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Sunday, July 29, 2012

Eurogroup chair sees decisions soon in debt crisis





German Chancellor Angela Merkel and Italian Premier Mario Monti "agreed that Germany and Italy will do everything to protect the eurozone" in a phone conversation Saturday, German government spokesman Georg Streiter said, a statement that was echoed by Monti's office.

Though they didn't pledge any specific action, the comments raised expectations that the ECB might step in to buy Spanish and perhaps Italian government bonds to lower the countries' borrowing costs, which have been worryingly high in recent weeks.

Countries that pledge to implement reforms demanded by the EU's executive Commission also would be able to tap rescue funds without having to go through the kind of tough austerity measures demanded of Greece, Portugal and Ireland, which have had to get international bailout packages.

[...] I must say that we have arrived at a decisive point ... the euro countries have arrived a point where we must make extremely clear with all available means that we are determined to ensure the financial stability of the currency union.

International debt inspectors are scrutinizing Greece's finances and its progress in implementing unpopular budget cuts and reforms demanded in exchange for the rescue loan program that is keeping the country afloat.


READ THE ORIGINAL POST AT www.sfgate.com

Troika staying until measures are finalised

The European Commission (EC), European Central Bank (ECB) and International Monetary Fund (IMF) troika will stay in Greece until a credible package of measures is drafted, in collaboration with the Greek government, IMF delegation chief Poul Thomsen told finance minister Yannis Stournaras.

Ministry sources said Thomsen informed the minister on this change of plans during a working dinner on Friday.

READ THE ORIGINAL POST AT www.athensnews.gr

Juncker: eurozone has no time to lose

FILE - In this July 21, 2012 file picture, German finance minister Wolfgang Schaeuble speaks about the European Financial Crisis during a a regional party convention of the Christion Democrats in Karlsruhe, southern Germany. Germany's finance minister said in an interview published Sunday July 29, 2012 that he can't see room for further concessions to Greece, insisting anew that the country must implement far-reaching reforms and cut its budget deficit. (AP Photo/dapd/Michael Latz, file)Eurogroup chief Jean-Claude Juncker is saying in a German newspaper interview that Europe is "at a decisive point" in its battle against the debt crisis and will decide in the coming days what measures to take.



READ THE ORIGINAL POST AT news.yahoo.com

Germany's Merkel, Italy's Monti agree to do everything to protect eurozone; to ...


BBC News

Germany's Merkel, Italy's Monti agree to do everything to protect eurozone; to ...
Washington Post
BERLIN — The German and Italian leaders have pledged to do everything to protect the eurozone, adding to a string of assurances over recent days that Europe is determined to get a grip on the continent's debt crisis — but their governments again gave ...
German support for Merkel's crisis handling erodes: pollReuters
Merkel and Monti pledge to do everything to protect euro zoneCNBC.com
Juncker: eurozone has no time to loseThe Associated Press
AFP
all 209 news articles »

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Merkel, Monti: will do all to protect eurozone





BERLIN (AP) — The German and Italian leaders have pledged to do everything to protect the eurozone, adding to a string of assurances over recent days that Europe is determined to get a grip on the continent's debt crisis — but their governments again gave no details of any action.

Another possibility might be for the eurozone's temporary rescue fund, the European Financial Stability Facility, to buy bonds — though Merkel's finance minister, Wolfgang Schaeuble, has dismissed talk that Spain might apply to the fund for such help.

Countries that pledge to implement reforms demanded by the EU's executive Commission also would be able to tap rescue funds without having to go through the kind of tough austerity measures demanded of Greece, Portugal and Ireland.

International debt inspectors are scrutinizing Greece's finances and its progress in implementing unpopular budget cuts and reforms demanded in exchange for the rescue loan program that is keeping the country afloat.

[...] a political crisis sparked by fierce rivalry among Greece's main political parties stalled the reforms for three months, and a three-party coalition finally emerged in June after two inconclusive elections.


READ THE ORIGINAL POST AT www.sfgate.com

Merkel, Monti: will do all to protect eurozone

FILE - In this July 21, 2012 file picture, German finance minister Wolfgang Schaeuble speaks about the European Financial Crisis during a a regional party convention of the Christion Democrats in Karlsruhe, southern Germany. Germany's finance minister said in an interview published Sunday July 29, 2012 that he can't see room for further concessions to Greece, insisting anew that the country must implement far-reaching reforms and cut its budget deficit. (AP Photo/dapd/Michael Latz, file)The German and Italian leaders have pledged to do everything to protect the eurozone, the German government said Sunday — further underlining European politicians' determination to get a grip on the continent's debt crisis, but again offering no details of any action.



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Greece Caves, Agrees to Full Austerity


Greece Caves, Agrees to Full Austerity
Newser
(Newser) – Greece blinked today: In a showdown with creditors, the crisis-wracked country agreed to find the final $1.85 billion needed to reach the $14.2 billion in cuts required to get desperately needed aid money in September, reports Reuters ...


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German minister: No room for Greece concessions




BERLIN (AP) — Germany's finance minister said in an interview published Sunday that he can't see room for further concessions to Greece, insisting anew that the country must implement far-reaching reforms and cut its budget deficit.

International debt inspectors are scrutinizing Greece's finances and its progress in implementing unpopular budget cuts and reforms demanded in exchange for the rescue loan program that is keeping the country afloat.

If the inspectors' report, expected in September, is damning, Athens could stop receiving rescue loans and face a disorderly bankruptcy and exit from the 17-nation euro.

[...] a political crisis sparked by fierce rivalry between Greece's main political parties stalled the reforms for three months, and a three-party coalition finally emerged in June after two inconclusive elections.


READ THE ORIGINAL POST AT www.sfgate.com

German minister: No room for Greece concessions


German minister: No room for Greece concessions
Live 5 News
BERLIN (AP) - Germany's finance minister says he can't see room for further concessions to Greece and is insisting anew that the country must implement far-reaching reforms and cut its budget deficit. International debt inspectors are scrutinizing ...

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