Bailout, Country Bailout | featured news

After days of talks, Greek political leaders reached a deal Thursday to support a package of harsh austerity measures demanded by Greece’s financial backers in return for a bailout.

Stocks edged lower on Monday as a delay by debt-ridden Greece in accepting the terms of a bailout gave investors little reason to buy equities after a five-week rally.

Greece and its private creditors said on Saturday they were piecing together the final elements of a debt swap and expected to have a deal ready next week, essential for sealing a new bailout and avoiding an uncontrolled default.

Greek officials reject German proposals for a eurozone budget commissioner to oversee spending, as agreement nears on a second bailout for Greece.

Economist Lucas Papademos will be Greece’s next prime minister, the Greek president’s office announced Thursday, giving to a non-politician the job of passing an unpopular bailout plan before elections are held next year.

The next tranche of rescue loans for Greece will be withheld until after a bailout referendum, expected in early December, European leaders warn.

NEW YORK (Reuters) - Stocks tumbled on Tuesday after investors were blindsided by a surprise call for a Greek referendum on an EU bailout plan, casting doubt on the sustainability of the recent market rally.

Stocks jumped more than 2 percent at the open on Thursday after European leaders agreed to boost the region's bailout fund and struck a deal with banks and insurers to accept 50 percent losses on Greek bonds.

European Union leaders made some progress toward a strategy to fight the euro zone's sovereign debt crisis on Sunday, nearing agreement on bank recapitalization and on how to leverage their rescue fund to try to stop bond market contagion.

A top bank lobbyist insisted Saturday that banks and the eurozone are far from reaching a deal to cut Greece's debt, despite claims by eurozone finance ministers that they will ask banks to take steeper losses on their Greek bonds.