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.
The Greek state proposed the payment to relieve OTE of the alleged extra costs it faced arising from the higher labour costs of its quasi-civil servant status employees. The state’s offer followed an...
EUROPE - RBS expects Greece will experience a hard default this December in a move it says will cause "violent contagion" in global markets.
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.
GREECE - The Greek parliament has narrowly voted to approve a drastic austerity package despite facing widespread opposition.
GREECE - Greece plans to sell €1.25bn ($1.78bn) of 13-week Treasury bills today as growing speculation the country will need to restructure its debt pushed bond yields to euro-era records.
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.