Fox Business - The Power to Prosper
Search Site

Karolos Papoulias

Related Topics

Greece sees smaller deficit this year, fiscal gap looms later

Greece will cut its budget deficit this year by more than expected after securing debt relief, but will need to bridge a 2.5 billion euro gap to meet its long-term fiscal targets, new budget projections showed.In an updated 2013-16 medium-term budget plan submitted to parliament on Friday, Athens cut its 2013 deficit target to 4.3 percent of GDP, from 5.5 percent in a projection made in October, and down from 6.6 percent in 2012.The updated plan takes into account debt relief measures Greece agreed with the European Union and the International Monetary Fund in December to keep its bailout on track, averting a chaotic bankruptcy and potential exit from the euro zone.But the December deal also left unfinished business, obliging Athens to spell out additional savings of 2 billion-4 billion euros for 2015-2016 to hit a primary budget surplus of 4.5 percent of GDP in 2016 as agreed with its lenders.Friday's projections showed Athens will need savings of 2.5 billion euros to achieve this - t...

Read More

  1. Euro Slides to Four-Month Low

    The euro dropped to a new four-month low against the dollar on Tuesday after Greece failed to form a government and said it would hold new elections, raising risks i...

  2. LONDON MARKETS: British Stocks Drop As Markets Mull Greece

    British stocks on Tuesday extended the prior session's sharp drop, amid new concerns over what a Greece exit from the euro zone could mean for the markets.The FTSE 1...

  3. Greece Does an About-Face on Bond Swap Holdouts

    Greece made a last-minute decision on Tuesday to pay bondholders who refused to accept a debt restructuring, a move that may set a precedent and infuriate creditors ...

  4. Euro Exit Worries Build as Greece Hits Political Stalemate

    Greece's president met little enthusiasm from political leaders summoned to a final round of talks on Monday to avert a new election, reinforcing fears the country w...

  5. Greek President, Parties Fail To Bridge Gap

    Greece's political party leaders failed Sunday to bridge differences in a last-ditch effort to form a coalition government, and new elections appeared inevitable, re...

  6. Report: Greek Bailout Deal May Be on the Horizon

    Hopes rose on Thursday that Greece had finally done enough to secure a second bailout package worth 130 billion euros ($170 million) after Athens set out extra budge...

  7. Greece Edges Closer to an Economic Abyss

    A deal on forming a Greek national unity government collapsed on Wednesday as the country headed towards an economic abyss, hours after outgoing Prime Minister Georg...

  8. Greece Forges Deal on New Coalition Government

    Greek Prime Minister George Papandreou and conservative opposition leader Antonis Samaras agreed on Sunday on a new coalition government to approve a euro zone bailo...

  9. Greek Referendum Sparks Outrage

    Prime Minister George Papandreou's shock decision to call a referendum on Greece's bailout drew veiled threats from Germany on Tuesday and hammered markets edgy over...

  1. Merkel tells irate Greeks painful reforms will pay off

    Tens of thousands of angry Greek protesters filled the streets of Athens on Tuesday to greet German Chancellor Angela Merkel, who offered sympathy but no promise of ...

  2. Merkel Makes First Visit to Greece in 3 Years

    Greek police fired teargas and stun grenades at protesters in central Athens on Tuesday when they tried to break through a barrier and reach visiting German Chancell...

  3. 'Mr. Euro' Steps In as Greek Finance Minister

    Respected economist Yannis Stournaras, who was part of a team that negotiated Greece's entry to the euro, has been appointed as new finance minister, the government ...

  4. Greece's New Democracy Seeks Bailout Coalition

    The head of Greece's New Democracy party began talks to form a government on Monday after winning an election that sets him the daunting task of imposing punishing a...

  5. Snapshot: The Election Process in Greece

    Greeks go to the polls in a repeat national election on June 17 that will decide if Greece stays in the euro zone and which could spread turmoil across global financ...

  6. Greece Heads Toward New Elections

    Attempts to form a government in Greece collapsed on Tuesday, jolting financial markets at the prospect that leftists opposed to the terms of an EU bailout could swe...

  7. US Stocks Slide Amid Greek Political, Bank Uncertainty

    The Dow industrials fell for the ninth session in 10 as comments from Greek political leaders sparked accelerating concern about the country's potential exit from th...

Freebase CC-BY
Source: Karolos Papoulias on Freebase, licensed under CC-BY
Other content from Wikipedia, licensed under the GFDL