By REUTERSJUNE 15, 2017, 8:54 A.M. E.D.T.
The New York Times
LUXEMBOURG — Greece's international lenders prepared on Thursday to unblock as much as 8.5 billion euros (7.44 billion pounds) 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.
The chairman of euro zone finance ministers Jeroen Dijsselbloem told reporters the size of the payment to Athens would be discussed during the meeting, since lenders agreed that Greece had pushed through all the requested reforms.
"Ό,τι η ψυχή επιθυμεί, αυτό και πιστεύει." Δημοσθένης (Whatever the soul wishes, thats what it believes, Demosthenes)
Showing posts with label Austerity measures. Show all posts
Showing posts with label Austerity measures. Show all posts
Thursday, June 15, 2017
Tuesday, June 13, 2017
ECB Said to Be Unlikely to Include Greece in QE in Coming Months
by Alessandro Speciale
13 Ιουνίου 2017, 2:00 π.μ. EEST
Bloomberg
The European Central Bank is unlikely to include Greek bonds in its asset-purchase program for the foreseeable future, a person familiar with the matter said, as European creditors aren’t prepared to offer substantially easier repayment terms on bailout loans to improve the nation’s debt outlook.
13 Ιουνίου 2017, 2:00 π.μ. EEST
Bloomberg
The European Central Bank is unlikely to include Greek bonds in its asset-purchase program for the foreseeable future, a person familiar with the matter said, as European creditors aren’t prepared to offer substantially easier repayment terms on bailout loans to improve the nation’s debt outlook.
Monday, June 12, 2017
Greece puts faith in France to solve bailout impasse
The Washington Post
By Derek Gatopoulos | AP June 12 at 8:43 AM
ATHENS, Greece — France’s finance minister says Greece is on course to reach a crucial funding deal with bailout lenders this week.
“A new crisis on the Greek issue must be calmly avoided,” Bruno Le Maire said after meeting Monday with Greek Prime Minister Alexis Tsipras.
The French minister traveled to Athens ahead of a meeting in Luxembourg on Thursday of finance ministers from countries using the euro currency.
Labels:
Austerity measures,
Debt relief,
Greek Crisis,
SYRIZA,
Third Memorandum
Thursday, June 8, 2017
UPDATE 1-Greece targeting sub-5 percent yields for market return
Wed Jun 7, 2017 | 2:17pm EDT
Reuters
* Greece wants yields below 5 pct before debt market return
* ECB support would boost chances considerably
* Decisions will depend on outcome of Eurogroup meeting (Adds detail, background, quotes)
By Lefteris Papadimas and Marc Jones
Reuters
* Greece wants yields below 5 pct before debt market return
* ECB support would boost chances considerably
* Decisions will depend on outcome of Eurogroup meeting (Adds detail, background, quotes)
By Lefteris Papadimas and Marc Jones
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Greece Calls on Europe to Offer Growth Incentives, Help Break Debt Impasse
By REUTERS
JUNE 7, 2017, 10:39 A.M. E.D.T.
The New York Times
ATHENS — Greece urged its European lenders on Wednesday to offer incentives that will boost growth and help break an impasse between the euro zone and the International Monetary Fund on the size of relief the country needs to make its debt sustainable.
During a meeting of euro zone finance ministers last month, Greece, its euro zone lenders and the IMF failed to agree on the debt relief measures to be implemented after its current bailout expires in 2018, mainly because of different growth assumptions. They are now aiming for a deal at a June 15 Eurogroup meeting.
Labels:
Austerity measures,
Debt relief,
Greek Crisis,
Grexit,
SYRIZA,
Third Memorandum
Tuesday, June 6, 2017
Despite Economic Problems, Greece's Tourism Looking Good In 2017
JUN 5, 2017, 11:23 AM
Lea Lane , CONTRIBUTOR
Forbes
The past few years have been tough ones for the Greek economy and for its tourism industry. As a traveler who has written two guidebooks on Greece, I've felt sure that tourism there would eventually bounce back, but when?
News is good: The Greek National Tourism Organization (GNTO) announced that it expects a record-breaking 30 million international visitors to Greece for 2017. This represents a growth rate of 7%, or an additional 2 million additional visitors over the previous year. 900,000 U.S. travelers are expected to visit the country this year.
Lea Lane , CONTRIBUTOR
Forbes
The past few years have been tough ones for the Greek economy and for its tourism industry. As a traveler who has written two guidebooks on Greece, I've felt sure that tourism there would eventually bounce back, but when?
News is good: The Greek National Tourism Organization (GNTO) announced that it expects a record-breaking 30 million international visitors to Greece for 2017. This represents a growth rate of 7%, or an additional 2 million additional visitors over the previous year. 900,000 U.S. travelers are expected to visit the country this year.
Labels:
Austerity measures,
Economy,
Greece,
Third Memorandum,
Tourism
Friday, June 2, 2017
Τα προβλήματα με την ελάφρυνση του χρέους
Μιράντα Ξαφά
Huffington Post
Μετά την κατ' αρχήν αποδοχή από την κυβέρνηση των μέτρων που ζητούν οι δανειστές για να κλείσει η δεύτερη αξιολόγηση, μόλις ψηφιστούν τα μέτρα προβλέπεται να ανοίξει η συζήτηση για το χρέος. Παρά το γεγονός ότι το θέμα αυτό συζητείται παρασκηνιακά μεταξύ Ευρωπαίων και ΔΝΤ εδώ και μήνες, λύση που να είναι πολιτικά αποδεκτή από όλους τους εμπλεκόμενους στη διαπραγμάτευση δεν θα είναι εύκολο να βρεθεί. Μία πρόσφατη μελέτη τριών επιφανών οικονομολόγων εξηγεί γιατί.
Huffington Post
Μετά την κατ' αρχήν αποδοχή από την κυβέρνηση των μέτρων που ζητούν οι δανειστές για να κλείσει η δεύτερη αξιολόγηση, μόλις ψηφιστούν τα μέτρα προβλέπεται να ανοίξει η συζήτηση για το χρέος. Παρά το γεγονός ότι το θέμα αυτό συζητείται παρασκηνιακά μεταξύ Ευρωπαίων και ΔΝΤ εδώ και μήνες, λύση που να είναι πολιτικά αποδεκτή από όλους τους εμπλεκόμενους στη διαπραγμάτευση δεν θα είναι εύκολο να βρεθεί. Μία πρόσφατη μελέτη τριών επιφανών οικονομολόγων εξηγεί γιατί.
Greece Seeks Debt Clarity as Creditors Resist Concessions
by Alessandro Speciale and Viktoria Dendrinou
31 Μαΐου 2017, 6:27 μ.μ. EEST 1 Ιουνίου 2017, 1:12 μ.μ. EEST
Bloomberg
Greece may not be offered a substantially improved debt-relief package when euro-area finance ministers discuss its bailout in Luxembourg next month, officials directly involved in the negotiations said.
Euro-zone creditors are unlikely to commit to further details of measures beyond the extension of maturities in rescue loans that they discussed last week, the officials said, asking not to be named because the ongoing talks are private. Such a deal on its own might still not be enough to convince the European Central Bank to start buying Greek bonds, they said.
31 Μαΐου 2017, 6:27 μ.μ. EEST 1 Ιουνίου 2017, 1:12 μ.μ. EEST
Bloomberg
Greece may not be offered a substantially improved debt-relief package when euro-area finance ministers discuss its bailout in Luxembourg next month, officials directly involved in the negotiations said.
Euro-zone creditors are unlikely to commit to further details of measures beyond the extension of maturities in rescue loans that they discussed last week, the officials said, asking not to be named because the ongoing talks are private. Such a deal on its own might still not be enough to convince the European Central Bank to start buying Greek bonds, they said.
