After Delay, Lenders Set To Visit Greece for Audit

November 3, 2013

REUTERS

BRUSSELS — Inspectors from Greece’s international lenders have put a postponed visit to the country back on the agenda and will return early this week after Athens made a new proposal on filling a gap of 2 billion euros in the 2014 budget, the European Commission has said.

Greece says can't take any more austerity, will not be 'blackmailed'

By George Georgiopoulos

ATHENS | Mon Oct 28, 2013 11:25am EDT

(Reuters) - Greece's president used an annual commemoration of the country's stand against fascism in World War Two on Monday to warn that Athens would not yield to pressure from foreign lenders to impose more austerity.

Greece expects decision on 2014 funding gap in December

By Lefteris Papadimas

ATHENS | Wed Oct 16, 2013 5:01pm BST

(Reuters) - Greece expects its foreign lenders to agree in December on how to plug a funding gap the country faces next year, its finance minister said on Wednesday, while a decision on how to cut its debt will come several months later.

Twice-bailed out Greece first sought a financial rescue from the European Union and International Monetary Fund in 2010 and has since been kept afloat with over 200 billion euros in aid.

The IMF's blunt assessment

Aug 1st 2013, 14:09 by K.H. | ATHENS

Charlemagne

European politics

The Economist

WITH Greece enjoying the best year for tourism since its six-year recession began, it has become easier to believe in official forecasts of a mild recovery next year. But the green shoots of optimism may soon fade if European leaders are unwilling to plug a widening gap in bailout funding for Athens over the next two years and help make its debt burden sustainable by writing off a chunk of bail-out loans.

Lagarde counting on Europeans to keep promises toward Greece

The Washington Post

By Katerina Sokou, Friday, August 2, 4:18 PM

Christine Lagarde, the head of the International Monetary Fund, said Thursday that she counted on euro-zone countries to support the Greek effort to bring down its debt to sustainable levels.

Talking to reporters in Washington, Lagarde said the Europeans have promised to “consider any additional measures and assistance needed” as long as that Greece delivers on its commitments.

UPDATE 1-IMF approves $2.3 billion aid for Greece

Mon Jul 29, 2013 4:40pm EDT

(Reuters) - The International Monetary Fund on Monday approved a further 1.7 billion euros ($2.3 billion) in funds for Greece's bailout program after completing the fourth review of the cash-strapped euro zone state.

Greece last week adopted the last piece of legislation its international lenders required to release the next batch of rescue loans, after two months of wrangling over unpopular measures to overhaul the economy. The total funds from the IMF, the European Commission and the European Central Bank comprise 5.8 billion euros.

Greek gambling privatization of OPAP threatens to unravel

Thu Jun 27, 2013 2:52pm EDT

* Privatization of gambling company OPAP has stalled

* Opposing business groups haggle over sale terms

* Failure to complete deal would derail asset sale plan

ATHENS, June 27 (Reuters) - Conflicting interests between opposing business groups threaten to unravel the sale of Greek gambling company OPAP, the head of the country's privatization agency said on Thursday, risking delivery of a fatal blow to the country's asset sale program under its international bailout.

Greece to avoid funding problems if it delivers on bailout program: IMF

WASHINGTON | Thu Jun 20, 2013 6:32pm EDT

(Reuters) - The International Monetary Fund on Thursday urged Greece to speedily deliver on its bailout program, adding that doing so would ensure the country encounters "no financing problems."

There is an ongoing review of the Greek bailout program, the IMF said on Thursday.

"If the review is concluded by the end of July, as expected, no financing problems will arise because the program is financed till end-July 2014," IMF spokesman Gerry Rice said in a brief statement.

A Chance to Do Better on Greece

June 14, 2013

By THE EDITORIAL BOARD

The New York Times

The International Monetary Fund now has a chance to show what it has learned from past policy mistakes on Greece, mistakes it acknowledged last week. This week a delegation from the fund, the European Central Bank and the European Commission was in Athens to review Greek compliance with the terms of the latest bailout agreement, a condition for releasing this month’s $4 billion installment. Greek officials said they hoped the European examiners would show new flexibility on changing the agreement’s more counterproductive requirements.

