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Tuesday, August 21, 2012

Greece to Seek Further EUR2 Billion in Budget Cuts


Greece to Seek Further EUR2 Billion in Budget Cuts - Source
Wall Street Journal
ATHENS--Greece is seeking to slash government spending more drastically than previously announced to compensate for tax revenue that will probably be lost to austerity economics, a finance ministry official said Tuesday. The government now wants to ...

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News bites @ 6

1. EXTRA CUTS Greek media reported on Tuesday that the government has planned for 13.5 billion euros of measures over the next two years. Finance Ministry officials have estimated that in order to guarantee 11.5 billion euros of savings, the cutback plan must include an extra 2bn euro of cuts, the paper reports.

READ THE ORIGINAL POST AT www.athensnews.gr

Greek Government Readies Cuts to Pensions, Wages, Ta Nea Says


AFP

Greek Government Readies Cuts to Pensions, Wages, Ta Nea Says
Businessweek
Greek Finance Minister Yannis Stournaras yesterday presented a 14 billion-euro package of spending cuts to Prime Minister Antonis Samaras, Athens-based newspaper Ta Nea reported, without citing anyone. The package, which includes cuts of between 2 ...
Merkel Allies Signal Greece Concessions Before Samaras VisitSan Francisco Chronicle
German and Greek Officials Play Down ExpectationsNew York Times
Greek PM Prepares Cost-Cutting Plan Ahead Of Key MeetingsWall Street Journal
Business Insider -Boston.com
all 1,354 news articles »

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Euro zone policy hopes, supply worries boost oil


The Express Tribune

Euro zone policy hopes, supply worries boost oil
Reuters
* Greek PM to meet European leaders to secure funding * M. East tensions, North Sea supply crunch support prices * US crude stockpiles seen up by 100000 bbls: Rtrs poll By Simon Falush LONDON, Aug 21 (Reuters) - Oil rose on Tuesday on hopes a strategy ...
Crude Up As Euro Gains On ECB HopesWall Street Journal
Oil Prices Gain on Euro Zone Policy Hopes, Supply WorriesFox Business
Brent Steadies Around $114; Euro Zone Policy EyedCNBC.com
Bloomberg -Reuters Africa
all 259 news articles »

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Merkel Lawmaker Sees Concessions in Terms of Greece's Bailout


IBNLive.com

Merkel Lawmaker Sees Concessions in Terms of Greece's Bailout
Businessweek
A precedent for program adjustments was made with the first Greek bailout, when the country secured lower interest rates and longer maturities on bilateral loans than those originally set, Norbert Barthle, the Christian Democratic Union's budget ...
German and Greek Officials Play Down ExpectationsNew York Times
Greek PM Prepares Cost-Cutting Plan Ahead Of Key MeetingsWall Street Journal
Greek Bailout Rate May Be Adjusted, CDU's Barthle Tells PassauerBloomberg
Business Insider -Boston.com
all 1,318 news articles »

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Germany's Barthle Says 'Small Concessions' Possible for Greece


Wall Street Journal

Germany's Barthle Says 'Small Concessions' Possible for Greece
Bloomberg
Concessions are possible for Greece so long as Prime Minister Antonis Samaras shows a willingness to meet the main targets set out in his country's bailout program, a senior lawmaker with Chancellor Angela Merkel's party said. A precedent for program ...
Greece Readies More CutsWall Street Journal
Germany forcing Greece's day of reckoningNBCNews.com (blog)
Greece seeking to find $14.2 bln spending cutsBoston.com
San Francisco Chronicle
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Oil gains on euro zone policy hopes, supply worries


Globe and Mail

Oil gains on euro zone policy hopes, supply worries
Reuters
* Greek PM to meet European leaders to secure funding * Middle East tensions, North Sea supply crunch support prices * US crude stockpiles seen up by 100000 bbls: Reuters poll (Recasts, adds quote, detail, updates prices, changes dateline from ...
Oil Advances to 3-Month High Before Europe Debt MeetingsBloomberg
OIL FUTURES: Crude Rises in Asian Trading; Recent Gains 'Supply-Side Story'Wall Street Journal
Brent steadies around $114; euro zone policy eyedNASDAQ
Washington Post
all 228 news articles »

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Europe's leaders face post-holiday blues

Pedestrians walk outside a pawn shop offering money for gold, in Athens, on Monday, Aug. 20, 2012. Greece's finance officials are seeking to finalize euro 11.5 billion in spending cuts necessary for it to continue receiving the international funding that is protecting it from bankruptcy. (AP Photo/Petros Giannakouris)After their holidays spent soaking up the August sun, Europe's political leaders are bracing themselves for storm clouds this fall.



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Europe's leaders face post-holiday blues





[...] public anger over austerity measures and unemployment is spreading, and a key court ruling on the eurozone's crucial new bailout fund is due in Germany.

