eu \essential\ to decide on greek aid today
Last Updated : GMT 20:25:07
Arab Today, arab today
Arab Today, arab today

EU: \'Essential\' to decide on Greek aid today

Arab Today, arab today

Arab Today, arab today EU: \'Essential\' to decide on Greek aid today

Brussels - AFP

Eurozone finance ministers met Monday with the aim of reaching a long-delayed agreement on immediate funding to avert bankruptcy for Greece and how to tackle the country\'s ever-growing mountain of debt. \"It is essential to take a decision on the disbursement of the next tranche ... in the course of today,\" Rehn said on arrival for the third meeting in two weeks on the thorny issue. \"Greece has delivered, now it\'s delivery time for the Eurogroup and the IMF,\" he added. At around 1500 GMT, a European diplomat said that the talks were \"taking a one-hour break\" for Treasury officials to \"do (new) sums.\" International Monetary Fund Managing Director Christine Lagarde said the talks would see all parties \"work towards a credible solution for Greece.\" The IMF has been pushing for a so-called \"haircut\" or write-down of debt by eurozone partner governments in the way banks wrote off most of the loans due to them earlier this year. German Finance Minister Wolfgang Schaeuble, whose government is one of several creditors opposed to such an approach, said he was \"confident we can reach a deal today. We have worked well.\" French counterpart Pierre Moscovici added: \"Let\'s assume our responsibilities and come out of this with a deal ... All the parameters for a solution are on the table.\" On Sunday, Moscovici said this could involve a combination of cuts in interest paid by Greece and profits made by central banks on Greek debt. Greece has been waiting since June for a loan instalment of 31.2 billion euros ($40 billion), part of a 130-billion-euro rescue granted earlier this year. In exchange, Athens has pledged to implement a new series of radical austerity measures to cut its annual overspending. But accumulated Greek debt has now grown to nearly 180 percent of gross domestic product (GDP) and is expected to rise to 190 percent by 2014. That is about three times the EU\'s 60-percent limit. The IMF, a major creditor in its own right, has insisted that the figure be brought back to 120 percent of GDP. This has brought forward the long-term issue of how to get Greece out of its debt trap and who should carry the cost. European Union (EU) leaders and the European Central Bank (ECB) have said they cannot take losses on loans to Greece. \"For once, it would seem, Greece can take none of the blame,\" said Carsten Brzeski, an analyst at ING bank. The Greek government, led by Prime Minister Antonis Samaras, pushed through a fresh batch of deeply unpopular cuts through parliament earlier this month. As well as the eurozone finance ministers and Lagarde, also in attendance are Mario Draghi, president of the ECB. The IMF and the ECB, with the EU, make up the troika of creditors which have insisted on Greece adopting the controversial austerity plan. They have decided to give Greece an extra two years, until 2016, to balance its books. But that means Greece\'s creditors would have to find another 32.6 billion euros to cover the cost of the two-year respite. With regard to the debt, Lagarde wants Greece to get this down to 120 percent of GDP by 2020. The head of the Eurogroup Jean-Claude Juncker favours a deadline of 2022. Merkel hostile to \"haircut\" --------------------------- Greece\'s private creditors have written off more than 100 billion euros in debt, and the IMF has urged the ECB, a public creditor, to accept this solution. But both the central bank and Germany have so far held out, saying it would violate EU mandates against bankrolling individual countries. German Chancellor Angela Merkel said Friday: \"I\'m against this debt write-off and I want to find another solution.\" One source close to the talks said that progress had been made during Saturday\'s round of telephone consultations. Ministers agreed to cut interest rates on loans which Athens had already signed up to, though they have yet to agree on a revised level, said the source. The ministers and the ECB have also agreed to lend back to Greece at least some of the gains made on the Greek bonds held by EU partners and the central bank. And they agreed in principle on a buyout of Greek debt using the eurozone bailout fund, said the source. According to one Greek ministerial source, the IMF might finally agree to move on this point, settling for a figure equal to 124 percent of GDP. Austrian Finance Minister Maria Fekter maintained that the eurozone \"needs the IMF\" to make any deal work.

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 \essential\ to decide on greek aid today eu \essential\ to decide on greek aid today

 



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 \essential\ to decide on greek aid today eu \essential\ to decide on greek aid today

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Prince's vision spurs new Cornwall village

GMT 03:12 2017 Saturday ,18 November

Prince's vision spurs new Cornwall village
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Israel ready to cooperate with Saudi

GMT 06:31 2017 Friday ,17 November

Israel ready to cooperate with Saudi
Arab Today, arab today Presenter Sherine Ramahi proud of her career

GMT 06:46 2017 Sunday ,19 November

Presenter Sherine Ramahi proud of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
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 Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Baidu speeds up AI progress

GMT 11:46 2017 Friday ,17 November

Baidu speeds up AI progress
Arab Today, arab today Hanan Metawe denies apology for “Major Treason”

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 08:06 2017 Wednesday ,15 November

Ayten Amer happy for “The Flood” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 06:13 2017 Friday ,17 November

Pope denounces healthcare inequality

GMT 05:18 2017 Thursday ,16 November

Boeing announces $27bn from flydubai

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
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