Arab Today, arab today greece races for double debt deals in lastditch talks
Last Updated : GMT 00:48:47
Arab Today, arab today
Arab Today, arab today

Greece races for double debt deals in last-ditch talks

Arab Today, arab today

Arab Today, arab today Greece races for double debt deals in last-ditch talks

Athens - AFP

Greece raced on Friday to clinch a debt deal with private creditors ahead of a Monday eurozone meeting as it opened talks with EU-IMF bailout partners on a new loan to avert a March default. Prime Minister Lucas Papademos met again with global bank group representatives after late-night talks on Thursday as his finance minister held talks with senior EU-IMF auditors on a new eurozone rescue loan. \"We are in a very critical negotiation happening in a very short timeframe,\" government spokesman Pantelis Kapsis told private Radio 9. \"We hope it will conclude very soon,\" he said. The Athens stock exchange opened with small gains on Friday and hovered around one percent in midday trading. Greece is seeking to slash around 100 billion euros ($129 billion) from its huge debt through a voluntary bond swap with creditors, a process that would unlock a new eurozone rescue package worth 130 billion euros overall. Athens wants an outline of the deal to be ready by Monday, when eurozone finance ministers are scheduled to meet, and a full agreement by January 30 when the European Union will hold a summit. \"By next Monday, at the (EU) summit, we must have a final framework for the new (loan) programme, not just for the (bond swap),\" Finance Minister Evangelos Venizelos told parliament on Thursday. Greece has a looming loan repayment worth 14.3 billion euros on March 20 which it cannot honour without financial assistance. It hopes to draw 89 billion euros from the rescue package next month to meet payment needs and recapitalise Greek banks hit by the debt swap. The International Institute of Finance, a group representing around 450 financial institutions worldwide, on Thursday said \"progress\" had been made and that discussions will continue again on Friday. Under the so-called private-sector initiative (PSI), banks and other financial institutions are expected to take at least a 50 percent \"haircut\" on their Greek debt, which would remove about 100 billion euros from Athens\'s massive debt burden of more than 350 billion euros. The talks have hinged on the interest rate to be offered for new bonds that will replace maturing debt that is being erased. A deal seems close on a flexible rate of around four percent, Greek newspapers said on Friday. In a sign that an agreement is at hand, the International Monetary Fund on Thursday said it was ready for talks on extra rescue funds needed to keep Athens from defaulting in March. The IMF was not originally part of the eurozone bailout agreed in October. Hedge funds holding Greek debt have resisted the writedown and are reportedly planning an appeal to the European Court of Human Rights over the issue. Greece has warned it could pass legislation to force holdouts to join the bond swap through collective action clauses (CACs), a move that may trigger claims by creditors for default compensation. However ministers have stressed they would prefer a voluntary deal. \"It must be of a voluntary nature, and lead to complete participation, namely 100 percent participation,\" said Venizelos. But he noted that all bondholders had to participate for the operation to produce to achieve the 50 percent reduction in the value of the debt held by private creditors. A successful conclusion to the talks would also enable the stricken eurozone member to hold early elections, expected in April, to replace an uneasy political coalition supporting the present temporary government. The Friday meetings with senior representatives from the European Union, the IMF and the European Central Bank -- known locally as the \'troika\' -- will focus on the next three years of an economic blueprint adopted by Greece in return for the 130-billion-euro eurozone bailout, and an earlier loan in May 2010. Greece is under pressure to revise its private-sector wage agreements to reduce labour costs and improve competitiveness. Greek unions say such a measure would only exacerbate a deep recession brought about by two years of austerity measures already adopted under the EU-IMF economic adjustment plan.  

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 greece races for double debt deals in lastditch talks Arab Today, arab today greece races for double debt deals in lastditch talks

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
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 Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
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 Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Salma Rashid happy for 'A Whisper of Love'

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 06:41 2017 Monday ,20 February

Janat pleased for issuing 'Good Morning'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
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