eu bids to close book on greece reboot economy
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

EU bids to close book on Greece, re-boot economy

Arab Today, arab today

Arab Today, arab today EU bids to close book on Greece, re-boot economy

Brussels - AFP

EU leaders cleared all but the final hurdles to an unprecedented new Greek bailout Thursday as they began debating ways to turn the page on the crisis by injecting fresh life into strained economies. With recession returning to the eurozone after two years of austerity, EU president Herman Van Rompuy signalled the need for a new agenda as a two-day European Union summit kicked off. "I'm not saying we are out of the rut but we have reached a turning-point in the crisis," Van Rompuy said. "The crisis is not over and we must remain vigilant but everything we have done is now bearing fruit." An advance deal to approve provisionally the first part of a second bailout for debt-mired Greece cleared the way for the summit to open a fresh debate on how to get Europe's economy motoring again. Greece's debts run to 350 billion euros ($466 billion) and the eurozone rescue package will throw 237 billion euros at the problem, with top-up aid from the International Monetary Fund. The first part of the bailout involves private investors in Greek government bonds agreeing to a write-down wiping out 107 billion euros of debt.  Once that is accomplished, the other 130 billion euros in loans can be made. Ahead of the talks, which saw French President Nicolas Sarkozy delayed, eurozone finance ministers said Greece had fulfilled the majority of a long list of conditions set last month. Governments though kept pressure on private investors for another week. German Finance Minister Wolfgang Schaeuble said the "freeing-up" of taxpayer loans would depend on the take-up of tough terms negotiated with private investors over months and would finally be done "provisionally in a conference call next Friday," March 9. "We will check next week the state of play on PSI and this case should therefore be wrapped up in a positive way," said Italian Prime Minister Mario Monti said, referring to the Private Sector Initiative write-down deal.  Insurers in London also provided a boost when they said they would not trigger default insurance payouts as a result of the PSI terms, a big worry last year. As acceptances of the swap terms are compiled over the next couple of weeks, eurozone governments through the European Central Bank (ECB) will put in place temporary guarantees worth 35 billion euros in case things go wrong. The debate on growth -- ranging from proposals to liberalise trading links with the United States and China, to revamping Europe's patchwork of tax systems -- followed new figures earlier in the day showing unemployment at a record high 10.7 percent across the 17-nation eurozone. A statement drafted for the leaders demands an "urgent" rethink on how to reach a two-year-old target to boost employment among adults to 75 percent -- when more than 24 million people are out of work across the EU. British Prime Minister David Cameron was one of 12 leaders pushing for a liberal trade-inspired revamp of EU economic policy but diplomats said not all of the ideas put forward also by Italy, but not Germany and France, would survive the debate. "The aim is to get as many of those measures approved as possible," Cameron said on arrival. Schemes for a cross-border corporation tax and a levy on the financial sector cherished by the French and supported by a minimum quorum would likely generate opposition. The summit was also to see Van Rompuy confirmed in a new 30-month mandate as EU head and also chief overseer of the eurozone. A treaty designed to ensure there will be no repetition of the massive debts that felled Greece, Ireland and Portugal will be signed on Friday morning, which German Chancellor Angela Merkel termed a "first step towards a stability union."

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*

eu bids to close book on greece reboot economy eu bids to close book on greece reboot economy

 



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*

eu bids to close book on greece reboot economy eu bids to close book on greece reboot economy

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday