Showing posts with label Third Memorandum. Show all posts
Showing posts with label Third Memorandum. Show all posts

Thursday, June 8, 2017

UPDATE 1-Greece targeting sub-5 percent yields for market return

Wed Jun 7, 2017 | 2:17pm EDT


* 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

Greece Calls on Europe to Offer Growth Incentives, Help Break Debt Impasse

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.

Wednesday, June 7, 2017

Greek Ruling Party Says IMF Debt Proposal Not Helpful in Impasse

By REUTERSJUNE 6, 2017, 10:12 A.M. E.D.T.

The New York Times

ATHENS — A proposal by IMF Chief Christine Lagarde offering a way out of Greece's debt impasse with its European lenders does not contribute towards reaching an "honourable solution," Greece's ruling Syriza party said on Tuesday.

Greece to Launch New Tender for Gas Grid Sale in June-Energy Minister

By REUTERSJUNE 6, 2017, 10:21 A.M. E.D.T.
The New York Times

ATHENS — Greece will launch a new tender competition for the privatisation of its natural gas grid operator DEFSA in June, Energy Minister George Stathakis said on Tuesday.

Stathakis announced the tender in an interview with Greek news website without disclosing details.

Tuesday, June 6, 2017

Despite Economic Problems, Greece's Tourism Looking Good In 2017

JUN 5, 2017, 11:23 AM



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.

Friday, June 2, 2017

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


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.

Wednesday, May 31, 2017

Greece denies report it may opt out of receiving more bailout money

Tue May 30, 2017 | 10:34am EDT


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.

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.


Wednesday, May 24, 2017

Greece Has the Resources to Heal Itself

But it will have to curb tax evasion or remain an eternal ward of the euro zone.
By Leonid Bershidsky


23 May 2017

The euro area's finance ministers again failed to come to an agreement on debt relief for Greece. No surprise there. Hammering out the details would force them to accept an uncomfortable reality: Greece won't be ready to tap private debt markets for years to come. In the meantime, if it wants to get off life support, it will have to find a way to cut tax evasion.

Monday, May 22, 2017

German foreign minister Gabriel demanded debt relief for Greece

Deutsche Welle

Shortly before an Euro Group meeting, German foreign minister Sigmar Gabriel demanded debt relief for Greece. Indirectly, Gabriel is standing up against fellow German cabinet minister Wolfgang Schäuble.

See video of Mr Gabriel's speech here:

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.

Tuesday, May 16, 2017

Greece cuts 2017 growth forecast

Sat May 13, 2017 | 5:24pm EDT


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.

Friday, May 5, 2017

PM Tsipras says Greece has done its bit, now wants debt relief

 Thu May 4, 2017 | 4:46pm EDT


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.

Tuesday, May 2, 2017

Pledging more austerity, Greece cuts deal with lenders

Tue May 2, 2017 | 3:47am EDT


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.

Thursday, April 27, 2017

I.M.F. Torn Over Whether to Bail Out Greece Once Again


The New York Times

WASHINGTON — As the International Monetary Fund approaches the seventh anniversary of the contentious Greek bailout, it is torn over whether to commit new loans to a nearly bankrupt Greece.

For more than a year, I.M.F. officials have been saying — loudly — that they cannot participate in a new rescue package for Greece unless Europe agrees to ease Greece’s onerous debt burden.

Greece will legislate reforms but implementation hinges on debt relief: PM

Tue Apr 25, 2017 | 1:08pm EDT


Greece will legislate additional reforms sought by its lenders but implementing them in 2019 and 2020 is contingent on securing further debt relief, Prime Minister Alexis Tsipras said on Tuesday.

Tuesday, April 25, 2017

Deutsche Invest highest bidder for Greece's Thessaloniki Port

 Mon Apr 24, 2017 | 8:49pm IST


German private equity firm Deutsche Invest Equity Partners was the highest bidder for a majority stake in Greece's Thessalonki Port with 231.9 million euros, the country's privatisation agency HRADF said on Monday.

Friday, April 21, 2017

Greece Hits a Bailout Target. The IMF Is Not Convinced

by Sotiris Nikas
20 Απριλίου 2017, 10:19 π.μ. EEST


Greece achieved a 2016 primary surplus almost seven times higher than its bailout target, but the International Monetary Fund is skeptical the country can sustain that performance.

The Hellenic Statistical Authority is set on Friday to unveil data on last year’s primary surplus, which Eurostat is expected to validate on Monday. The surplus will be close to 4 percent of gross domestic product, according to a finance ministry official who asked not to be identified in line with policy. The bailout target was for a primary surplus of 0.5 percent of GDP.

Greece attains primary surplus of 3.9 pct of GDP in 2016- stats service

Fri Apr 21, 2017 | 5:24am EDT


Greece improved its public finances last year, achieving a general government surplus of 0.7 percent of gross domestic product compared to a 5.9 percent of GDP deficit in 2015, the country's statistics agency ELSTAT said on Friday.

Monday, April 10, 2017

EU should consider billion-euro investment boost for Greece - Austrian finmin

 Mon Apr 10, 2017 | 3:46am EDT


The European Union should consider a one-billion-euro ($1.1-billion) special investment programme to spur growth in debt-ridden Greece, Austria's finance minister told daily Der Standard in an interview published on Monday.

Hans Joerg Schelling said Greece would only be able to get back on track and regain access to capital markets if it was able to generate sustainable growth in the mid- and long-term. It was important to help the country participate in a pick-up in growth in the euro zone, he added.