Greek borrowing rates down slightly after European finance ministers set out blueprint for aid

Greek Finance Minister Giorgos Papakonstantinou addresses the media at the EU finance ministers meeting in Brussels, Tuesday, March 16, 2010. Papakonstantinou says markets are reacting positively to his government's austerity plans and that he expects borrowing costs to go down in time. Speaking after European finance ministers pledged to help Greece with loans if needed, Papakonstantinou said Greece has not asked for financial help.

Greece Wants Solidarity, Not Bailout, Premier Says

Greek Prime Minister George Papandreou talks during a press conference after meeting with Hungarian Prime Minister Gordon Bajnai, not seen, in the Parliament building in Budapest, Hungary, Tuesday, March 16, 2010. Papandreou arrived to Hungary Tuesday for a day-long working vist. The EU's pledge to help Greece with loans received a lukewarm welcome from markets on Tuesday. The exact form of the help - likely some form of bilateral loan - was yet to be decided.

Turkish naval corvette enters Greek waters and nearly reaches Athens

Sofia Echo

A Turkish naval vessel crossed into Greek territorial waters, headed west and sailed almost to Athens, the daily Greek Ta Nea reported on March 16 2010. The corvette reached cape Sounion on the Attica peninsula and the island of Kea, just south of Athens, before turning back towards the Dardanelles.

OECD calls for strong EU support for Greece

Ingrid Melander

ATHENS (Reuters) - OECD Secretary General Angel Gurria on Monday called on EU finance ministers to show strong support for Greece, saying it deserved to be helped now that it had presented a comprehensive deficit-cutting package. Greece's socialist government unveiled public sector pay cuts and tax hikes this month to help slash a double digit

In debt-plagued Greece, immigrants feel the heat

Henry Chu - Los Angeles Times

Ancient Greece gave the world the word "xenophobia." Modern Greece is providing examples of it. Hamad Amiri, a young Afghan immigrant, arrived to work at his brother's cellphone store in Athens on a recent morning only to find that someone had gummed up the lock overnight. Scrawled in yellow paint on the shop's metal screen were the words "For

UN: Downer made no call for quintet summit

Stefanos Evripidou - Cyprus Mail

The United Nations yesterday felt compelled to dispel reports that UN Special Adviser Alexander Downer had called for a “quintet summit” or five-party talks to discuss the 1960 Treaty of Guarantee. An announcement by Downer’s press office said the media reports quoting Downer were “false”, adding that “the Special Adviser has never made such a c

Eurozone readies possible bailout for Greece

Aoife White - The Associated Press

Greek Finance Minister Giorgos Papakonstantinou, right, walks behind Luxembourg's Prime Minister and Chairman of the Eurogroup Jean Claude Juncker, center, and the President of the European Central Bank Jean-Claude Trichet as they arrive for a Eurogroup meeting in Brussels, Monday, March 15, 2010. Eurozone finance ministers meet to check whether Greece's austerity program goes far enough to reduce its massive deficit, amid talk that they are preparing a rescue package for the country if it can't borrow from wary bond markets.

Pop star's sex tape gives Greece a welcome break from debt crisis

Iason Athanasiadis - The Independent

Greece may be in the midst of a financial crisis but the country has decided to focus their attention on a sex tape featuring pop star Julia Alexandratou. While Europe's finance ministers have agreed how to help Greece's beleaguered finances, Alexandratou's 45-minute tape has gained attention after reportedly grossing million in the space of 10 days.

US warns EU derivatives ban won't work

Leslie Patton - The Associated Press

BRUSSELS — Europe's threat to ban the sort of financial derivatives trading that some blame for worsening Greece's debt crisis wouldn't work, a senior U.S. official told EU lawmakers Tuesday. German, French and Greek leaders have called on the EU's executive to crack down on so-called naked credit default swaps, where an investor can profit

Cyprus to submit economic stability package soon

NICOSIA, March 16 (Reuters) - Cyprus will outline tax and cash saving proposals to rein in a widening deficit in a stability program to the European Union this month, its Finance Ministry said on Tuesday. The government is considering increases in value added tax, pay freezes across the public service and a clampdown on tax evasion to curtail a

Cyprus policeman dies in capsized boat rescue

The Associated Press

A Cypriot official says a policeman has died and a woman is missing after a sailboat with a Russian couple and their two small children aboard capsized in rough seas just off the island's coast. Police spokesman Michalis Katsounotos says the 29-year-old policeman died during a predawn rescue attempt on Tuesday when his inflatable craft also capsi

Households buckling under debts

Stelios Bouras - Kathimerini English Edition

A growing number of households are struggling under the weight of mortgage and consumer loan payments, according to data unveiled yesterday, as the depth of Greece’s economic recession worsens. Survey figures presented by Kappa Research showed that 32.3 percent of the people questioned with some form of debt believe that they will not be able to

EU enlargement chief presses Turkey on Cyprus, Armenia

AFP

(ANKARA) - EU Enlargement Commissioner Stefan Fule urged Turkey Monday to open its ports to Cyprus under a trade pact with the bloc and to press on with peace efforts with Armenia. "I had the opportunity to underline the importance the European Union attaches to the need for Turkey to fully implement the additional protocol... and normalise its