BRUSSELS (Reuters) - Euro zone governments kept Greece afloat on Wednesday after agreeing to authorize a payment of 5.2 billion euros ($6.72 billion) from the region's bailout fund, despite opposition from some member states following the Greek election results.
BRUSSELS (Reuters) - Euro zone governments kept Greece afloat on Wednesday after agreeing a payment of 5.2 billion euros from the region's bailout fund, despite opposition from some member states following the Greek election results. After a conference call, the board of the European Financial Stability Facility, the 700 billion euro bailout fund administered by the 17 countries that use the euro, agreed to make the scheduled payment, which will allow Greece to meet near-term bond redemptions and other obligations. An initial 4. ...
Eurozone governments kept Greece afloat on Wednesday after agreeing to authorize a payment of 5.2 billion euros (US$6.72-billion) from the region’s bailout fund, despite opposition from some member states following the Greek election results
BRUSSELS: Cash-strapped Greece could avoid paying back the IMF on June 5 and win more time to negotiate a funding deal without defaulting if it lumps together all IMF repayments due in June and pays them at the end of the month, officials said on Tuesday. Greece has to repay the International Monetary Fund 300 million euros on June 5, the first of four instalments due in June that total 1.6 billion euros.
ATHENS: Greece's leftist cabinet met for the second time in three days on Tuesday to thrash out what concessions to make in cash-for-reform talks with creditors after Athens had to resort to a temporary expedient to make a crucial payment to the IMF. Greek officials said they had emptied an International Monetary Fund holding account to repay 750 million euros to the global lender on Monday, avoiding default but underscoring the dire state of the country's finances.
Talks on breaking the impasse over Greece’s financial lifeline took on new urgency as the nation faces a debt repayment at the end of this week with a deal to ease its cash crisis seemingly as far away as ever.
An international official said creditor institutions were working on a common proposal that would be presented to Greece as a way of breaking the deadlock in coming days. Technical negotiations on economic measures Greece must take were resuming at 3 p.m. Brussels time and an agreement is closer, though not ready, a government spokesman said on Monday.
BRUSSELS: Greece, which may default on an International Monetary Fund debt repayment due on Tuesday after talks with creditors broke down, owes its official lenders 242.8 billion euros ($271 billion), according to a Reuters calculation based on official data, with Germany by far the largest creditor. That figure includes loans made under two bailouts from European governments and the IMF since 2010 -- worth a nominal 220 billion euros so far, of which some has been repaid -- as well as Greek government bonds held by the European Central Bank and national central banks in the euro zone.
Brussels (AFP) - Greece narrowly averted a default Tuesday that could have seen it crashing out of the euro, but warned it faced another cash crunch within two weeks without a bailout deal with its EU financiers.
Brussels (AFP) - The EU and IMF hit back Wednesday at accusations by Athens that internal rifts were blocking a bailout deal as cash-poor Greece survived yet another big interest payment averting bankruptcy.
ATHENS: Greece threatened to miss a loan repayment to the IMF this week, opening the way for possible default, just hours before creditors were expected to present an ultimatum offering Athens funds in return for economic reform. Prime Minister Alexis Tsipras visits Brussels later today to see senior European officials, where he is expected to hear the terms of the plan drawn up this week at a meeting of top leaders, including German Chancellor Angela Merkel.
On Tuesday, Greece postponed a scheduled Eurogroup meeting in Brussels without offering a reason as officials conducted “preparatory” discussions and held an evening teleconference with creditors. Face-to-face meetings will take place today with just 9 days to go until June 5 when Athens will miss a payment to the IMF, triggering an unprecedented default the repercussions of which no one can accurately predict.