Arab Today, arab today greece\s creditors leave athens
Last Updated : GMT 22:16:10
Arab Today, arab today
Arab Today, arab today

Greece\'s Creditors Leave Athens

Arab Today, arab today

Arab Today, arab today Greece\'s Creditors Leave Athens

London - Arabstoday

The representatives of Greece\'s private creditors left Athens unexpectedly on Saturday without a deal on a debt swap plan that is vital to avert a disorderly default, sources close to the negotiations told Reuters. Negotiations will continue over the phone during the weekend but it is unlikely that an agreement can be clinched before next week, the sources said, as Athens races against the clock to strike a deal. A lot of progress has been made on the details of the plan during talks between Athens and Institute of International Finance chief Charles Dallara, sources say, but any deal needs the approval of the IMF and euro zone countries, who insist on a substantial cut in the debt load. The IMF and EU countries, and in particular the bloc\'s paymaster Germany, want to make sure the deal puts Greece\'s derailed finances back on a sustainable track before they agree to a new, 130-billion euro bailout, which is also crucial to avoid a messy default. The IMF insists the debt swap deal must ensure Greece\'s debt burden will be cut to 120 percent of GDP by 2020 from 160 percent now, as agreed at an EU summit in October, and has warned that this is made more difficult by the fact that Athens\' economic prospects have deteriorated since. \"Things are complicated, we are getting closer on the numbers but there is still quite some work ahead,\" one source close to the talks said. \"Discussions will continue over the phone this weekend but an agreement is unlikely before next week, if there is an agreement at all.\" A meeting Monday of euro zone finance ministers will be crucial for the debt swap talks. \"We will want to test the waters among member states because given the complex connections between private sector and official funding elements, we have to have the backing of member states for a deal,\" a senior EU source told Reuters. \"The outcome in terms of achieving the debt-to-GDP target will depend on how the debt sustainability analysis is constructed, which is not a precise science but at most a form of art,\" the source said. A new analysis of Greece\'s debt sustainability could be ready before Monday\'s Eurogroup, or by mid-week, the source said. The IIF said on Friday that the elements of the deal were coming into place, adding: \"Now is the time to act decisively and seize the opportunity to finalise this historic deal and contribute to the economic stability of Greece, the euro area and the world economy.\" The statement seemed to be addressing Greece\'s official lenders, the EU and the IMF, who have driven a hard bargain behind the scenes of the negotiations, insisting that the deal must slash Greece\'s debt substantially, sources in Athens said. \"The euro zone ministers will examine the proposal and say whether we have a deal. If they say we don\'t, we\'re back to the negotiating table,\" said a banking source close to the talks. Private bondholders will likely take a hit of 65 to 70 percent on their holdings, with Greece\'s new bonds featuring 30-year maturity and a progressive coupon, or interest rate, averaging out at 4 percent, another banking official close to the talks told Reuters. A 15 percent cash sweetener will be made up of short-term bonds from Europe\'s temporary bailout fund, the European Financial Stability Facility (EFSF), two sources told Reuters. Haggling over the coupon had held up the long-running talks as Greece raced to wrap up an agreement, raising the prospect of a messy default when Athens faces 14.5 billion euros ($18.5 billion) of bond repayments in March.

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\s creditors leave athens Arab Today, arab today greece\s creditors leave athens

 



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\s creditors leave athens Arab Today, arab today greece\s creditors leave athens

 



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 unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
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 tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
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 All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
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 Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
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 Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

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