BRUSSELS: Greece asked for a fresh two-year rescue deal with the European Union on Tuesday in a final roll of the dice just hours before its current bailout expires and it misses a critical IMF payment. The eleventh-hour appeal came as 20,000 pro-bailout supporters took to the streets of Athens, where banks have been shut by the spiralling debt crisis and people are queueing for cash.
Eurozone finance ministers are to hold an emergency conference call Saturday on an expected request for aid from Spain, the fourth and biggest country to cry for help in Europe's two-year debt crisis.The eurozone greenlighted the "holding of a teleconference of the Eurogroup on Saturday at 4:00 pm to agree a declaration on Spain's intention to request aid and the Eurogroup's commitment to granting it," a European government official said.A statement was likely to be issued later on Saturday.
TOKYO — French President Francois Hollande told a group of Japanese business leaders Saturday that the eurozone debt crisis is ‘over’ but acknowledged that steps to boost the region’s growth and competitiveness need to be taken.
“What’s important for you here in Japan is to fully understand that the crisis of the eurozone is over,” Hollande said in the speech at the Imperial Hotel organized by The Nikkei, a major financial newspaper.
ATHENS/BRUSSELS — Greece formally requested a six-month extension to its euro zone loan agreement on Thursday, offering major concessions as it raced to avoid running out of cash within weeks and overcome resistance from skeptical partners led by Germany.
With its EU/IMF bailout program due to expire in little more than a week, the government of leftist Prime Minister Alexis Tsipras urgently needs to secure a financial lifeline to keep the country afloat beyond late March.
Eurozone finance ministers will not set any deadline for Greece to come up with reforms to get more funding because such time limits lead to brinkmanship in negotiations, a senior eurozone official said on Tuesday.
Greece, which is quickly running out of cash, pledged to its eurozone partners in February that by the end of April it would agree with creditors on a comprehensive list of reforms to get 7.2 billion euros remaining from its bailout.
Eurozone finance ministers are to discuss Greece's debt crisis on Sunday, a Spanish government official said on Saturday, after Foreign Minister Miguel Angel Moratinos expressed hoped of a solution.The ministers will hold a conference call at 2:00 pm (1400 GMT) with the aim of "finalising aid mechanisms for Greece," the Spanish official said.Speaking in Paris, Moratinos said, "I am quite optimistic that we are again able to show solidarity and above all send a message to the speculators that the eurozone is strong and firm."
Eurozone finance ministers will discuss Ireland's debt crisis on Tuesday, a day after Dublin said it was in "official" talks with the EU but denied the negotiations involved a financial rescue package. Ireland says only its banks are struggling.