Debt inspectors from the organizations that oversee Greece's bailout program — the "troika" of the International Monetary Fund, European Union and European Central Bank — are set to return to Athens in early September to finalize yet another round of austerity measures.

Spanish banks are sitting on an estimated €200 billion in toxic assets following the collapse of the country's real estate boom.

There have also been public protests at the government's €65 billion package of tax hikes and spending cuts.

The country is finding fewer and fewer buyers for its debt, with investors charging the country increasingly higher rates so that it can borrow the money it needs to keep the economy and public services working.

Earlier this month, European Central Bank President Mario Draghi said the ECB was ready to unleash its financial might and buy government bonds to help drive down borrowing costs in debt-ridden countries such as Spain — on the condition that governments approach the eurozone's emergency bailout funds for assistance first.

Mariano Rajoy's government has so far tried hard to avoid the political indignity of asking for financial help, which usually implies surrendering some degree of sovereignty over a country's financial affairs.

Italy's unelected premier and his technocratic government, appointed by Parliament last November to put the eurozone's third-largest economy back on a path to fiscal health, have until next spring to conclude their task.

After a short period of calm at the beginning of the year — when Monti took over and the ECB flooded the market with €1 trillion in cheap loans that banks used to buy government debt — Italian borrowing rates have been climbing amid market uncertainty about the wider eurozone and Italy's high debt load.

The government says its priority immediately after the summer break is reducing the stock of public debt and pruning public sector waste.

Germany — the eurozone's biggest economy and therefore the biggest contributor to the fund — was one of the main architects of the new fund and the fiscal stability pact, a treaty that lays down strict budget rules.

"A significant postponement of the setup of the ESM ... could mean a serious unsettling of markets far beyond Germany and a serious loss of confidence in the eurozone," Finance Minister Wolfgang Schaeuble warned the court's panel of eight judges.

The coalition government has won praise for sticking to the terms of the financial rescue agreement signed in May 2011.

[...] the government has decided not to cut spending to reach the deficit goal — opting instead to raises taxes on the higher earners and rolling back some of the labor reforms of the previous Sarkozy administration.


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Westerwelle: Germany not for softening

Germany will not substantially soften its agreements with Greece, its foreign minister, Guido Westerwelle, said on Monday, after meeting with his Greek counterpart, Dimitris Avramopoulos.

Westerwelle said the German government was steadfast in its view that changes to the "substance" of the memorandum are not possible, adding that "the key to success is in Athens".

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Greek cuts to reach 13.5 bln in new plan


Greek cuts to reach 13.5 bln in new plan
ForexLive (blog)
Greek cuts to reach 13.5 bln in new plan. By Gerry Davies || August 21, 2012 at 05:19 GMT. || 0 comments || Add comment · 'The government has prepared a plan for 13.5 bln in spending cuts over the next two years, as opposed to the troika target of 11.5 ...

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Greece Seeking To Find $14.2 Bln Spending Cuts


Greece Seeking To Find $14.2 Bln Spending Cuts
NPR
ATHENS, Greece (AP) — Greek finance officials on Monday held new talks on finalizing €11.5 billion ($14.19 billion) in spending cuts necessary for the country to continue receiving the international rescue loans that are protecting it from bankruptcy ...


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Greece seeking to find ?11.5 bln spending cuts


San Francisco Chronicle

Greece seeking to find ?11.5 bln spending cuts
San Francisco Chronicle
ATHENS, Greece (AP) — Greece's finance officials on Monday were seeking €11.5 billion ($14.19 billion) in spending cuts necessary for the country to continue receiving the international funding that is protecting it from bankruptcy. Finance Minister ...


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Greece Must Decide If Best in Euro, Merkel Ally Tells Rheinische


Greece Must Decide If Best in Euro, Merkel Ally Tells Rheinische
Bloomberg
Greece's economic changes are too slow and the government must consider next month whether the country should stay in the euro area, Michael Meister, a senior lawmaker in German Chancellor Angela Merkel's governing party, was quoted as saying by ...


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The Greeks Head for a Scary Meeting With the Germans


Sky News Australia

The Greeks Head for a Scary Meeting With the Germans
Businessweek
The Germans don't want to cut the Greeks any more slack. Finance Minister Wolfgang Schaueble said on Aug. 18 that “it is not responsible to throw money into a bottomless pit,” the pit being Greece. German Foreign Minister Guido Westerwelle has vowed ...
German and Greek Officials Play Down ExpectationsNew York Times
Greek PM Prepares Cost-Cutting Plan Ahead Of Key MeetingsWall Street Journal
Greek, German ministers kick off euro diplomacyBoston.com
NBCNews.com (blog)
all 1,210 news articles »

READ THE ORIGINAL POST AT www.businessweek.com