Greece Austerity Crisis

Greece's latest austerity measures are choking off one of its few sources of local private investment, the funds management industry, thanks to massive tax hikes buried in 7,500 pages of financial reforms approved by the parliament last month.

Young Greek women are selling sex for the price of a sandwich as six years of painful austerity has pushed the European country to the financial brink, a new study showed Friday.

Striking Greeks took to the streets on Thursday to protest austerity measures, setting Alexis Tsipras' government its biggest domestic challenge since he was re-elected in September promising to cushion the impact of economic hardship.

The IMF's stark warning on Greece's debt came as Prime Minister Alexis Tsipras struggled to persuade deeply unhappy leftist lawmakers to vote for a package of austerity measures.

An International Monetary Fund study published on Tuesday showed that Greece needs far more debt relief than European governments have been willing to contemplate so far, as fractious parties in Athens prepared to vote on a sweeping austerity package demanded by their lenders.

The updated debt sustainability analysis (DSA) was sent to euro zone governments late on Monday, hours after Athens and its 18 partners agreed in principle to open negotiations on a third bailout programme of up to 86 billion euros in return for tougher austerity measures and structural reforms.

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.

The euro held steady Tuesday as investors await the next move by European leaders after Greece at the weekend voted against accepting more austerity measures, pushing closer to a eurozone exit.

The eurozone's poorer former communist nations, having themselves endured painful market reforms and austerity programmes, are taking a hard line on Greece after its people voted to reject bailout terms.

Eurozone's stability is "not in question" after Greeks voted 'no' to creditors' austerity demands in a weekend referendum, European Commission vice president for the euro Valdis Dombrovskis said on Monday.

Germany maintained a hard line on Monday after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

The resounding 'no' vote threw the future of Greece's euro zone membership into further doubt and deepened a standoff with lenders.

Asian stocks hit a six-month trough and the euro stumbled on Monday after Greece voted against austerity measures endangered its future in the single currency and raised the risk of a full-blown crisis in the eur

In a separate drama, Chinese shares surged almost eight percent in the first few minutes of trade after Beijing introduced measures to support mainland markets, which have plunged by a third over the past three weeks.

The no votes carried virtually every district in the country, handing a sweeping victory to Prime Minister Alexis Tsipras, a leftist who came to power in January vowing to reject new austerity measures.

Greece's latest austerity measures are choking off one of its few sources of local private investment, the funds management industry, thanks to massive tax hikes buried in 7,500 pages of financial reforms approved by the parliament last month.

Young Greek women are selling sex for the price of a sandwich as six years of painful austerity has pushed the European country to the financial brink, a new study showed Friday.

Striking Greeks took to the streets on Thursday to protest austerity measures, setting Alexis Tsipras' government its biggest domestic challenge since he was re-elected in September promising to cushion the impact of economic hardship.

The IMF's stark warning on Greece's debt came as Prime Minister Alexis Tsipras struggled to persuade deeply unhappy leftist lawmakers to vote for a package of austerity measures.

An International Monetary Fund study published on Tuesday showed that Greece needs far more debt relief than European governments have been willing to contemplate so far, as fractious parties in Athens prepared to vote on a sweeping austerity package demanded by their lenders.

The updated debt sustainability analysis (DSA) was sent to euro zone governments late on Monday, hours after Athens and its 18 partners agreed in principle to open negotiations on a third bailout programme of up to 86 billion euros in return for tougher austerity measures and structural reforms.

The terms imposed by international lenders led by Germany in all-night talks at an emergency summit obliged leftist Prime Minister Alexis Tsipras to abandon promises of ending austerity and could fracture his government and cause an outcry in Greece.

The euro held steady Tuesday as investors await the next move by European leaders after Greece at the weekend voted against accepting more austerity measures, pushing closer to a eurozone exit.

The eurozone's poorer former communist nations, having themselves endured painful market reforms and austerity programmes, are taking a hard line on Greece after its people voted to reject bailout terms.

Eurozone's stability is "not in question" after Greeks voted 'no' to creditors' austerity demands in a weekend referendum, European Commission vice president for the euro Valdis Dombrovskis said on Monday.

Germany maintained a hard line on Monday after Greece rejected creditors' austerity demands in a referendum, with Berlin saying there was currently "no basis" for talks on a new bailout package or debt relief.

The resounding 'no' vote threw the future of Greece's euro zone membership into further doubt and deepened a standoff with lenders.

Asian stocks hit a six-month trough and the euro stumbled on Monday after Greece voted against austerity measures endangered its future in the single currency and raised the risk of a full-blown crisis in the eur

In a separate drama, Chinese shares surged almost eight percent in the first few minutes of trade after Beijing introduced measures to support mainland markets, which have plunged by a third over the past three weeks.

The no votes carried virtually every district in the country, handing a sweeping victory to Prime Minister Alexis Tsipras, a leftist who came to power in January vowing to reject new austerity measures.