greece economy News

greece economy News From AOL News

Greece Proposes Spending Cuts, but Will They Be Enough?

NEWS ANALYSIS ATHENS -- Greece was heading for bankruptcy last year. It still is today, only now, its chances of fiscal recovery look bleaker, pundits and market analysts predict. The reasons? Half-baked fiscal reforms, shortfalls in revenue and a state debt expected to explode to over 160 percent of its gross domestic...

Will Propping Up Portugal Halt Spread of Insolvency in Europe?

ATHENS, Greece -- Following Greece and Ireland, Portugal, too, has requested a bailout from its European peers. But will Spain, a larger economy with stronger significance to global finance, follow? And more important, has European aid done anything to solve what appears to be a growing solvency problem. In answering at...

Greece's Credit Rating Crash Puts It in 'Junk' Land

ATHENS, Greece -- This country's credit rating has crashed once more, standing, now, on a par with Angola and Vietnam, and leaving the government in Athens jaded. Moody's Investor Services downgraded Greece's debt by three notches to "highly speculative" status -- way below even debt-troubled Ireland, Portugal and Spain....

Greece Escapes Early Elections; Socialists Suffer Losses

ATHENS, Greece (Nov. 8) -- George Papandreou is not the gambling type. But in the political equivalent of an all-in bet at a high-stakes poker table, the bewildered Greek prime minister threatened to hold snap national elections if his Socialist party suffered sweeping losses in local polls. He was bluffing. While ruling...

Greek Police Storm Acropolis to Break Up Jobs Protest

ATHENS, Greece (Oct. 14) -- Club-wielding police burst through crowds of protesters at the Acropolis today, clashing with culture ministry workers who blockaded Greece's most sacrosanct archaeological site as they pressed for renewal of their state contracts. Watched by bewildered visitors, the violent scuffles bruised...

Background on greece economy

The economy of Greece is the 12nd or 17th largest in the world at $312 or $309 billion by nominal gross domestic product or purchasing power parity respectively, according to World Bank statistics for the fiscal year 2009–2010. Additionally, Greece is the 15th largest economy in the 27-member European Union.

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