Greece uncertainty Greece uncertainty — Replica drachma notes are displayed outside a bank on June 14, in Athens, Greece.
Find out what's happening in the world as it unfolds. Greece uncertainty Greece uncertainty — Replica drachma notes are displayed outside a bank on June 14, in Athens, Greece. The country goes to the polls on June 17, its second election in six weeks.
It was called after the May 6 elections failed to deliver a government for the country, which has been struggling with a debt crisis for two years.
Hide Caption 1 of 7 Photos: Greece uncertainty Greece uncertainty — A left wing party election poster calls for Greece to pull out of the European Union and euro, on June 13, in Athens, Greece.
Some Greeks have been withdrawing their money from the country's banks to protect themeselves from the crisis. Hide Caption 2 of 7 Photos: Greece uncertainty Greece uncertainty — Greek people buy fruit and vegetables from a market in Omonoia on June 12, in Athens. After nearly three years of austerity measures, some Greeks say it is a struggle to continue feeding their families.
Hide Caption 3 of 7 Photos: Greece uncertainty Greece uncertainty — Supporters of the anti-austerity package Syriza party wave flags during a rally ahead of Sunday's general election. The race between Syriza and the pro-bailout New Democracy party appears to be tight.
Hide Caption 4 of 7 Photos: Greece uncertainty Greece uncertainty — Supporters of Greek conservative party New Democracy gather to listen a speech by the party's leader Antonis Samaras in Athens on May 3,before the country's first election was held on May 6.
Hide Caption 5 of 7 Photos: Greece uncertainty Greece uncertainty — Democratic Left election campaign posters line the streets of Athens on June 7, Hide Caption 6 of 7 Photos: Greece uncertainty Greece uncertainty — A family beg on the street in front of the National Bank in Athens.
Greece is facing its fifth year of recession. July 11, - A munitions explosion at a naval base kills 13 people and destroys the country's main power station.
The resulting blackouts severely impact the tourism and finance sectors of the economy.
Cyprus agrees to pay the loan back over 4. The amount is almost equivalent to the country's annual gross domestic product. Read More February 24, - Conservative Nicos Anastasiades is elected president by a double-digit margin. The terms include a one-time tax of 9.
Smaller deposits would pay a tax of 6. Cyprus also agrees to raise its corporate tax rate and ensure its banks aren't havens for money laundering. March 19, - Cyprus' Parliament rejects the EU bailout, after protests from the public.
March 20, - Cyprus' finance minister, Michael Sarris holds talks with top Russian officials. March 20, - Cyprus' cabinet holds emergency talks to work out a new deal with either Russia or the EU. The government orders banks that have been closed since March 16, to remain closed.PIIGS is an acronym for five of the most economically weak eurozone nations during the European debt crisis: Portugal, Italy, Ireland, Greece and Spain.
Greece is now able to raise money in markets after €bn bailout ends Nils Pratley on finance Italy's eurozone crisis: no easy fixes for the European Central Bank. The European debt crisis (often also referred to as the Eurozone crisis or the European sovereign debt crisis) is a multi-year debt crisis that has been taking place in the European Union since the end of Several eurozone member states (Greece, Portugal, Ireland, Spain and Cyprus) were unable to repay or refinance their .
Greece became the center of Europe’s debt crisis after Wall Street imploded in With global financial markets still reeling, Greece announced in October that it had been understating its deficit figures for years, raising alarms about the soundness of . Jun 06, · The last European financial crisis was triggered by sharply escalating interest rates on the government bonds of the EU's southern members: Greece, Cyprus, Italy, Spain and Portugal.
Ireland, at. The European debt crisis is the shorthand term for Europe’s struggle to pay the debts it has built up in recent decades. Five of the region’s countries – Greece, Portugal, Ireland, Italy, and Spain – have, to varying degrees, failed to generate enough economic growth to make their ability to.