Greece's

Economists are now, as you know, comparing Britain's fiscal condition with Greece's.

Greece's spiralling public debts, which erupted into a full-blown crisis in May, called into question the long term future of the eurozone.

That happened in July, when European officials failed to live up to expectations for a comprehensive resolution to Greece's debt.

The eurozone has had two years to create a sanitary cordon around Greece's public finances and has so far failed to do so convincingly.

"Henceforth, the European Union will escort Greece's privatisation programme as if we were conducting it ourselves, " he said.

But on the streets of Athens, there is a sense that this latest effort to placate Greece's lenders may be a last straw for the public.

He insisted on Wednesday April 28th that there was "no question" of Greece's debts being restructured.

And Greece's membership of Europe's single market makes it a more attractive proposition for foreign investors.

None of Europe's leaders likes this option but it would be money well spent if it put Greece's debt on a sustainable path.

Bafin, the German regulator, said on March 8 there was no evidence speculators using credit default swaps contributed to Greece's woes.

Although it shares something of Ireland's banking woes and of Greece's wretched competitiveness, it is in less trouble than either.

HOW much does Mr Market dislike Greece's sovereign debt?

But if Greece's partners bail it out, defying the euro's founding treaty, the currency will suffer. Either way, the euro is in trouble.

But he said the discussion shouldn't distract from the central issue of tackling Greece's fiscal problems.

And whereas Lehman's exposures were hidden from public view, Greece's are largely out in the open and are also reasonably easy to value.

But Greece's collapsing economy and the ruin of his business would soon push him to a more determined effort.

He made clear in a speech to parliament on Friday how deep his concerns are regarding the more dubious activities of some of Greece's banks.

The key thing to understand about Greece's predicament is that it's not just a matter of excessive debt.

The terms of the deal imply a loss to Greece's lenders equivalent to 21% of the market value of their debts, said the IIF.

So alongside the bad-tempered bargaining among politicians, there was an equally arduous negotiation with Greece's creditors.

Greece's George Papandreou is trying to form a new government and survive a vote of confidence this weekend.

Help may take the form of a guarantee on refinancing bonds or an outright purchase of those bonds by Greece's rescuers.

In return for more outside help, Greece's government has agreed to more fiscal austerity and yet bolder reforms, including privatisation.

If only Greece's broader woes were as easy to put right.

Mr Papandreou's departure from office, and perhaps from politics, would not make Greece's relations with its creditors any easier.

Greece's European partners were not just furious that they had not been consulted about the now abandoned referendum.

Even if Greece's government survives the next vote, financial markets are likely to remain unconvinced that default can be averted for long.

At those meetings the fund's boss was to make clear that the IMF would not go along with more dithering or fudges over Greece's debt mess.

In such an economically integrated area as the euro zone, leaving the currency union would not solve Greece's economic problems either.

It's likely though that Berlin will put a rescue package in place but don't expect to see too much money flow in Greece's way before May 9.

In the long term, the country's fortunes are closely tied to its banks and, by extension, to Greece's unfolding fiscal woes.

The Young Entrepreneurs' Association declared that it would be "fatal" for Germany to foot the bill for Greece's "budget chaos" .

Greece's triumph3 was one of the most surprising upsets in the history of football.

Greece's debt had been downgraded to just a notch above "junk"

Right, now Greece's gross domestic product is falling at a rate of more than 3 percent a year.

A recently downgraded debt rating could make Greece's attempt to get the money more difficult.

Call me a heartless cynic, but I have to admit, I'm kind of enjoying the current European crisis over Greece's fiscal mess.

There cannot be a guarantee that the effect of a writedown of, say, 50 per cent or 60 per cent in Greece's debt can be neatly contained.

Greece's Finance Minister George Papaconstantinou said on Wednesday that no magic scenarios can take Greece out of its crisis.

Greece's government, finding itself able to borrow at rates only slightly higher than those facing Germany, took on far too much debt.

