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Greek Crisis

S&P Raises Greece’s Credit Rating to B- from CCC+, Stable Outlook

On Friday, Standard & Poor's raised its long-term sovereign credit rating on Greece to 'B-' from 'CCC+', with a stable outlook, citing the country's compliance with its economic program. "The upgrade reflects our assessment that the Greek government is broadly complying...

Government Minister Seeks to Reassure Angry Greek Farmers Pension Reform is Beneficial

As the country is at present in the grips of strike over the government’s plan to proceed with further cuts in pension benefits and impose additional austerity, senior level government officials are pulling all the stops to reassure angry...

Harsh Living Conditions for Many Greeks in Poor Neighborhoods Across the Country

While the rich at Davos are imagining ways to make the world even more unequal and German Finance Minister Wolfgang Schäuble demands from the Greek Prime Minister more doses of the same medicine that has destroyed the Greek economy,...

Prison Threat for Undeclared Assets

Soon, a bill will be presented to the Greek parliament allowing those with undeclared assets either in Greece or abroad to make “good-faith” arrangements to pay the tax. At the same time, the proposed legislation will include much tougher...

IMF Stance on Pension Reform Irks Greek Finance Minister

In a press conference, Greek Finance Minister Euclid Tsakalotos expressed his displeasure with the IMF’s stance on the Greek government’s plan for pension reform. Tsakalotos stressed repeatedly that leaks to the press about the IMF’s alleged rejection of the pension...

1% of People Own More Wealth Than the Other 99% Combined

A new Oxfam report, timed to coincide with this week’s gathering of the super-rich at the Annual Economic Forum in Davos, reveals not only some astonishing facts about wealth inequality in today’s world but shows that rising inequality remains...

Cash Hidden Away Under Mattresses in Greece is Back in Circulation

With no end to the Greek economic crisis and the fear of bank collapse, wary Greeks have been withdrawing cash for years although there has been no wild bank run. The rich have pulled their money out of local...

Greek PM Tsipras: The Government Will Not Succumb to Unreasonable Demands

Greek Prime Minister Alexis Tsipras sent a message to Greece’s creditors that the government will not succumb to unreasonable demands, during an interview with Real News, on Sunday, January 3. “We will fully meet our commitments, but we will not accept...

Greek FinMin Tsakalotos: 'There Will Be Victories and Defeats in the Negotiation'

Greek Finance Minister Euclid Tsakalotos expressed optimism that the government will overcome the obstacle of the negotiations with the creditors, on Sunday January 3rd, in an interview with Kathimerini. “In the negotiations there will be victories and defeats,” he said...

Baby Boy Becomes First Refugee Casualty of 2016

A two year old baby boy has been reported as the first casualty of the refugee crisis in the Aegean after a boat carrying refugees sank near the Greek island of Agathonisi on Saturday, according to the Migrant Offshore...