Exclusive: Greece has three days to deliver or face consequences - EU officials

BRUSSELS/ATHENS | Tue Jul 2, 2013 6:04am EDT

(Reuters) - Greece has three days to reassure Europe and the International Monetary Fund it can deliver on conditions attached to its international bailout in order to receive the next tranche of aid, four euro zone officials said on Tuesday.

The lenders are unhappy with progress Greece has made towards reforming its public sector, a senior euro zone official involved in the negotiations said, while another said they might suspend an inspection visit they resumed on Monday.

Stakes raised as Greece, lenders resume talks on bailout loan

By Harry Papachristou

ATHENS | Mon Jul 1, 2013 4:13am EDT

(Reuters) - Greece and its international lenders resume talks on Monday to unlock 8.1 billion euros ($10.5 billion) of rescue loans after a two-week break during which the government almost collapsed over redundancies at state broadcaster ERT.

Prime Minister Antonis Samaras has said he expects the talks to conclude successfully, despite setbacks to the country's privatization program and delays in public sector reforms.

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’s government: Up, but not out

Greece has performed better than expected, but still has much to do

May 25th 2013 | ATHENS

The Economist

WHAT a difference a year makes. Last May Greece seemed to be heading out of the euro. Lagging reforms, political in-fighting and violent protests had worn out creditors’ patience. An election failed to produce a clear winner. Athenians stashed euros in safety-deposit boxes and under mattresses amid fears of instability and a chaotic return to the drachma.

EU may give Greece more time to meet fiscal targets: Dijsselbloem

ATHENS | Thu May 23, 2013 3:20am EDT

(Reuters) - The euro zone may give Greece more time to meet fiscal targets agreed under its international bailout, the chairman of the euro zone finance ministers said in an interview published on Thursday.

Greece Isn’t Turning the Corner

By Megan Greene May 20, 2013 12:56 AM GMT+0300

Bloomgerg

 (Corrects Greece’s projected 2015-16 budget funding gap in 15th paragraph.)

Judging from the markets and English-speaking news media this week, Greece’s damaged economy has finally turned the corner. I doubt it.

UPDATE 1-Greece slow on asset sales but may tap bond market soon-EU/IMF

Fri, May 17 2013

* Pace of privatisations unsatisfactory - EU/IMF report

* Athens might try to tap bond markets in 2014 - EU official

* Country needs 4 bln euros extra savings to meet 2016 goals

BRUSSELS/ATHENS, May 17 (Reuters) - Greece's foreign lenders expressed concern at its slow pace of asset sales on Friday but praised the country for tackling its budget gap and said it may be able to tap bond markets in 2014.

Cyprus Gets First Aid Tranche as Greece Cash Backed

By Corina Ruhe and Karl Stagno Navarra - May 13, 2013

Bloomberg

Cyprus received its first emergency aid payment and Greece won approval of 7.5 billion euros ($9.7 billion) of rescue loans.

Cyprus received 2 billion euros today and will get as much as 1 billion euros more in June as the Mediterranean island’s 10 billion-euro aid package was activated, the European Stability Mechanism, the euro area’s permanent backstop fund, said in a statement.

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.

Greek Parliament Passes Plan for Layoffs

The New York Times

April 28, 2013

By NIKI KITSANTONIS

ATHENS — Greece’s Parliament late Sunday approved a contentious plan to dismiss 15,000 civil servants by the end of next year as part of a new package of economic measures that the country must enforce to clinch crucial financing from foreign creditors.

Euro zone set to approve 2.8 billion euros for Greece on Monday

ATHENS | Sat Apr 27, 2013 1:42pm BST

(Reuters) - Senior euro zone officials will meet on Monday to approve payment of another 2.8 billion euros (2.35 billion pounds) in rescue loans for Greece, on condition that the country's lawmakers approve a reform law the day before, the country's finance minister said on Saturday.

Greece may get bailout cash advance to pay bills –reports

 ATHENS, April 20 | Sat Apr 20, 2013 9:10am EDT

(Reuters) - Greece might receive 3.2 billion euros of earmarked rescue aid earlier than planned to cover part of its financing needs, two Greek newspapers reported on Saturday.

