Greek Bailout

A decade of unconventional monetary policy has stored up immense vulnerabilities in the world economy

Greek Prime Minister Alexis Tsipras sees further pension cuts to low earners as a red line his leftist Syriza party will not cross.

The election result marked a comprehensive rejection of the years of austerity demanded by the EU and IMF in return for the €240-billion bailout.

The Greek economy is on the verge of a 1930s-style Great Depression, as the Athens government predicts a 25% fall in gross domestic product by 2014.

Greece has had to impose budget cuts of more than 20-billion in three years – the most any eurozone country has been forced to endure.

The Greek government has been ordered to implement draconian measures to reform the labour market by introducing a six-day working week.

Citizens in Greece have forged ingenious new economic models to survive by pulling together and selling necessities such a vegetables at cost price.

Finance ministers are to confer by telephone after 12 hours of talks in Athens failed to produce a breakthrough on a Greek bailout deal.

The process has been hijacked by a self-serving troika that has ignored the people.

Financial markets rallied after Greek Prime Minister George Papandreou announced he was dropping plans for a referendum on the terms of the bailout.

Greek leaders were beginning a second day of talks and behind-the-scenes wrangling on Sunday to break a political deadlock.

Austria’s finance minister says Greece will more likely than not receive the next tranche of bailout cash it needs to stave off bankruptcy.

Eurozone leaders have agreed to a sweeping deal that will grant Greece a massive new bailout and radically reshape the currency union’s rescue.

Greece’s government faces an electorate opposed to austerity measures which must be passed in Parliament next week to avert default.

Greek Prime Minister George Papandreou faces a confidence vote on Tuesday, a hurdle he must clear to win backing for a new round of spending cuts.