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Monday, July 9, 2012

Rising Borrowing Costs Put Pressure on European Finance Ministers


swissinfo.ch

Rising Borrowing Costs Put Pressure on European Finance Ministers
New York Times
Euro zone finance ministers were to discuss the Greek bailout in their meeting Monday, following a visit to Greece last week by international creditors who reportedly found the country was off course on more than 200 targets set in its bailout deal ...
GLOBAL MARKETS: European Stocks Slip, Spanish Bond Yield Above 7%Wall Street Journal
EU ministers meet to solve Spain crisisHouston Chronicle
Spain given extra time to cut deficitFinancial Times
FXstreet.com -BBC News
all 928 news articles »

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Greek minister resigns over labour reform


The Hindu

Greek minister resigns over labour reform
Financial Times
By Kerin Hope in Athens Greece's deputy labour minister resigned on Monday, accusing the government of sticking too rigidly to demands from its international creditors to cut labour costs and boost flexibility for employers. Nikos Nikolopoulos said he ...
Greece: Deputy minister quits over debt talksFox News
Greek deputy minister resigns over bailout stanceReuters
Greek deputy labor minister replaced shortly after confidence voteXinhua

all 788 news articles »

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Greek deputy labor minister quits over debt talks


USA TODAY

Greek deputy labor minister quits over debt talks
USA TODAY
Greece's prime minister struggles with Cabinet problems, is facing challenges of working as a coalition government.
Greek deputy minister resigns over bailout stanceReuters
New Greek Rulers Win Vote of ConfidenceWall Street Journal
Greek government wins confidence voteThe Associated Press
San Francisco Chronicle
all 789 news articles »

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How Greek tax evasion sunk the global economy


How Greek tax evasion sunk the global economy
Washington Post (blog)
The euro crisis first gained momentum in late 2009, when auditors inside the newly elected Greek government announced that the country had a much—much—bigger deficit than anyone realized. That, in turn, inflamed fears that Greece couldn't wiggle its ...

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Greece urges Turkey to drop its threat of war


Greece urges Turkey to drop its threat of war
Turkish Press
Speaking at parliament on Saturday, Greek Foreign Minister Dimitris Avramopoulos urged Ankara to drop its threat of war, if the Greek territorial waters were extended in the Aegean Sea.


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Nikos Nikolopoulos, Greece Deputy Minister, Quits Over Debt Talks


Nikos Nikolopoulos, Greece Deputy Minister, Quits Over Debt Talks
Huffington Post
ATHENS, Greece — A deputy labor minister resigned on Monday from Greece's new coalition government, saying it should have pressed harder to renegotiate the terms of the country's bailout agreements. Nikos Nikolopoulos announced his resignation ...


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Greece: Deputy Minister Quits Over Debt Talks


ABC News

Greece: Deputy Minister Quits Over Debt Talks
ABC News
A deputy labor minister resigned on Monday from Greece's new coalition government, saying it should have pressed harder to renegotiate the terms of the country's bailout agreements. Nikos Nikolopoulos announced his resignation hours after the new ...


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Greek deputy labor minister replaced shortly after confidence vote


The Associated Press

Greek deputy labor minister replaced shortly after confidence vote
Xinhua
ATHENS, July 9 (Xinhua) -- Greek Prime Minister Antonis Samaras replaced on Monday a deputy labor minister in a set back for his coalition government within hours of a parliamentary vote of confidence. Deputy Labor Minister Nikos Nikolopoulos resigned, ...
Greece: Bailout battle looms for new governmenteuronews
• Antonis Samaras wins Greek confidence voteThe Guardian
Greece: Deputy minister quits new government over debt talksWashington Post
Chicago Tribune -Wall Street Journal
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Greek deputy minister resigns over bailout stance


The Hindu

Greek deputy minister resigns over bailout stance
Reuters
ATHENS (Reuters) - Greece's deputy labor minister resigned on Monday saying the government was not being aggressive enough in pushing for changes to an unpopular bailout, becoming the third cabinet member.
New Greek Rulers Win Vote of ConfidenceWall Street Journal
Greek government wins confidence voteThe Associated Press
Samaras Clinches Confidence Vote as Euro Area Ministers MeetSan Francisco Chronicle

all 737 news articles »

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Eurozone bailout deals under pressure as Spain's cost of borrowing rises

Spain's cost of borrowing breaks 7% and may force eurozone governments to make hard decisions quicker than expected

Eurozone governments' hopes of putting off any hard decisions on bailouts until after the summer holidays came under strong pressure today as Spain's cost of borrowing broke through the 7% threshold despite provisional agreement on €100bn in European rescue funds.

