Arab Today, arab today eurozone ready to give greece time but not extra money
Last Updated : GMT 13:19:18
Arab Today, arab today
Arab Today, arab today

Eurozone ready to give Greece time, but not extra money

Arab Today, arab today

Arab Today, arab today Eurozone ready to give Greece time, but not extra money

Nicosia - AFP

The eurozone now accepts Greece will need more time to meet economic targets under its delayed bailout, but ministers maintained on Friday that there will be no \"third aid programme\" for the debt-wracked country. Amid international tensions over the perennial struggle in Athens to meet conditions for hundreds of billions of euros of loans, IMF managing director Christine Lagarde joined talks in Cyprus to update on the latest findings from \"troika\" inspectors on the ground. No formal decisions or agreements were due, and there was even less expectation of any breakthrough in the stalemate over Spanish banking and sovereign debt or Irish hopes of winning help for its banks on the back of Madrid\'s deal. But the change of tone on Greece in Nicosia was significant, as the \"troika\" of international lenders -- the EU, IMF and the European Central Bank -- ploughs on towards a summit of EU leaders on October 18-19 that is clearly shaping up as the next Greek crunch moment. A group of key Eurogroup finance ministers have now converged around a growing consensus to give Athens \"more time\" to deliver on its end of the second, 130-billion-euro bailout originally agreed in March, but \"not extra money.\" \"If the deficit turns out to be somewhat worse than expected because of a temporary downturn in the economy, there could be some more time -- but not money, not extra money,\" said Dutch Finance Minister Jan Kees De Jager. \"There could be no time for delaying measures because it\'s in the interests of Greece and the people of Greece that reform measures will continue,\" he underlined. Austria\'s Maria Fekter adopted the same line, saying \"we will give them the time they need for that but probably not more money,\" the day after France\'s Pierre Moscovici offered the possibility of some flexibility following a meeting with Greek Prime Minister Antonis Samaras in Athens. In Washington on the eve of the talks, International Monetary Fund spokesman Gerry Rice had also said: \"There are good arguments to extend the period for Greece to implement its fiscal adjustment. \"We said such an extension would be dependent on the ability of financing,\" Rice said. A diplomat attending the talks told AFP that the message ministers were sending out was there there would be no third package of loans to Greece. \"Obviously more time means some more cost along the way, but when ministers say no more money, they mean no third aid programme,\" he said. \"The Greeks are telling us here they are adequately financed until mid-October.\" Tensions on the financial markets have eased this week following the European Central Bank\'s controversial plan to buy bonds of struggling states and the Germany\'s highest court\'s move to clear a new European firewall aimed at fighting the debt crisis. The ministers were to be joined after lunch by non-euro counterparts, for a first detailed discussion of European Commission legislative proposals for EU-wide bank supervision led by the European Central Bank. German Finance Minister Wolfgang Schaeuble sent a few flutters running first thing when he said he could not envisage direct recapitalisation of banks through the European Stability Mechanism \"as early as January\". At the last EU summit in June, leaders agreed to give the revamped 500-billion-euro ($645 billion) ESM rescue fund the potential to recapitalise banks directly, currently not an option. However, this depends on agreeing the revamped supervisory regime by the turn of the year. Without direct recapitalisation through the ESM, Spain, whose public debt already reached a record 75.9 percent of output at end-June, would have to put advance borrowings onto sovereign debt accounts, pushing it closer to needing a full sovereign bailout. A diplomat said there would be nothing concrete on Spain at these talks, underlining: \"There\'s a long way to go on that, we have until the end of the year.\" Spanish Finance Minister Luis de Guindos stuck to Madrid\'s line that economic projections were \"on the right track\" and therefore that Spain did not expect Eurogroup partners to lay down any new conditions beyond those already agreed were it to need sovereign as well as banking-sector aid. Spain has secured a deal for a banking sector rescue loan of up to 100 billion euros, but Prime Minister Mariano Rajoy, now facing stirrings of revolt in independence-minded Catalonia, fears a political backlash if a sovereign bailout comes with new strings attached.

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 eurozone ready to give greece time but not extra money Arab Today, arab today eurozone ready to give greece time but not extra money

 



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 eurozone ready to give greece time but not extra money Arab Today, arab today eurozone ready to give greece time but not extra money

 



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 A no-frills business success

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success
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 Israel sees benefits in independent Kurdistan: experts

GMT 07:58 2017 Wednesday ,20 September

Israel sees benefits in independent Kurdistan: experts
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 New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
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 Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Horia Farghaly happy for success of “Case G”

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 11:40 2017 Monday ,18 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

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