Greece Reaches New Deal With Lenders

April 15, 2013

The New York Times

By NIKI KITSANTONIS

 ATHENS — After nearly two weeks of tense negotiations, Greece and its troika of foreign creditors said Monday that they had clinched an agreement on economic measures it must enforce to secure the release of further crucial rescue money, including thousands of layoffs in the civil service.

 “We wrapped it up; we have a deal with the troika,” Finance Minister Yannis Stournaras told reporters.

UPDATE 2-Troika concludes Greek bailout review, next aid tranche soon – source

Sat Apr 13, 2013 3:09pm EDT

* EU/IMF conclude Greek bailout review of reform progress

* Eurogroup, IMF likely to discuss deal in May

* Greece to wrap up talks with troika by Monday night

By Annika Breidthardt and Renee Maltezou

DUBLIN/ATHENS, April 13 (Reuters) - An inspection team of international lenders has finished its review of Greece's austerity programme, paving the way for another 10 billion euros aid payment, a source with knowledge of the talks said on Saturday.

Greek Banks Suspend Merger Talks

The New York Times

April 8, 2013

By NIKI KITSANTONIS

 ATHENS — Shares in National Bank of Greece and Eurobank plummeted 30 percent Monday after the two banks suspended merger talks because they were unable to raise the required capital.

Cypriots Cast Blame as Banks Open

Capital is Surprisingly Orderly as Branches Restart; President Calls for Probe Into Economic Crisis

NICOSIA—Cyprus's banks reopened from a nearly two-week hiatus on Thursday with little sign of disorder among depositors, even as the country's politicians pointed fingers over who was to blame for the financial sector's meltdown.

The Cyprus bail-out

This septic isle

Being tough on bank creditors could prove costly for northern European taxpayers

The Economist

Mar 30th 2013 |From the print edition

THE second deal to bail out Cyprus was much better than the first. For one thing, there was actually a deal: with the €10 billion ($13 billion) loan the prospect of the euro zone’s first exit has receded. An agreement among euro-zone finance ministers to wind up Laiki Bank, Cyprus’s second-biggest bank, and restructure Bank of Cyprus, the largest lender on the island, undid the worst elements of the initial botched agreement. Savers with accounts below the €100,000 deposit-guarantee threshold will be spared. Losses will hit creditors of weak banks in line with the normal hierarchy: shareholders and junior bondholders first, followed by senior bondholders and uninsured depositors.

Cyprus, Seriously

The New York Times

MARCH 26, 2013, 4:42 PM

Paul Krugman

A correspondent whom I respect has (gently) challenged me to say plainly what I think Cyprus should do — leaving aside all questions about political realism. And he’s right: while I think it’s OK to spend most of my time on this blog working within the limits of the politically possible, and relying on a combination of reason and ridicule to push out those limits over time, once in a while I should just flatly state what I would do if given a chance.

So here it is: yes, Cyprus should leave the euro. Now.

Draghi Wins Cyprus Chicken Game in Bailouts Test Run

By Jeff Black - Mar 26, 2013 3:42 PM GMT+0200

Mario Draghi’s brinkmanship has worked -- for now.

The European Central Bank’s ultimatum to Cyprus to commit to a 10 billion-euro ($12.9 billion) rescue showed Draghi playing a harder and more public game than in any bailout before. While that’s easy enough with a country like Cyprus, officials may shirk from such tactics with bigger nations, said economists from Citigroup Inc. to ABN Amro Bank NV.

Cyprus Refuses to Learn From Its Mistakes

By HUGO DIXON | REUTERS

Published: March 24, 2013

http://www.nytimes.com/2013/03/25/business/global/25iht-dixon25.html?_r=0

The New York Times

Cyprus will pay dearly for its sins. The Mediterranean island has committed many follies over the years — and is still making mistakes.

The Cypriots always seem to overestimate their negotiating position. In recent years, their first big mistake was to reject in 2004 the U.N. plan for uniting their island. That irritated their E.U. partners, put Cyprus in a weak strategic position vis-à-vis Turkey and left a jagged scar across the island.