Latest Greek Government Items
Signs that Europe finally will take bold steps to curb its financial crisis sent stocks higher Wednesday. The battered euro also soared against the dollar and the Japanese yen.
Greece has enough money to pay pensions, salaries and bondholders through mid-November, the finance minister said Tuesday, as global markets sank on worries that a messy default could bring down European banks and trigger another global recession.
Treasury Secretary Timothy F. Geithner hopped over the Atlantic to meet with his European counterparts Friday. Things are so desperate in the eurozone that the idea of a leveraged bailout fund, similar to the one used in the United States when it was hit by the collapse of Lehman Brothers in 2008, is on the table to address Europe's ongoing financial crisis.
Greece is an "integral" part of the eurozone, the leaders of Greece, France and Germany said in an emergency teleconference Wednesday night that aimed to calm markets and temper talk of an imminent default by Greece.
Standard and Poor's on Wednesday relegated Greek government bonds to the deeper end of junk status, cutting the debt-crippled country's credit rating by 2 notches to CC, with a negative outlook.
Greek Finance Minister Evangelos Venizelos on Monday asked U.S. policymakers and business leaders for support as his country finalizes another rescue package to avoid a second default in recent years.