Athens: Greece's Parliament approved a deeply unpopular austerity bill Monday to secure a second EU/IMF bailout and avoid national bankruptcy, as buildings burned across central Athens and violence spread around the country. Cinemas, cafes, shops and banks were set ablaze in central Athens and black-masked protesters fought riot police outside Parliament before lawmakers voted on the package that demands deep pay, pension and job cuts - the price of a...
07:36 AM, Feb 13, 2012
New Delhi: Labour unions in Greece have called for a strike after the Government said it would cut 15,000 public sector jobs by the end of the year. Greece is under pressure from its eurozone partners to accept another round of strict austerity measures in exchange for the $171 billion bailout loan that was promised in October. German Chancellor Angela Merkel told Greece on Monday to make up its mind...
10:20 AM, Feb 07, 2012
Brussels: Officials in Brussels say eurozone finance ministers have approved an euro 8 billion ($10.7 billion) bailout loan installment for Greece. Without the loan Greece would have run out of cash and been in default before Christmas. The EU had demanded, and received, letters from the leaders of Greece's main political parties pledging support for tough austerity measures to get the loan. The installment is part of a euro110 billion...
12:47 AM, Nov 30, 2011
New Delhi: Seeking to turnaround the cash-strapped Air India, the government is considering a nearly Rs 30,000 crore package for the national carrier over a period of 10 years, official sources said on Monday night. According to the proposal, the government is considering writing off Rs 4,500 crore cash loss of Air India, infusing an additional equity of Rs 6,750 crore and Rs 17,000-18,000 crore for its fleet acquisition programme....
04:33 AM, Nov 29, 2011
New Delhi: Rising costs of aviation turbine fuel and a falling rupee have only added to the woes of the aviation sector in India. Air India accumulated losses of Rs 13,500 crore and Kingfisher airlines accumulated losses of over Rs 4,500 crore. These numbers cast a dark shadow on India's growing aviation sector. Indigo airlines is the only profitable airline posting a yearly profit of Rs 650 crore as disclosed...
06:12 AM, Nov 15, 2011
The cash-strapped carrier has been asked by its lenders to infuse Rs 800 crore worth of fresh equity. ...
11:56 PM, Nov 14, 2011
New Delhi: Bajaj Auto chief Rahul Bajaj on Monday clarified his comments on the issue of the government giving a bailout to the cash-strapped Kingfisher Airlines. Bajaj said that he did not think he was misquoted, adding that his comment was not in reference to Kingfisher but to the whole private sector. Speaking to CNN-IBN, Bajaj said, "I don't think I was misquoted. 'Dies or not dies' is not in...
11:37 AM, Nov 14, 2011
Jamshedpur: The country's largest public sector lender State Bank of India has said the prevailing crisis in Kingfisher Airlines will not have any impact on it's balance sheet due to small exposure to the beleagured company. "We have Rs 12 lakh crore balance sheet and our exposure in Kingfisher Airline was small," SBI Managing Director (National Banking Group) A Krishna Kumar told, adding that the crisis would have no impact...
11:27 PM, Nov 13, 2011
Mumbai: Amid debt-ridden Kingfisher Airlines seeking Government assistance, Bajaj Auto chief Rahul Bajaj on Sunday said private sector should not be bailed out and "those who die must die". "I am proud private sector man and I don't see any logic of bailing out any private sector company either for sake of employees or customers," Bajaj told a news channel. "If Bajaj auto gets into a mess, would you bail...
05:04 PM, Nov 13, 2011
New Delhi: Kingfisher Airlines, facing severe financial crunch, may finally get some help from the Government even as Civil Aviation Minister Vayalar Ravi on Friday ruled out any bailout package for the company. Sources say that Union Finance Minister Pranab Mukherjee may speak to banks to bailout the Vijay Mallya-owned airlines which is floating in the red and has been unable to even pay salaries for October to its employees. ...
02:45 PM, Nov 11, 2011
Athens: Greek Prime Minister George Papandreou defied demands on Thursday that he resign over his decision to hold a referendum on the nation's euro zone bailout deal, calling instead for his party to unite for a confidence vote in the government. But Papandreou's hold on power was slipping after two turbulent years, regardless of whether he wins the parliamentary vote. Government sources said he struck a deal with his ministers...
05:01 AM, Nov 04, 2011
New York: Greece's abrupt call for a referendum on EU bailout deal spooked global markets on Tuesday. Greek PM Papandreou's move threw into question the survival of efforts to contain the debt crisis. France and Germany caught unawares - they summon Papandreou for talks at Cannes before the G20 starts. Chairman of EU FMs, Jean-Claude Juncker, says Greece will go bankrupt if voters rejected the bailout package. Greek FM says...
09:57 AM, Nov 02, 2011
Berlin: Europe's new strategy on resolving the debt crisis suffered a setback when Germany's highest court ordered a stay on the setting up of a special parliamentary fast-track committee to take speedy decisions on the allocation of funds from the euro-zone's emergency bailout facility. The committee was constituted earlier this week and its inaugural session was scheduled for Friday. However, that meeting was cancelled following the court order. The Federal...
01:55 PM, Oct 29, 2011
New Delhi: Another financial crisis was averted in Europe as the European Union leaders reached a bailout agreement after a marathon brainstorming session. The agreement included a hard-fought deal with private sector investors to write down Greek bonds by 50 per cent. The agreement came at the end of a marathon round of talks to finalise the details of a comprehensive policy response to the government debt and banking problems...
08:47 AM, Oct 27, 2011
Athens: Debt-saddled Greece moved closer to getting the vital bailout funds it needs to avoid a disastrous default after persuading international debt inspectors to return to Athens and resume reviewing its austerity program. The euro jumped on the news, trading up 0.7 percent at USD 1.370. The common currency and global stocks had been up for most of the day amid growing expectations that Greece will get the next euro8...
02:16 PM, Sep 21, 2011
displayed with permission. Use of the CNN name and/or logo on or as part of CNN-IBN does not derogate from the intellectual property rights of Cable News Network in respect of them.
