Greek depositors withdrew 700 million ($898 million) from local banks Monday, the country's president said, as he warned that the situation facing Greece's lenders was very difficult.
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Greece will hold a new election in June after days of talks failed to resolve the country's political deadlock, party leaders say.
The Athens Stock Exchange plunged on the news, diving 4.86 per cent minutes after the announcement before recovering somewhat.
The May 6 election left no party with enough votes for a majority in parliament and repeated efforts over nine days to cobble together a coalition government proved fruitless.
"The country is unfortunately heading again to elections," Socialist party leader and former finance minister Evangelos Venizelos said. "It is heading back to elections in a few days under very bad circumstances, because certain people coldly put their short-term party interests above the national interest."
The protracted political uncertainty has worried Greece's international creditors, who have extended the country billions of euros in rescue loans over the past two years. The election campaign was dominated by the debate over Greek's dismal financial state and the strict austerity measures taken in return for the bailout - and anti-austerity parties on both the right and the left made huge gains in the vote.
Venizelos said the head of the small Democratic Left party, Fotis Kouvelis, had proposed forming a two-year government, but had insisted that it include the anti-bailout radical left Syriza party.
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[Al Ahram] At Madrid's Puerta del Sol square, Spanish police disperse protesters trying to mark the anniversary of the "indignant" movement, arrest two
#2
BP, the only thing I will say in their favor is that the same behavior by the banks, politicians/countries, mega-wealthy get bailed out by the taxes of these people (+u & me, etc.)
It's the same here and there...the rules are for the little guys and the oligarchs skate.
[Bloomberg] Greece's possible exit from the euro moved to the center of Europe's financial-crisis debate, rattling markets as authorities in Athens struggled to form a government. Meetings brokered by Greek President Karolos Papoulias were set to continue today after Syriza, the leading anti-bailout party, rejected a unity government following inconclusive elections May 6. That moved the country closer to a new vote, with at least five European central bankers broaching the once- taboo topic of its exit from the euro.
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Posted by: Fred ||
05/15/2012 00:00 ||
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A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
