Economy Now
Greece: Three years after the bailout
May 10, 2013: 9:02 AM ETBy Mark Thompson
It's been three years since Greece was granted 110 billion euros in the first of two bailouts by its EU partners and the International Monetary Fund. Harsh austerity measures have driven the economy into the ground since then. Unemployment has soared. More than 6 in 10 young workers are out of a job.
But there may be light at the end of the tunnel. After six years of recession, the economy is forecast to grow again in 2014. And while Greece remains shut out of international financial markets, one of its biggest banks – Piraeus -- is convinced it can raise enough money from global investors to avoid nationalization.
Here's a look at how Greece's economy stacks up today compared to what it looked like in the last full year before the bailout.
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Bill Clinton: Congress will punt on fiscal cliff
Former President Bill Clinton said Tuesday that lawmakers will most likely put off making a set of crucial spending and tax decisions until 2013.
"[Congress] will probably have to put everything off until early next year," Clinton said during an interview with CNBC. "That's probably the best thing to do right now."
Clinton was referring to the so-called fiscal cliff -- a series of measures set to begin in January that would MORE
Charles Riley - Jun 5, 2012 7:14 PM ET -
Fiscally-distressed country's king goes elephant hunting
What do you get a king whose country has 23% unemployment, rapidly rising bond yields and mounting sovereign debt problems?
A secret, luxurious, elephant hunting trip to Botswana, of course.
At least that's how Spain's 74-year old King Juan Carlos was busying himself last week before falling and hurting his leg, an injury that required his royal highness to be rushed back to Madrid for replacement surgery on his right MORE
Charles Riley - Apr 18, 2012 11:44 AM ET
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| Latest Report | Next Update |
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