ATHENS, Greece (AP) - The critical meeting between the heads of three Greek political parties and the country's president to broker a deal on forming a coalition government has ended.

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ATHENS, Greece (AP) - The critical meeting between the heads of three Greek political parties and the country's president to broker a deal on forming a coalition government has ended.

The heads of the conservative New Democracy, socialist PASOK and the Democratic Left parties met with President Karolos Papoulias in an effort to break the impasse after May 6 elections left no party with enough votes to form a government.

Negotiations so far have proved fruitless. The three parties have insisted on the participation of the radical left Syriza party, which came second in the elections after campaigning on a platform for Greece to pull out of its international bailout commitments.

If no deal can be reached, elections must be called for next month.

ATHENS, Greece (AP) - The Fitch ratings agency has upgraded Greece to B- from "restricted default" after the country carried out the biggest debt writedown in history in a bond swap with private creditors.

Fitch said Tuesday that it had upgraded its rating and assigned a "stable outlook."

It gave a B minus rating - still junk status - to the new bonds the country issued under Greek law, while keeping a C rating on foreign-law bonds as their settlment date is not until April 11.

The move had been widely expected after the new bonds were issued Monday.

In last week's agreement, 83.5 percent of private investors holding Greek debt agreed to the deal, which will see them face real losses of more than 70 percent on their holdings.

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ATHENS, Greece (AP) - The Greek Finance Ministry says it has lightened the country's crushing debt load by completing a swap of bonds worth $232.5 billion.

A ministry statement says Monday's exchange affects all Greek government bonds governed by domestic law, which were replaced by new ones worth less than half their original value.

Greece's second international bailout is expected to be finalized this week by finance ministers from the 17 eurozone nations.

NEW YORK (AP) - U.S. stock futures are falling on worries over China's economic growth and whether Greece can entice enough private creditors to participate in its bond swap.

Dow futures are down 47 points at 12,921. The broader Standard & Poor's 500 futures fell 6 points to 1,363. Nasdaq 100 futures are 11 points lower at 2,633.

Economic reports due Monday include data on orders to factories and on the health of the service economy.

On Monday, China's premier Wen Jiabao lowered the economy's growth target to 7.5 percent from the 8 percent it has stood at for years.

Further weighing on sentiment is a worry that Greece's bond swap may not be going according to plan, with particular concerns over participation by the private sector. Results are due late Thursday.

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ATHENS, Greece (AP) - The ratings agency Moody's has downgraded Greece to the lowest rating on its bond scale, following a deal with private investors that would see them ultimately lose 70 percent of their holdings in Greek debt.

Moody's late Friday lowered Greece's sovereign rating to C from Ca, arguing that the risk of default remains high even a bond-swap deal with banks and other private investors, due to be completed this month, is successful.

Ratings agency Standard & Poor's took similar action on Feb. 27.

NEW YORK (AP) - U.S. stocks are opening mixed as investors worry over the details of a new bailout plan for Greece.

The Dow Jones industrial average is up 2 points at 12,968, a day after hitting 13,000 - albeit briefly - for the first time since May 2008. The Standard & Poor's 500 is down nearly a point at 1,361. The Nasdaq composite index lost 4 points to 2,944.

European markets were broadly lower.

Investors are worrying that Greece's new $172 billion deal may not be enough to keep the debt-laden from eventually defaulting and possibly exiting the euro. Fitch ratings agency downgraded Greece further into junk status Wednesday morning following the bailout deal.

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BRUSSELS (AP) - Eurozone ministers heading into a meeting in Brussels today are optimistic they'll be able to agree on a long-awaited rescue package for Greece.

Even though some details remain to be worked out, the French finance minister says "we now have all of the elements to achieve an agreement." He says all the parties know what they have to do, including Greece.

The Greek finance minister says his country has fulfilled all the requirements for receiving the $170 billion it needs to avoid bankruptcy next month.

Attending the meeting are finance ministers of the 17 euro countries and the heads of Greece's other creditors: the International Monetary Fund, the European Central Bank and representatives of private holders of Greek debt.

