Greece News

EXIN Buys 75% Stake in Ethniki Insurance from National Bank of Greece for $819M

EXIN Financial Services Holding B.V. has purchased a 75 percent stake in insurer Ethniki Hellenic General Insurance S.A. from the National Bank of Greece (NBG) for €718 million (US$819.2 million). Amsterdam-based EXIN said NBG will retain a 25 percent stake …

Munich Re’s ERGO May Cancel Purchase of Greek Insurer on Instability

Munich Re’s ERGO Insurance unit may cancel its planned 90.1 million euro ($100 million) acquisition of Greece’s ATE Insurance SA if the country doesn’t return to stability. “Depending upon how the political situation develops, it is possible that we will …

A.M. Best: Eurozone Insurers Remain Robust Despite Instability in Greece

The impact of Greece exiting the eurozone is likely to hit market confidence in the region, although (re)insurers operating in the economic bloc are well positioned to withstand a continued period of volatility, according to a briefing published by A.M. …

Euro Zone, IMF Secure Deal on Cutting Greek Debt

Euro zone finance ministers and the International Monetary Fund clinched agreement on reducing Greece’s debt on Monday in a breakthrough to release urgently needed loans to keep the near-bankrupt economy afloat. After 12 hours of talks at their third meeting …

EU, IMF Clash over Greece Revives Debt Crisis Fears

A public clash between Greece’s international lenders over how Athens can bring its debts down to a sustainable level has reignited fears that the crisis could flare up anew. Euro zone finance ministers suggested that Greece, where the euro zone …

U.S. ‘Fiscal Cliff,’ Europe’s Debt Woes Worry G20

Leading world economies pressed the United States on Sunday to act decisively to avert a rush of spending cuts and tax hikes, warning that the so-called fiscal cliff is the biggest short-term threat to global growth. Unless a fractious Congress …

Europe Drawn Back to its First Problem – Greece

The euro zone debt crisis was born in Greece. Nearly three years and two bailouts on Europe must decide whether to give the country yet more help or cut it loose. For all its complexities, Greece’s problems essentially come down …

Euro Zone May Be Fragmenting Faster than EU Can Act

Signs are growing that Europe’s economic and monetary union may be fragmenting faster than policymakers can repair it. Euro zone leaders agreed in principle on June 29 to establish a joint banking supervisor for the 17-nation single currency area, based …

ANALYSIS: Big Greek Risk Morphs into More Economic Uncertainty

Greece’s election has averted the immediate threat of a euro break-up, but it does nothing to restore the magic ingredient missing in the European and global economies – confidence. Investors and corporate executives are paid to calculate risk. But they …

Greek Pro-bailout Parties Look to Forge Coalition

Political parties supporting Greece’s international bailout begin forging a government on Monday after an election victory over radical leftists staved off the prospect of the debt-laden country leaving the euro and brought relief to global markets. Conservative New Democracy leader …