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Saturday, October 13, 2012

UPDATE 2-Euro zone mulls new ways to cut Greek debt mountain


BBC News

UPDATE 2-Euro zone mulls new ways to cut Greek debt mountain
Reuters
* Greece could buy back bonds with ESM money, use privatisation cash * Bank recapitalisation loans to Greece could be converted into equity By Jan Strupczewski TOKYO, Oct 13 (Reuters) - Euro zone officials are considering new ways to reduce Greece's ...
IMF Urges Leaders to Act Decisively on DebtNew York Times
Schaeuble Says Europe's Partners See Crisis-Fighting ProgressBloomberg
IMF Says Greece Needs More TimeWall Street Journal
Washington Post -South China Morning Post (subscription) -The Guardian
all 2,019 news articles »

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Greek PM sees austerity deal by October 18 summit

Greek PM Samaras walks towards his office in Athens shortly after arriving in GreeceATHENS (Reuters) - Greece expects to agree a new austerity package with its lenders and for the EU and IMF to bridge their differences on how to cut the country's debt by the time EU leaders meet on October 18-19, Greek Prime Minister Antonis Samaras said. Greece is locked in talks with the European Union, European Central Bank and International Monetary Fund on a new set of spending cuts and reforms in exchange for the next tranche of loans saving the debt-crippled country from bankruptcy. ...



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Greek PM sees austerity deal by Oct. 18 summit


Telegraph.co.uk

Greek PM sees austerity deal by Oct. 18 summit
Reuters
Samaras: EU, IMF must settle differences on Greek debt. * Greece in talks with lenders on new austerity measures. ATHENS Oct 13 (Reuters) - Greece expects to agree a new austerity package with its lenders and for the EU and IMF to bridge their ...
Greek Euro Exit Unavoidable if IMF, Euro Zone Can't AgreeWall Street Journal
Euro zone mulls new ways to cut Greek debtChicago Tribune
Germany holds firm on Greek deficitIrish Examiner
Greek Reporter
all 131 news articles »

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Tension in Greece over 'blasphemous' Jesus


Ynetnews

Tension in Greece over 'blasphemous' Jesus
Ynetnews
An American play portraying Jesus Christ as homosexual has set the scene for new tension in Greece between a resurgent neo-Nazi group and rights proponents who accuse its members of intimidation. Police late on Friday briefly detained over 30 people ...

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Greek Government Eyes Final Deal By End of October


Greek Government Eyes Final Deal By End of October - Report
Wall Street Journal
By Nektaria Stamouli. ATHENS--The Greek government will reach a deal with a delegation of international inspectors by an Oct. 18 European summit, while a final deal is expected to be reached by a euro-zone finance ministers' meeting scheduled for the ...

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Greeks Tune in Turkish TV, Despite Critics


Greeks Tune in Turkish TV, Despite Critics
Greek Reporter
Greeks have been enthralled by Turkish TV series, The Magnificent Century in recent months. The series is comprised of historical recreations of 16th-century Sultan Suleiman's life and slick soap opera-like tales of intrigue and family drama, prompting ...


READ THE ORIGINAL POST AT greece.greekreporter.com

Treasury secretary Timothy Geithner tells IMF US still has work to do

A day after the US announces budget shortfall of more than $1tn, treasury secretary talks of need for balanced fiscal plan

Despite making progress on getting its fiscal house in order, the United States still has much work to do, treasury secretary Timothy Geithner told fellow financial leaders Saturday.

The comment came just hours after the US government announced that the budget deficit had topped $1tn for a fourth straight year, despite a modest improvement thanks to stronger economic growth.

"It is important that we in the US enact a balanced framework to bring down our fiscal deficit and debt over several years, while continuing to provide support for jobs and growth in the short term," Geithner told a meeting of the International Monetary and Financial Committee during the annual meeting of the IMF and World Bank, which is being held in Tokyo.

The Treasury Department said Friday that the deficit for the 2012 budget year totaled $1.1tn, though a 6.4% increase in tax revenues thanks to stronger growth had helped contain the deficit.

The risk of the US running into a "fiscal cliff" of tax increases and deep spending cuts next year, unless the Obama administration and Congress resolve a deadlock over the budget, has overshadowed the gathering of top financial officials. Such a prospect would deal a heavy blow to the economy, eroding progress made since the 2008 global crisis.

The overwhelming emphasis of the Tokyo gathering has been on coddling fragile growth around the globe.

At Saturday's meeting of the IMFC, which advises the IMF and monitors the world financial system, officials from developing and emerging economies urged the US and European nations to prevent malaise in their regions from slowing global growth.

"Advanced countries should rethink their macroeconomic strategies and avoid simultaneous fiscal contractions and the consequent overburdening of monetary policies," Guido Mantega, Brazil's finance minister, told the committee. "In many advanced economies, fiscal and structural policies are severely hampered by political paralysis."

He urged that spending be focused on areas that can have a maximum impact and on social safety nets to protect the poor.

Mantega and other finance ministers expressed concern over monetary easing in the US and other countries that is meant to encourage more bank lending: some worry could destabilize markets while failing to stave off recession.

