The financial crisis in Greece, a country of only 11 million inhabitants, may have profound implications for the global economy and the EU. There are fears that a deepening crisis lead to a possible debt default that countries like Greece and Portugal, Italy, Spain and Ireland will eventually follow the same path. Investors observe with [...]

The European finance ministers agreed on Sunday to record a bailout worth 110 billion euros (147 billion) in debt to Greece after Athens have committed to meet rigid austerity measures for some years. After weeks of difficult negotiations and delays due to public opposition to the Greeks, the German chancellor, Angela Merkel, finally expressed his [...]