sovereign debt - updates

Rappler's latest stories on sovereign debt

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Venezuela 'selective default' declared, govt insists it is paying up

Nov 15, 2017 - 8:06 AM

Standard & Poor's declares Venezuela in 'selective default' after it failed to make $200 million in payments on two global bond issues by the end of a 30-day grace period on November 12

LINING UP FOR CASH. People queue to withdraw money from an ATM in Caracas on November 14, 2017. Federico Parra/AFP

Debt mountain, weak banks imperil global economy – IMF

Oct 06, 2016 - 7:00 PM

High debt levels are costly as they often end up in financial recessions that are deeper and longer than normal recessions warns IMF Fiscal Affairs Department chief Vitor Gaspar

A man withdraws cash from an ATM machine in Athens on July 19, 2016.  The European Union and Greece hope to reach a deal on the crisis-hit country's debt mountain by the end of the year, EU economic affairs chief Pierre Moscovici said on July 18. An upcoming review of the Greek bailout in the autumn will include bad bank loans and a labour relations overhaul likely to cause social unrest. / AFP PHOTO / Kostis Ntantamis

Germany skeptical over Greek bailout deal backing despite Tsipras confidence

Aug 13, 2015 - 10:31 AM

As eurozone ministers prepared to examine the accord in Brussels on Friday August 14 Tsipras says he is confident the 400 page document will be approved

'A LOT WORSE BEFORE IT GETS BETTER.' Luca Paolini, Pictet Asset Management’s chief strategist in London, says 'there are still critical risks to be resolved'

Greece reaches deal on third bailout with creditors

Aug 11, 2015 - 4:07 PM

Finance Minister Euclid Tsakalotos: We are very close There are a couple of very small details remaining on prior actions

IN TATTERS. A ripped off Greek national flag flutters in central Athens on July 22, 2015. Louisa Gouliamaki/AFP

Greek stocks take historic beating as bourse reopens

Aug 03, 2015 - 11:24 PM

Trading resumes after a 5 week shutdown forced by capital controls

A frosty welcome for Greece's hated creditors

Jul 27, 2015 - 1:13 PM

The IMF EU and ECB became a widely loathed emblem of the painful austerity demanded by Greece s creditors in return for two previous bailouts cuts many say brought the country s economy to its knees

IN TATTERS. A ripped off Greek national flag flutters in central Athens on July 22, 2015. Louisa Gouliamaki/AFP

Greece passes second crucial bailout bill

Jul 23, 2015 - 8:25 AM

UPDATED The bill passes by a resounding 230 votes out of the 298 members of parliament present after a marathon debate stretching into the early hours that nonetheless exposed deep divisions in the governing Syriza party

APPEAL. Greek Prime Minister Alexis Tsipras delivers his speech during a parliamentary session in Athens, Greece July 22, 2015. Yannis Kolesidis/EPA

Greece to vote on second bailout bill in test for Tsipras

Jul 22, 2015 - 1:05 PM

Analysts say it will nonetheless prove a test of whether Tsipras can avoid a split within Syriza that could fell his fragile coalition government

CALM. People sit outside the Greek parliament in Athens on July 21, 2015. Louisa Gouliamaki/AFP

Financial reboot: Banks reopen in Greece after 3-week shutdown

Jul 20, 2015 - 3:42 PM

UPDATED The head of the Greek bank association urges citizens to bring their savings back to the banks

OPEN FOR BUSINESS. People enter a bank in central Athens on July 20, 2015.Louisa Gouliamaki/AFP

Greek lawmakers back bailout as clashes erupt in Athens

Jul 16, 2015 - 7:39 AM

UPDATED Prime Minister Alexis Tsipras manages to push through a series of unpopular reforms demanded by the country s international creditors despite scenes of anger over austerity in Athens

BAILOUT DEBATE. Greek Prime Minister Alexis Tsipras (C) addresses the members of the parliament during a parliamentary session in Athens, Greece, July 15, 2015. Alexandros Vlachos/EPA

Greece to vote on bailout after explosive IMF report

Jul 15, 2015 - 1:53 PM

UPDATED The outcome of the crucial vote is far from clear after the IMF issued a stark warning that Greece would need far more debt relief to stop it crashing out of the common currency

In this photo, Greek riot police stand on the steps leading up to the parliament building in Athens, as leftist protesters hold an anti-EU demonstration in Athens on July 12, 2015. Louisa Gouliamaki/AFP

Greek PM faces hard sell on bailout deal

Jul 14, 2015 - 12:29 PM

Tsipras needs to secure backing for the deal from the Greek people parliament and his radical Syriza party

