News by tag: Greece

21.07.2017

IMF approved $1.8 bln conditional loan for Greece

The International Monetary Fund’s board on Thursday approved a $1.8 billion loan to Greece — but will only release the money if the country gets debt relief from its European creditors. The IMF has praised Greece for taking steps to reduce its budget deficits, including expanding its tax base and cutting spending on pensions. But the lending agency is pressuring Greece’s eurozone lenders to provide enough relief to ensure the battered country can pay its bills.

 
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19.07.2017

Athens, welcome back to the (bond) market

Greece plans to issue bonds next week for the first time in three years, according to news reports. Rumors had circulated that the country would make a return to debt markets early this week. But the government pushed back the date of its five-year bond issue to next week to avoid higher borrowing costs, according to Greece’s Kathimerini newspaper. Since the weekend, the country’s bond prices have risen as investors hope the proceeds will strengthen Greece’s finances.

 
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13.07.2017

Greece step back from austerity, sets to leave EU blacklist

The EU recommended on Wednesday that three times bailed-out Greece has made enough progress in balancing its budget to be removed from special oversight of government spending. The move is a further boost for Athens days after it secured a fresh tranche of cash from its latest bailout to meet crucial debt payments and avoid a fresh crisis. 

 
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04.07.2017

Schaeuble: Last time for IMF to sit around the table over Greek bailout

The International Monetary Fund, a key creditor in Greece’s bailout, will not participate in any further rescues of the debt—wracked country, Germany’s finance minister Wolfgang Schaeuble told a Greek newspaper today. “We have all acknowledged (eurozone and IMF) that the third Greek (bailout) payment will be the last with the participation of the IMF,” Schaeuble told Greek daily Ta Nea.

 
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29.06.2017

Cyprus: negotiations over reunification began in Switzerland

Greek and Turkish Cypriot leaders restarted negotiations on Wednesday for the island’s reunification.  Cyprus is divided for the last 43 years, following an invasion by Turkey in 1974, triggered by a coup backed by the Greek Colonel’s regime. Greek Cypriot leader Nicos Anastasiades and Turkish Cypriot leader Mustafa Akinci met in the Swiss Alpine resort of Crans-Montana, joined by senior U.N. and European Union officials and the foreign ministers of Greece and Turkey. The conference brings all the main players to the table – including representatives from Cyprus’ guarantor powers, Greece, Turkey and Britain – in what is being billed as an arena “for big and lasting decisions”.

 
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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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