NPR : News

Filed Under:

Greece Takes Critical Step Toward Avoiding Bankruptcy

The important takeaway from this morning's news about Europe's financial mess:

It seems less likely that Greece will go bankrupt and more likely that it will get another international bailout that hopefully will shore up the nation's economy and prevent a domino-like tumble of other ailing European nations and the unsettling repercussions that could have for the U.S. economy.

As The Associated Press writes:

"Greece took a big step toward staving off an imminent bankruptcy after securing the support of the vast majority of its bondholders in a critical bond swap that should pave the way for its second massive international bailout."

That bailout from other eurozone nations and the International Monetary Fund is expected to total about $172 billion.

The Wall Street Journal sums up the news this way:

"Just over 80 percent of Greece's private-sector creditors had agreed by a Thursday evening deadline to turn in their bonds for new ones with less than half the face value, touching off a massive debt swap that marks a seminal moment in Europe's long-frustrated efforts to rescue its most financially vulnerable nation."

Or, as The Financial Times puts it (with a lede that's a bit dense for us non-economists):

"Greece was due to complete the largest ever sovereign debt restructuring on Friday as it prepared to squeeze out dissenting bondholders in a move likely to trigger a credit event."

Copyright 2012 National Public Radio. To see more, visit http://www.npr.org/.

NPR

Book Review: 'Kinder Than Solitude'

Ellah Allfrey reviews Kinder Than Solitude, by Yiyun Li.
NPR

On Your Mark, Get Set, Grow: A Guide To Speedy Vegetables

Impatient gardeners don't have to wait for summer to harvest salad fixings. A surprising variety of crops will bring homegrown produce to your table in as little as three weeks.
WAMU 88.5

To Replace Rep. Jim Moran, Virginia Democrats Raking In Big Bucks

The race has opened the door to an epic primary season that had 13 Democrats formally announcing their candidacy.
NPR

When Parents Are The Ones Too Distracted By Devices

Parents often complain that smartphones keep their kids distracted from conversation. What happens when it's the other way around, when kids can't get their smartphone-glued parents' attention?

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.