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.
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.
BRUSSELS/ATHENS — Greece has three days to reassure Europe and the International Monetary Fund it can deliver on conditions attached to its international bailout in order to receive the next tranche of aid, four eurozone officials said on Tuesday.
The lenders are unhappy with progress Greece has made towards reforming its public sector, a senior eurozone official involved in the negotiations said, while another said they might suspend an inspection visit they resumed on Monday.
Now that the Greek tragicomedy of the new government "threatening" to leave the Eurozone if it doesn't get its way, has been postponed for a few weeks, if not months, we can go back to the biggest story involving Greece, one we first covered in October of 2014, when we said that Greece needs about €43 billion through the end of 2015 to cover its funding needs.
As Eurogroup chief Jeroen Dijsselbloem (of "template" foot in mouth infamy) heads to Athens for talks today, Bloomberg reports the new Greek Finance Minister Yanis Varoufakis has a clear message for his European overlords of the past: “We don’t want the 7 billion euros...We want to sit down and rethink the whole program." While this exposes the nation's banking system to further runs, yesterday's revelation that Russia could step in with financi
ATHENS — The European Central Bank joined Germany on Wednesday in playing down talk of a third bailout package for Greece, but reaffirmed the eurozone would help the country trim debt as long as it stuck to its latest aid program.
Speaking in Athens a day after German Finance Minister Wolfgang Schaeuble bluntly predicted Greece would need a new bailout, ECB executive board member Joerg Asmussen said he had not discussed the issue at talks with senior Greek officials.