Arab Today, arab today eu mulls greece cash crunch options none good
Last Updated : GMT 14:58:46
Arab Today, arab today
Arab Today, arab today

EU mulls Greece cash crunch options, none good

Arab Today, arab today

Arab Today, arab today EU mulls Greece cash crunch options, none good

Greek PM Alexis Tsipras
Brussels - AFP

European governments are struggling to choose from a list of difficult options to help Greece meet its short-term cash needs while it waits for a bailout deal to be finalised, officials said on Tuesday.

Britain has already said it will resist contributing to any bridge financing to get Greece through several huge debt repayments while details are settled after Monday's landmark agreement.

"All of them seem to have disadvantages, legal objections," said Jeroen Dijsselbloem, the Dutch finance minister and head of the Eurogroup of eurozone finance ministers, as he met counterparts.

Finnish Finance Minister Alexander Stubb said it would be "difficult for any member states putting fresh money without conditionality."

"(But) I never underestimate the capacity of European lawyers and economists to come up with a solution," Stubb said.

Alexis Tsipras struck an 85 billion euro bailout deal with his eurozone partners on Monday that involves painful reforms and a parliamentary vote by Wednesday on key austerity measures.

But the deal will take at least several weeks to finalise and implement, and Greece's creditors estimate Athens needs 12 billion euros to get through mid-August.

Next Monday Greece owes the European Central Bank 4.2 billion euros and a default would force the ECB to cut-off emergency loans keeping Athens banks afloat.

Greece already on Monday missed a second debt payment to the International Monetary Fund in two weeks, bringing the country's arrears to the IMF to 2.0 billion euros, an unprecedented embarrassment for a developed nation.

Osborne reiterated that he would refuse any attempt to use EU rescue cash to bridge the financing gap.

"Britain is not in the euro, so the idea that British taxpayers are going to be on the line for this Greek deal is a complete non-starter," Osborne said in Brussels.

Britain believes that the European bloc in 2010 agreed to no longer tap an EU-wide emergency fund, the European Financial Stabilisation Mechanism (EFSM), to underwrite bailouts of eurozone countries.

Reports said that France as well as the European Commission were pushing to turn to the fund and would only require a weighted majority of member states to do so.

In another option that would certainly prove to be controversial, German Finance Minister Wolfgang Schaueble proposed that Greece issue IOU's to pay pensions and other domestic bills, thereby saving its scarce euros for debt payments.

But the creation of IOU's is also seen as a first step towards the return of the Greek drachma, and risks rekindling talk of Grexit that Monday's bailout deal was supposed to have buried.

Other options under consideration include bilateral loans from other eurozone countries or transferring 3.5 billion euros in profits on Greek bonds held by the ECB.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu mulls greece cash crunch options none good Arab Today, arab today eu mulls greece cash crunch options none good

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today eu mulls greece cash crunch options none good Arab Today, arab today eu mulls greece cash crunch options none good

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran blocks all Iraqi Kurdistan flights

GMT 13:07 2017 Monday ,25 September

Iran blocks all Iraqi Kurdistan flights
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday