Greece Default

Greece Needs $50 Billion: IMF

CP | The Associated Press | Posted 07.02.2016 | Canada Business

WASHINGTON (AP) -- The International Monetary Fund says Greece needs debt relief and 50 billion euros ($70 billion) in new financing from October thro...

Greece To Default On IMF Payment, Finance Minister Says

CP/HuffPost Canada | Elena Becatoros, The Associated Press | Posted 06.30.2016 | Canada Business

ATHENS, Greece (AP) — Greece is set to become the first developed nation to not pay its debts to the International Monetary Fund on time, as the cou...

The Biggest Story of 2011 for Me? Europe's Currency Crisis

Conrad Black | Posted 02.29.2012 | Canada Business
Conrad Black

The idea of a united Europe was always a fable of course, as some of us warned, and it was compounded by a policy of not hearing, seeing, or speaking any evil about the European ideal that was bound to lead to tears.

Putting a Human Face on the Euro Crisis

Bessma Momani | Posted 02.14.2012 | Canada Business
Bessma Momani

Let's face it, either we have had resentment or a hint of jealousy toward southern Europeans for their relaxed lifestyle. To no surprise then, many Canadians have holier-than-thou attitudes about the euro crisis. Then, Elsa Fornero reminded me of what the euro crisis is really about: people.

Greece 2011: Argentina 2002 Redux?

Andrew Cooper | Posted 02.13.2012 | Canada Business
Andrew Cooper

This comparison should give the Greeks some hope -- after all, Argentine 10-year government bonds today are comparable to other emerging market economies and investors flocked back to Argentina. What did Argentina do and what can Greece learn from its experience?

Nigel Farage: European Parliament's Attack Dog

Peter Worthington | Posted 01.29.2012 | Canada
Peter Worthington

To Nigel Farage, the "obsession" of EU members to create a European state means they are "happy to destroy democracy... who the hell do you think you people are? You are very, very dangerous people." Agree with Farage or not (I'm inclined to), he's refreshingly fearless and articulate.

Greece Is Just the First to Fall

Peter Worthington | Posted 01.03.2012 | Canada Business
Peter Worthington

Let 'em go. Let 'em make their own way until they change their minds and rejoin the club and adhere to existing rules. If that means another recession, or even a depression, better now than at some time in the future when damage will be even greater.

What If Europe Had a Revolution and Called It a Debt Crisis?

David Frum | Posted 12.30.2011 | Canada Business
David Frum

What Europe must do to save the euro is very similar to what Alexander Hamilton did in the United States in the 1790s to create the dollar. But the new American super-government was elected. The new European supergovernment won't be.

Could the Greek Economic Crisis Happen to Us?

Andreas Souvaliotis | Posted 12.20.2011 | Canada Business
Andreas Souvaliotis

Do we understand exactly what has historically earned us top marks in the world's balanced scorecard -- and are we doing everything we can to maintain that wonderful distinction, primarily on behalf of those who will inherit this beautiful country from us?

Why The World's Financial Fate Rests In Tiny Slovakia's Hands

CP | Don Melvin,Karel Janicek, The Associated Press | Posted 12.11.2011 | Canada Business

BRATISLAVA, Slovakia - Slovakia's Parliament rejected a key euro bailout bill Tuesday, threatening Europe-wide efforts to ease a debt crisis that is t...

Bear Market Bites At TSX, World Markets

CP | Malcolm Morrison, The Canadian Press | Posted 12.04.2011 | Canada Business

TORONTO - The Toronto stock market closed lower but well off an early plunge Tuesday amid fresh hopes that European officials are moving to control da...

A (Friendly) Memo to a Greek Protester

Michel Kelly-Gagnon | Posted 10.02.2011 | Canada Business
Michel Kelly-Gagnon

The popular discontent of the last few months is certainly understandable. What is less understandable is what seems to be a widespread belief among Greeks that the citizens are neither responsible nor have any obligation to bear the consequences for their government's overspending.

Moody's Slashes Greek Debt Rating, Warns Default All But Certain

CP | Posted 09.23.2011 | Canada Politics

ATHENS, Greece - Moody's downgraded Greece's bond ratings by a further three notches Monday and warned that it is almost inevitable the country will be considered to be in default following last week's new bailout package.

The agency said the new EU package of measures implies "substantial" losses for private creditors. As a result, it cut its rating on Greece by three notches to Ca -- one above what it considers a default rating.