Labels:
Austerity measures,
Germany,
Greek Crisis,
IMF,
SYRIZA,
Third Memorandum
Ending Greece’s Perpetual Debt Crisis
By THE EDITORIAL BOARD
JUNE 1, 2017
The New York Times
For nearly a decade, Greece has struggled under suffocating debt, which now totals more than 300 billion euros ($338 billion), or nearly double its annual economic output. Waves of austerity measures to satisfy creditors have inflicted great suffering: More than a quarter of Greeks are unemployed, and vital services, like health care and transportation, are running as bare-bones operations. The economy is in recession, and there is virtually no way Greece can dig itself out of such a deep hole.
JUNE 1, 2017
The New York Times
For nearly a decade, Greece has struggled under suffocating debt, which now totals more than 300 billion euros ($338 billion), or nearly double its annual economic output. Waves of austerity measures to satisfy creditors have inflicted great suffering: More than a quarter of Greeks are unemployed, and vital services, like health care and transportation, are running as bare-bones operations. The economy is in recession, and there is virtually no way Greece can dig itself out of such a deep hole.
Labels:
Austerity measures,
Debt crisis,
Greek Crisis,
Greek default
Wednesday, May 31, 2017
Greece denies report it may opt out of receiving more bailout money
Tue May 30, 2017 | 10:34am EDT
Reuters
By Renee Maltezou | ATHENS
Greece on Tuesday denied a German newspaper report it could refuse receipt of bailout loans needed to make a July debt repayment if its lenders fail to offer clear debt relief terms, despite it having passed more reforms.
Reuters
By Renee Maltezou | ATHENS
Greece on Tuesday denied a German newspaper report it could refuse receipt of bailout loans needed to make a July debt repayment if its lenders fail to offer clear debt relief terms, despite it having passed more reforms.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Monday, May 29, 2017
Greek Creditors, IMF Seek to Bridge Split Over Debt Relief
by Viktoria Dendrinou and Rainer Buergin
21 Μαΐου 2017, 4:11 μ.μ. EEST 22 Μαΐου 2017, 7:16 μ.μ. EEST
Bloomberg
Euro-area finance ministers gathered in Brussels on Monday, seeking a compromise with the International Monetary Fund on debt relief for Greece that could signal the final act in the seven-year-old drama for the continent’s most indebted state.
The IMF is reluctant to participate in a bailout unless the euro area ensures the country’s 315 billion-euro ($355 billion) debt load is sustainable. Some nations like Germany that are resisting a change to Greece’s debt profile won’t release any new funds until the Washington-based fund joins the program. Athens needs the new aid installment before it has to repay about 7 billion euros to lenders in July.
21 Μαΐου 2017, 4:11 μ.μ. EEST 22 Μαΐου 2017, 7:16 μ.μ. EEST
Bloomberg
Euro-area finance ministers gathered in Brussels on Monday, seeking a compromise with the International Monetary Fund on debt relief for Greece that could signal the final act in the seven-year-old drama for the continent’s most indebted state.
The IMF is reluctant to participate in a bailout unless the euro area ensures the country’s 315 billion-euro ($355 billion) debt load is sustainable. Some nations like Germany that are resisting a change to Greece’s debt profile won’t release any new funds until the Washington-based fund joins the program. Athens needs the new aid installment before it has to repay about 7 billion euros to lenders in July.
Labels:
Austerity measures,
Debt relief,
Greek Crisis,
Primary surplus
Friday, May 26, 2017
Ex-Premier of Greece Is Hurt When Bomb Explodes in His Car
By NIKI KITSANTONISMAY 25, 2017
The New York Times
ATHENS — A bomb exploded on Thursday in a car carrying Lucas Papademos, a former prime minister of Greece, through central Athens, the police said. Mr. Papademos, 69, was injured in the explosion, along with the driver and another person in the car.
A government spokesman, Dimitris Tzanakopoulos, said Thursday evening that the three were in “stable condition, are conscious and are undergoing all the necessary medical tests.”
