new talks step up efforts to head off greek default
Last Updated : GMT 00:50:04
Arab Today, arab today
Arab Today, arab today

New talks step up efforts to head off Greek default

Arab Today, arab today

Arab Today, arab today New talks step up efforts to head off Greek default

Berlin - AFP

Germany and Greece held new crisis talks Tuesday as European governments ratcheted up steps to head off a default by Athens which could be calamitous for the eurozone. German Chancellor Angela Merkel headed into a private working dinner with Greece\'s prime minister, George Papandreou, pledging \"all the help required\" as Athens implements tough austerity reforms. No information on the outcome of their discussions was immediately available. After a day of wooing businessmen in the German capital, Papandreou said Greece was determined to implement reforms \"not only to overcome the present crisis, but to make Greece more competitive.\" \"We want a strong Greece in the euro area... Germany is ready to give all the help required,\" Merkel said just before the dinner, a key meeting as Greece seeks the release of a new tranche of bailout funds to avoid default on debts and other obligations. The dinner came after European and US markets rebounded strongly a second straight day on hopes that Europe\'s leaders were closing in on a solution to the public debt crisis rattling the 17-nation eurozone. The Paris CAC-40 index soared 5.7 percent, Frankfurt\'s DAX jumped 5.3 percent and London\'s FTSE-100 index climbed 4.2 percent. In the United States, the Dow Jones Industrial Average added 1.3 percent.Asian shares joined the rally after heavy falls Monday. The Greek parliament approved a controversial property tax Tuesday, a key step in a bid to plug a budget hole and help unlock bailout funds needed to prevent a sovereign debt default that could come as early as next month. Greece was making a \"superhuman effort\" to bring down its debt, Papandreou insisted. \"I can guarantee that Greece will live up to all its commitments. I promise you we Greeks will soon fight our way back to growth and prosperity after this period of pain,\" Papandreou said. The Berlin working dinner came amid increasing speculation that Greece could default, with the next installment of debt aid due under its May 2010 bailout from the European Union and the International Monetary Fund hanging fire as officials review the country\'s finances. Athens says the eight-billion-euro payment is essential to continue paying its bills. Chief auditors from the IMF, EU and the European Central Bank will return to Athens on Wednesday or Thursday, eurozone chief Jean-Claude Juncker told the European Parliament, nearly a month after they broke off their review of Greece\'s finances over reported concerns about reform implementation. In Athens, Greek Finance Minister Evangelos Venizelos insisted the bailout payment would be made \"on time\" in October, repeating assurances that the country would not default. Officials say Greece may announce a number of privatisation deals this week as the debt-wracked country comes under increasing pressure from its creditors to meet tough fiscal targets. Papandreou said a decision by European leaders on July 21 to expand the scope and size of the EU\'s rescue fund -- the European Financial Stability Facility (EFSF) -- was a \"step in the right direction\" that would give Greece \"breathing space\" until reforms start to produce results.Germany has made it clear that it was opposed to ploughing more money into the proposed 440-billion-euro ($590 billion) EFSF, not least because that could pull fellow eurozone members into the debt vortex. \"There is full agreement within the federal government that the EFSF, as it will be voted on by parliament on Thursday, stands precisely as was agreed on July 21\" by eurozone leaders, German government spokesman Steffen Seibert told a regular press conference. Merkel said it was \"of the utmost importance\" that the legislation should pass. Slovenia\'s parliament on Tuesday approved the enhanced EFSF, the ninth of the 17 eurozone countries to do so. Media reports have suggested that international rating agencies could downgrade the top-notch \"AAA\"-rating on German sovereign debt if the fund\'s ceiling is increased, because Germany, as Europe\'s paymaster, would have to foot most of the bill. French Prime Minister Francois Fillon on Tuesday fueled expectations there could be more firepower on the way for Greece, saying new French proposals may be upcoming after the German parliament vote. Earlier, Germany bristled at remarks made Monday by US President Barack Obama warning that the eurozone debt crisis is \"scaring the world.\" \"It\'s always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government,\" German Foreign Minister Wolfgang Schaeuble said. \"Even if Obama is thinking the opposite, I don\'t think the problems of Europe are the reason for the problems of the US.\" US Secretary of State Hillary Clinton joined the chorus of US appeals for European action. \"We expect European leaders to continue to ensure that the response to this crisis is strong, flexible, and most importantly, effective,\" she said.

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*

new talks step up efforts to head off greek default new talks step up efforts to head off greek default

 



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*

new talks step up efforts to head off greek default new talks step up efforts to head off greek default

 



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 Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
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 Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
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 Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
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 Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
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 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

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 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

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