This week, the so-called troika of lenders — the European Union, the European Central Bank (ECB), and the International Monetary Fund (IMF) — agreed to extend another massive aid package to debt-plagued Greece, its second since 2010. The $170 billion bailout comes just in time, forestalling Greece's default on a $19 billion debt payment due in March. Many European leaders are breathing a sigh of relief, since a default could have led to chaos in financial markets and the dissolution of the euro currency bloc.
Greece's new finance minister, Yanis Varoufakis, announced Friday that the country won't be cooperating with its European financiers. The IMF, the European Commission, and the ECB — collectively known as the troika — got together to... Read Post
ECB President Jean-Claude Trichet just announced that Greece most likely will receive the next round of funding from the European Central Bank, European Union, and International Monetary Fund. Doubts about receiving this funding sur... Read Post