Greece revealed today that it is in more dire economic straits than envisioned when a €110 billion bailout deal was agreed to this summer, sparking concern that Europe’s debt crisis could deepen.
The German chancellor and Greek prime minister today gave speeches pushing their plan to solve Greece's economic crisis, just days before the German parliament votes on more bailout money.
Prime Minister Papandreou canceled his US trip and hinted at further austerity measures after Europe's 'troika' of experts expressed doubt about the Greek government's plans to avoid default.
Stock prices plummeted in Europe and stock futures were down in the US after EU ministers failed to expand a bailout fund to help Greece. Bank stock prices led the decline in Europe.
A better-than-expected US jobs report helped abate selling pressures on Wall Street. But Europe's debt problems are pressuring EU officials to act.
European leaders in Brussels today agreed to a deal for Greece that includes $156 billion in aid, private investors, and extending the maturity period on Greek bonds.
Since last year's flotilla debacle killed nine Turkish activists, Israel has cultivated ties with Greece, offering the debt-ridden country generous military aid.
The Greek coastguard escorted a US boat seeking to join the Gaza flotilla back to port and said it will stop all other attempted departures. It looks like a big diplomatic victory for Benjamin Netanyahu.
On the streets of Astoria, Queens, where signs are in Greek and English, there are no whiffs of tear-gas, but passions run high. Despite words of blunt criticism, many wonder how they can help.