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After a seven-month roller-coaster, Greece received the first €13bn tranche of the latest €86bn bailout this week, allowing it to pay its €3.2bn debt to the European Central Bank and its immediate domestic obligations. Almost simultaneously, Alexis Tsipras announced his resignation, prompting a fresh set of elections. The news is no surprise. Since the spectacular [...]
Alexis Tsipras has been accused of “cynical timing” for resigning as Greek Prime Minister so soon after receiving the first tranche of bailout funds. The Syriza leader quit last night after just 206 days in power, calling a snap election for 20 September. He tweeted last night that the “popular mandate I received on [...]
Greek Prime Minister Alexis Tsipras resigned last night, triggering another round of elections in Greece and calling into question the stability of the country’s latest bailout. Tsipras stepped down after just seven months in office, in which he battled with Greece’s creditors – including their Eurozone partners and the International Monetary Fund (IMF) – [...]
Alexis Tsipras has announced his resignation as Prime Minister of Greece after 206 turbulent days in power. The Syriza leader said in a televised announcement that he will submit his resignation to Greek president Prokopis Pavlopoulos shortly, triggering a national election. Vassiliki Thanou-Christophilou, the head of Greece's Supreme Court is expected to replace Tsipras and oversee the [...]
Greek Prime Minister Alexis Tsipras is expected to announce a snap election for 20 September, just months into his party Syriza's rule, according to Greek media reports. A separate report from Reuters claims Tsipras will offer his resignation later today, citing an unnamed government official. It had been widely expected that a confidence vote [...]
Athens today met the deadline for a €3.2bn (£2.3bn) payment to the European Central Bank (ECB) using new funds from its bailout deal. Greece received €13bn in financial aid today, most of which will be used to pay down debt. A further €10bn was made available via European Stability Mechanism (ESM) notes to recapitalise Greece's banking system. "Today’s [...]
This evening, the head of the European Stability Mechanism (ESM) signed a contract for Greece's third bailout agreement, meaning a further €86bn (£61bn) of financial assistance will be released to the struggling economy over the next three years. Read more: Greek debt crisis: German lawmakers vote yes to bailout deal The board of governors approved the [...]
After German lawmakers were recalled early from their holidays (sun in Greece, perhaps?), the Bundestag has voted in favour of a third Greek bailout deal worth €86bn (£61bn). The vote passed with a majority of 454 in favour, 113 against and 18 abstentions. Ahead of the vote, German finance minister Wolfgang Schäuble, who has taken [...]
It looks like Greece is about to make a start on that tough privatisation schedule it's agreed to. The government has resumed talks with German operator Fraport over the right to run 14 regional airports. A spokesperson for Fraport told City A.M. previous discussions, which took place during 2014, would recommence. "The government [of Greece] [...]
Think “lazy Greeks” and “hard-working Germans”? Well, put your stereotypes away, because it turns out Greece is actually the country with longest average working hours in Europe. Germans, meanwhile, work fewer hours than any other Europeans, according data from the Organisation for Economic Co-operation and Development (OECD). Greece may have suffered bad press recently, but [...]
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