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
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.
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.
Greek leaders have fought fiercely in recent months with politicians from other European countries over relief on Greece's vast debt load. Yet the power to decide the fate of Greece lies not just in the hands of these national governments, but also with unelected officials at two powerful institutions: the European Central Bank and the International Monetary Fund. Each is a creditor to Greece, and each is expecting the country to repay it billions of dollars of debt in the coming weeks.
ATHENS: Cash-strapped Greece scraped together a 200 million-euro ($222 million) repayment to the International Monetary Fund on Wednesday amid signs its long-stalled bailout negotiations were making some progress. The payment came as Greek government officials continued their whirlwind European tour and Prime Minister Alexis Tsipras spoke to French President Francois Hollande on how to push matters forward. Greece has a much larger commitment of about 770 million euros to make to the IMF Tuesday.
ATHENS/FRANKFURT: Greece made a small interest payment to the International Monetary Fund on Wednesday but European lenders dashed hopes for a cash-for-reforms deal before a more crucial, bigger instalment Athens must pay next week. Leftist Prime Minister Alexis Tsipras' government sought to shift blame on Tuesday onto the euro zone and IMF for a lack of agreement in the three-month-old negotiations, charging that each was setting different "red lines" on multiple issues from pension and labour reforms to the primary budget surplus.
There's now a 50-60% chance that Greece is going to default on its debts, and a 20-30% of a Grexit. That probability is from economists at global investment banking giant UBS, which just outlined its pessimistic view, citing "growing liquidity problems."