The Eurogroup, finance ministers from the 17 single currency countries plus officials from the European Commission, meet in Brussels on Monday evening to try to put flesh on the bones of an EU summit deal, hailed as a breakthrough at the time, 10 days ago that brought only a short respite for the embattled Spanish prime minister, Mariano Rajoy.

The summit resolved to break the invidious link between failing banks and weak sovereigns by agreeing to use eurozone bailout funds to recapitalise banks directly and not via governments, to avoid pushing up debt levels. But since the summit, creditor eurozone governments have backtracked on the pledges amid furious debate and rancour over what was actually agreed and how the accord will be implemented.

While the Germans and other north Europeans insist that direct bank injections can only be contemplated once a new regime of eurozone banking supervision is in place (likely to take a year), senior Eurogroup officials signalled that even in the event of bailout funds going straight to banks, the host country would still be burdened.

Were the main bailout fund, the European stability mechanism (ESM), to take equity in troubled banks, the host government would need to underwrite the risk and be liable if the bank went bust, the officials involved in preparing Monday's meeting said.

"The ESM is able to take an equity share in a bank but only against full sovereign guarantees. It remains the risk of the sovereign. There's some degree of mystification going on here," said a senior official.

With officials from the so-called troika of European commission, European Central Bank (ECB), and International Monetary Fund (IMF) currently scrutinising the needs and performance of Greece, Cyprus, and Spain, the senior official added that it would be the end of August before any concrete decisions were taken on Greece and Cyprus. Despite speculation that Slovenia could become the sixth of 17 eurozone countries to require a bailout, the official said there was little need to worry about Ljubljana: "Slovenia is nowhere near the necessity for a programme."

Spain was already set to dominate Monday's session, but as the yield on Madrid's 10-year bonds soared over 7.1% on Monday morning, the Eurogroup's air of complacency following what was seen as an unusually productive summit looked misplaced.

The ministers are expected to try to reach a "political understanding" on a memorandum of understanding between the eurozone and Madrid to be finalised later this month. In Brussels there is talk of new emergency Eurogroup talks around 20 July or even an extraordinary summit. Or ministers could confer by video conference instead before the August holiday.

In what appeared to be a reference to Spain, Mario Draghi, the president of the ECB, said last week that bailout funds to banks would burden the host country only temporarily since the money would come off the books once the new banking supervisory regime was in place.

Eurogroup officials, however, cast doubt on whether Spain would benefit here, pointing out that the memorandum of understanding with Madrid was likely to extend only until 2014 and it could take that long for the new supervisory procedures to be implemented.

On Greece, the officials said "there would be no more disbursement" of eurozone bailout funds until the current troika mission was complete and had assessed how far Athens' austerity and structural
reform programmes had been blown off track by the political turbulence of the last three months.


guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds


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Greece: Deputy minister quits over debt talks

A deputy labor minister has resigned from Greece's new coalition government, saying it should have pressed harder to renegotiate the terms of the country's bailout agreements.

READ THE ORIGINAL POST AT news.yahoo.com

Greece: Deputy minister quits over debt talks




ATHENS, Greece (AP) — A deputy labor minister has resigned from Greece's new coalition government, saying it should have pressed harder to renegotiate the terms of the country's bailout agreements.

Nikos Nikolopoulos announced his resignation Monday, hours after the new conservative-led government won a confidence vote in parliament.


