Greek PM submits resignation ahead of September election

Alexis Tsipras has resigned, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece's creditors for a better bailout deal but had to cave in. 

Greek parliament ratifies third bailout agreement

The Greek Parliament on Friday ratified the country's third bailout deal since 2010 to secure vital international financing to remain afloat and stay in the euro zone.

Greece's third bailout deal in final stretch (gov't sources)

Greece's marathon negotiations with international lenders to finalize the third Greek bailout deal in five years were in the final stretch on Monday and "white smoke" could emerge as soon as Tuesday morning, according to government sources.

Greeks split over bailout deal

Eurozone leaders made Greece surrender much of its sovereignty to outside supervision on Monday in return for agreeing to talks on an 86 billion euro ($94.8 billion) bailout to keep the near-bankrupt country in the single currency.

IMF: The first developed nation to miss a payment (Greece misses IMF payment as bailout programme expires)

Greece slipped deeper into its financial abyss Tuesday, when the bailout programme it has relied on for five years expired and the country became the first developed nation to miss a payment to the International Monetary Fund.

EU Leaders Scramble to Resolve Greek Debt Crisis

The European Union has two crucial issues on the agenda at its two-day summit underway in Brussels (Thursday-Friday), with migration and the Greek financial crisis still unresolved. Greece is perhaps the most pressing issue for the Europeans, as a June 30 deadline looms for Athens to pay its creditors or face a possible exit from the eurozone.

Mere cash injection may not be enough

By Dimitris Kontogiannis
The Greek government has invested a lot in the long-awaited bailout tranches to cope with the developing credit crunch and bring the economy to the stabilization phase late next year. However, a closer look at the figures indicates the positive impact may be less than hoped for, and therefore the risk of disappointment on the back of fostering high expectations should not be ignored or underestimated.

Leading Greek banks in the doldrums and need over $17bn to recapitalize

The two largest banks in crisis-stricken Greece need a total of €13bn ($17.2bn) to recapitalize, as they took huge losses in the country’s debt restructuring.
Greece’s second largest bank by assets, Eurobank, needs €5.8bn, with the fourth largest lender Piraeus Bank being short of €7.3bn, according to the Wall Street Journal. In the first 9 months of the year the two banks reported combined losses of €1.7bn, with a huge part of that due the banks’ participation in the country’s debt restructuring programme.
The four biggest banks in Greece were left technically insolvent, after they joined the €200bn debt restructuring programme. It left them dependent on extremely expensive loans from euro zone member states and the International Monetary Fund.