Greece needs to secure the bailout quickly so it can move ahead with a related $130 billion debt-relief deal with private investors. That has to be put in place quickly if Athens is to avoid a disorderly default on a bond repayment on March 20.

Meanwhile, in Athens, the Greek government is expected to present Parliament with two pieces of emergency legislation today, including wage and pension cuts.

BRUSSELS (AP) - The EU's statistics office says Greece's debt spiked to 159.1 percent of gross domestic product in the third quarter of 2011.

That's up from 138.8 percent a year earlier, 154.7 percent in the second quarter and by far the highest level in the eurozone.

Monday's figures underline how Greece's debt continues to spiral up despite massive spending cuts.

Eurostat says Italy, which has the second highest debt, managed to bring its borrowings down to 119.6 percent of GDP from 121.2 percent in the second quarter. That is up only marginally from 119.1 percent a year earlier.

Overall debt in the 17-country eurozone also dipped, to 87.4 percent of GDP from 87.7 percent the previous quarter.

Eurostat released quarterly figures for the first time amid growing concern about the economy.

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ATHENS, Greece (AP) - Greece's prime minister has resumed talks with top bank negotiators, to try and overcome obstacles to a major debt-relief deal needed to avoid bankruptcy.

Premier Lucas Papademos met Thursday with Charles Dallara, managing director of the Institute of International Finance, a banking lobby, and Jean Lemierre, senior adviser to the chairman of French bank BNP Paribas.

Private bondholders are being asked to forgive half their Greek debt, and in return accept cash payments and new bonds with longer maturities. The deal is required for a second international bailout with a looming €14.5 billion bond repayment on March 20.

Top eurozone officials are pressing private bondholders to accept the new bonds at a lower interest rate.

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NEW YORK (AP) - Stocks are falling shortly after the opening bell as investors remain concerned that a deal to cut Greece's debt might fall through.

The Dow Jones industrial average is down 68 points to 12,640. The S&P 500 index is 8 points lower at 1,308. The Nasdaq composite is down 12 points to 2,772.

A deal with bondholders is considered critical to the stability of Greece and Europe's financial system in general. Greece currently has far more debt than it can ever pay back and investors fear that if the country defaults it could trigger a financial panic. Time is running out for politicians and banks to mend the problem; Greece has several billions euros in debt due in March.

Most European markets are down about 1 percent.

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NEW YORK (AP) - U.S. stocks are opening slightly higher, following a rise in European markets on hopes that Greece will reach a deal with private creditors on lowering its debt.

The Dow Jones industrial average is up 5 points to 12,728 early Monday. The S&P 500 index is up 2 points to 1,317. The Nasdaq composite is up 4 points to 2,791.

Creditors are in negotiations with the Greek government to reduce its debt burden.

Energy companies are making large moves in early trading. Chesapeake Energy Corp. is up 7 percent after the country's second-largest natural gas producer said it plans to cut production.

Apache Corp. is up nearly 2 percent after the oil and gas producer said it plans on buying Cordillera Energy Partners in a $2.85 billion deal.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

ATHENS, Greece (AP) - New Greek Prime Minister Lucas Papademos says the country's budget deficit will reach 9 percent of gross domestic product this year, higher than earlier targets.

Papademos was sworn in last week to head a 15-week coalition government backed by the outgoing Socialists and rival
conservatives, created to secure the approval of a new massive bailout worth euro130 billion ($177.6 billion) from other eurozone countries and the International Monetary Fund.

Papademos presented an outline of his policies in parliament on Monday, promising faster structural reforms and declaring that Greece has already met requirements to receive the next euro8 billion ($10.9 billion) rescue loan installment, vital to avoid bankruptcy.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

ATHENS, Greece (AP) - Senior banker Lucas Papademos has been officially named as Greece's new prime minister, after four days of intense talks to form a coalition government.

The interim government aims to approve a new euro130 billion ($177 billion) financial aid deal and cement the debt-strapped country's position in the 17-nation eurozone.

The 64-year-old former vice president of the European Central Bank was named Thursday to head a coalition backed by the governing Socialists and the opposition conservatives that is expected to operate until early elections in February.

