Greece Debt | featured news

The European Central Bank said on Thursday it opposed forcing private creditors to take part in debt relief for Greece, pushing back against Germany, which has demanded a bond swap to lengthen Greek debt maturities.

Bleak EU economic forecasts on Friday showed Greece will miss its debt targets this year without further reforms and a senior policymaker said Athens was not meeting the terms of its rescue package.

Speculation is growing that Greece may need a second financial bail-out from the international community

A Moody's downgrade and growing speculation Greece may eventually restructure its debt took the shine off Ireland's thumbs-up from the EU and the IMF on Friday for its efforts to claw its way back from crisis.

Moody's slashed Greece's credit rating by three notches on Monday, raising the specter that the distressed euro zone sovereign may be forced to restructure its debt, perhaps even before 2013.

The state-owned railway loses about $3.8 million a day, prompting a search for solutions: maybe a foreign investor or a complete overhaul.

The International Monetary Fund on Sunday approved a 30 billion euro ($38.6 billion) loan for Greece as part of a larger European Union-led effort to help ease the country's economic crisis.

Euro zone leaders decided on Friday they have special measures ready before financial markets open on Monday to prevent financial turmoil in Greece spreading to other countries such as Spain and Portugal.

Both houses of Parliament approve unpopular financial plan to save Greece from bankruptcy.

Stocks are plunging as investors give in to fears that Greece's debt problems will spread and halt the global economic recovery.