DARK DAYS AHEAD? Greek Prime Minister Alexis Tsipras arrives at his office in Athens, Greece, July 13, 2015. Alexandros Vlachos/EPA

Greece, EU avoid 'Grexit' with new bailout deal

Jul 13, 2015 - 2:57 PM

UPDATED EU President Donald Tusk announces the deal for debt stricken Greece on Twitter ending a bitter 6 month struggle between Tsipras s anti austerity government in Athens and the rest of the eurozone

'THE END' Anti-establishment protesters stand in front of a banner that reads, 'The End' during a demonstration against European Union's austerity in front of the Greek parliament in central Athens, on July 12, 2015. Andreas Solaro/AFP

Greece gets ultimatum to avoid euro exit

Jul 13, 2015 - 8:53 AM

Germany pushes for a Greek time out from the euro if leftist Prime Minister Alexis Tsipras fails to agree to tough take it or leave it terms for a 3 year rescue plan worth up to 86 billion euros 96 billion

EU cancels summit on Greece, eurozone talks continue

Jul 12, 2015 - 4:32 PM

UPDATED The announcement by European Council President Donald Tusk comes as eurozone finance ministers meet for a second day to continue difficult Greek bailout talks

MONEY, MONEY, MONEY. This photo taken in Athens on July 11, 2015 the map of Europe represented on a euro coin and banknotes. Aris Messinis/AFP

Greece faces D-Day after bailout talks halted

Jul 12, 2015 - 8:05 AM

UPDATED Skeptical nations demand more commitments from Athens amid claims Berlin had drawn up an internal paper for Greece to leave the eurozone for 5 years while Finland reportedly decides not to accept any new rescue plan for debt laden Greece

EUROZONE CRISIS. An European Union and Greek flags fly in central Athens on July 4, 2015. Louisa Gouliamaki/AFP

'Major' decision on Greece on July 11

Jul 11, 2015 - 12:44 AM

A make or break summit bringing together leaders of all 28 EU nations not just the 19 that use the euro is due to be held on Sunday July 12

WAITING. A homeless man sleeps in a cardboard box outside a closed shop in the center of Athens on July 5, 2015. Photo by Andreas Solaro / AFP

Greek PM vows 'credible' reforms as deadline looms

Jul 09, 2015 - 11:07 AM

As Greece says its banks will stay closed and ATM withdrawals will remain limited until Monday July 13 in a sign of the deepening crisis gripping the country Tsipras also promises his blueprint for a new deal will have substance

PROMISES. Greek Prime Minister Alexis Tsipras (C, standing) delicers his speech during the plenary session at the European Parliament in Strasbourg, France, July 8, 2015. Patrick Seeger/EPA

Greece given July 12 debt deal deadline

Jul 08, 2015 - 9:19 AM

UPDATED Greece s leftist government must submit detailed reform plans by Thursday July 9 EU President Donald Tusk says after eurozone leaders held an emergency summit with Greek Prime Minister Alexis Tsipras

DEAL OR NO DEAL? Greek Prime Minister Alexis Tsipras leaves at the end of an Eurozone summit at the European Council headquarters in Brussels, Belgium, July 7, 2015. Laurent Dubrule/EPA

Europe demands new Greek debt plan at crisis summit

Jul 07, 2015 - 5:40 PM

Alexis Tsipras will face his 18 eurozone counterparts in Brussels as the country s economy gasps for air

A Greek and a European Union flag flutter in front of the Acropolis hill in Athens, Greece,  July 7, 2015. Orestis Panagiotou/EPA

EU's Juncker wants 'to avoid Grexit'

Jul 07, 2015 - 4:07 PM

Juncker says the EU will continue to work to re open negotiations with Athens but tells Greek Prime Minister Alexis Tsipras it is time to get to the point

In this photo, EU Commission President Jean Claude Juncker holds a joint news conference during the launch of the Luxembourg Presidency of the Council of the European Union 2015 in Luxembourg, July 3, 2015. Julien Warnand/EPA

Germany, France demand 'serious' proposals from Greece after 'No' vote

Jul 07, 2015 - 9:54 AM

It is now up to the government of Alexis Tsipras to make serious credible proposals so that this willingness to stay in the eurozone can translate into a lasting program

UNITED FRONT. French President Francois Hollande and German Chancellor Angela Merkel arrive to deliver a speech to the press following a crisis meeting at the Elysee Palace regarding Greece, in Paris, France, July 6, 2015. Etienne Laurent/EPA

10 days in the Greek debt crisis

Jul 07, 2015 - 12:22 AM

Greek voters defiant rejection of the terms of an international bailout in Sunday s referendum caps a dramatic week for the country in its standoff with EU IMF creditor who are demanding tough austerity measures in exchange for further rescue funds

