Arab Today, arab today europe bids for time in greek bailout \quarrel\
Last Updated : GMT 14:10:26
Arab Today, arab today
Arab Today, arab today

Europe bids for time in Greek bailout \'quarrel\'

Arab Today, arab today

Arab Today, arab today Europe bids for time in Greek bailout \'quarrel\'

Brussels - AFP

Europe on Thursday sought to buy time amid costly squabbling over a second bailout for Greece as Athens fought to stave off a bankruptcy that would place huge strain on the euro. French President Nicolas Sarkozy said Europe \"must leave behind national quarrels to rediscover our sense of a common destiny,\" on the eve of crunch talks with German Chancellor Angela Merkel aimed at finding a way to share the bailout burden between taxpayers and private sector banks. \"What we need more than anything today is unity,\" Sarkozy said. \"Without the euro, there is no Europe and without Europe there is no possible peace and stability. We have no right to damage the euro.\" His rallying cry came as embattled Prime Minister George Papandreou attempted to form a new unity government in Athens and as the clock ran down ahead of a European Union summit in Brussels next week which was meant to sign off on a second debt bailout accord. Deeply divided over how to bring on board the private sector after a breakdown in talks among finance ministers this week in Brussels, the EU\'s economic affairs commissioner Olli Rehn pointed to a short-term fix. Rehn said that backers from the 17-nation eurozone should agree at 11th-hour talks in Luxembourg on Sunday and Monday to provide Greece with their 8.7-billion-euro share of a 12-billion-euro fifth tranche of loans due to Athens under last year\'s 110-billion-euro bailout. He said he expected the 3.3-billion-euro portion due from the IMF, which has been in doubt following an expert review of Greek economic reforms and awaiting political approval in Athens, to follow. In Washington, the International Monetary Fund said it could renew its support provided reforms and additional austerity measures agreed with the Greek government get through the country\'s parliament. With Greek bond yields still rising on Thursday following massive protests on the streets of Athens, Rehn also urged European decision-makers to put aside their differences \"at this critical juncture.\" But he stressed that commitments as to the scale and scope of the second Greek rescue package -- tipped to be almost as big as the first -- could be thrashed out later, at a eurozone meeting on July 11. In that event, \"the funding of the Greek sovereign debt can now be ensured until September, while we take the decisions for the medium-term, beyond September, in July,\" Rehn stressed. An EU diplomatic source told AFP that the fine detail of that medium-term financing deal could actually wait until September. That outcome could mean a breakthrough in the current stalemate over how to nudge banks, pension funds and insurers into restructuring their existing debt exposure to Greece over a longer timeframe. Merkel heads a group of blue-chip eurozone economies bent on pressing private investors to contribute up to a third of the second rescue package by accepting later repayment on the Greek bonds they hold. Sarkozy on the other hand backs the European Central Bank (ECB) and the European Commission, which want the private sector to contribute on a \"voluntary\" basis to a second bailout, hoping thereby to avoid any action which the key credit ratings agencies would deem to be tantamount to a default. Rehn said the new phased approach \"will avoid the default scenario\" but warned that responsibility also fell on the shoulders of the Greek authorities and its political leaders. \"We expect the Greek parliament to endorse the economic reform programme as agreed by the end of June,\" he said, referring to more public sector cuts, increased taxes and a vast swathe of state sell-offs. After months trying to come up with a \"comprehensive solution\" for the June 23-24 summit, finding a way to manage Greece\'s 350-billion-euro debt mountain has taken on sudden urgency as the government in Athens faces meltdown. Defections by governing party lawmakers have seen it teeter on the brink of collapse as tens of thousands of protesters mount vigils, sometimes violent, opposing the additional austerity measures demanded by the international community in exchange for further help.

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 europe bids for time in greek bailout \quarrel\ Arab Today, arab today europe bids for time in greek bailout \quarrel\

 



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 europe bids for time in greek bailout \quarrel\ Arab Today, arab today europe bids for time in greek bailout \quarrel\

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
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 Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
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 Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
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 Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
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 Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

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 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
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