IMF: Greece making progress but must do more on taxes

By Anna Yukhananov

10:04am EDT

WASHINGTON (Reuters) - Greece has made progress in reducing government debt and improving its competitiveness, but needs to follow through on structural reforms to ensure its economy recovers, the IMF said on Monday after a mission visit to the country.

Cypriot Lawmakers Reject Deposits Seizure Bill

By MENELAOS HADJICOSTIS and ELENA BECATOROS Associated Press

NICOSIA, Cyprus March 19, 2013 (AP)

Cypriot lawmakers on Tuesday rejected a critical draft bill that would have seized part of people's bank deposits in order to qualify for a vital international bailout, with not a single vote in favor.

The rejection leaves Cyprus's bailout in question. Without external funds, the country's banks face collapse and the government could go bankrupt. Nicosia will now have to come up with an alternative plan to raise the money: the government could try to offer a compromise bill that would be more palatable to lawmakers.

UPDATE 1-No debt restructuring for Cyprus, EU's Rehn says

Tue Feb 12, 2013 8:47am EST

* Cyprus awaiting a bailout equal to its entire economy

* Wary of fallout, Commission rule out losses for depositors

By Jan Strupczewski and Leigh Thomas

BRUSSELS, Feb 12 (Reuters) - The European Commission is not working on a debt restructuring for Cyprus that would force heavy losses on investors, the EU's top economic official said on Tuesday, backing the island's finance minister who is firmly opposed to such a move.

Greece Opposition Leader Calls for European Debt Renegotiation Summit

The New York Times

By RICK GLADSTONE

Published: January 25, 2013

¶ The 38-year-old leftist opposition leader in Greece, who could become its next prime minister on a wave of simmering popular fury over the Greek government’s austerity measures, called on Friday for a European summit to ease the crushing debts that threaten not only his country but all of Europe.

UPDATE 2-IMF sees up to 9.5 bln euro Greek funding gap in 2015-2016

 Jan 18, 2013 9:35pm EST

* Greek economy likely to shrink again this year

* Brazil opposes loan tranche to Greece

By Lesley Wroughton

WASHINGTON, Jan 18 (Reuters) - The International Monetary Fund estimated on Friday that Greece faced a financing gap of between 5.5 billion and 9.5 billion euros for 2015 and 2016 and said it had assurances from Europe it would deliver the aid in the final years of the bailout.

IMF OKs Greek next aid tranche; Lagarde sees progress

By Lesley Wroughton

WASHINGTON | Wed Jan 16, 2013 6:18pm EST

(Reuters) - Greece's bailout program is moving in the right direction, the head of the International Monetary Fund said on Wednesday after the IMF board agreed to pay the next aid tranche to Athens under the country's 240-billion-euro international bailout.

The Big Fail

By PAUL KRUGMAN

Published: January 6, 2013

The New York Times

And this year, as in past meetings, there is one theme dominating discussion: the ongoing economic crisis.

Why Paul Krugman should be President Obama's pick for US treasury secretary

Not only is he the world's best-known economist, Krugman has the intellect and integrity to resist Wall Street's calls for austerity

Mark Weisbrot

guardian.co.uk, 
Saturday 5 January 2013 13.00 GMT

President Obama hasn't picked a treasury secretary yet for his second term, so he has a chance to do something different.

IMF Officials: We Were Wrong About Austerity

By Mark Whitehouse Jan 4, 2013 9:51 PM GMT+0200

Bloomberg

Sharp spending cuts and tax increases have long played a central role in the International Monetary Fund's prescriptions for governments in financial distress -- most recently for the struggling members of the euro area. Now, officials at the world's primary arbiter of fiscal prudence are recognizing that such austerity can do a lot more damage than previously thought.

How Europe's Currency Survived 2012 Intact

The Wall Street Journal
http://online.wsj.com/article/SB10001424127887323300404578205580657203900.html

Leaders Muddled Through, but Bought Time for the Euro Area, Which Enters 2013 With All 17 Members Along for the Ride

With three days left of the old year, there's still time for even this prediction to go awry. But let's stick our necks out: Contrary to some expectations, the euro zone will end the year as it entered it—with 17 members.

 

Lessons from Latin America for Greece - FT.com

Lessons from Latin America for Greece - FT.com: "nderlying solvency problems were addr"

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