Greece

S&P cuts Greek credit rating

GREECE - Standard & Poor's has slashed Greece's long term credit rating from B to CCC, amid fears private sector debt proposals will amount to a default.

OTE told to pay €130m pension costs

GREECE - Greek telecom operator Hellenic Telecommunications Organisation (OTE) has said it will have to book a €129.8m ($179m) pensions cost charge to its 2010 accounts following an actuarial study by the Greek government.

Greece passes pension overhaul

GREECE - Greek Prime Minister George Papandreou passed an overhaul of the pension system in a vote that tested the unity of his socialist government and prompted the second national strike in as many weeks.

Greece to reform pensions as part of bailout agreement

GREECE/GLOBAL - Greece has pledged to undertake a pensions overhaul as part of the structural reforms agreed with its partners in the eurozone and the International Monetary Fund (IMF) in exchange for a €110bn (US$144bn) rescue package.

NBIM loaded up on Greek equities

NORWAY/GREECE - Norway's public pension fund appears to be the biggest proportional loser from knock-on effects of Greece's debt woes, after Norges Bank Investment Management (NBIM) boosted its holdings in Greek equities by 45.8% during the second half...

Greece freezes pensions

GREECE - Greece has frozen all state pensions as part of a package of measures worth €4.8bn (US$6.5bn), erasing the announced increases included in the previous budget.

Greece ordered to increase women pension age

GREECE - The European Court of Justice (ECJ) has ordered an end to earlier retirement for Greek women that work in the public sector and found the Greek system did not offer sufficient support for the personal advancement of women in the workplace.

Journalists plan strike

GREECE - Journalists have planned strike action next week because of Conservative plans to reform the country's pension system.

Greek pension funds to be merged

GREECE - The conservative government has called for the amalgamation of 155 separate pension funds down to 20 in order to improve economies of scale and reduce waste, according to reports in Greek newspaper Kathimerini.

Greek bond scandal over

GREECE - JPMorgan and North Asset Management have reached an agreement with all parties affected by a structured bond debacle involving four Greek government pension funds.

JP Morgan blames ex-staffer

GREECE - In the latest twist in the JP Morgan bond debacle, the firm told the parliamentary committee investigating the overpriced bonds scam that it was misled by a former employee.

New Greek bond deadline

GREECE - JPMorgan has issued pension fund investors with a 5pm deadline today to consider a proposal to repurchase €280m of structured bonds.

Greek bond buyback debacle

GREECE - JPMorgan and North Asset Management have said they would be prepared to buy back all €280m of the structured bonds which were overpriced by €5m and sold to the Greek government pension scheme.

Bond stops Greece

GREECE - Flights were grounded and hospitals run on skeleton staff yesterday as Greek workers took strike action in the latest twist in the bond overpricing scandal.

Greek tragedy for minister

GREECE - Labour Minister Savvas Tsitouridis was asked to tender his resignation on Saturday and become the latest casualty in the Greek pension fund bond scandal.

Greece on the defensive

GREECE -The government defended the nation's public pension funds performance against allegations of early bond liquidation to cover current liabilities.

Bond row in parliament

GREECE - The Greek bond overpricing scandal has made its way into parliament sparking furious debate between the two main parties.

EC investigates Greece over pension payment

GREECE - The European Commission has opened a formal investigation into a proposal by Greece to pay about e360m to the early retirement plan of the Hellenic Telecommunication Organisation (OTE), saying this payment was excessive.