Articles on Greece

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Protests rocked Athens as Greek legislators voted to accept a tough austerity package. So what now for the Greek people? AAP

Austerity in, Euro out – is this Greece’s future?

As Greek politicians approved a tough austerity package amid fierce protests, one question dominates: is an orderly exit from the Eurozone available for Greece? And just what might be the consequences…
The eurozone crisis is moving beyond “spendthrift” countries in need of rescue, to the rescuers themselves. AAP

Heart of darkness – entering the Eurozone’s end game

Early this week, sovereign bonds spreads for France and other Euro-core countries peaked. Around noon on Tuesday the spreads on French and Austrian 10-year government bonds exceeded the German bund rate…
Former EU commissioner Mario Monti will form government in Italy as Silvio Berlusconi exits. AAP

Here come the technocrats, to save the Eurozone

Is the Eurozone about to crash and burn, leaving Club Med in its wake? Not so fast. Reports have suggested that French President Nicolas Sarkozy and German Chancellor Angela Merkel have discussed a strategic…
Italian Prime Minister Silvio Berlusconi has said he will resign after losing parliamentary support. AAP

As Berlusconi exits, is democratic reform the next real step for Europe?

Italian Prime Minister Silvio Berlusconi appears set to become the largest political casualty so far of the Eurozone’s continuing inability to resolve its massive sovereign debt problems. Berlusconi, who…
Greek Prime Minister George Papandreou will use the referendum to try to win a mandate for austerity measures. AAP

Pain or more pain? The political gamble behind Greece’s debt referendum

Greek Prime Minister George Papandreou has taken the bold step of planning a referendum on the country’s EU-imposed austerity measures, in a bid to claim a mandate for his efforts to avoid a default on…
The first free elections borne from the Arab Spring were held in Tunisia. Over 90% of registered adults voted. EPA/Zacarias Garcia

Tunisian hope and Greek despair: A week in the life of democracy

It has been a tumultuous week in the life and times of democracy in the Mediterranean. Seven days punctuated by joyous hope and its ugly opposite, sullen despair. The promising news came from Tunisia…
A 40% public hospital budget cut has restricted access to care. AAP

Greece’s financial crisis takes toll on the nation’s health

Another round of violent protests erupted in Greece last week, following the latest austerity cuts to public service jobs and pay. Meanwhile, the creeping consequences of austerity measures are beginning…
If Greece’s economy collapses, it could easily lead to a breakdown of civil order. AAP

What will happen if Greece defaults?

Global markets look set for a rough week amid new concerns that Greece could default on its massive debt. The Australian share market has spent most of the day down 3% after reports that Germany could…
Nicolas Sarkozy, Christine Lagarde and Angela Merkel share a joke at Thursday’s Greece bailout talks. AAP

Greece is safe for now; but could Italy push Europe over the edge?

European leaders signed off on a second, 109 billion euro bailout for Greece overnight, while also establishing what has been described as an “infant monetary fund” to intervene if the bloc’s sovereign…
Thursday’s make-or-break EU finance ministers meeting looks set to be a highly charged affair. AAP

Greece can’t be quarantined, so Europe will keep on giving it medicine

As Margaret Thatcher’s trade minister in the 1980s, Norman Tebbit devoted much of his time to dealing with the European Community – the precursor to the European Union. Routinely, at meetings in Brussels…
Many Greeks are ashamed by what has happened to their country. EPA/Orestis Panagiotou

Greece debt crisis threatens democracy

Athens is no longer considered by scholars as the birthplace of democracy but all of a sudden it has become the epicentre of a powerful political earthquake rocking the foundations of every democracy in…
Despite attempts at regulatory reform, ratings agencies still act with little threat of litigation. AAP

Should investors sue ratings agencies? It’s a matter of opinion

Standard & Poor’s downgraded Greece’s sovereign debt rating by three notches on Monday, reflecting its view that it would be next to impossible to imagine a scenario where the country could restructure…
Greece would be better off defaulting on its debt than languishing under tough austerity measures. AAP

A Greek debt default wouldn’t be a tragedy

A poll of international investors last month found that 85% expect Greece to default on its debt this year. As market expectations go, that is very high. Moody’s has since downgraded Greece’s already abysmal…

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