Publicly, the IMF had been threatening to withhold its share of the money unless Greece's funding gap for 2012 is closed.

The terms of this deal were always dubious: it did too little to reduce Greece's debt burden and was too generous to the banks.

Historical evidence suggests that it dates back at least to Greece's ancient Games.

One part of this privatization includes reducing Greece's holding in the state-run electricity company, the Public Power Corporation (PPC).

The only feasible way forward, therefore, is an orderly, but big, reduction of Greece's private-debt burden.

The European Commission can impose fines on Athens, but such a step could make Greece's financial problems even worse.

Rates paid by countries with a credit rating similar to Greece's would also be a factor.

Because the austerity plan is the price of that help, Greece's politicians had no choice but to vote for it.

That may be democratic, but it will not end Greece's drama and certainly not do away with its debts.

But Greece's problems have continued to hit investor confidence in the euro and other European economies.

As Europe comes to terms with the immense crisis over Greece's finances, many in Britain will judge that decision to have been correct.

The 2001 currency-swap deal arranged by Goldman trimmed Greece's deficit by about a 10th of a percentage point of GDP for that year.

The snowballing case has raised questions about press freedom and Greece 's willingness to crack down on tax evasion.

Such signs DO not bode well for Greece's ballooning budget deficit - already at about 4% of GDP, far higher than rules laid DOwn by the EU.

Even many Socialist voters are furious with Mr. Papandreou for putting Greece's place in Europein doubt.

It will take years to repair Greece's public finances, which means a much larger rescue fund will be needed if it is to avoid default.

EVEN as Greece's Socialist government struggles to avoid bankruptcy, its long-suffering voters have opted out of party politics.

To understand the full extent of Greece's debt problem you have to look beyond the current deficit problem.

Yet it was his late father Andreas, a spendthrift Pasok premier, who sowed the seeds of Greece's crisis with a borrowing spree in the 1980s.

To its credit, his government recognises that Greece's ills go far beyond the public finances.

Greece's banks have been widely viewed as one of the few bright spots in the country's financial infrastructure.

Neither of Greece's two paymasters, the Europeans and the IMF, are considering withholding cash long enough to allow a chaotic default.

Ireland's rescue had a similar script to Greece's, but with a very different outcome.

If anything, Greece's prospects are better now than they were a few months ago.

Greece's higher inflation is partly explained by a lack of competition in parts of the economy.

Whether these reforms really measure up to the gravity of Greece's plight is disputed.

Dealing with Greece's debt and lack of competitiveness is crucial for containing the risks of contagion to the rest of the eurozone.

After crushing all opposition at home, he set out to conquer Greece's hereditary enemy, Achaemenid Persia.

Spain's debt was downgraded, along with Portugal's and Greece's, and Italy came worryingly close to a failed debt auction.

Greece's fiscal mess may have knocked a greater sense of urgency into his administration.

Anxiety over Greece's bail-out package and the British election's outcome, and two previous days of declines, all made investors skittish.

To paraphrase John Maynard Keynes, Greece's insurmountable debt is no longer Greece's problem.

Adding to the heightened jitters, ratings agency Moody's placed Greece's ratings on review for a possible downgrade after markets closed.

The specter of Greece's December 2008 riots, which were sparked by the police shooting of a teenage boy, looms large.

In recent weeks, Berlin has caused further disquiet in Europe by pushing hard for a restructuring of Greece's bond debt.

The benefit from a weaker currency would be small: Greece's exports make up a small slice of GDP.

But they extracted a price: Greece's private-sector creditors will accept a bond exchange that gives them less than originally promised.

And none of this week's developments addresses the central issue of Greece's insolvency.

A report of the transaction was published this month in German magazine Der Spiegel, renewing concerns over Greece's fiscal bookkeeping.

But the team warned that Greece's attempts to boost revenues by clamping down on tax evasion were not meeting targets.

Banks would collapse and capital flee, and many of Greece's companies, unable to pay their euro-denominated bills, would go bankrupt.

