Investors fled stocks and made a rush toward the safety of U.S. Treasuries Thursday, sending 10-year yield to a record low close, as worries about Greece's future in the eurozone continued to escalate.
Former EU Commissioner Peter Mandelson discusses the new French president and what this means for the eurozone.
Greece may have given us the word democracy and many of the principles of civil society. But now it is "the sick man of Europe," and the people of other European democracies are asking whether it's worth saving with billions more dollars of their money. Put crudely, their argument is this: So what if Greece slides ignominiously out of the eurozone?
U.S. stocks finished higher for a third straight day Friday, after a slightly better-than-expected jobs report, but the gains were pared back after Greece's deal with bondholders triggered a "credit event."
Creditors agreed to a plan to restructure Greek government bonds, government officials said Friday, marking a vital move to the financial future of the country.
Greek debt deal
updated: Fri Mar 09 2012 06:04:00
Creditors have agreed to a plan to restructure Greek government bonds, Elinda Labropoulou reports
For a country that has faced many moments of truth over the past few years, Greece is on the cusp of what could be a real make or break moment.
Eurozone members delayed approval of more than half of the ?130bn bail-out for Greece after demanding that Athens show more proof that it would implement hastily agreed spending cuts and reforms.
For investors, the words credit default swap can bring back painful memories of 2008. But in the case of Greece, the dreaded derivatives may not be the ticking time bomb some have feared.
U.S. stocks were poised to edge higher at Tuesday's open, tracking gains in global stock markets, as oil prices pull back following a seven-day run-up that sent crude 9% higher.
CNNMoney: S&P downgrades Greeceupdated: Mon Feb 27 2012 18:30:00
Standard & Poor's downgraded Greece's credit rating Monday to "selective default" after the government took legal steps to impose losses on all holders of Greek government bonds.
U.S. stocks were poised for a slightly lower open Wednesday, as investors question whether Greece's newest bailout will be effective.
Once again, Greece appears to have been snatched back from the brink of default with the promise of more bailout money.
It looks like Greece will avoid an outright default in the short run now that eurozone finance officials have signed off on a second bailout for the debt-stricken nation.
A "strictly confidential" report on Greece's debt projections prepared for eurozone finance ministers reveals Athens' rescue programme is way off track and suggests the Greek government may need another bail-out once a second rescue -- set to be agreed on Monday night -- runs out.
It's officially crunch time. European finance ministers need to agree to the terms of a second bailout to keep Greece from defaulting on an upcoming bond payment.
The Greek government faces a crucial test this weekend as the nation's parliament is set to vote Sunday on austerity reforms needed to qualify for a second bailout.
Eurozone finance ministers gave a clear indication they were preparing to paper over Greece's failure to hit international lenders' mandated budget targets for 2011, saying they would now evaluate Athens' performance based on goals that combine both this year's and next year's finances.
Eurozone finance ministers dismissed as incomplete a reputed ?3.3bn package of Greek budget cuts presented to them in the hope of securing a new ?130bn bail-out and sent the country's finance minister back to Athens with a fresh set of demands and an urgent deadline.
Yannis Stournaras with the Foundation for Economic and Industrial Research on rescue plans for Greece's debt crisis.
Stop me if you've heard this before. Greece is close to getting another bailout from the European Union, International Monetary Fund and European Central Bank, the so-called troika.
A dispute over pension cuts stalled talks last night between leaders of Greece's fractious national unity government on tough new austerity measures, one of the last hurdles to be cleared before eurozone officials can sign off on a ?130B ($172B) bailout and save Athens from a messy default. However, officials said they were still confident of reaching a deal by the morning.
U.S. stocks ended mostly in the red Tuesday as investors awaited progress on Greek debt talks and waded through another batch of corporate results.
Greece will eventually default on its debts, even if the nation reaches a deal with the private sector to restructure its debts, according to a panel of experts.
Greece and its creditors in the private sector are grappling over a key detail of a deal aimed at reducing the nation's overwhelming debt load, according to a top eurozone official.
As investors return from the weekend, Monday is already starting off a lot like Friday did: Greece's debt talks are still in limbo, and U.S. companies continue to report earnings.
Greek debt talks are said to be progressing but officials have yet to announce a deal to scale back the nation's overwhelming debt load.
Journalist John Psaropoulos discusses what to expect of more talks over Greece's debt crisis.
Talks on restructuring Greek debt continued Saturday, with negotiators reporting some progress made toward reaching a deal with the nation's private creditors.
