustainability of fiscal deficits in the United States. On the...

Greek Banks Suffer Moody's Downgrades

AP | ELENA BECATOROS | Posted 05.25.2011 | Business

ATHENS, Greece — Moody's credit rating agency downgraded five Greek banks on Wednesday, saying their finances will suffer from the effects of th...

Eurozone Crisis is Self-Inflicted, with Help from Financial Markets

Mark Weisbrot | Posted 05.25.2011 | World
Mark Weisbrot

The current turmoil in financial markets around the world is another illustration of the damage that can be done by a bloated and politically powerful...

PIIGS Countries Being Led to the Slaughter, Should Re-Think Euro

Mark Weisbrot | Posted 05.25.2011 | World
Mark Weisbrot

As the EU summit meeting convenes, Greece is dominating the agenda much more than Germany's Chancellor Angela Merkel had wanted. This week she has thr...

Frantic EU Scrambles For Solution To Greek Debt Crisis As Euro Plummets

AP | AOIFE WHITE | Posted 05.25.2011 | Business

BRUSSELS — European leaders are facing a moment of truth at a Thursday summit, as markets press them to come up with a financial safety net for ...