Greek Prime Minister George Papandreou named Evangelos Venizelos, the defense minister, to take over at the finance ministry, replacing George Papaconstantinou. The changes were announced by government spokesman George Petalotis, in statements televised live on state-run NET TV.
Greece’s ports, banks, hospitals and state-run companies ground to a halt today as the two biggest labor unions went on strike to oppose Prime Minister George Papandreou ’s additional budget cuts and asset sales.
Greece’s ports, banks, hospitals and state-run companies grind to a halt today as the two biggest labor unions strike to oppose Prime Minister George Papandreou ’s additional budget cuts and asset sales.
European Union and International Monetary Fund officials today complete a review of Greece’s plan for 78 billion euros ($113 billion) in asset sales and austerity measures as they prepare the nation’s second bailout in little more than a year.
Greece was only able to join the euro through deception and the currency bloc’s leaders have been “too polite” ever since to deploy adequate sanctions that could have averted the region’s debt crisis, former European Central Bank Chief Economist Otmar Issing said.
Greek and Irish bonds led declines in the securities of the euro-area’s most indebted nations, while the cost of default insurance rose and German bunds rallied, on concern that the region’s fiscal crisis is deepening.