A deal on restructuring Greek debt remained elusive on Thursday, as the second day of talks ended with the nation's private sector creditors without an agreement.
Greece and its private sector creditors remain mired in deep negotiations over a deal to reduce the nation's crushing debt load.
The financial fate of Greece hangs in the balance this week, as officials reconvene over the contentious topic of Greek bonds, or more specifically, how big a writedown private investors are willing to take.
Greek debt talks are set to resume this week as the country at the heart of Europe's financial crisis struggles to get another round of bailout funds.
Barack Obama, Nicolas Sarkozy and Angela Merkel descended on the G-20 summit last week intent on stabilizing Greece and resolving the European debt crisis. But Athens may instead end up seeking guidance from an unlikely source: Argentina.
The Greek government is facing enormous pressure to resolve the country's debt crisis. On Wednesday the finance minister of Greece came out against Prime Minister George Papandreou's plan for a referendum on the debt deal Europe is offering for Greece. Then Thursday he said he was backing off that plan, saying there is no need for it given opposition support for the tough austerity measures which accompany it. It is not clear if that meant he was canceling the referendum, the announcement of which sparked chaos in the markets.
As G-20 leaders meet to discuss the European debt crisis, CNN's Jim Boulden assesses developments in Greece.
Greek Prime Minister George Papandreou is backing off plans to hold a controversial referendum on an international bailout for his country, he told his cabinet Thursday.
How does one say "Oy vey!" in Greek?
At long last, European leaders took a significant step forward on the long road toward resolving the eurozone's debt crisis.
For many analysts combing over the three-part deal to restore confidence in the eurozone, the most important things were not what was in the agreement -- but what was left out.
European Union leaders announced an agreement early Thursday on debt crisis measures, including a hard-fought deal with private sector investors to take a 50% loss on Greek bonds.
As CNN's Ramy Inocencio reports, European countries are the largest lenders to Asia.
European leaders have thrashed out a deal they hope will resolve the problems that threaten the stability of world markets and the very existence of the euro currency.
European leaders insist they are making progress on a comprehensive plan to tackle the eurozone's debt and banking crisis.
After two years of denial about the European periphery's solvency problem, European policymakers are finally, grudgingly, facing reality. They are recognizing that Greece is almost certain to default by year-end. And they have concluded that it is imperative to recapitalize Europe's banks and to erect an effective "firewall" around Spain and Italy to reassure markets that if Greece defaults, the crisis will be contained there.
It was once unthinkable but is now widely expected: Greece is headed toward default.
The International Monetary Fund annual meetings wrapped up in Washington on Sunday with widespread concern over the eurozone sovereign debt crisis but no immediate consensus on the solution.
The euro may be in intensive care right now. But even if Greece defaults, it's not time to start reading the currency its last rites just yet.
Experts agree it's almost certain that Greece will not be able to pay all of its debts. But if the country does default, what happens next?
Europe default risks are on the rise. Take one look at the market for credit default swaps, and the probability that Greece will default on its $345 billion in debt is near 100%. Portugal, Ireland, Spain and Italy aren't too far behind.
European officials are scrambling to resolve the debt crisis in Greece amid signs the contagion is spreading, but a comprehensive solution remains elusive ahead of a crucial summit on Thursday.
European leaders announced a bold plan Thursday to help Greece get out of debt, and they pledged to take steps to contain the crisis and preserve the euro.
German Vice-Chancellor and Economics Minister Philipp Rösler broke a long period of silence about a possible Greek default by saying that all options are to be considered.
CNN's Tim Lister reports on the growing jitters in Europe on the prospect of Greek default and its consequences.
Why are the markets so worried about Greece?
CNN's Nina dos Santos explains how Greece's debt crisis continues to impact markets worldwide.
Underscoring the uncertainty about Europe's financial system, two major French banks -- Societe Generale and Credit Agricole -- were downgraded Wednesday due to their exposure to the debt of Greece and other weak eurozone nations.
The top grossing film at the box office this past weekend was a movie called "Contagion." It's a horror story. But no, it's not about the European debt crisis.
Moody's Investors Service downgraded Greece again Monday, to one class above default, following a new bailout package from its European neighbors.
International credit rating agency Moody's announced Monday it has once again downgraded Greek's sovereign debt rating - just four days after European leaders agreed on a second bailout for the debt-strapped nation.
The European Union this week took the boldest step yet to stabilize Greece and contain the threat of a broader debt crisis in the euro zone.