Papademos will replace outgoing Prime Minister George Papandreou, midway through the Socialists' four-year term.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

ATHENS, Greece (AP) - A senior Greek governing party lawmaker says he will not support the government in a critical confidence vote unless Prime Minister George Papandreou pledges to resign over the weekend and start talks on a caretaker government.

The lawmaker made the comment to The Associated Press hours before the Friday confidence vote, speaking on condition of anonymity to discuss sensitive talks within the governing Socialist party.

The Socialists have a slim majority of two seats in the 300 member parliament. Papandreou was fighting to survive a party revolt triggered by his surprise announcement that he would put a European debt deal to a referendum. He withdrew the proposal in the face of fierce opposition at home and abroad.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

NEW YORK (AP) - Stocks are sliding ahead of a confidence vote for Greece's embattled prime minister that may determine whether a European bailout package goes through.

The vote is scheduled for after the market closes Friday. The outcome could threaten to hobble Europe's efforts to control its debt crisis. Investors worry that Greece's weak government may not carry out austerity measures and default on its debt, causing huge losses for European banks.

A report on the U.S. job market was mixed. Fewer jobs were added last month than September, but the unemployment rate edged down to 9 percent.

The Dow Jones industrial average was down 149 points, or 1.2 percent, to 11,892 at midday. The S&P 500 fell 17, or 1.4 percent, to 1,244. The Nasdaq dropped 29, or 1.1 percent, to 2,668.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

ATHENS, Greece (AP) - Greece's embattled prime minister says he has invited opposition conservatives to join talks on a major European debt deal.

Prime Minister George Papandreou ignored calls Thursday to resign and hold an early general election.

Papandreou scrapped plans to hold a referendum on the Oct. 27 bailout agreement, but rejected calls from the opposition and within his own party to call an election midway through his four-year-term.

Papandreou insists he never would have put the question of whether Greece stays in the joint euro currency to a popular vote, as the leaders of France and Germany had suggested.

He faces a vote of confidence in parliament Friday.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

ATHENS (AP) - Greece's prime minister is telling trash collectors and others taking part in strikes and protests sweeping the country that they are doing nothing to help the country stand on its feet again.

George Papandreou (pah-pahn-DRAY'-oh) is using emergency powers that are normally reserved for national emergencies to order garbage crews back to work. Rotting trash has been piling up on the streets of Athens for 17 days.

The country is bracing for the protests to culminate in a general strike tomorrow and Thursday. It's expected to ground flights and stop most public services.

Unions are also planning to disrupt a vote in Parliament on Thursday to pass austerity measures that are among the toughest since Greece's financial crisis began two years ago.

They include tax hikes, and further cuts in pensions and salaries. And about 30,000 public servants would be suspended on reduced pay.

Meanwhile, European countries are trying to work out a broad solution to the continent's debt crisis ahead of a weekend summit in Brussels.

ATHENS, Greece (AP) - Greece's finance minister says parliament will vote on the latest austerity reforms by the end of October.

Faced with mounting anger from the country's international creditors, the government recently announced a raft of new austerity measures to secure the installment.

Evangelos Venizelos said Tuesday the country will receive the next batch of bailout loans in time to avoid a potentially disastrous default.

He says the country's international creditors were aware of Greece's fiscal situation and that the next batch of loans, worth euro8 billion ($10.8 billion), will arrive "in time." Greece has said in the past it has enough funds to last it until mid-October.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

crisis-afflicted economy will shrink more than expected this year, putting pressure on the country's deficit-cutting effort.

Evangelos Venizelos said Monday that the ministry forecasts the economy to shrink between 4.5 percent and 5.3 percent in 2011 - considerably worse than initially estimated. Venizelos told a press conference he will discuss the matter with representatives of Greece's international creditors during talks in Athens this week. He said that, provided all austerity measures are fully implemented, the government should meet its target of cutting budget overspending from 10.5 percent of GDP to 7.5 percent this year.

Greece is surviving on rescue loans worth euro220 billion ($317 billion) from its European partners and the International Monetary Fund.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

ATHENS, Greece (AP) - Standard and Poor's agency has cut Greece's credit rating by 2 notches to CC, with a negative outlook.