WAITING. A homeless man sleeps in a cardboard box outside a closed shop in the center of Athens on July 5, 2015. Photo by Andreas Solaro / AFP

IMF 'ready to assist Greece if requested'

Jul 06, 2015 - 11:24 PM

IMF chief Christine Lagarde says the global crisis lender would assist Greece if asked a day after Greek voters rejected a prior bailout plan

‘NO TO FEAR.’ A woman withdraws money from an ATM machine next to a beggar and a graffiti reading "No to fear" in Thessaloniki on July 6, 2015. More than 61 percent of Greek voters rejected fresh austerity demands by the country's EU-IMF creditors in a historic referendum, official results from over 95 percent of polling stations showed. Photo by Sakis Mitrolidis / AFP

Greek FM resigns in concession to creditors after referendum

Jul 06, 2015 - 1:45 PM

UPDATED The shock announcement comes as European leaders scramble for a response after Greek voters said a resounding No to further austerity measures in return for bailout funds

Greek Finance Minister Yanis Varoufakis in Paris, France, 01 February 2015. Etienne Laurent/File/EPA

Europe scrambles to respond to Greek 'No' on bailout

Jul 06, 2015 - 8:44 AM

European leaders react with a mix of dismay and caution after Greek voters defy their warnings and vote No in a historic referendum

CELEBRATION. Supporters of the 'No' campaign react after the results of the referendum in Athens, Greece, 05 July 2015. Orestis Panagiotou/EPA

Eurozone in tailspin after Greece votes 'No' to bailout

Jul 06, 2015 - 8:24 AM

UPDATED Greek voters overwhelmingly reject international creditors tough bailout terms but premier Alexis Tsipras insists the result does not mean a rupture with Europe despite fears it will end in a Grexit from the eurozone

'OXI' WINS. A boy holds a Greek national flag as people celebrate in front of the parliament on July 5, 2015 in Athens after early results showed those who rejected further austerity measures in a crucial bailout referendum were poised to win. Iakovos Hatzistavrou/AFP

Polling opens in crucial Greece bailout referendum

Jul 05, 2015 - 12:32 PM

UPDATED Greek voters head to the polls to vote in a historic tightly fought referendum on whether to accept worsening austerity in exchange for more bailout funds in a gamble that could see it crash out of the euro

An European Union and Greek flags fly in central Athens on July 4, 2015. Louisa Gouliamaki/AFP

On the edge: Split Greece braces for bailout referendum

Jul 05, 2015 - 9:37 AM

Greece hurtles toward a crunch bailout referendum which could determine its financial future and even its place in the eurozone

GRIEF. A July 3, 2015 shows Giorgos Chatzifotiadis, sitting on the ground crying outside a national bank branch, as pensioners queue to withdraw their pensions, with a limit of 120 euros, in Thessaloniki. Retiree Giorgos Chatzifotiadis had queued up at three banks in Greece's second city of Thessaloniki in the hope of withdrawing a pension on behalf of his wife, but all in vain. When he was told at the fourth that he could not withdraw his 120 euros ($133), it was all too much and he collapsed in tears. Sakis Mitrolidis/AFP

Greece on the brink after Europe refuses bailout

Jun 28, 2015 - 9:04 AM

UPDATED Greek Prime Minister Alexis Tsipras says he is confident that the Greek people will say an emphatic no to the ultimatum by the country s EU IMF creditors but a big yes to European solidarity

UNION IN DANGER. Protesters hold a Greek and a EU flag outside the parliament during a rally demanding Greece to remain in the Eurozone in Athens, Greece, June 22, 2015. Simela Pantzartzi/EPA

Greece's Tsipras in crunch debt talks with creditors

Jun 25, 2015 - 8:22 AM

The parties agree to resume the talks at 0700 GMT Thursday morning in hopes of finalizing a deal in time to present it at a meeting of eurozone finance ministers later in the day

OFF THE CLIFF? A man passes by a graffiti showing a euro sign and a car in the colors of Greece jumping off on the wall of an old house in Athens, Greece, on June 24, 2015. Simela Pantzartzi/EPA

Europe closes in on Greece debt deal

Jun 23, 2015 - 8:44 AM

European Commission chief Jean Claude Juncker says he is convinced they could end the 5 month stand off with the leftist Greek government led by Prime Minister Alexis Tsipras

UNION IN DANGER. Protesters hold a Greek and a EU flag outside the parliament during a rally demanding Greece to remain in the Eurozone in Athens, Greece, June 22, 2015. Simela Pantzartzi/EPA

Greece deal in doubt at crucial debt talks

Jun 22, 2015 - 9:59 PM

Greece s international creditors pour cold water on the chances of a breakthrough at an emergency summit aimed at finding a deal to save Athens from default and a possible exit from the euro

