Financial crisis of 2007–2008

A European Union court has dismissed a petition for compensation by bank depositors whose funds were confiscated in Cyprus's financial crisis in 2013, in a process which would become a European template for banks in trouble.

Last Friday's decision by Standard & Poor's to upgrade National Bank of Greece's covered bonds to investment grade will be crucial for the Greek lender in its accessing international markets and contributing toward the general improvement of liquidity in the local market.

The International Monetary Fund says Greece has significantly improved its economy, but still "faces many challenges" as it heads toward the end of its third and final international bailout in August.

The IMF said Friday that Greece has "largely eliminated macroeconomic imbalances," but noted growth was still hampered by "significant crisis legacies and an unfinished reform program."

The specter of a financial crisis came back to haunt Italy on May 29, as its markets plunged on fears that the eurozone's third-largest economy is heading toward another election that could shape up to be a referendum on whether to stay in the common currency.

Royal Bank of Scotland said on May 10 it has agreed to pay $4.9 billion to settle U.S. claims that it misled investors who bought securities backed by risky mortgages in the run up to the 2008 financial crisis.

Greek banks could attempt to raise subordinated debt after strong conditions reopened the door for many of the banking sector's black sheep, though some say it is far too early and that they will have to wait until after May's stress tests.

The European Central Bank has "flaws" in its procedures for identifying and dealing with banks in crisis, European Union auditors said on Tuesday.

The Archbishop of Albania Anastasios has urged the Greek people to resist the decadence and corruption that pervades all aspects of life today and learn to look at the reality of the Greek financial crisis candidly. 

In an interview with Sunday's issue of Kathimerini, Anastasios said that "the financial crisis did not come out of the sky like a parachute." 

A powerful explosion damaged a court complex in central Athens early Friday, hours after Parliament voted to crackdown on anti-bailout protesters who gather regularly at the building.

Police said the blast occurred before dawn, following warning telephone calls to the offices of a daily newspaper and news website.

The quality of a country's media largely determines its democracy. Greece always had a problem in this area, mainly because a large chunk of its media survived due to clientelism.

A change was needed and this came about in part due to the financial crisis, which led to the fall of many media firms.