Economy

Germany 'confident' on deal to release funds to Greece

Germany 'confident' on deal to release funds to Greece”

Athens is set to get a payout of 8.5 billion euros to meet debt payments due in July and avoid another summer of Greek crisis.

Christine Lagarde, managing director of the International Monetary Fund, on Thursday unveiled a plan that will unlock some new funding for Greece. Some debt repayments could be delayed by 15 years. Also, following a recommendation from the new French government of President Emmanuel Macron, the possibility was raised of linking Greek repayments to growth, which could mean debt repayments being postponed in the event of an adverse shock.

Dijsselbloem said Thursday at the conclusion of the meeting of the eurozone's 19 finance ministers that an agreement was forged "on all elements".

European Union Currency Commissioner Pierre Moscovici said he expects Greece and its worldwide lenders to reach a compromise deal on new loans this week and that a "fair solution" will be found on debt relief. "We wanted a full clarity for the flawless to be the enemy of the good", added Tsakalotos, that did not fail to thank the Ministry, the Greek MPs and the new French finance minister Bruno Le Maire for his hard work since he received office to persuade all sides towards a fairer conclusion for Greece.

Greece says it has done its part after legislating further pension cuts and tax hikes demanded by lenders to convince the International Monetary Fund to participate.

Weissgerber, asked by reporters whether there might be a need for heads of government to meet over the issue, said that "in this case the Eurogroup is the body that's responsible". It needs to be a "success", he added. He said the best Greece could hope for is some sort of limited debt relief deal in 2018, which will likely be agonizing to extract from Europe but still won't solve Athens' woes.

In Berlin, Juerg Weissgerber, a spokesman for Germany's finance ministry, said Schaeuble recently expressed optimism that an agreement would be reached. The country remains dependent on bailout loans from other eurozone governments.

More news: Sherlock Creators Mark Gatiss and Steven Moffat Developing Dracula TV Series

To bridge the wide differences in assumptions on Greek growth for the next decades, France proposed to link the size of the debt relief with Greek economic growth and euro zone ministers said they would work on that idea further.

In Athens, some 1,500 pensioners gathered to protest against more than a dozen rounds of pension cuts since bailout-induced austerity was enforced seven years ago.

"We can't live on 300 euros" they chanted, with some waving sticks.

Despite years of austerity since Greece was first bailed out in 2010, the country's debt burden still stands at about 320 billion euros (£280 billion), or around 180% of annual gross domestic product.

As a result, the main point of interest of Thursday's meeting of eurozone finance ministers is on the debt relief discussions.

According to the Greek finance minister Euclid Tsakalotos, even if Greece seemed full clarity until the end of the programme, June's Eurogroup agreement guarantees "much greater clarity for both Greek people and financial markets".



Like this

loading...
loading...

Latest


22 June 2017
Record 65.6 Million People Displaced Worldwide, Says UN
IRIN's coverage of refugees and forced displacement is year-round and not dependent on how many boats arrive in Italy or Greece. It is among the top three countries along with Syria and Afghanistan accounting for 55 per cent of refugees worldwide.

22 June 2017
Scooter turns slugger, ties MLB record with 4 homers
Mitch Moreland and Hanley Ramirez went back-to-back in the fourth, and Andrew Benintendi hit a long solo home run in the fifth. Zack Cozart went 2 for 3 with a double, while Billy Hamilton and Joey Votto added base hits as well in the win.

22 June 2017
Mattis Issues Stark Words To North Korea Over Otto Warmbier's Death
American concern is growing over North Korea's acceleration toward having a nuclear missile that can strike the US mainland. Following the meeting, China's role was one of the administration's main talking points in explaining North Korea .

22 June 2017
Prosecutor opposes media efforts to obtain names of Cosby trial jurors
Following a series of complaints against him, he had to face three felony charges of second-degree aggravated indecent assault . The judge declined to do so while the trial was going on, but indicated he would consider releasing the names after the trial.

22 June 2017
Big Yellow Group plc (BYG) Rating Reiterated by Goldman Sachs Group, Inc
Big Yellow Group PLC is a United Kingdom-based company, which is engaged in the provision of self-storage and related services. It also has interests in industrial assets that include mining, smelting, refining and warehousing operations.

22 June 2017
US soldiers killed in apparent insider attack in Afghanistan
In April, the Taliban launched their "spring offensive" against Afghan and worldwide forces stationed in the war-torn country. Taliban spokesman Zabihullah Mujahid was quoted by Reuters as saying that over 100 policemen were killed or wounded.

22 June 2017
Tapwrit Surges Past Irish War Cry to Win 2017 Belmont Stakes
Tapwrit Trainer Todd Fletcher got his third career win at the Belmont after he trained Derby victor Always Dreaming . But I'm not sure I'm going to go with him. "Unbelievable", Jose Ortiz said of his first Belmont victory.

22 June 2017
Defense Secretary Mattis condemns North Korea following Otto Warmbier's death
His doctors at the University of Cincinnati Medical Center described him as being in a state of " unresponsive wakefulness ." . I am encouraged that we're calling for, pressing for the release of the three remaining Americans in North Korean custody.

22 June 2017
What happened to Otto Warmbier? Ex-detainee believes torture possible
The Warmbier family's "objection to an autopsy was honored", the office said, and only an external examination was performed. The coroner's office daily report Tuesday included Warmbier in its listings with cause of death termed "pending".

22 June 2017
US authorities investigating terror link to Michigan Airport stabbing
Radio-Canada reported that police questioned three people but did not search the apartment. "I never had any problems with him". Cherie Carpenter of tells Flint TV station WJRT she saw the attacker's face Wednesday morning at Bishop International Airport.