Dossier: Greek financial tragedy | Europe | News and current affairs from around the continent | DW | 06.05.2010

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Europe

Dossier: Greek financial tragedy

Greece's financial woes has left the state on the verge of bankruptcy. Eurozone member states have now though agreed a massive bailout, with Germany providing the bulk of the rescue package.

Greece's financial woes has left the state on the verge of bankruptcy. Eurozone member states have now though agreed a massive bailout, with Germany providing the bulk of the rescue package.

Yet other EU countries such as Spain and Portugal are facing a debt crisis of their own and have seen their credit rating downgraded.

Read on to find out how the crisis could engulf Europe and threaten the stability of the euro.

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Eurozone wants tough mechanism to defend stability of the euro

European Union leaders are working around the clock to create a new measure to defend the euro before financial markets reopen on Monday. EU finance ministers will meet on Sunday to discuss the plan. (09.05.2010)  

German parliament gives thumbs up to Greece aid package

The German parliament has approved the country's contribution to a European Union aid deal for debt-laden Greece. The Bundesrat upper house has also approved the multi-billion pound rescue package. (07.05.2010)  

French parliament approves Greek aid ahead of German vote

The French parliament has approved the country's contribution to a European Union aid deal for debt-laden Greece. The vote comes ahead of a parliamentary vote in Berlin on Germany's payment into the bailout fund. (07.05.2010)  

Chancellor Merkel fails to win opposition support for Greece bailout

The German government has failed to win backing from opposition parties for its bill to participate in the Greece bailout. The law is however, still expected to pass on Friday. (06.05.2010)  

New clashes as Greek parliament passes austerity package

Amid fresh protests on the streets of Athens, the Greek parliament has passed the controversial austerity package to get the country out of its financial mess. The deal is a precondition for help from Europe and the IMF. (06.05.2010)  

Greek parliament to vote on controversial austerity measures

The Greek parliament expects to pass its strict new austerity measures on Thursday. Parliamentarians are meeting a day after three people died after protests against the proposed measures turned violent. (06.05.2010)  

German banks not taking real risk by aiding Greece, critics say

German banks pledged this week to help the Greek economy by keeping credit lines open. But critics accuse the financial sector of engaging in mere public relations, saying it's taxpayers, not banks, who bear the risk. (06.05.2010)  

Opinion: Greece's political elite must turn over a new leaf

Despite bloody protests in Athens, the head of Deutsche Welle's Greek department, Spiros Moskovou, thinks most Greeks will support economic reform. He says it's Greece's political leaders who must change their ways. (06.05.2010)  

Chancellor Merkel defends position as parliament debates Greece bailout

The German government is likely to approve Berlin's share of a 120 billion euro bailout package for Greece. But the path leading to the bailout has been rocky, and some blame Chancellor Merkel. (05.05.2010)  

Three killed as violence flares over Greek austerity measures

Three people die as protesters set fire to an Athens bank during clashes over government austerity measures. Rioters threw petrol bombs and stones in a bid to storm parliament, while police used tear gas. (05.05.2010)  

Greek-style meltdown fears pose threat to European recovery

The European Union’s economic recovery is expected to gather pace quicker than expected this year. However, much appears to depend on preventing the type of economic collapse seen in Greece from spreading. (05.05.2010)  

German state-owned savings banks plead exception to Greek bailout

The head of the state-owned savings bank Sparkasse declared that his bank should not have to contribute to the Greek bailout plan agreed between Finance Minister Schaeuble and the other banks Tuesday. (04.05.2010)  

Opinion: Greek bailout signals time for change in eurozone

The Greek bailout is pretty much a done deal. But looking forward, Christoph Hasselbach from DW's Brussels bureau thinks change is needed in the EU and the euro zone to avoid a similar situation in the future. (03.05.2010)  

Merkel defends 22-billion-euro bailout for Athens

The German cabinet has green-lighted a 22 billion euro bailout for Greece. Chancellor Angela Merkel has defended the measures ahead of a crucial election in Germany's largest state. (03.05.2010)  

EU Commission backs Greek rescue deal

Prime Minister George Papandreou is on Sunday expected to announce a multi-billion euro rescue deal for Greece. Eurozone finance ministers will meet in Brussels to approve the package. (02.05.2010)  

Eurozone agrees unprecedented multi-billion euro bailout for Greece

Eurozone finance ministers have endorsed a record 110-billion-euro bailout for Greece. The aid package requires that Athens implement tough austerity measures. (02.05.2010)  

Germany's Merkel favors bank help for Greek loan package

Chancellor Angela Merkel said she would welcome a contribution from Germany's private sector to the Greek financial aid package, while a prominent opposition leader called the proposed move "no more than a placebo." (01.05.2010)  

Hopes of a rescue deal for Greece mount ahead of a key EU meeting

Eurozone finance ministers will meet in Brussels on Sunday to thrash out the details of a multi-billion euro rescue deal designed to help Greece tackle its massive public debt. (30.04.2010)  

Greek bailout divides French and German populations

Pressure is growing on France and Germany to intervene in Greece's financial crisis to calm markets and keep the panic from spreading. While they are coming together on a package, it took a while to see eye to eye. (29.04.2010)  

Continued public opposition hampers Greek economic reforms

The Greek government's austerity measures required to secure eurozone monetary aid are still unpopular amongst the public. The proposed cuts triggered protests and strikes across the country, with more in the pipeline. (30.04.2010)  

Economic summit places euro recovery at heart of Greek bailout

At the Munich Economic Summit, the head of the ECB called for a strong sense of direction to lead Europe out of dire financial straits due to debt trouble in Greece. (29.04.2010)  

Greek downgrade sends investor confidence into a spiral

Europe's debt crisis is intensifying after Standard & Poor's downgraded Greek government bonds this week. Meanwhile, German Chancellor Merkel is under pressure to act quickly to calm fears over the stability of the euro. (29.04.2010)  

Press review: Germany divided over Greek bailout

Germany is divided over whether the country should come to the rescue of Greece, whose economy is at risk of collapsing. Some blame the Merkel government for foot-dragging, others praise it. (29.04.2010)  

Europe's next bankruptcy candidates?

As the situation in Greece continues to intensify, fears are increasing that the debt crisis will spread throughout Europe. DW takes a look at some of the European bankruptcy candidates in line behind Athens. (28.04.2010)  

Audios and videos on the topic

DW Report: Bundestag approves Greece bailout (07.05.2010)  

Interview: Greek workers hold key to economic recovery (04.05.2010)  

German cabinet agrees bailout for Greece (03.05.2010)  

Interview: Effect of Greek crisis on Euro (28.04.2010)  

German government agrees to contribute 22 Billion euros to help bailout Greece (04.05.2010)  

Demonstrators storm the Acropolis (04.05.2010)  

The challenges facing the Greek economy are enornmous (04.05.2010)  

Greeks take to streets to stop Athens' massive cost-cutting campaign (01.05.2010)  

German aid for Athens - The controversy about Greek rescue (30.04.2010)  

Domino-Effect: Greek crisis could threaten other EU-countries (28.04.2010)  

Greek government faces resistance at home to austerity measures (28.04.2010)  

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