During the meetings in Japan, IMF managing director Christine Lagarde has been urging countries to not sacrifice growth for the sake of austerity, saying they should temper spending cuts to help create jobs and support future growth.

Greece, Spain and other European countries laboring under massive debts have slashed spending and raised taxes, seeking to restore confidence in their public finances and qualify for emergency financing. The economies of financially healthier European countries, such as Germany and Finland, face a potential blow to growth if those troubled economies fail to get their financial houses in order.

The IMF has scaled back its global growth forecast for 2012 to 3.3% from 3.5%, and has warned that even its dimmer outlook might prove too optimistic if Europe and the United States fail to resolve their crises.


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EBRD Seeks Partners to Bolster Greece-Stricken Countries


EBRD Seeks Partners to Bolster Greece-Stricken Countries
Businessweek
The European Bank for Reconstruction and Development plans to seek support tomorrow from other lenders for its program to bolster countries hurt by Greece's economic turmoil. The London-based lender will meet with officials from the International ...

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Greece makes progress, but should get more chances: Merkel

BERLIN (Reuters) - German Chancellor Angela Merkel said on Saturday that Greece seemed to be making headway with its reforms and should stick to the agreements it had made, but added that the crisis-stricken country should continue to be given more chances.



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Greek Neo-Nazis Protest Gay Jesus Play 'Corpus Christi'


The Guardian

Greek Neo-Nazis Protest Gay Jesus Play 'Corpus Christi'
Towleroad
"We will continue the fight for a Greece that belongs to Greeks," said Golden Dawn leader Nikolaos Michaloliakos in May after Golden Dawn retained 18 parliamentary seats. Posted Oct. 13,2012 at 9:59 AM EST by Andrew Belonsky in Discrimination, Greece, ...
New Greek national party puts Montreal community on edgeCBC.ca
Greek police accused of using protester as human shieldThe Guardian
Greek Journalist Tweets Harrowing Story Of Getting Beat Up By The Golden DawnBusiness Insider
Montreal Gazette -Newser -World Socialist Web Site
all 62 news articles »

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Where's the Greek in Greek yogurt? Multinationals moving out


AFP

Where's the Greek in Greek yogurt? Multinationals moving out
Quartz
Slowly but surely, highly diversified firms' ratings have been ratcheted down simply because they are headquartered in Greece and listed on Greek exchanges, making the cost of funding their operations prohibitively expensive. This week, bottling ...
Bottler Spills Out of AthensWall Street Journal
Greece's biggest company flees, bottler CCH to SwitzerlandReuters
Where the Greek politicians lead, companies followForexLive (blog)
Financial Times -International Financing Review -Campden FB
all 170 news articles »

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Amid Unrest, Greeks Question EU's Nobel Prize


The Nation

Amid Unrest, Greeks Question EU's Nobel Prize
Greek Reporter
The awarding of the Nobel Peace Prize to the European Union has stunned many Greeks who have been caught in more than 2 ½ years of protests, strikes and riots against austerity measures they blame European leaders for imposing on the country in ...
Greek Media: The crisis gave the Nobel Prize to the EUFocus News

all 3,074 news articles »

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Greece Will Probably Leave Euro Within Six Months, Borg Says


Sky News Australia

Greece Will Probably Leave Euro Within Six Months, Borg Says
Bloomberg
As European Union leaders prepare for a summit next week devoted to saving the euro, Swedish Finance Minister Anders Borg said Greece may quit the common currency within the next six months. “It's most probable that they will leave,” Borg said today on ...
Sweden Predicts Greece May Quit EuroWall Street Journal
Greece better off alone-Swedish ministerSky News Australia
Sweden's Borg advises Greece to quit euroThe Local.se
Press TV
all 30 news articles »

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Euro zone mulls new ways to cut Greek debt

ECB Executive Board member AsmussenTOKYO (Reuters) - Euro zone officials are considering new ways to reduce Greece's huge debt because delays in reforms by Athens and continued recession have put the target of 120 percent debt to GDP ratio in 2020 out of reach, euro zone officials said. A Greek debt sustainability analysis prepared by the International Monetary Fund, the European Central Bank and the European Commission in March forecast Greek debt would rise to 164 percent of GDP in 2013 from around 160 percent in 2012 under a baseline scenario, assuming the Greek economy stopped contracting next year. ...



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Greece Will Probably Abandon Euro Within Six Months, Borg Says


Greece Will Probably Abandon Euro Within Six Months, Borg Says
Bloomberg
As European Union leaders prepare for a summit next week devoted to saving the euro, Swedish Finance Minister Anders Borg said Greece may quit the common currency within the next six months. “It's most probable that they will leave,” Borg said today on ...


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Spanish aid request from euro zone seen in November

TOKYO (Reuters) - Spain could ask for financial aid from the euro zone next month and if it does the request would likely be dealt with alongside a revised loan program for Greece and a bailout for Cyprus in one big package, euro zone officials said.



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Euro zone mulls new ways to cut Greek debt mountain

TOKYO (Reuters) - Euro zone officials are considering new ways to reduce Greece's huge debt because delays in reforms by Athens and continued recession have put the target of 120 percent debt to GDP ratio in 2020 out of reach, euro zone officials said.



READ THE ORIGINAL POST AT www.reuters.com