A bailout, however, does nothing to fix the misguided policies that have generated Greece's existing debt and ongoing deficits.

The costs of restructuring debt or abandoning the euro would be too high for Greece to bear. The IMF plan is therefore Greece's best option.

For months, U. S. officials have argued privately that Greece's financial woes were a European problem for European officials to resolve.

While Greece's debt problem has muddled the outlook for the euro zone, the United States has shown steady improvement.

Greece's debt crisis has some governments, particularly Spain, Portugal and the U. K. , applying the brakes to spending.

A case in point is the fudged figures on which Greece's entry into the zone were based in the first place.

Greece 's Debts Is 113. 40% GDP, In Danger As It Is Not Considered A Strong Industrial Or Financial Country.

At about the same time, Greece's debt woes appeared to be spreading toward the core economies of Europe.

But worries that the aid package may be insufficient to meet Greece's borrowing needs contributed to market concerns.

Located on Greece's Corinthian Gulf, its inhabitants believed themselves favored by the sea god Poseidon .

Greece's history can be traced back to people cannot write era, so when occurs in people's things around left no written records.

Now that Greece's economic growth and deficit situation has worsened, that deal needed to be reviewed, Juncker said.

Greece's budget deficit for 2009 is expected to come in at close to 13% of its gross domestic product, far above the EU's ceiling of 3%.

Such a withdrawal of liquidity would doom the country's banking system and might even lead to Greece's departure from the euro zone.

Greece's fate has implications for the global debate over the timing of the withdrawal of fiscal stimulus.

The fall is a sign of a slight increase in confidence in Greece's ability to pay back its loans.

Greece's alleged rescuers would do well to remember that if you kick a can down the road for long enough, it dents and eventually breaks.

Weakness in the euro zone stemming Greece's debt crisis was seen as another threat to the U. S. economic recovery.

His father, Philip of Macedon, was the first to unite Greece's fiercely independent city-states after a century of bitter in-fighting.

And Greece's public debt is equal to at least 115% of its economy.

There was a similar slowdown in US growth last summer amid the first round of Greece's sovereign debt crisis.

In short, an orderly restructuring of Greece's public debt is achievable and desirable for the debtor and its creditors.

One of them, COSCO, has a concession to run part of Greece's biggest port.

She went on to denounce speculation by the markets on Greece's defaulting on its debts.

The European Union is said to be working on a plan to reduce Greece's debt burden.

In normal circumstances Lucas Papademos, Greece's new prime minister, would not be sitting in the seat of power.

Unexpectedly, however, European financial markets accommodated Greece's public and private spending with relatively low interest rates.

A defiant Mr Samaras claims the latest austerity measures will not bring an end to Greece's recession, now in its third year.

Nevertheless, even aid on this scale might only postpone an eventual default, if Greece's economy fails to grow faster than its debt pile.

Mr Papandreou, a sociologist who dislikes figures, would much prefer to talk of Greece's "credibility deficit" .

Hopes that the EFSF could be used to facilitate a voluntary reduction in debt, notably Greece's towering 140% of GDP, have dwindled.

But just as Greece's problems have not really gone away, nor has Spain's vulnerability.

As Nouriel Roubini argues on this page, a departure from the euro may ultimately be in Greece's long-term interests.

Greece's financial crisis is, unfortunately, an extreme example of a broader European problem.

Poul Thomsen, IMF mission chief for Greece, told reporters that Greece's debt sustainability was on a "knife-edge" .

It is now being discussed as a possible model for resolving Greece's sovereign-debt crisis.

Put bluntly, to not accept Greek bonds is to end Greece's membership in the euro, with all the consequences.

EU leaders will hold a two-day summit from today to discuss Greece's financing needs amid efforts by the nation to stay off default.

Prime Minister George Papandreou has been pressing his EU peers to help reduce Greece's borrowing costs.