The international ratings agency says the proposed restructuring of Greece's heavy debt load under a new international bailout deal would amount to a selective default. A Standard and Poor's statement says the likelihood of a future Greek default is likely to remain high.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

NEW YORK (AP) - Stocks are up sharply as Greece gets closer to receiving a new installment of emergency loans. A pickup in manufacturing in the Chicago area also lifted stock prices.

Indexes spiked after Greek lawmakers passed a cost-cutting bill that will allow the country to receive rescue funds and avoid a debt default.

Signs of small improvements in the U.S. economy are also reassuring investors.

A trade group reported that manufacturing in Chicago sped up unexpectedly in June. The government also reported that slightly fewer people applied for unemployment benefits last week.

The Dow Jones industrial average is up 142 points, or 1.2 percent, at 12,403 in midday trading Thursday.

The S&P 500 index is up 12, or 1 percent, at 1,320. The Nasdaq is up 32, or 1.2 percent, at 2,773.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

ATHENS, Greece (AP) - Greece's finance minister says the country wants to conclude negotiations for a second bailout by the end of the summer "at the latest."

Evangelos Venizelos said the next euro12 billion rescue loan payout due next month will cover state expenses through mid-September, and he urged the opposition to side with the government in negotiations with the country's international creditors.

The minister spoke Monday at the start of a closely-watched debate in parliament to approve a new euro28 billion austerity package and implementation law - both of which must be passed if Greece is to receive the next batch of its bailout loans and avoid defaulting on its debts next month.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

ATHENS, Greece (AP) - Greece's finance minister says the government has been encouraging Greek banks to participate in a solution to the country's debt crisis.

Evangelos Venizelos said he was still in discussions Thursday with officials from the European Commission, International Monetary Fund and European Central Bank, over euro5.5 billion worth of savings that are part of the euro28 billion austerity program, which has to be passed by Parliament if the country is to get crucial bailout funds.

Venizelos said Greek banks were being encouraged to participate in a solution along the lines of the "Vienna initiative" according to which investors are asked to voluntarily renew their debt holdings as they expire. The austerity bill and an additional implementation bill will be completed by Thursday.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

SACRAMENTO, Calif. (AP) California and Greece might share enviable weather and postcard-worthy beaches, but their fiscal problems aren't the same.

That's the finding in a Standard & Poor's report released Tuesday after analysts took a closer look at the credit climates of the two economies.

The report found that California's budget imbalance is significantly lower than Greece's. The state is constitutionally required to adopt a balanced budget, while Greece is a sovereign nation that can run a yearly deficit.

S&P also says California's economy is more diverse and resilient.

In the aftermath of the global financial crisis, commentators started drawing parallels between the debt-plagued country and the most populous state in the U.S.

The report suggests that California's problems are more a crisis of policy than of debt.

NEW YORK (AP) - The stock market has had one of its most turbulent days ever. The Dow Jones industrials plunged nearly 1,000 points in half an hour amid concerns that Greece's debt problems could halt the world financial recovery.

The Dow has managed to recover two-thirds of its losses and close down 347 at 10,520. But all the major indexes lost 3 percent in a day that recalled the market turmoil of the 2008 financial crisis.

There were reports that a technical glitch hastened the selling. Even so emotions are running high. Traders are concerned that Greece's economic problems will hurt other European countries and ultimately, the U.S. recovery.

The Standard & Poor's 500 index is off 37 at 1,128. The Nasdaq composite index is off 82 at 2,319.

Only 173 stocks rose on the New York Stock Exchange while 3,002 fell. Volume came to an extremely heavy 2.57 billion shares.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

NEW YORK (AP)

Fears that Greece's debt problems could halt the global economic recovery have sent stocks into a nosedive.

At one point the Dow Jones industrials was down almost 1,000 points, before recovering.

Computer selling intensified the selling as investors watched protests in the streets of Athens on TV. Fears are running high in the financial markets that the Greek government will not be able to implement austerity measures that would enable it to contain its debt problems. And, in turn, that the country's problems will hurt other economies in Europe and perhaps the U.S.

The Dow's gyrations showed the high emotions in the markets. Down 998.50 points in mid-afternoon, it recovered minutes later to a loss of fewer than 400 points.