Arab Today, arab today eurozone down to wire on greek bailout
Last Updated : GMT 05:58:47
Arab Today, arab today
Arab Today, arab today

Eurozone down to wire on Greek bailout

Arab Today, arab today

Arab Today, arab today Eurozone down to wire on Greek bailout

Brussels - AFP

Eurozone finance ministers meet in Brussels Monday with time running out if they are to close a new 230-billion-euro ($300 billion) bailout package for Greece and avert a chaotic default. After several false starts during weeks of difficult negotiations, the ministers are scheduled to start meeting at the EU headquarters from 3:30 pm (1430 GMT), bidding to greenlight terms on an exchange of bonds held by private investors, the launch of which is pencilled in for Wednesday. They hope this key step can quell mounting suggestions that Athens could be pushed out of the common currency area. Designed to write off 100 billion euros of Greek sovereign debt, new IOUs would be issued in return for giving up rights on old bonds that have already lost market value. Fellow eurozone governments would also inject another 130 billion euros in sweeteners for Greek banks, guarantees covering the weeks-long legal bond-swap window and eventual cash loans to the government in Athens. But full delivery, as well as IMF assistance, will be contingent on EU-ordered spending cuts and reforms bearing fruit. For the caretaker Greek government led by Lucas Papademos, financial aid is needed to meet bond repayments of 14.5 billion euros due March 20. Papademos flew into Brussels late Sunday for 11th-hour talks before attending Monday\'s Eurogroup. In Washington, Treasury Secretary Timothy Geithner said the emerging deal was \"deserving of support of the international community and the IMF.\" The Group of 20 major economies will meet later this week in Mexico seeking to boost IMF lending resources. After weeks of what officials said was \"deliberate pressure\" to get the ruling class in Athens to change its economic mindset, the new bailout has been likened to the aid equivalent of a hospital drip. Germany and The Netherlands still need to get the second bailout past sceptical parliaments. A small army of European Union officials is building up in Athens to make sure Greece delivers on pledges including a 22 percent reduction in the country\'s minimum wage and a 12-percent cut to pensions of more than 1,300 euros a month. EU partners see Greece as the victim of chronic financial mismanagement by dynastic political forces -- what Italian Prime Minister Mario Monti last week called a \"perfect catalogue\" of errors. But the Italian government said Friday that German Chancellor Angela Merkel, Monti and Papademos were \"confident that a deal can be reached\" on Monday. Both Italy, with national debts nearly four times greater than Greece\'s at 1.3 trillion euros, and Spain, where hundreds of thousands of anti-austerity protesters took to the streets on Sunday, risk renewed financial-market contagion if the deal breaks down. Parking the Greek problem to one side would allow eurozone leaders to focus on building a financial firewall for the currency as a whole at a March 2 euro summit. After fresh protests in Athens too, the sense Greece is effectively being placed under wardenship remains sensitive, ahead of a general election in April. But eurozone partners say surveillance of day-to-day management on the ground is critical after the failure of an initial 110-billion-euro EU-IMF rescue package approved nearly two years ago. On top of 3.2 billion euros in the latest spending cuts, Greece also agreed to open an \"escrow\" account, which would ring-fence monies due to be repaid to governmental creditors, with just enough \"incentive,\" as one source said, to encourage taxation reform and privatisations. Discussions among tight-lipped officials were taking place in Brussels in the small hours of Monday morning. ith debt reduction targets having veered off course and Greece now in a fifth year of recession, a senior official told AFP there was a 5.5-billion euro hole in the headline sums first agreed in October. Remedial ideas include lowering the interest on past eurozone loans to Greece as well as bond swaps for national central banks and by extension the European Central Bank, although each brings its own problems.  

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 down to wire on greek bailout Arab Today, arab today eurozone down to wire on greek bailout

 



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 down to wire on greek bailout Arab Today, arab today eurozone down to wire on greek bailout

 



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 US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
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 builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat
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 Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:02 2017 Sunday ,24 September

Harry visits mental health hospital

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

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