Late-2000s financial crisis

Standard & Poor?s retained Greece?s sovereign ratings at B- and on creditwatch negative for the next couple of months on Friday.

The ratings agency commented that the country?s position in terms of liquidity is deteriorating, «requiring additional funding commitments in the second quarter."

It also pointed to the lack of a clear funding plan, short- or long-term.

Greece has railed against what it sees as German dominance since the 2010 start of the eurozone financial crisis, but antagonism between the two countries can be traced back to the 19th century.

Historians point to the mid-1800s for spurring resentment in a newly-independent Greece, when a king from the southern German region of Bavaria ascended to the Greek throne.

Greece and its international creditors were to begin fiscal talks in Athens on March 12, a government source said, breaking a six-week impasse over attempts to overhaul the country's unpopular bailout.
      
"Talks are scheduled to begin on fiscal issues today," a finance ministry source told AFP, adding that discussions on structural reforms and banks would be held next week.

The European Union?s financial affairs chief Pierre Moscovici told German radio on Friday that allowing any country to leave the eurozone would simply raise the question ?Who?s next??

?If a country ? any country ? leaves, the question will arise: Who is leaving next?? the European commissioner for economic and financial affairs told Deutschlandfunk in an interview.

Greek bank deposits plunged the most since the country joined the euro area as renewed political instability led savers to pull their money.

Deposits held by households and businesses fell 7.7 percent in January to 148 billion euros, their lowest level since August 2005, according to Bank of Greece data.

Greece has no immediate problem with government liquidity, but faces trouble in making debt payments to the IMF and European Central Bank in the spring and summer, Finance Minister Yanis Varoufakis said on Wednesday.

Despite reaching a 'deal' with Eurogroup there is an immediate danger of Greek funds drying up and imminent bankruptcy lurking around the corner due to a gaping fiscal gap in the Greek economy.

AP2, the Swedish state pension fund managing $35 billion in assets, says any disturbances caused by Greece won?t be enough to undermine the support European stocks will get from extreme central bank stimulus.

Greece's central bank chief said Thursday the country?s banks will not face a liquidity shortage, despite fears of a brewing clash with the EU that could push the country out of the eurozone.

Greece will submit its request for a six- month loan extension to the euro-area Thursday, a day later than originally planned, according to a government official.