Lucas Papademos

Greece's face tough choice: deep budget cuts or default

Greece is trapped in a lose-lose predicament: It must deepen an austerity plan that will throw many more people out of work. Or it must default on its debts, abandon Europe's single currency with its banking system imploding.

Greek deputy minister quits over bailout reforms

Deputy Labour Minister Yannis Koutsoukos, a member of the socialist PASOK party and former trade union leader, said he was quitting because the measures were "painful for working people."

It's bailout or chaos: Lucas Papademos

Greek Prime Minister Lucas Papademos has told lawmakers to back a deeply unpopular international financial rescue in a vote Sunday.

Frustration as Greece seeks elusive bailout deal

One deadline after another has passed without the leaders making up their minds on terms for the new 130 billion euro rescue which Athens must receive to avoid going bankrupt

Greece turns deaf ear to EU warnings, delays bailout

With a series of deadlines come and gone, leaders of the three parties in the coalition of Prime Minister Lucas Papademos postponed what was supposed to be a crunch meeting until Wednesday.

Greece struggles on for deal on unpopular reforms

Athens failed to reach a deal with the European Union, European Central Bank and the International Monetary Fund in marathon negotiations that ended early on Saturday.

Greek PM seeks backing for key reforms

With a long-delayed deal with private sector creditors to cut Greece's debt mountain by 100 billion euros nearly wrapped up, the government is now racing to complete talks on the 130-billion euro (108 billion pound) bailout.

Debt-relief talks restart in Greece

The deal is required for a second international bailout with a looming €14.5 billion bond repayment on March 20 that carries a serious threat of bankruptcy for Greece.

Greece passes austerity budget after street clashes

Greece will narrowly avoid bankruptcy this month after the European leaders and the IMF agreed to dole out the latest tranche of financial aid.

US will stand with Greece in 'difficult times': Obama

Obama called Papandreou yesterday, who resigned last week amid the country's massive debt crisis, to thank him for his "leadership and service over the past two years".