Greece will reach agreement with its euro zone partners and the International Monetary Fund on a package of reforms next week, which will help to unlock remaining bailout aid, the country's economy minister said on Wednesday. "The agreement will close on (Greek Orthodox) Easter week," Economy Minister George Stathakis told Skai TV.
Gold Sovereigns Bought by Greeks in Volume as New Greek Drachmas Designed - Greece warns may default on IMF loan next week - Greek bank runs continue and deposits flee - German Bundestag votes for bailout extension
BRUSSELS — The eurozone is likely to decide on a third bailout for Greece in November, after international inspectors finish an assessment of Greece’s struggles to carry out painful reforms, officials said on Thursday.
The International Monetary Fund and Greece estimate that Athens will need 10-11 billion euros in new financing in 2014- 2015 above what the eurozone and the International Monetary Fund have agreed to so far.
The chances of Greece leaving the euro area are now 50-50 and the country could go “down the drain,” billionaire investor George Soros said.
“It’s now a lose-lose game and the best that can happen is actually muddling through,” Soros, 84, said in a Bloomberg Television interview due to air Tuesday. “Greece is a long-festering problem that was mishandled from the beginning by all parties.”
Russian President Vladimir Putin and Greek Prime Minister Alexis Tsipras said they want to restore ties between their countries amid signs of a schism among some European Union states on whether to maintain sanctions against Russia over the conflict in Ukraine.
“Greece is a sovereign country with unalienable rights,” Tsipras said after meeting with Putin in Moscow on Wednesday. The Greek premier said he disagrees with the logic of sanctions, which he described as “an economic war,” and called for “a new spring in ties between our countries.”
LONDON — Cyprus’ bailout deal is the fifth agreed on so far in the 17-strong group of European Union countries that use the euro since the debt crisis began in late 2009.
Here’s a look at the rescue programs:
ATHENS, Greece — Greece’s government has given the order to repay a roughly 450 million euro ($485-million) loan instalment to the International Monetary Fund due Thursday — a debt Athens had insisted it will honour despite being severely cash-strapped.
The debt stems from Greece’s international bailout, under which the country was extended 240 billion euros in rescue loans from other eurozone countries and the IMF to prevent bankruptcy.
Greece seems to have succumbed to Eurozone pressures, as it is due to submit a bailout extension application on Thursday. The anti-bailout government, headed by prime minister, Alexis Tsipras was adamant on not taking an extension on the $272.4 billion loan in Mondays meeting. He said, “Won’t accept an ultimatum but will negotiate as an equal partner.” However, to his dismay, talks collapsed in Brussels. Eurozone finance minister, Pierre Moscovici mediated by proposing a deal that both parties can agree upon.