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.
After what were described as "marathon" negotiations (although compared to the "mental waterboarding" he suffered in Brussels last month, this must have seemed like a walk in the park to PM Alexis Tsipras), Greece and its creditors have agreed to the terms of the country’s third bailout program. Here are the details, via Bloomberg:
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.
German Chancellor Angela Merkel said she’s confident the International Monetary Fund will join Greece’s third bailout and signalled willingness to consider debt relief to help make it happen.
Merkel’s first public comments since euro-area finance ministers backed the 86 billion-euro (US$96 billion) aid package were partly aimed at her party’s lawmakers, who want the chancellor to ensure an IMF contribution to the latest Greek rescue. Germany’s lower house votes on the bailout on Wednesday.
ATHENS: It was a small room with a plain wooden table a few feet wide. The Greek Prime Minister Alexis Tsipras sat on one side, along with a translator and Angela Merkel, the German chancellor. On the other sat President Francois Hollande of France; around were a handful of officials. In this modest Brussels setting last Friday morning, key players in the great Greek debt drama tried to avert a meltdown that could threaten the future of the euro and even the European Union (EU).
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 (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.