The New York Times
ATHENS — A bomb exploded on Thursday in a car carrying Lucas Papademos, a former prime minister of Greece, through central Athens, the police said. Mr. Papademos, 69, was injured in the explosion, along with the driver and another person in the car.
A government spokesman, Dimitris Tzanakopoulos, said Thursday evening that the three were in “stable condition, are conscious and are undergoing all the necessary medical tests.”
Labels:
Austerity measures,
Greek Crisis,
Papadimos,
SYRIZA,
Terrorism
Thursday, May 25, 2017
Debt relief or a fourth financial assistance programme for Greece?
The Eurogroup faces a difficult choice on Greece — implementing a debt reduction plan drastic enough to make a return to market borrowing possible, or agreeing to a fourth financial assistance programme and continuing to fund Greece at the preferential lending rate.
BY: ZSOLT DARVAS DATE: MAY 22, 2017
Bruegel
BY: ZSOLT DARVAS DATE: MAY 22, 2017
Bruegel
No Greek debt relief needed if primary surplus above 3 percent/GDP for 20 years: paper
Wed May 24, 2017 | 9:24am EDT
Reuters
By Gernot Heller | BERLIN
Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed.
The paper, obtained by Reuters, was prepared for euro zone finance ministers and International Monetary Fund talks last Monday, which ended without an agreement due to diverging IMF and euro zone assumptions on future Greek growth and surpluses.
Reuters
By Gernot Heller | BERLIN
Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed.
The paper, obtained by Reuters, was prepared for euro zone finance ministers and International Monetary Fund talks last Monday, which ended without an agreement due to diverging IMF and euro zone assumptions on future Greek growth and surpluses.
Labels:
Austerity measures,
Debt relief,
Germany,
Greek Crisis,
IMF,
Primary surplus,
SYRIZA
Wednesday, May 24, 2017
New deadline for Greece set after another stalemate
By Pan Pylas | AP May 23 at 8:26 AM
The Washington Post
BRUSSELS — Hopes for a breakthrough in negotiations for cash-strapped Greece were dashed again and another deadline was set.
Greece once again failed to get approval from its European creditors to receive the next batch of bailout loans that it needs to meet a debt repayment hump this summer. It also failed to secure an agreement on the sort of debt relief measures it can expect to get when its current bailout program ends next year.
The Washington Post
BRUSSELS — Hopes for a breakthrough in negotiations for cash-strapped Greece were dashed again and another deadline was set.
Greece once again failed to get approval from its European creditors to receive the next batch of bailout loans that it needs to meet a debt repayment hump this summer. It also failed to secure an agreement on the sort of debt relief measures it can expect to get when its current bailout program ends next year.
Labels:
Austerity measures,
Debt relief,
Germany,
Greek Crisis,
IMF,
SYRIZA
Monday, May 22, 2017
Greek Creditors Seek to Break Impasse on Stalled Bailout Review
by Viktoria Dendrinou
21 May 2017, 4:11 μ.μ. EEST
Euro-area finance ministers gather in Brussels on Monday to try to clinch a deal on easing Greece’s debt burden, which would resolve a stalled review of the country’s bailout and pave the way for a new set of rescue loans.
While Greece and its bailout supervisors have agreed on economic overhauls, the completion of the country’s review has been held back by disagreements between key creditors over how much debt relief is needed.
21 May 2017, 4:11 μ.μ. EEST
Euro-area finance ministers gather in Brussels on Monday to try to clinch a deal on easing Greece’s debt burden, which would resolve a stalled review of the country’s bailout and pave the way for a new set of rescue loans.
While Greece and its bailout supervisors have agreed on economic overhauls, the completion of the country’s review has been held back by disagreements between key creditors over how much debt relief is needed.
