News by tag: Greece

15.06.2017

Greece to get cash and ideas over debt relief

Greece's international lenders prepared on Thursday to unblock as much as €8.5 billion in loans that Athens desperately needs next month to pay its bills, and to give some idea of what debt relief they may offer over the long-term. One of the reasons why Greece's bailout program has stalled over the past few months has been a disagreement between the eurozone and the International Monetary Fund on debt relief. The IMF, which has contributed financially to Greece's first two bailouts but not the third, has wanted more information about what debt relief Greece may get before it gets more involved in the current program, which is due to end in the summer of next year.

 
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13.06.2017

Greece hopes in French mission for debt agreement

European officials indicated on Monday that they had few hopes for a comprehensive agreement at Thursday’s Eurogroup that will pave the way for Greece to join the European Central Bank’s quantitative easing plan, despite a French push for a deal. France’s economy minister, Bruno Le Maire, was in Athens Monday to discuss a proposal whereby relief measures for Greece’s mountainous debt would be strengthened when growth is weak and relaxed when growth is strong. However, he admitted that securing a deal would be “difficult and complex.”

 
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19.05.2017

Greece adopts more austerity to unlock bailout

Greece's parliament has approved a new package of austerity measures needed to release the next instalment of its multi-billion-dollar bailout, as angry demonstrators protested outside parliament against the new round of austerity. The measures, which entail $5.4bn in cuts to be implemented in 2019 and 2020, were backed late on Thursday by all 153 members of parliament in Prime Minister Alexis Tsipras' ruling coalition after a fiery debate. The legislation was backed by all 153 deputies in Prime Minister Alexis Tsipras' left-led coalition. All 128 opposition lawmakers present in the 300-member parliament stood against the measures in a vote just before midnight.

 
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02.05.2017

Greece's agreement reached over debt to avoid Grexit

Greece has reached a preliminary deal with its creditors that should pave the way for long-awaited debt relief talks, the Greek finance minister said Tuesday. “The negotiations are concluded,” Euclid Tsakalotos told reporters, according to state agency ANA. After overnight talks, Tsakalotos said a “preliminary technical agreement” had been achieved ahead of a May 22 meeting of eurozone finance ministers, which is required to approve the deal. Talks on the deal, which includes labour and energy reforms as well as pension cuts and tax rises, had dragged on for half a year mainly due to a rift between the European Union and the International Monetary Fund over fiscal targets. 

 
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14.04.2017

Novartis under investigation in Greece for bribery

Greece's parliament on Wednesday voted to open an investigation into alleged health scandals going back two decades, involving bribes and inflated prices for medical equipment and medicine. A broad majority of 187 lawmakers in the 300-seat parliament approved a government proposal to look into suspected mismanagement between 1997 and 2014. "Everything must be investigated... to clear up whether the public interest was upheld," Prime Minister Alexis Tsipras told the chamber. For years, public (funds) were pillaged, hurting social security funds and benefiting powerful interests," the PM said.

 
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26.10.2016

Greece received €2.8 billion for Third Bailout programme

Euro zone officials on Tuesday said they had approved €2.8 billion for Greece from its huge third bailout after the country delivered the needed reforms.  After the latest disbursement approved by the European Stability Mechanism, Greece will have received €31.7 billion of the €86 billion bailout granted in July 2015, its third since being engulfed by debt in 2010. 

 
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11.10.2016

Eurogroup: Green light for Greece amid German doubts

Greece has completed new economic reforms to receive the latest tranche from its 86 billion euro bailout fund. Euro zone ministers gave Athens a positive review of its reforms while withholding part of a new loan payment. They disbursed a €1.1 billion loan but postponed its decision on a further €1.7 billion payout to later in October. 

 
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10.10.2016

IMF: special status on greek debt's crisis

The International Monetary Fund (IMF) will not join the Greek bailout program but will accept a special role as advisory status with limited powers, according to Reuters’ sources. “A special advisory status with limited powers that keeps IMF at the table”, looks like the most possible scenario, Reuters reporting two senior sources.

 
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04.10.2016

The Greek Crisis: government to plan new reforms

Greek government is facing public discontent as it prepares to approve a new austerity measures and to proceed with a controversial new round of privatisations to secure more cash from its creditors. Tsipras government presented on Monday its 2017 draft budget to parliament, projecting an economic growth of 2.7% after eight years of recession from a 0.3 percent contraction this year.

 
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