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Results:1-10 of 14

European Commission approves Greek bank recapitalization scheme
  • Alston & Bird LLP
  • European Union, Greece
  • September 4 2010

On Friday, the European Commission authorized the 10 billion ($13.42 billion) Hellenic Financial Stability Fund, which will provide capital to Greek banks when capital is not available through traditional, generally private, sources.


European Commission finds that Greece has fulfilled conditions for second tranche of aid
  • Alston & Bird LLP
  • European Union, Greece
  • August 20 2010

Yesterday, the European Commission assessed measures taken by Greece to comply with budget reduction and austerity measures set out in an agreement reached in May among Greece, the International Monetary Fund (IMF), the Commission, and the European Central Bank (ECB) under which the parties agreed to a 110 billion ($145 billion) financing package in an attempt to remedy Greece's excessive debt situation.


Greece makes progress toward recovery
  • Alston & Bird LLP
  • Greece
  • August 6 2010

Yesterday, the European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) issued a summary of the first quarterly review of the Greek government's economic program.


Greece agrees to 110 billion financial bailout package from Euro area members and IMF
  • Alston & Bird LLP
  • European Union, Greece
  • May 13 2010

Today, Greece reached agreement with the International Monetary Fund (IMF), the European Commission (EC), and the European Central Bank (ECB) on "a focused program to stabilize its economy, become more competitive, and restore market confidence."


House subcommittee examines whether credit default swaps caused the Greek debt crisis
  • Alston & Bird LLP
  • USA, Greece
  • April 29 2010

Earlier today, the House Financial Services Committee's Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises held a hearing entitled "Credit Default Swaps on Government Debt: Potential Implications of the Greek Debt Crisis."


Greece requests bilateral loan financing
  • Alston & Bird LLP
  • Greece
  • April 23 2010

Today, Greece notified the Eurogroup, the European Commission, and the European Central Bank of its request to activate the financial support mechanism, whereby Euro area member states and the International Monetary Fund (IMF) would provide Greece with up to 30 billion in bilateral loan financing.


Euro area members commit up to 30 billion in loans to Greece
  • Alston & Bird LLP
  • European Union, Greece
  • April 12 2010

Yesterday, the heads of state and government of the Euro area announced that Euro area members states have agreed upon the terms of financial assistance to be provided to Greece, "when needed, in order to further safeguard financial stability in the Euro area as a whole."


Euro area leaders express commitment to provide bilateral loans to Greece
  • Alston & Bird LLP
  • European Union, Greece
  • March 26 2010

Yesterday, the 16 leaders of the Euro area member states issued a joint statement "reaffirming their willingness to take determined and coordinated action, if needed, to safeguard financial stability in the euro area," and agreeing, as part of a package involving International Monetary Fund financing and "a majority of European financing," to "contribute coordinated bilateral loans" to Greece.


ECOFIN Council calls on Greek government to reduce government deficits, but provides no indication regarding aid
  • Alston & Bird LLP
  • European Union, Greece
  • March 16 2010

Yesterday, during meetings in Brussels, the Economic and Financial Affairs (ECOFIN) Council of the European Union accepted the schedule for deficit reductions proposed two weeks ago by the Greek government, including a 4-of-GDP reduction in the deficit in 2010 and a deficit below 3 of GDP by 2012, while requiring the submission of various progress reports and the implementation of various "specific budgetary consolidation measures, including those presented in its stability programme."


Greece announces austerity plan
  • Alston & Bird LLP
  • Greece
  • March 4 2010

On Wednesday, the Greek Cabinet announced a package of cuts aimed at reducing the public deficit by 2 of GDP.