Shipping is one of Greece's main industries, with Greeks controlling nearly 20 percent of the world's merchant fleet.

Last fall, the IMF and the EU determined that Greece's debt would have to be cut to 120 percent of GDP to be sustainable.

International travelers love the Cycladic architecture, unspoiled beaches, and vivid nightlife of Greece's most popular island, Mykonos.

The EU agreed to send a team of armed guards to patrol Greece's border with Turkey, in an effort to stem illegal immigration.

Greece's near default is only the latest example of such.

Greece's travails seem all the odder after a recent economic record which, to judge by the basic numbers alone, looks tolerably good.

Greece's new Constitution gave special status to universities and other schools, forever barring the police from entering their grounds.

The Greek crisis has pressured the euro and Greece's EU partners fear it may spread to weaker euro-zone economies like Portugal and Spain.

Two austerity packages had failed to convince Greece's European partners that measures would work.

This will hurt Greece's creditors, but those entities assumed the risk when they loaned to a country long known for its profligate ways.

The move is bound to worsen Greece's already dire fiscal situation and hamper a recovery.

Most of the big-ticket projects executed by German companies helped upgrade Greece's antiquated infrastructure.

But there is anger in government that the home team's doping scandals - and a tourism slump - are ruining Greece's image.

However, as the crisis over Greece's public finances spread that month, Mr Trichet led the ECB's governing council in far bolder steps.

Humes suggests a restructuring of Greece's debt where investors take a loss and Greece's debt load falls, could calm the markets.

Greece's austerity measures, scheduled for a vote on Tuesday, could see rough sailing in parliament, some analysts said.

Greece's experienced human resources in the tourism market provide professional and cost-effective services to conference organizers.

Greece's debt restructuring, the first sovereign default in a developed economy for 60 years, has passed off without a hitch.

The third is the Syntagma protesters, who speak for the squeezed middle classes of the private sector as well as Greece's jobless youth.

Greece's debt may be on an unsustainable path whatever it does (see article).

Greece's next government, whatever its composition, cannot escape the growing resentment of the country's political class.

For big bond managers, the real question mark isn't just terms of a bailout, it is Greece's longer-term prospects.

But as Greece's economy shrinks, its society is fraying, raising questions about how long Greeks will be able to take the strain.

He conceded that Greece's history of inaction on fiscal problems was the source of "mistrust" .

Making Greece's economy work better would mean far greater changes to a dysfunctional state.

Greece's fellow euro zone members have put together two bailout packages, contingent on Athens cutting expenses and raising revenue.

The second element of the plan involves asking Greece's private creditors to shoulder some of the rescue burden.

Adding to the uncertain mood were fresh concerns about the eurozone periphery following another downgrade to Greece's sovereign debt rating.

The public and private sector now have to act hand in hand to support Greece's reform programme.

Greece's parliament approved a proposal on Wednesday to pursue additional austerity and fiscal adjustment measures.

Greece's government recently abandoned plans to legalise private universities, after three months of protests.

That did little to cool the economy. Greece's inflation rate stayed above the euro-area average, hurting its competitiveness.

To be sure, this crisis was never really all about Greece's current debt woes anyway.

Especially hard hit were shares of European banks that have hefty exposure to Greece's debt and economy .

But Germany's dithering on authorising the loan led to Standard & Poor's, a rating agency, to downgrade Greece's debt to "junk" status.

Germany's one-year bills yield ten times less than Greece's six-month ones (see chart).

Additionally, Greece's fiscal challenges are increasing pressure on the banking and corporate sectors.

The walkout, called by Greece's two largest labor organizations, is the third major strike in two months against a package of spending cuts.

In the case of Greece's swaps, though, Goldman Sachs has done nothing wrong.

German anger at Greece's profligacy could easily delay the cash it would need should bond markets close.

S& P also cut Portugal's debt rating, which remains higher than Greece's but reflects the risk of contagion through Europe's periphery.