READ THE ORIGINAL POST AT www.sfgate.com

Greek deputy minister resigns over bailout stance: agency


Greek deputy minister resigns over bailout stance: agency
Reuters
ATHENS (Reuters) - Greek Deputy Labour minister Nikos Nikolopoulos has resigned saying the government was not forceful enough in pushing lenders for changes to a bailout plan, the state-run Athens news.


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Greek deputy minister resigns over bailout stance-agency


Greek deputy minister resigns over bailout stance-agency
Reuters
ATHENS, July 9 (Reuters) - Greek Deputy Labour ministerNikos Nikolopoulos has resigned saying the government was notforceful enough in pushing lenders for changes to a bailoutplan, the state-run Athens.


READ THE ORIGINAL POST AT www.reuters.com

GREECE: Greek government wins confidence vote

Greece’s new coalition government won a vote of confidence in parliament on Monday, putting an end to months of political instability. The government now faces the huge task of asking Greece’s creditors to ease the terms of the debt bailout package.

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Young Greek government wins confidence vote, faces end of bailout


Globe and Mail

Young Greek government wins confidence vote, faces end of bailout
Globe and Mail
Three-party coalition strikes up deal while facing prospect of running out of bailout money.


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Greek coalition government wins vote of confidence in parliament


Greek coalition government wins vote of confidence in parliament
Washington Post
ATHENS, Greece — The new three-party coalition government in Greece has won a vote of confidence in parliament early Monday.


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Greece's Samaras Clinches Confidence Vote


CBS News

Greece's Samaras Clinches Confidence Vote
Businessweek
Greek Prime Minister Antonis Samaras won a vote of confidence in his government, setting the stage for a showdown with the European Union over easing the terms of its bailout.
Greece's coalition gov't wins confidence voteCBS News
Greece's New Government Wins Key Confidence VoteNPR
Greece's Top Priority Is Privatizing State Properties, Minister SaysHuffington Post
Reuters -Chicago Tribune
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Eurozone crisis live: Greek government wins confidence vote ahead of Eurogroup meeting

Finance ministers from across the eurozone are gathering in Brussels to discuss the ongoing debt crisis

8.15am: Good morning, and welcome to our rolling coverage of the eurozone financial crisis.

Coming up … the new Greek government won a confidence vote in the early hours of the morning. We'll have full details and reaction shortly.

Elsewhere … finance ministers from the euro countries are heading to Brussels to hold talks on the debt crisis. The Eurogroup meeting will discuss how to implement the decisions taken at the EU summit at the end of last month – including how to bail out the Spanish banking sector.


guardian.co.uk © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds


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Greek coalition passes test ahead of eurozone talks


BBC News

Greek coalition passes test ahead of eurozone talks
BBC News
Greece's new coalition government has won a vote of confidence in parliament, ending months of political uncertainty. It won the approval of all MPs of the three parties backing the coalition, which wants to keep Greece in the euro.
Greek government wins confidence voteHerald Sun
Greek coalition government wins confidence vote, ends period of uncertaintyWashington Post
New Greek Rulers Win Vote of ConfidenceWall Street Journal

all 555 news articles »

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Greek coalition passes vote test

Greece's new coalition wins a no-confidence vote in parliament, as eurozone ministers gather for talks amid new concern over the debt crisis.

READ THE ORIGINAL POST AT www.bbc.co.uk

Greece's coalition gov't wins confidence vote


CBS News


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Greek Rulers Win Vote of Confidence

Greece's coalition government won a vote of confidence from Parliament as it pledged to jump-start privatization.

READ THE ORIGINAL POST AT online.wsj.com

Greece's New Government Wins Key Confidence Vote


Times LIVE

Greece's New Government Wins Key Confidence Vote
NPR
Greece's new three-party coalition government won a vote of confidence in parliament early Monday, ending a period of uncertainty that led to two elections in less than two months, though the country has a long way to go to emerge from a deep recession ...
Greece's Top Priority Is Privatizing State Properties, Minister SaysHuffington Post
Greek govt wins confidence vote, bigger battles loomReuters
Greece says will carry out reforms, privatizationsChicago Tribune

all 526 news articles »

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