Labels:
Austerity measures,
Debt relief,
Grexit,
SYRIZA,
Third Memorandum
Tuesday, May 16, 2017
Greece cuts 2017 growth forecast
Sat May 13, 2017 | 5:24pm EDT
Reuters
Greece cut its 2017 growth forecast to 1.8 percent from 2.7 percent, according to a mid-term budget plan unveiled late on Saturday, driven by uncertainty caused by delays in concluding the latest review of bailout reforms.
Greece and its foreign creditors reached a deal on reforms in early May after six months of tense negotiations but the wrangling hurt economic activity. The Greek central bank governor had warned the delays could hobble economic recovery.
Reuters
Greece cut its 2017 growth forecast to 1.8 percent from 2.7 percent, according to a mid-term budget plan unveiled late on Saturday, driven by uncertainty caused by delays in concluding the latest review of bailout reforms.
Greece and its foreign creditors reached a deal on reforms in early May after six months of tense negotiations but the wrangling hurt economic activity. The Greek central bank governor had warned the delays could hobble economic recovery.
Labels:
Austerity measures,
Economy,
Greece,
Grexit,
Growth,
SYRIZA,
Third Memorandum
Monday, May 8, 2017
PM Tsipras says Greece has done its bit, now wants debt relief
Thu May 4, 2017 | 4:46pm EDT
Reuters
By Renee Maltezou | ATHENS
Prime Minister Alexis Tsipras called on Greece's international lenders on Thursday to reach an agreement on easing its debt burden by May 22, when euro zone finance ministers meet in Brussels to discuss the bailout progress.
Athens and its creditors reached a long-awaited deal this week on a series of bailout reforms Greece needs to unlock loans from its 86-billion euro rescue package, the country's third since in 2010.
Reuters
By Renee Maltezou | ATHENS
Prime Minister Alexis Tsipras called on Greece's international lenders on Thursday to reach an agreement on easing its debt burden by May 22, when euro zone finance ministers meet in Brussels to discuss the bailout progress.
Athens and its creditors reached a long-awaited deal this week on a series of bailout reforms Greece needs to unlock loans from its 86-billion euro rescue package, the country's third since in 2010.
Labels:
Austerity measures,
Debt relief,
Grexit,
IMF,
SYRIZA,
Troika
Friday, May 5, 2017
PM Tsipras says Greece has done its bit, now wants debt relief
Thu May 4, 2017 | 4:46pm EDT
Reuters
By Renee Maltezou | ATHENS
Prime Minister Alexis Tsipras called on Greece's international lenders on Thursday to reach an agreement on easing its debt burden by May 22, when euro zone finance ministers meet in Brussels to discuss the bailout progress.
Reuters
By Renee Maltezou | ATHENS
Prime Minister Alexis Tsipras called on Greece's international lenders on Thursday to reach an agreement on easing its debt burden by May 22, when euro zone finance ministers meet in Brussels to discuss the bailout progress.
Labels:
Austerity measures,
Debt relief,
IMF,
SYRIZA,
Third Memorandum,
Troika
Tuesday, May 2, 2017
Pledging more austerity, Greece cuts deal with lenders
Tue May 2, 2017 | 3:47am EDT
Reuters
By Renee Maltezou | ATHENS
Promising to cut pensions and give taxpayers fewer breaks, Greece has paved the way for the disbursement of further rescue funds from international lenders and possibly opened the door to reworking its massive debt.
Officials from both sides reached a deal early on Tuesday on a package of bailout-mandated reforms, ending six months of staff-level haggling. Greek Finance Minister Euclid Tsakalotos announced it with a term associated with papal elections.
Reuters
By Renee Maltezou | ATHENS
Promising to cut pensions and give taxpayers fewer breaks, Greece has paved the way for the disbursement of further rescue funds from international lenders and possibly opened the door to reworking its massive debt.
Officials from both sides reached a deal early on Tuesday on a package of bailout-mandated reforms, ending six months of staff-level haggling. Greek Finance Minister Euclid Tsakalotos announced it with a term associated with papal elections.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
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