Arab Today, arab today eurozone to meet on greek aid debt accord extension
Last Updated : GMT 18:40:24
Arab Today, arab today
Arab Today, arab today

Eurozone to meet on Greek aid, debt accord extension

Arab Today, arab today

Arab Today, arab today Eurozone to meet on Greek aid, debt accord extension

Brussle - AFP

Eurozone ministers and officials are to hold a series of potentially critical meetings on Greece next week to decide whether it has done enough to get its next aid tranche and so avoid bankruptcy. At the same time, the ministers are looking at a Greek request for the terms of its bailout to be extended by two years to 2016, allowing it to spread out the pain of the tough austerity measures it has agreed to in return for help. The problem, however, is that an extension could add up to 30 billion euros ($39 billion) to an already huge bailout bill, making it a contentious and difficult option at best. A spokesman for the head of the eurozone finance ministers\' group, Jean-Claude Juncker, said Friday that they would hold a conference call on Wednesday. \"For the moment, no other meetings have been arranged,\" the spokesman added. European sources meanwhile said they did not expect any final decision to be taken Wednesday but that would depend on what was accomplished Monday by a Euro Working Group of senior eurozone officials. \"We should be able to see better after that,\" one of the sources said. Monday\'s meeting is to review Greek progress on its bailout economic targets to see if it has finally met terms that allow payment of the next, crucial aid tranche worth 31.5 billion euros ($40.7 billion). Greek Prime Minister Antonis Samaras has been trying to persuade his coalition allies to accept new austerity measures to close that deal but they have baulked at labour reforms demanded by the \'troika\' of creditors. Without the aid payment, Samaras has warned, the country could be broke by the middle of next month. Monday\'s meeting will also look at Greece\'s request to extend the length of its debt rescue\'s terms as the country spends a sixth year deep in recession. Greece obtained an EU-IMF bailout of 110 billion euros in 2010 but had to go back again in 2011, agreeing a deal which included 130 billion euros in new aid and more than 100 billion euros in a radical write-down of government debt held by private creditors. \"The debate is focused on the extension but the first step is the confirmation by the troika (the EU, International Monetary Fund and European Central Bank) that the aid payment can be made,\" one European source said. The cost of an extension for Greece would be \"between 20 and 30 billion euros ... On the extension, things are moving but we must establish the cost involved and how it would be financed,\" another source said. Such a sum would be \"a new cost and a new political problem but 20 billion euros, when put in context, it is not catastrophic but it is politically difficult,\" the source added. The source said the eurozone would not agree to another restructuring of Greek debt nor give it a new loan. As for cutting the interest rate charged on the rescue loans, that was difficult because other bailed-out countries -- so far Ireland and Portugal -- would demand the same, the source said. Another problem is that Greece, with the programme extended, could miss the key target of reducing its total debt to 120 percent of Gross Domestic Product by 2020, a point the IMF is very focused on. Next week\'s meetings come as the Eurogroup prepares for a formal gathering on November 12 when Greece will likely top the agenda with Spain, which at one point looked as if it too would need a bailout, close behind.

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 to meet on greek aid debt accord extension Arab Today, arab today eurozone to meet on greek aid debt accord extension

 



Arab Today, arab today
Arab Today, arab today Ideen Belmahdy happy to be part of “ Fashion Star”

GMT 17:00 2017 Sunday ,26 February

Ideen Belmahdy happy to be part of “ Fashion Star”
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 14:44 2017 Saturday ,25 February

China overtakes US as Germany’s top trade partner

GMT 05:53 2017 Saturday ,25 February

Global sovereign debt to hit new all-time high

GMT 05:17 2017 Saturday ,25 February

Oil world cautious on Trump’s next move

GMT 09:59 2017 Friday ,24 February

Baidu revenue slips anew amid ad clampdown

GMT 05:20 2017 Thursday ,23 February

WTO ratifies first multilateral trade deal
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 13:47 2017 Friday ,24 February

Rabia Fatima reveals role of "Facebook" in her career

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre
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