Eurozone crisis Current Affairs, GK & News

Greek PM Alexis Tsipras resigns

Greek Prime Minister Alexis Tsipras has announced his resignation in a televised address to the debt ridden nation which is centre of Eurozone crisis. He has submitted his resignation to President Prokopis Pavlopoulos and called for snap elections as early as possible. Mr. Tsipras resigned in order to defend the country’s massive new 86 billion ..

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Greece agrees bailout deal 'in principle' with its creditors

Greece has agreed a new in principle multi-billion euro bailout deal with its creditors. It was announced by the European Commission (EC) after series of marathon talks between Greece and its lenders in Athens. In this regard a technical agreement has been reached between the EC and Greece. The agreement will now require political approval ..

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Greece becomes first developed nation to default IMF debt

Greece has become the first developed nation to default on International Monetary Fund (IMF) debt. It has defaulted on a 1.7 billion dollars payment to IMF. The deadline for debt payment was missed by Greece after Eurozone Finance Ministers refused to extend its bailout. They had refused the bailout after Greece rejected the proposal given ..

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EU offers Spain bank financial aid and more time to cut deficit

European Union has offered ailing Spain more time and 30 billion euro to save the country’s banks and protect Europe from more debt crises. EU ministers promised to provide the funds with 100 billion euro ($123 billion) potentially available in all. EU finance ministers have also agreed to extend a deadline for Spain to reduce ..

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European Union to utilize Eurozone’s permanent bailout funds to help troubled banks

The EU leaders have decided to use the Eurozone’s permanent bailout funds to support struggling banks directly, without raising government debt. EU leaders also agreed that bailout funds could be utilized to stabilize financial markets, which implies buying government debts or bonds. These are steps that Spain and Italy desired, to curtail their borrowing costs ..

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