Greece votes to stay in the euro - while protesters battle police

So finally it has been decided: Greece votes to stay in the euro - but at a humiliating cost, some say.

It has been reported that Prime Minister Alexis Tsipras had agreed to the harsh terms as part of an €86 billion bailout from Eurozone leaders.

The Greek parliament passed a raft of austerity measures to secure a three-year European bailout – despite the agreement coming two hours after the deadline. It means that other European parliaments can now vote on the plan, too.

In the meanwhile, violent protesters hurled petrol bombs at riot police (photo above) after surrounding the Greek parliament ahead of a final deadline for the country's €86 billion bailout deal.

Watch the video below of violence in Athens' streets:

Source | Photo

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Greek voters reject bailout offer

In the wake of acute monetary crisis, Greek referendum show voters decisively rejecting the terms of an international bailout.

While the voting count is still underway, the results of the counted votes so far shows 61% voting "No", against 39% voting "Yes".

In the meanwhile, Greek banks are running critically low and will need another injection of emergency funds from the European Central Bank.

Read more about it at: BBC
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Euro faces crisis as Greek anti-austerity wins

There is jubilation all over Greece after the anti-austerity party - Syriza won elections yesterday. But this jubilation puts the Euro under severe crisis and may usher in economic turmoil.

It is reported that Syriza leader Alexis Tsipras has pledged to renegotiate Greece's €240billion (£179billion) international bailout deal - and to reverse many of the reforms that EU creditors demanded in exchange for keeping Greece financially afloat since 2010.

It may be added that the single currency has crashed nearly 20 per cent against the greenback in less than a year – sinking from $1.39 in May to an 11-year low below $1.12 last night as Greece was set on a collision course with Angela Merkel's Germany.

Read more about it at: Daily Mail
Photo: Pixabay
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Greece euro exit threatens all Europe

GREEK poll front-runner Alexis Tsipras, buoyed by a groundswell of opposition to EU-IMF imposed austerity measures, says forcing his country out of the eurozone would sink the region as a whole.

The problems in Greece were those of Europe, Tsipras told Saturday's edition of the International Herald Tribune, and forcing his country out of the eurozone could easily bring down other countries, notably Spain and Italy which have come under increasing pressure as the crisis has spread.

"Our goal isn't to blackmail or terrorize, our goal is to shake (leaders up)," Tsipras told the newspaper.

"We want to convince them ... they need to change the policies in Greece and change the policies in Europe, otherwise Europe will be at very large risk."

Read more: Herald Sun

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Euro hits fresh lows on debt fears

[ via Reuters ] 5 Jan

Nervousness about euro zone sovereign debt sent the single currency to a 15-month low and hit European stocks on Thursday, with the first French bond auction of 2012 seen as a test of recent efforts by policymakers to ease the region's crisis.

The price France has to pay to sell 7 to 8 billion euros of longer-term bonds will measure how much relief markets have taken from the EU leaders' December plan for resolving the crisis, and the near half-trillion euros subsequently pumped into the region's banks by the European Central Bank.

Read more: Reuters

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Europe leaders warn of difficult 2012

[ via BBC Europe ] 1 Jan 2012

European leaders have warned of a difficult year ahead, as many economists predict recession in 2012.

German Chancellor Angela Merkel said Europe was experiencing its "most severe test in decades" but that Europe was growing closer in the debt crisis.

France's President Sarkozy said the crisis was not finished, while Italy's president called for more sacrifices.

The leaders' new year messages came as leading economists polled by the BBC said they expected a return to recession in Europe in the first half of 2012.

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The economy hums in Germany - the euro crisis seems elsewhere

[ via Business Insider ] 

If Berlin's Alexa shopping center is any indication, Germany is having a very good crisis.

While the rest of Europe enacts crippling austerity measures to soothe nervous creditors and bring down dangerously high interest rates, shoppers continue to pour out of Alexa's doors with bags full of presents to sip mulled wine in the cheery Christmas market outside.

Fenja Kothe, a social worker juggling three shopping bags, said she and her countrymen felt no need to cut back on their purchases this holiday season.

"Germany seems to be in a much better position than a lot of other European countries," Kothe said, "so we don't worry about the crisis."

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British PM threatens to veto EU treaty over financial tax

[ Irish Times ] 7 Dec

BRITISH PRIME minister David Cameron has raised the stakes over Friday’s crucial meeting of European Union leaders, warning that he will veto a new EU treaty unless it guarantees protections for London’s multibillion financial services industry.

The French and the Germans, and some other EU states  want a tax on all financial transactions, but the British argue that that would excessively penalise London – Europe’s dominant financial centre, and has consistently ruled it out.

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Strong holiday shopping make stocks swell

Full Story: Yahoo News 29 Nov

A weekend of strong holiday shopping in the U.S. and radical proposals for stanching Europe's debt crisis sent stocks soaring Monday. The Standard & Poor's 500 index broke a seven-day losing streak and the Dow Jones industrial average jumped 291 points, its biggest gain in a month.

Markets in Europe also surged: France's CAC-40 jumped 5.5 percent. Indexes in Germany and Italy rose 4.6 percent. The battered euro rose against the dollar.

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