Debt Crisis

Greek Bailout Fuels Rise Of Extreme Politics

Sylvia Poggioli — Mon, 19 Mar 2012 08:29:00 +0000

With Greece entering its fifth year of recession and dealing with harsh austerity measures imposed as part of a eurozone bailout deal to save it from default, its society is in upheaval. Opinion polls suggest the old political system is collapsing, and extremist parties are gaining popularity ahead of spring elections.

At a recent protest in Athens, a large bronze bell tolled as thousands of policemen in full uniform marched solemnly through the streets.

With Cutbacks, Greeks Say Antiquities Are At Risk

Sylvia Poggioli — Thu, 08 Mar 2012 20:13:00 +0000

At the Museum of the Olympic Games in Olympia, Greece, lush pine trees and olive groves are filled with chirping birds. The one guard at the site looks nervously at the few visitors.

There is still a sense of shock in Olympia following the theft last month at the museum, when armed robbers broke into the building and tied up the single guard on duty.

Archaeologist Kostantinos Antonopoulos says they ran off with 77 priceless objects, including votive figurines, chariots and horses.

"But the most precious and valuable exhibit that they took was a golden ring of the Mycenaean times.

The European Central Bank, As Seen From A Bar On The Coast Of Spain

Thu, 08 Mar 2012 05:01:00 +0000

"I have a little bar. A drinks bar," says Chadd Ritenbaugh. His bar is called El Catalonia. It's in the port of Marbella, on the Spanish coast.

"Just sun, sand, and sea," he says. "It's just kind of empty at the moment."

Uncertainty Looms As Greek Debt Deadline Nears

Jim Zarroli — Wed, 07 Mar 2012 22:37:00 +0000

Stock prices rebounded somewhat Wednesday, one day after their biggest sell-off of the year. What caused prices to plunge Tuesday was an all-too-familiar problem: the Greek debt crisis.

European officials have cobbled together a deal to keep Greece from defaulting, and investors all over the world who hold Greek bonds are weighing their options. They're worried about what could happen if they reject the deal.

"There's an offer on the table, and the bondholders have been given a deadline," says Richard Portes, professor of economics at the London Business School.