Standard and Poor’s has surprised economists by raising Greece’s credit rating six levels from “selective default” to “B-minus”.
S&P stated the continued efforts of Eurozone countries to help Greece stay in the Euro and the austerity measures taken by the Greek government to eliminate excessive spending. Continue reading
Unemployment in Greece reached 1 in 4 adults for the first time in the nation’s history according to figures released today.
Greece’s statistical authority reported that the country lost 1,000 jobs a day over the last year. Over 1.26 million citizens were without a job in July. Government budget cuts and a deepening recession ahead for the next year was likely to increase that number. Continue reading
Unemployment in the Eurozone has risen to 18.2 million after releasing economic data for August. The rate of unemployment remained the same after the rate for July was revised upward at 11.4%, however there was an increase of 34,000 out of work in the month.
The highest unemployment rate for an individual nation was Spain where one out of four eligible workers are unemployed. Austria had a rate of 4.5%. The rate in Germany, the Eurozone’s most stable economy, was 5.5%. Continue reading
Greek police used tear gas to disperse a crowd of anti-austerity protesters who attacked the government’s parliament using gasoline bombs.
The protesters are angry about spending cuts of 11.5 billion euros ($15 billion U.S.) the government needs to put in place to secure the country’s next round of bailout funds. The country’s next 31 billion euro ($39.8 billion U.S.) installment is being sought to help continue government operations. However, record unemployment and 1/3 of the country’s citizens under the poverty line many citizens are upset about the cuts to government services. Continue reading
Greece, already under extreme financial pressure, is facing a major blow to several agricultural industries due to a major wildfire raging on the island of Chios.
The fire began on Saturday and has been driven by gale force winds. The out of control blaze has burned over 16,000 acres of forest and farmland. Residents of nine villages have been evacuated due to the blaze. Continue reading
The leader of the party winning Greece’s elections Sunday is urgently trying to form what he calls a “national consensus.”
The New Democracy party, narrow victors in the vote, are one of a number of parties who favor Greece staying within the euro. Continue reading
Rumors a radical leftist party which favors a return to the drachma is running neck and neck for the lead in the elections scheduled for Sunday is driving a run on Greek banks. Bankers are reporting that up to 800 million euros, or around $1 billion US dollars, is being pulled from major banks every day.
Retailers are reporting that people are using the money to stock up on pasta and canned goods. Continue reading
Shortages in chemotherapy drugs and other expensive treatments have risen after pharmaceutical companies cut credit to Greece’s largest state-backed health insurance fund. The fund provides subsidized medicine to lower-income Greek citizens.
Some pharmacies have been overrun with hysterical people attempting to get life-saving medicine for themselves or relatives. People reported to SKAI TV waits of hours to get necessary medication and patients have been heard screaming from inside pharmacies. Continue reading
The possible departure of Greece from the euro zone combined with the worsening economic conditions in Spain and record high unemployment in the euro zone are threatening to cause a disintegration of the continent wide currency.
Olli Rehn, Brussels’ most senior economic official, says unless the nations that use the Euro are bound closer together the euro zone could collapse.
Italy’s leaders called for using euro bonds to create a path to “common debt” for Europe. Spain’s government is proposing a common fiscal authority for Europe to sync budgets of the member nations and manage overall debts. Continue reading
The contraction rate of manufacturing in Spain ranked higher than Greece’s rate in the month of May. Spain’s rate declined at the highest rate since May 2009.
Spain’s figure of 42.0 was the worst in the eurozone below Greece’s level of 43.1.
The manufacturing decline in many of the endangered eurozone nations is beginning to impact the stronger nations like France and Germany. Continue reading
