Central State Pension Fund executive director, Thomas Nyhan said in a statement that around 273,000 current and future retirees will be affected with its latest benefits cut. The country's largest pension fund is currently facing financial problem due to 2008 financial crisis and the latest economic uncertainty.
Tags: Bailout
Italian Banks Face a Bailout Following a Surmounting Bad Loans
Italy faces a €4.95 billion ($5.65 billion) bailout after bad loans in its banks accumulated to an alarming rate. The bank shares have lost close to half of its value in the last 12 months.
Euro Group Meeting And Agreement To Fund Greece
As it has been going through all the year, the Euro group meeting will entirely be focused and dedicated to Greece only. Indeed, the Greek government expects to adopt all the remaining measures needed to get hold of €2 billion second sub-tranche of the bailout programme.
Recovery in Greek economy likely in 2016; 2.7% GDP growth in 2017
The ongoing recession in Greek economy after long-lasting uncertainty is projected to end in 2016 and may witness real growth in 2017, according to European Commission (EC). The unsuccessful conclusion of second adjustment program of bailout package continued and worsened the economic recession in the ailing Greece economy further weakened the recovery prospects in the first half of 2015.
US Treasury makes forceful call on Puerto Rico debt plan, seeks Congress support
The measures by Barack Obama-led US government to keep more pressure on lawmakers to bring Puerto Rico out of the economy crisis are facing strong resistance from Republicans. The US Treasury has listed out proposals, for which it sought the support of Congress to enact them to help the US territory Puerto Rico Island in dealing with the ongoing financial crisis.
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The new left-wing government of Greek Prime Minister Alexis Tsipras is tasked to tackle the worst modern day crisis took office on Wednesday, just three days after the Syriza party was returned to the seat of power.
International creditors hope for a united grand coalition in the Greek government, especially between the Syriza and the New Democracy party, who are going neck to neck in the upcoming September 20 elections.
Greece is set for elections on 20 September this year. Judge Vassiliki Thanou is the care taker Prime Minister till the new government is formed. Thanou was sworn in on last Friday and became the first female Prime Minister for Greece.
The crisis-hit European nation Greece is heading towards privatization of its energy sector. The country is also in favor of reforms in several sectors to give a new life to the ailing economy.
Greek is heading towards a third round of bailout package when the crisis-hit nation is about to make repayment of euro 3.2billion to the European Central Bank. The third bailout plan for ailing Greece economy is creating tremors in the European Union (EU). German's decision is crucial on Wednesday.
The head of an International Monetary Fund team visiting Ukraine gave a positive assessment of progress by Kiev on reform on Sunday and said there would be further discussion on loans that the near-bankrupt country badly needs.
Japan's Sharp Corp (6753.T) is considering using capital to reduce accumulated losses on its book, an accounting maneuver that would allow the loss-making electronics maker to resume dividend payment earlier, a source said on Saturday.
Three major U.S. Wall Street banks had to scale back planned investor payouts after an annual check-up by the Federal Reserve, and two foreign banks failed the test altogether, a sign the Fed is keeping a tight lid on Wall Street.
The International Monetary Fund has agreed to pump $10 billion into Ukraine's troubled economy over the next year, providing swift assistance for the country's struggling finances as part of a larger four-year bailout.
