European Central Bank

Greece should have been given a debt haircut in 2010, not two years later, the former chief economist of the European Central Bank has said.

In an interview with German public radio Deutschlandfunk, Jürgen Stark, who resigned from the bank in early 2012, also criticized the ECB's approach in general to the euro crisis.

The new government first plans to review the 2019 budget and amend it in line with the commitments enshrined in the coalition agreement.

Sustainable public finances are in line with the growth and stability pact and the respect of the fiscal rule is enshrined in the Constitution, Sašo Polanec of the Ljubljana Economics Faculty commented on this for the STA.

"It is a national and pressing necessity for us to formally ask our partners for the activation of the support mechanism, which we jointly created in the European Union." Greeks are unlikely to forget the scene of George Papandreou standing in the springtime sun against the backdrop of Kastelorizo island's picturesque harbor announcing the country's recourse to its new creditors: the member-sta

European Central Bank chief Mario Draghi on Friday signed the ECB's expected decision to revoke its waiver for Greek bonds, ending local banks' access to cheap funding.

The decision will come into effect on August 21, a day after the country officially completes its third bailout program.

The European Central Bank announced on Friday it is revoking a waiver on Greek bonds, with the decision coming into effect on August 21, a day after the country will officially exit from its third bailout program.

Alpha Bank and Eurobank are set to complete the sales of three portfolios of nonperforming loans valued at 4.7 billion euros by end-2018, bringing the total face value of loans unloaded by the country's four systemic banks above 20 billion euros (including interest).

The European Commission on Wednesday defended the Greek debt relief measures that the Eurogroup decided in June, in a manner of response to the International Monetary Fund, which had deemed the debt easing inadequate to render the debt sustainable in the long term.

The eurozone's economy slowed further in the three months through June, as exports sputtered and business confidence weakened on worries over future relations with the currency area's largest trading partners.

Greek banks are making plans for the period after Greece's exit from the bailout program, when they will no longer have access to a supply of cheap cash from the European Central Bank, so they are instead seeking liquidity through various alternative means outside the Eurosystem.

The government's objective of returning to capital markets is becoming increasingly distant, following the official decision by the president of the European Central Bank, Mario Draghi, to rule out Greece's entry into the ECB's quantitative easing (QE) program.