The government of Iran has announced plans to replace the US dollar with the euro in official financial reporting, according to state-run media. The move on Wednesday is seen as part of efforts to circumvent restrictions on accessing the US currency amid tensions with Washington, as well as prevent market[…]
France and Germany told Greece on Monday to come up with serious proposals in order to restart financial aid talks, a day after Greeks voted overwhelmingly to reject more austerity. German Chancellor Angela Merkel and French President Francois Hollande, the euro zone’s most powerful leaders, said Athens must move quickly[…]
Greek Finance Minister Yanis Varoufakis has resigned after Greek voters delivered an overwhelming “No” vote in a referendum on whether to accept more austerity measures in return for new bailout cash. ‘Austerity has practically destroyed Greece’ In a statement published on his personal blog on Monday, Varoufakis said he was[…]
Voting has ended in a crucial referendum that will decide whether or not Greeks choose to accept international creditors’ proposals for more austerity in exchange for rescue loans needed to avoid default and a banking collapse. Polling booths closed at 16:00 GMT on Sunday, with opinion polls showing the nation[…]
The International Monetary Fund has electrified the referendum debate in Greece after it conceded that the crisis-ridden country needs up to €60bn (£42bn) of extra funds over the next three years and large-scale debt relief to create “a breathing space” and stabilise the economy. With days to go before Sunday’s[…]
Greece’s last-minute overtures to international creditors for financial aid on Tuesday were not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund. The IMF confirmed that Greece had not made its scheduled 1.6 billion euro loan repayment to[…]
A leading German critic of Berlin’s handling of the eurozone financial crisis on Saturday called for Greece to leave the euro, arguing that the latest deal clinched by eurozone finance ministers will do little to solve the Mediterranean country’s economic woes. “Additional money is nothing but a pain reliever for[…]
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