Athens (AFP) - Greece was locked Monday in intense talks with its EU partners after the country's prime minister stuck to his anti-austerity guns with the deadline for a deal needed to avoid the risk of default and a euro exit just days away.
Athens (AFP) - Greek Prime Minister Alexis Tsipras will unveil a high-stakes economic programme Sunday ahead of a key meeting with eurozone finance ministers this week when Athens will push for a new debt deal with international creditors.
Don’t pack away the currency presses just yet, Greece’s euro exit may be back on the table next year.
There’s still a danger that Greece will be forced out of the euro region by the end of 2016, according to 71 per cent of respondents in a Bloomberg survey of 34 economists. Seventy per cent said they reckon Greece should be safe for the rest of 2015, though almost half said they thought the 86 billion-euro (US$93 billion) bailout package Prime Minister Alexis Tsipras is targeting will prove to be too small.
BRUSSELS: Greece submitted new bailout reform plans to an impatient eurozone on Thursday in a last-ditch effort to save the country's collapsing economy and its fragile place in the single currency. With the crisis reaching a climax that could have dire consequences for the global economy, the proposals from Athens landed in Brussels less than two hours before a midnight deadline. Eurozone officials will now study the details of the plan -- which creditors say must include pension and tax reforms -- before a make-or-break summit of all 28 European leaders on Sunday.
London (AFP) - European stock markets surged Monday on hope that Greece was closer to ending a five-month standoff with its EU-IMF creditors over a deal to save the country from default and a possible euro exit.
Euro-area finance ministers agreed in principle to extend a 7 billion-euro (US$7.6 billion) bridge loan to Greece, according to an official familiar with the decision.
The loan is due to be announced on Friday once national parliaments have voted on the bailout deal that Prime Minister Alexis Tsipras signed up to on Monday, the official said, asking not to be named because the conversations were private. The loan will come from the European Financial Stabilisation Mechanism, the European Union’s rescue fund, the official said.
ATHENS: Greece and its international creditors were "very close" to a loan deal for the cash-strapped country, a Greek junior minister said on Sunday, a day ahead of a key meeting in Brussels. "After weeks of painful negotiation, if the other side is willing, it will become apparent that... the deal is very close and will be sealed in the coming period," Euclid Tsakalotos, one of Greece's main negotiators, told Avgi daily.
BRUSSELS: European leaders Monday pleaded with Greek voters to back hotly disputed bailout proposals in a crunch referendum or face leaving the euro as bank closures left many in Greece scrambling to find cash. On the eve of an expected debt default that could set Greece on the path to a euro exit, Prime Minister Alexis Tsipras sought to calm nerves by leaving the door open to talks, saying the July 5 plebiscite on creditors' latest cash-for-reform plans would leave the country "better armed" in the fight for a debt deal.
BRUSSELS: The leaders of France and Germany on Friday handed Greek Prime Minister Alexis Tsipras a weekend ultimatum to strike a debt deal with EU-IMF creditors or risk default. Angela Merkel and Francois Hollande told the leftist Greek premier in brief talks on the sidelines of an EU summit that Saturday's meeting of eurozone finance ministers was critical. "They reminded him that this meeting was crucial and decisive and that it was vital now to work towards a deal on a package that includes reforms, investment and financing," a source said.