Greece Financial Crisis

Greece on Saturday concluded 12 years of European Union fiscal surveillance that was imposed in return for bailouts after a crushing debt 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.

Four major Greek banks must find up to 14.4 billion euros ($15.8 billion) to survive potential economic shocks, the European Central Bank said on Saturday after they underwent an in-depth financial health check.

Greece is likely to return to economic growth around the middle of next year if the government makes a serious effort to regain financial stability, European Vice President for the euro Valdis Dombrovskis said.

Greece is likely to qualify for recapitalisation funds for its banks by a Nov. 15 deadline because the payment depends mainly on financial sector reforms that it can implement by then, euro zone officials said on Friday.

Greece and international creditors sought to put final touches to a multi-billion euro bailout accord on Monday to keep the country financially afloat and meet an important debt repayment to the European Central Bank within days.

IMF Managing Director Christine Lagarde said on Friday the Fund was ready to participate in what she called a "complete" package to put the Greek economy back on its feet, make its debt sustainable and allow it to get its funding from financial markets.

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.

Having staved off financial meltdown with a new agreement from Greece's international creditors, Tsipras now faces the anger of lawmakers and the public for agreeing to measures much tougher than those rejected in a referendum on July 5.

Greece, which is going through a financial crisis, has reached a desperately-needed bailout deal with the Eurozone which will prevent the country crashing out of the European Union having a single currency.

Eurozone leaders agreed on a roadmap to a possible third bailout for near-bankrupt Greece on Monday, but Athens must enact key reforms this week before they will start talks on a financial rescue to keep it in the European currency area.

Eurozone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area.

Greek Prime Minister Alexis Tsipras asked parliament early Saturday to approve his reform proposals to creditors as a "national responsibility" that would keep the struggling nation inside the European Union.

Greek Prime Minister Alexis Tsipras appealed to his party's lawmakers on Friday to back a tough reforms package after abruptly offering last-minute concessions to try to save the country from financial meltdown.

Greece on Saturday concluded 12 years of European Union fiscal surveillance that was imposed in return for bailouts after a crushing debt 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.

Four major Greek banks must find up to 14.4 billion euros ($15.8 billion) to survive potential economic shocks, the European Central Bank said on Saturday after they underwent an in-depth financial health check.

Greece is likely to return to economic growth around the middle of next year if the government makes a serious effort to regain financial stability, European Vice President for the euro Valdis Dombrovskis said.

Greece is likely to qualify for recapitalisation funds for its banks by a Nov. 15 deadline because the payment depends mainly on financial sector reforms that it can implement by then, euro zone officials said on Friday.

Greece and international creditors sought to put final touches to a multi-billion euro bailout accord on Monday to keep the country financially afloat and meet an important debt repayment to the European Central Bank within days.

IMF Managing Director Christine Lagarde said on Friday the Fund was ready to participate in what she called a "complete" package to put the Greek economy back on its feet, make its debt sustainable and allow it to get its funding from financial markets.

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.

Having staved off financial meltdown with a new agreement from Greece's international creditors, Tsipras now faces the anger of lawmakers and the public for agreeing to measures much tougher than those rejected in a referendum on July 5.

Greece, which is going through a financial crisis, has reached a desperately-needed bailout deal with the Eurozone which will prevent the country crashing out of the European Union having a single currency.

Eurozone leaders agreed on a roadmap to a possible third bailout for near-bankrupt Greece on Monday, but Athens must enact key reforms this week before they will start talks on a financial rescue to keep it in the European currency area.

Eurozone leaders told near-bankrupt Greece at an emergency summit on Sunday that it must restore trust by enacting key reforms before they will open talks on a new financial rescue to keep it in the European currency area.

Greek Prime Minister Alexis Tsipras asked parliament early Saturday to approve his reform proposals to creditors as a "national responsibility" that would keep the struggling nation inside the European Union.

Greek Prime Minister Alexis Tsipras appealed to his party's lawmakers on Friday to back a tough reforms package after abruptly offering last-minute concessions to try to save the country from financial meltdown.