Greek Economy 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.

The move came after the Greek parliament approved another round of spending cuts and tax increases demanded by international creditors.

Finance ministers from the world's largest developed economies met in Germany a year ago against a backdrop of faltering global growth, scant inflationary pressures and the latest chapter in the Greek debt crisis.

International Monetary Fund Managing Director Christine Lagarde denied on Sunday that IMF staff would push Greece closer to default as a negotiating tactic on a new Greek bailout deal, which she said was "still a good distance away".

Most Greeks are pessimistic and anxious about their country's economic situation in 2016, a poll showed on Saturday.

The eurozone economy is set to continue its moderate recovery over the next two years in the wake of the Greek bailout crisis, despite headwinds from the wider global economy, the EU said on Thursday.

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.

Greek Prime Minister Alexis Tsipras told lawmakers on Monday that debt relief is essential for the crisis-hit country to return to growth and regain access to market financing by the first half of 2017.

Moody's has maintained its deep junk "Caa3" credit rating for Greek government debt, but has upgraded its outlook following recent political breakthroughs.

The Volkswagen emissions scandal has rocked Germany's business and political establishment and analysts warn the crisis at the car maker could develop into the biggest threat to Europe's largest economy.

Greece's euro zone creditors, notably Germany, have ruled out a writedown but are willing to consider other forms of restructuring such as a lengthening maturities.

The International Monetary Fund (IMF) on Saturday called on Eurozone leaders to offer debt relief to Greece, following the approval of a new third bailout deal.

The president of the German lower house of parliament has invited lawmakers to a special session on Wednesday morning to vote on a new 86 billion euro bailout package for Greece.

Initial bailout funds for Greek banks will be placed in a special account not on their balance sheets and lenders will receive fresh equity only after a "stress test" is finished by the end of October, several sources told Reuters on Wednesday.

Greek Prime Minister Alexis Tsipras said on Wednesday that the country was close to concluding a deal with lenders on a multi-billion-euro bailout, which he said would end doubts over its place in the Eurozone.

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.

The move came after the Greek parliament approved another round of spending cuts and tax increases demanded by international creditors.

Finance ministers from the world's largest developed economies met in Germany a year ago against a backdrop of faltering global growth, scant inflationary pressures and the latest chapter in the Greek debt crisis.

International Monetary Fund Managing Director Christine Lagarde denied on Sunday that IMF staff would push Greece closer to default as a negotiating tactic on a new Greek bailout deal, which she said was "still a good distance away".

Most Greeks are pessimistic and anxious about their country's economic situation in 2016, a poll showed on Saturday.

The eurozone economy is set to continue its moderate recovery over the next two years in the wake of the Greek bailout crisis, despite headwinds from the wider global economy, the EU said on Thursday.

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.

Greek Prime Minister Alexis Tsipras told lawmakers on Monday that debt relief is essential for the crisis-hit country to return to growth and regain access to market financing by the first half of 2017.

Moody's has maintained its deep junk "Caa3" credit rating for Greek government debt, but has upgraded its outlook following recent political breakthroughs.

The Volkswagen emissions scandal has rocked Germany's business and political establishment and analysts warn the crisis at the car maker could develop into the biggest threat to Europe's largest economy.

Greece's euro zone creditors, notably Germany, have ruled out a writedown but are willing to consider other forms of restructuring such as a lengthening maturities.

The International Monetary Fund (IMF) on Saturday called on Eurozone leaders to offer debt relief to Greece, following the approval of a new third bailout deal.

The president of the German lower house of parliament has invited lawmakers to a special session on Wednesday morning to vote on a new 86 billion euro bailout package for Greece.

Initial bailout funds for Greek banks will be placed in a special account not on their balance sheets and lenders will receive fresh equity only after a "stress test" is finished by the end of October, several sources told Reuters on Wednesday.

Greek Prime Minister Alexis Tsipras said on Wednesday that the country was close to concluding a deal with lenders on a multi-billion-euro bailout, which he said would end doubts over its place in the Eurozone.