SHUT DOWN. Women walk past a shuttered, graffitied store in central Athens on March 30, 2015. Photo by Louisa Gouliamaki / AFP

Greece deal urged as new proposals offered ahead of debt summit

Jun 22, 2015 - 7:42 AM

UPDATED The heads of the 19 eurozone countries will hold an emergency summit on the crisis in Brussels under pressure to prevent Greece from defaulting on its debt

Protesters take part in a rally against austerity and in support of the government in the negotiations with Greece's international creditors, in Syntagma square in Athens, Greece, June 21, 2015. Simela Pantzartzi/EPA

Greek debt talks haunted by ghost of Argentina

Jun 21, 2015 - 1:08 PM

Like Greece Argentina had been living beyond its means for years

The Argentinian flag in Paris, France, February 18, 2015. Etienne Laurent//EPA

Greece, creditors locked in stalemate over loan deal

Jun 16, 2015 - 11:49 AM

Both sides insist they are willing to engage but without making a decisive step to break the deadlock

A man looks at a graffiti reading 'Greece vs Everybody' on a wall in central Athens on June 11, 2015. Louisa Gouliamaki/AFP

Default dangerously closer after Greece debt talks collapse

Jun 15, 2015 - 12:46 PM

The crunch negotiations fails in their second day heaping worry that the cash starved Greek government is heading irreversibly into a financial abyss

MONEY, MONEY, MONEY. A close-up of a euro coin from Greece in front of a 100 drachma banknote in Potsdam, Germany, February 17, 2015. Ralf Hirschberger/EPA

Greece, Germany and France agree to step up debt deal efforts

Jun 11, 2015 - 8:06 AM

UPDATED A solution must bring sustainable debt and a perspective that will provide security and stability not only to Greece but also to Europe Greece s Alexis Tsipras says

Germany's Chancellor Angela Merkel (L) and Greek Prime Minister Alexis Tsipras (R) during the European Union and of the Community of Latin American and Caribbean States (CELAC) summit in Brussels, Belgium, June 10, 2015. Olivier Hoslet/EPA

Greek PM to meet Merkel as bailout deal nears

Jun 10, 2015 - 11:34 AM

The mooted meeting with the German chancellor comes with cash strapped Greece having submitted new proposals to end a standoff with the EU and IMF

HEAR, HEAR. German Chancellor Angela Merkel (R) and Greek Prime Minister Alexis Tsipras (L) adjust their earpiece during a press conference in the Federal Chancellery in Berlin, Germany, March 23, 2015. Stephanie Pilick/EPA

Tsipras to meet EU's Juncker as Greece debt deadline looms

Jun 03, 2015 - 9:40 AM

Meanwhile there are fears that Greece could default possibly setting off a chain reaction that could end with a messy exit from the eurozone

In this file photo, Prime Minister of Greece Alexis Tsipras (L) and President of the European Commission Jean-Claude Juncker meet during arrivals at Eastern Partnership Summit in Riga, Latvia, May 22, 2015. Valda Kalnina/EPA

'Serious progress' in Greece talks but 'work to do' – commissioner

Jun 02, 2015 - 3:38 PM

EU commissioner says there is serious progress in talks over Greece s debt crisis but much still needs to be achieved

MONEY, MONEY, MONEY. A close-up of a euro coin from Greece in front of a 100 drachma banknote in Potsdam, Germany, February 17, 2015. Ralf Hirschberger/EPA

Greece in final stretch of troubled loan talks

May 19, 2015 - 10:13 AM

Greece s new radical Syriza led government and its EU IMF creditors have been stuck in a deadlock for 4 months over the reforms needed to release a final 7 2 billion euros 8 2 billion in bailout funds

An illustration photo of an artpiece made of cut out Greek euro coins, in Frankfurt/Main, Germany, February 23, 2015. Boris Roessler/EPA

Greece warned of cash shortage ahead of deadline – report

May 17, 2015 - 6:10 PM

The reports come less than a week after Athens admitted that it tapped into an emergency account to pay back the loan in order to avoid crashing out of the eurozone

Greek flags are waving in front of the parliament building in Athens, Greece, 16 February 2015. Simela Pantzartzi/EPA

Greece agrees to repay IMF debt by April 9 – Lagarde

Apr 06, 2015 - 10:40 AM

There was speculation that Athens might fail to meet the 460 million euro 501 million IMF installment if forced to choose between the IMF and paying government workers

A file photo dated 18 May 2011 showing the sign of the International Monetary Fund at the entrance of the Headquarters of the IMF, also known as building HQ2, in Washington, DC, USA. Jim Lo Scalzo/EPA