* National Bank of Greece , EFG Eurobank , Alpha Bank, Piraeus Bank downgraded * Ratings agency Moody's Investors Service cut the ratings of eight Greek banks on Friday following a downgrade of the country's sovereign rating further into junk territory earlier in the week. Moody's cut Greece's sovereign rating by three notches to Caa1
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A leftist group on Friday blockaded the Greek Finance Ministry, the scene of negotiations on the nation's latest financial rescue, hanging a huge banner covering five storeys of the building in central Athens. "Organise and fight for an overthrow — General Strike", read a banner draped by activists from the Communist-affiliated PAME, which advocates non-violent
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Senior euro zone officials have agreed in principle on a new international bailout of Greece that will give it more time to try to resolve its debt crisis, a source close to the talks said on Thursday. The Economic and Financial Committee of deputy ministers and senior officials of the 17-nation currency zone approved the
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Yiannakis Omirou, president of the socialist EDEK party, was elected president of the 56-seat House of Representatives on Thursday with the 28 votes of the main opposition Democratic Rally, his own EDEK, two from the European Party Evroko and Zacharias Koulias, MP for the coalition partner Democratic Party (DIKO). The outgoing president of the House,
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Greece agreed with its EU and IMF lenders to impose yet deeper austerity, a senior official said on Thursday, as unease grew in the ruling party that the government will try to speed the package through parliament undebated. Athens has signed up to 6.4 bln euros in new measures to cut its 2011 budget deficit
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The 17-nation euro zone should consider establishing a central finance ministry as it tightens coordination of national economic policies to fight crises, the head of the bloc's central bank said on Thursday. Jean-Claude Trichet, who was accepting the Charlemagne Prize, awarded for contributions to European unity, said the ministry might be created after a long
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Greece's largest toyseller Jumbo, that operates three stores in Cyprus, raised its full-year sales outlook, despite the country's recession, after sales in the eleven months to May were flat. The company said on Thursday it expects marginally positive revenue growth in the year ending June, having previously forecast a decline by as much as 1 percent.
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Greece intends to present a fresh austerity plan on Friday, a government official said, after Moody's cut its credit rating deep into junk territory and said there was an even chance of eventual default. The budget plan will include a faster pace of privatisation and 6.4 bln euros ($9.2 bln) of new savings, including some
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Consumer price inflation climbed again in May, with prices rising by 3.9% compared with the same period of the previous year. This is the fourth straight month of increase, and could mean that Cyprus inflation will hit 4% in June. Inflation has been climbing mainly as a result of high international oil prices, which affect
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Fitch has placed Bank of Cyprus on negative watch and downgraded Marfin Popular Bank's Long-term Issuer Default Rating to BBB- from BBB – placing its individual rating on negative watch. The rating agency has also downgraded Marfin Popular’s covered bonds to BBB from BBB+ and maintained them on Rating Watch Negative (RWN). Fitch said the
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