This could involve private bondholders agreeing to roll Greece's debts over and governments helping Greece buy back its bonds.

As the politician now charged with fixing Greece's broken finances, he will need to muster all his strength.

In the end, negotiations settled on a bond exchange that will cut the face value of Greece's debt to private creditors by half.

In July 1974 Makarios was briefly deposed in a coup fomented by Greece's colonels, and Turkey invaded, taking control of 38% of the island.

doping scandals and a tourism slump are ruining Greece's image.

Even if Greece's debts were cut in half, the net loss would still represent an absorbable proportion of most European banks' capital.

But it stoked further controversy by demanding that Greece's private creditors take losses on their loans.

Thanks to Greece's sovereign-debt crisis, which has terrified politicians, stimulus is out and deficit reduction is in.

The private sector will bear its responsibilities, assuming a large part of Greece's financing needs and easing its debt burden.

Renewed fears about Ireland's banks and Greece's economy have pushed their credit-default swaps closer toward record levels.

The IIF is targeting a participation rate among Greece's creditors that would affect 90% of the country's privately held debt.

Yet Greece's would-be rescuers may feel they have little choice but to press on with the bail-out.

Greece's parliament will hold a key vote on its five-year austerity and privatization plan on Wednesday.

Greece's government must wisely spend what scant political capital it may have.

Too much spending, too little tax-collecting and book-cooking are at the core of Greece's troubles.

The bet on riskier assets assumes that Greece's problems will hit the euro zone countries but remain fairly contained there.

To German ears that sounds like reassuringly harsh punishment for Greece's fiddled accounts and profligacy.

The euro zone's emphasis on austerity rather than structural reforms has aggravated Greece's political woes.

Last month George Provopoulos, the governor of Greece's central bank, warned Greek banks not to send rescue funds abroad.

Such low interest rates could be put in place through Europe-wide guarantees on Greece's debt service.

But guaranteeing Greece's debt would also raise serious questions, most obviously over moral hazard. If the E.

Despite the protests this week, Greece's parliament approved spending cuts of $40 billion demanded by the EU and IMF bailout.

The missed opportunity was Greece's only significant effort in the half as South Korea took the lead five minutes later.

Austria's "adverse" scenario assumes that commercial-property prices still rise in 2011 and Greece's assumes only a 2% decline.

So Greece's financial shirt may be saved, but at the expense of extreme social unrest.

Greek bonds fell for the seventh straight session on Thursday and the Greece's benchmark stock index tumbled.

Some argue that Greece's real GDP will be much lower in an exit scenario than in the hard slog of deflation.

But uncertainty about Greece's ability to stay the painful course and remain in the euro will persist.

They may be wrong with their expectation, and Greece's government finances will be not as bad as they expected.

A solid majority of German voters oppose Chancellor Angela Merkel's commitment to come to Greece's rescue.

Overnight, the foreign euro liabilities of Greece's government, banks and companies would surge.

Greece's four biggest banks on Sunday stepped in to rescue a small lender and avert a run on the country's fragile banking system.

Imminent visits by Mr Papandreou to Berlin, Paris and Washington, DC, could help to resolve Greece's debt problem.

Greece's centre-right opposition has demanded Prime Minister George Papandreou resign.

The current strategy for dealing with Greece's debt difficulties is not working.

The contagion of Greece's problems to elsewhere in Europe could crimp trade with Asia.

Protesters occupied Syntagma Square outside Greece's Parliament.

That is because the continent's politicians are not chiefly motivated by the desire to cut Greece's debt burden to a sustainable level.

Portugal's debts are also less onerous than Greece's but the country's meager growth is making it harder to reduce its budget deficit.

Greece's growth is in a downward spiral, with unemployment in excess of 15 per cent.

Dizzying towers of rock soar above Greece's northern plains and support centuries-old monasteries.

The July 21 decisions already sanctioned a partial, if inadequate, restructuring of Greece's debt despite vows never to do so.