European leaders agreed on Thursday to provide a second bailout package for Greece and drastically expand rescue funds to prevent financial crisis spreading through the eurozone.
U.S. stocks sank Monday as investors got spooked by worries that Europe's debt crisis could spread to Italy, one of Europe's largest economies.
Gideon Rachman of the Financial Times discusses how the U.S. and Britain are dealing with their debt issues.
Eurozone bankers will meet in Paris to work out a voluntary participation plan. CNN's John Defterios reports.
So Greece finally has its bailout money. But when that temporary financial crutch runs out in the next year or so, the troubled nation will once again face the very real possibility of default.
The European Union approved the disbursement of its last $17 billion tranche of bailout funding Saturday, putting Greece's debt crisis at bay -- for now.
Yonghao Pu, Chief Investment Strategist at UBS, discusses how the Greek debt crisis affects the Asian markets.
Greek riot police pushed crowds of demonstrators back from Parliament by firing tear gas in central Athens Wednesday.
The near-tragedy unfolding on the streets of Athens could be a comedy, if the possible consequences were not so dire.
U.S. stocks managed decent gains Monday, even as investors remained cautious about Greece's debt crisis.
Eurozone finance ministers made clear Monday that they expect Greece to push ahead with a harsh austerity plan, as a condition for getting more bailout money.
What's behind the protests in Greece?
Deficit hawks often cite Greece's debt nightmare as a cautionary tale for the United States.
U.S. stocks were set for an early rebound Friday, as oil prices slipped and investors awaited another round of economic data.
Oil prices fell to a fresh four-month low Friday as jitters about Greece's debt crisis continued to weigh on investors.
CNN's Emily Reuben explains the state of the debt crisis in Greece as the nation teeters toward default.
U.S. stocks were headed for an early sell-off Monday, taking cues from world markets, which tumbled after rating agencies downgraded Greece and Italy late last week.
CNN's Emily Reuben reports on Greece's ongoing debt crisis.
CNN's Max Foster asks Greece's former finance minister about the country's financial woes.
Is the dollar about to move up in weight class?
U.S. stocks rose Monday as commodity prices regained ground, overshadowing worries about the fiscal crisis in Greece that hung over the market.
Will Greece be able to dig out of its debt crisis? Not even the oracle of Delphi knows for sure.
U.S. stocks were set to open higher Tuesday, ahead of a batch of economic reports, although gains could be limited amid ongoing anxiety about Europe's debt woes.
Stocks gave up gains by the close Monday after Moody's downgraded Greece's debt rating, reminding investors that Europe's economic woes aren't going away anytime soon.
A day after European leaders agreed on a $900 billion rescue package, credit rating agency Moody's cautioned investors that two of the euro zone's hardest hit countries aren't out of the woods just yet.
Gold surged past the psychologically significant $1,200 mark on Thursday as stock markets plummeted and investors sought a safe haven.
Their decisions on Greece, Spain and Portugal sparked a market freefall last week and spurred a $145 billion bailout plan. A powerful U.S. congressman characterizes them as the triggermen of the 2008 global financial crisis.
Eurogroup officials announce that the international aid package to bail out Greece will be worth $146 billion dollars.
The International Monetary Fund and European Union are demanding further austerity measures from Greece as the price for a bailout, according to a top Greek labor union official.
CNN's Richard Quest interviews Former Greek economics minister Yiannos Papantoniou about Greece's debt crisis.
Standard & Poor's downgraded Spain's debt to a "AA" rating Wednesday, down from "AA+," a day after its downgrading of Greek debt set off falls in markets worldwide.
Greek civil servants and private sector workers will hold a 24-hour strike May 5 to protest government austerity measures, the unions announced Wednesday.
Greece asks its eurozone partners to activate a ?30B rescue package. CNN's Richard Quest talks to Prof. Kenneth Rogoff.
U.S. stocks were headed for a higher open Wednesday, following a global selloff, as optimism over earnings outweighed concerns about Greece ahead of a key statement from the Federal Reserve.
CNN's Richard Quest explains Greece's junk bond status and compares its credit ratings to other countries.
Financial markets were in turmoil on Wednesday amid fears that more countries could be sucked into Greece's mounting debt crisis. European indexes followed those in Asia into the red after Standard & Poor downgraded Greece's debt rating to junk status and Portugal's rating also dropped two notches.
© 2013 Cable News Network. Turner Broadcasting System, Inc. All Rights Reserved.
|