Greece 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.

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 Greek parliament passed sweeping austerity measures demanded by lenders to open talks on a new multibillion-euro bailout package to keep Greece in the euro, but dozens of hardliners in the ruling Syriza party deserted Prime Minister Alexis Tsipras.

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.

Sceptical euro zone finance ministers demanded on Saturday that Greece go beyond painful austerity measures accepted by Prime Minister Alexis Tsipras if he wants them to open negotiations on a third bailout for his bankrupt country to keep it in the euro.

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.

Eurogroup Chief Jeroen Dijsselbloem said today the results of Greece's resounding 'No' to further austerity measures has brought Europe "no closer to a solution" to Athens' financial situation.

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.

Greek voters' defiant rejection Sunday of the terms of an international bailout capped a dramatic week for the country in its standoff with EU and IMF creditors, who are demanding tough austerity measures in return for further rescue funds.

Cheering and chanting, thousands of Greeks who voted to say 'No' to bailout austerity measures crowded into central Athens on Sunday to celebrate a landslide referendum victory, seemingly oblivious to the threats facing the near-insolvent country.

The International Monetary Fund on Thursday said Greece and its official creditors have made no recent progress towards resolving their differences.

The euro skidded to an 11-year low and stock prices fell on Monday as Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders.

Greek journalists are on a 24-hour strike, pulling all newscasts off the air a day before a nationwide general strike against 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.

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 Greek parliament passed sweeping austerity measures demanded by lenders to open talks on a new multibillion-euro bailout package to keep Greece in the euro, but dozens of hardliners in the ruling Syriza party deserted Prime Minister Alexis Tsipras.

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.

Sceptical euro zone finance ministers demanded on Saturday that Greece go beyond painful austerity measures accepted by Prime Minister Alexis Tsipras if he wants them to open negotiations on a third bailout for his bankrupt country to keep it in the euro.

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.

Eurogroup Chief Jeroen Dijsselbloem said today the results of Greece's resounding 'No' to further austerity measures has brought Europe "no closer to a solution" to Athens' financial situation.

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.

Greek voters' defiant rejection Sunday of the terms of an international bailout capped a dramatic week for the country in its standoff with EU and IMF creditors, who are demanding tough austerity measures in return for further rescue funds.

Cheering and chanting, thousands of Greeks who voted to say 'No' to bailout austerity measures crowded into central Athens on Sunday to celebrate a landslide referendum victory, seemingly oblivious to the threats facing the near-insolvent country.

The International Monetary Fund on Thursday said Greece and its official creditors have made no recent progress towards resolving their differences.

The euro skidded to an 11-year low and stock prices fell on Monday as Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders.

Greek journalists are on a 24-hour strike, pulling all newscasts off the air a day before a nationwide general strike against austerity measures.