From the outside, it can be hard to know just who has the upper hand in the negotiations between Greece, the international community and holders of the Mediterranean country's bonds, Reuters reported. One day it appears Greece is close to reaching a voluntary restructuring of its sovereign debt. And the next, talks aimed at getting Greece's creditors to accept steep losses on those bonds are at a standstill. The talks have taken on the tenor of a labour negotiation, with leaks to the news media aimed at strengthening one side's bargaining position.

The extraordinary events of the past week in Europe have included the shattering of a taboo that could have profound consequences for the Continent: the public discussion by European leaders that Greece could exit the common currency, The Wall Street Journal reported. The chances of Greece leaving the euro may have fallen on Thursday as the likelihood of a referendum receded.

In September 2007 Greece adopted the Bankruptcy Code (by virtue of Law 3588/07) replacing existing legislation governing bankruptcy, as well as pre-bankruptcy voluntary restructuring and liquidation proceedings (Articles 44-46a of Law 1892/90). Click here for more..

Protests outside the palace, IMF warnings to cut spending, people in suits avoiding the mob, fear of a run on the banks, the spectre of default, a currency fixed to a much stronger economy: Greece, 2011, or Argentina, 2001? "Que se vayan todos!" (They must all go!) was the slogan of the protesters forcing out the Argentine president who locked away their bank savings, triggering default and devaluation.

In a SPIEGEL interview, Allianz CEO Michael Diekmann discusses the participation of private creditors in a new bailout for Greece, the German insurance giant's contribution to the aid package and his proposal for a long-term solution to Athens' problems. SPIEGEL: Mr. Diekmann, the financial services industry is prepared to contribute to the new bailout package for Greece. How voluntary is this contribution? Diekmann: It needs to be voluntary enough for rating agencies and auditors to accept it.

Until recently, Greece was one of only a few European jurisdictions to have no insolvency proceedings for non-merchants. However, the need for such protection became apparent. New Law 3,869/2010 sets down debt settlement and debt cancellation procedures for individuals who are not merchants. Such persons may use such procedures if they are permanently unable to meet their financial obligations. http://www.internationallawoffice.com/?i=1084378&l=7EQKVZM

As the government of Prime Minster George Papandreou struggles to get the nation’s financial house in order — reducing the size of its bloated civil service, chasing after tax evaders and overhauling its pension system — it has also begun to tackle a much less talked about problem: the cozy system of “closed professions” that has existed here for decades, costing the economy billions of dollars a year, The New York Times reported.

Greek labor tensions heightened Thursday, as a railway strike caused travel chaos and police and workers clashed outside the country's most revered archeological treasure, The Wall Street Journal reported. The protest in the Greek capital represented yet another wave of dissent as the government tries to drag the country out of an unprecedented debt crisis and recession.