financial crisis

Parliament to probe alleged financial crisis in Mokonyane’s Dept

Parliament’s portfolio committee on water and sanitation has agreed to urgently investigate reports on the financial woes of Minister Nomvula Mokonyane’s department. Committee chair Mlungisi Johnson was reacting to reports that the department had an overdraft of around three-point-five billion rand and was unable to account for R654-million on its[…]

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Greece promises new tax hikes

The Greek government sent a package of reform proposals to its euro zone creditors on Thursday in a race to win new funds to avert bankruptcy and will seek a parliamentary vote on Friday to endorse immediate actions. In the latest proposals, Greece has asked for 53.5 billion euros ($59[…]

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Greece given until Sunday for debt deal

Euro zone members have given Greece until the end of the week to come up with a proposal for sweeping reforms in return for loans that will keep the country from crashing out of Europe’s currency bloc and into economic ruin. “The stark reality is that we have only five[…]

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Greece urged to make fast, credible proposals

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[…]

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Greek Finance Minister resigns after “No” vote

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[…]

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Tens of thousands rally in Athens ahead of referendum

The brief but intense campaign in Greece’s critical bailout referendum has ended, with simultaneous rallies in Athens supporting “Yes” and “No” answers to a murky question in what an opinion poll suggests could be a very close vote. Prime Minister Alexis Tsipras called the referendum last weekend, asking Greeks to[…]

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Greece rushes to to finalize reform proposals

Greece rushed Sunday to finalize a list of reform proposals that it must submit to its eurozone partners by the end of the following day, to unlock an extension of its bailout programme. These measures are a condition to extend by four months the European share of the cash-strapped country’s[…]

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Calls for Greece to exit Euro

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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