Greece's ten-year bonds were offering mouth-watering yields of some 6%, twice the German level.

European leaders are considering a textbook example of repression to postpone a reckoning on Greece's debt.

Greece's debt problems were seen as the trigger for the whole euro zone crisis.

Papaconstantiou says those measures? shaved 40 percent off Greece's budget deficit during the first quarter of this year.

Argentina had a current account deficit of 2 per cent of GDP; Greece's is now 10 per cent.

Even as Greece's debt crisis has shaken European confidence, Brady says, so has its immigration problem.

The cost of Greece's current economic and political crisis.

Only by reducing Greece's now crippling debt burden, the troika insists, can a continued crisis be avoided.

This reflects, in part, an appreciation that Greece's fiscal woes are even graver than they first appeared.

Greece's new government of national unity, headed by Lucas Papademos, another technocrat, won a parliamentary vote of confidence.

Thanos Kourkoulis of Greece's Anti-Racism Movement, who runs a school where volunteers teach Greek to immigrants, says tensions are rising.

C. Today, government, tourism, and shipping dominate the economy in Greece's modern-day capital.

Even Greece's EU membership would be in doubt.

They all offer a much lower interest rate than Greece's current 15%-25% cost of borrowing in financial markets.

A bailout will not address the fundamental causes of Greece's fiscal problems.

Modest reprofiling will not, therefore, put Greece's public finances onto a sustainable footing.

Financial markets are hypersensitive to sovereign-debt quality in the wake of Greece's troubles.

The goalless defeat further extends Greece's unenviable record of never having scored at the World Cup finals.

The IMF said Greece's troubles could represent a new phase of the global financial crisis.

He shocked leaders by passing around a chart that showed Portugal's bonds tracking Greece's nosedive.

The European Union has contributed to Greece's something-for-nothing culture by pouring money into the country over the past 30 years.

In Thessaloniki, Greece's second city, Yiannis Boutaris, a wine maker and environmentalist, scored a surprise victory.

But Greece's partners could well prevent such an outcome.

Greece's banking troubles are a threat to economies in south-east Europe.

Regardless of the atmosphere on the streets, there are big question-marks over Greece's future.

The Olympic Hymn was written by Costis Palams, one of Greece's most famous poets, in 1893 and was set to music by Spiros Samaras in 1896.

The make-up of Greece's interim government will be announced later on Wednesday, a government official said.

Travel delays would almost certainly slow the European and IMF response to Greece's debt crisis.

Q: Given the rising possibility of Greece's default, does China worry about its holding of Euro bonds?

THE fear that Greece's sovereign-debt crisis might presage similar episodes elsewhere in the euro zone has been borne out.

Greece's referendum on the euro bail-out, which sent Spain's debt yields soaring too, was partly to blame.

Greece's fateful invasion of its long-time enemy Turkey is leading to dire consequences for Greece.

The agreement should ease Greece's borrowing costs, but does less to address its long-term debt pile.

This lack of leadership partly explains Greece's economic travails.

and the name of Greece's northern province.

Greece's pain is not imposed from outside but grows within its body politic.

The fund was also busy dealing with Greece's financial problems.

Now there are concerns that Greece's difficulties could, via its banks, cause contagion that might halt the recovery in south-east Europe.

But his mandate is limited in effect to implementing the conditions set by Greece's creditors.

It is understood that CY is talking about Greece's Aegean, which is linked to one of the three tour operators.

At the root of the decline in tax collection has been the capital flight of Greece's tax base.

The issuance is Greece's first in the US in nearly two years.

On February 3rd the European Commission endorsed this latest version of Greece's "stability and development" plan.

Indeed, restructuring Greece's debt should be even easier.

But the government plans to sell off many of its state-owned utilities to help pay Greece's debts.

Olympia is the birthplace that Olympics moves, is located in Greece's capital Athens.

Bond markets were unconvinced. So were the rating agencies: Fitch and S&P cut Greece's grade again, from A- to BBB .