TOKYO (Reuters) - Risk assets fell broadly on Monday after elections in Greece and France fuelled questions about commitments from struggling euro zone economies to pursue austerity measures, widely seen by markets as crucial to resolving the bloc's debt crisis.
Risk assets fell broadly on Monday after elections in Greece and France fuelled questions about commitments from struggling euro zone economies to pursue austerity measures, widely seen by markets as crucial ...
The recovery for most of the euro zone will certainly begin in the second half of 2013
PARIS — The eurozone’s crisis is far from over and its members must consolidate their budgets and forge a banking union to put the bloc on a more stable economic footing, the leaders of the IMF and European Central Bank said on Friday.
Risk assets fell broadly on Monday after elections in Greece and France fuelled questions about whether Europe will continue to pursue austerity measures seen by markets as crucial to resolving the euro zone's debt crisis.
BRUSSELS: The leaders of France and Germany on Friday handed Greek Prime Minister Alexis Tsipras a weekend ultimatum to strike a debt deal with EU-IMF creditors or risk default. Angela Merkel and Francois Hollande told the leftist Greek premier in brief talks on the sidelines of an EU summit that Saturday's meeting of eurozone finance ministers was critical. "They reminded him that this meeting was crucial and decisive and that it was vital now to work towards a deal on a package that includes reforms, investment and financing," a source said.
By Stoyan Bojinov:The Euro zone debt crisis has been at the forefront since late 2009 when it became apparent that Greece was struggling to curb its towering deficit. Greece unsuccessfully implemented several austerity meassures aimed at restoring financial stability, ultimately succumbing to a bailout package in early May of 2010. History has repeated itself since then seeing as how Greek debt woes remain a burden despite a second bailout package.
ATHENS/GARMISCH-PARTENKIRCHEN: Greek Prime Minister Alexis Tsipras will resume talks with euro zone lenders in Brussels next week after telling parliament he rejected the creditors' "absurd" terms for a cash-for-reform deal to keep his country from default. The unresolved Greek debt impasse, which is weighing on financial markets and could hit global economic recovery, will hang over a Group of Seven leaders' summit in Germany starting on Sunday. A German spokesman said Tsipras was not invited to the G7 talks.
ATHENS: French President Francois Hollande made a last-ditch appeal on Monday to Greek Prime Minister Alexis Tsipras to return to the negotiating table with creditors, saying only a few hours remained for a deal. Athens shocked creditors by announcing on Saturday a July 5 referendum on the latest cash-for-reform proposal. It now has less than 48 hours to pay back 1.6 billion euros of IMF loans. Ministers from Hollande's Socialist government were early backers of Tsipras' leftist administration after it won January elections.
The latest Greek deal is unraveling in multiple places already. The EMU wants to hold it together but can't. Cracks are wide, deep, and widening.
Greek Party Leader Might Seek to Renegotiate Terms
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