Greece | featured news

The $147 billion, three-year bailout offered to Greece by euro-zone countries and the IMF won't be enough to cover Greece's costs, an examination of Greek financial figures shows.

Greece reached agreement with the European Union and the International Monetary Fund on rescue loans to keep Athens from defaulting on its debts, a deal that will impose harsh cuts on the county's 11 million people for years.

Financial leaders, with a nervous eye on Greece, pledged on Saturday to address the risks posed to the global recovery from high government debt....

U.S. stocks rose as optimism rose over the upcoming earnings season and confidence in the global economy strengthened after European leaders pledged to extend aid to Greece.

Euro-zone finance ministers unanimously approved a detailed emergency aid mechanism for Greece but stressed that the country had not yet requested a bailout.

Chancellor Angela Merkel of Germany said that Greece should solve its own problems, ahead of a summit meeting scheduled for Thursday.

Greece's cabinet approved a sweeping new austerity program on Wednesday, the third in as many months, intended to rein in a bulging budget deficit and secure European financial support.

BRUSSELS (Reuters) - Greece must take additional measures to reach its deficit-cut target of 4 percent of GDP in 2010 but it is not yet clear how far short Athens is with steps announced so far, the European Commission said on Tuesday.

Corruption and impunity from prosecution lie at the heart of Greek's debt crisis, Prime Minister George Papandreou said on Monday, calling on citizens to stomach the pain required to put the country back on track.

Greece plans to issue a 10-year bond next week to coincide with the announcement of a new austerity package. Government debt markets remained under heavy pressure.