Arab Today, arab today greece needs debt deal this weekend
Last Updated : GMT 16:15:29
Arab Today, arab today
Arab Today, arab today

Greece needs debt deal this weekend

Arab Today, arab today

Arab Today, arab today Greece needs debt deal this weekend

People walk past a mural
Brussels - AFP

The leaders of Germany and France warned Greece that it must reach a debt deal with its creditors at "decisive" talks on Saturday to avert default and a possible euro exit.

Angela Merkel and Francois Hollande sang from the same hymn sheet after yet another meeting of eurozone finance ministers broke down Thursday without an agreement to free vital bailout funds.

Athens needs the money to cover a huge 1.5 billion euro ($1.7 billion) IMF debt bill that falls due on June 30, failing which its position in the single currency and even the European Union could be at risk.

"We have to keep working because time is pressing and the Eurogroup (eurozone finance ministers) on Saturday will have a decisive importance," Chancellor Merkel said early Friday after an EU summit in Brussels.

"All the leaders supported the idea that everything must be done to find a solution on Saturday."

The French president said he would help work for a "durable" deal for Greece, whose leftist government has haggled over reform demands from its EU-IMF creditors since its election in January.

"I consider that the meeting on Saturday is crucial because time is up on June 30, when the Greeks must meet their payment obligations, there are national parliaments that have to meet," he said.

- 'Conclude this process' -

The talks between the finance ministers of the 19-country currency union had been meant to produce a deal that EU leaders could rubber stamp at their summit.

But they broke down acrimoniously, with Greece and its creditors even producing rival plans for the ministers amid differences on pensions, value added tax and spending cuts.

The EU leaders held two hours of unscheduled talks on Greece at their summit on Thursday.

EU President Donald Tusk ruled out the possibility of a special summit of eurozone leaders like the one he called on Monday in a futile bid to resolve the crisis.

"Another Eurosummit is not foreseen. Leaders expect the Eurogroup to conclude this process at their meeting on Saturday," he tweeted.

In a sign of the passions involved, dozens of anti-austerity protesters waving Greek flags gathered at the police barricades around the summit and chanted slogans against the "Troika", as the three creditor institutions used to be known, an AFP reporter said.

Greece needs creditors to unlock the remaining 7.2 billion euros in its bailout to pay the IMF at the end of the month but the lenders have refused until Athens agrees to new reforms.

Marathon meetings between Greek Prime Minister Alexis Tsipras, whose anti-austerity Syriza party won elections in January, and the heads of the European Commission, European Central Bank and International Monetary Fund, Greece's main creditors, ended with no deal on Thursday morning.

Tsipras earlier insisted that a deal was still possible.

"After the comprehensive Greek proposals, I'm confident we'll reach a compromise that will help the eurozone and Greece to overcome the crisis," Tsipras said as he arrived at the summit.

- IMF dismisses default 'speculation' -

The IMF meanwhile said that it believes Greece will make the payment.

Talk of a default is "all speculation, because we're expecting the payment to be made on June 30 and that's what the Greek authorities have said publicly," said IMF spokesman Gerry Rice.

Rice added that if the payment is missed Greece will immediately be declared in arrears, cutting its access to IMF aid.

New plans submitted Sunday by Greece would produce eight billion euros in additional funds, mostly through new taxes on the wealthy and businesses, VAT increases and a cut in defence spending.

But in counter-proposals handed to Greece on Wednesday, creditors called for further savings on pensions, higher VAT for restaurants, and for defence expenditure to be slashed by 400 million euros instead of the proposed 200 million euros.

Athens has warned any accord would need to be approved by parliament, probably on Sunday, which risks splitting Tsipras's Syriza party, where many view him as reneging on election promises.

Any Greek agreement must also look to the future, with EU officials suggesting an extension of the bailout until the end of the year, followed by a possible third aid package to keep Greece afloat.

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 greece needs debt deal this weekend Arab Today, arab today greece needs debt deal this weekend

 



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 greece needs debt deal this weekend Arab Today, arab today greece needs debt deal this weekend

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
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 IS caliphate's end 'in sight' after Raqa fall

GMT 14:48 2017 Sunday ,22 October

IS caliphate's end 'in sight' after Raqa fall
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
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 EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
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