How the world sees Greece
Frantic diplomacy in Brussels secures four-month lifeline for Greece which pledges not to roll back austerityEurozone finance ministers have reached a deal to resolve the Greek bailout impasse after a frantic round of diplomacy in Brussels produced an agreement. Related: Eurozone ministers gather to decide Greece's fate - live updates Continue reading...
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Europe on Friday granted Greece a crucial extension to its massive debt bailout, ending weeks of tension, but at the cost of huge concessions including a commitment to spell out reforms within two days. The 19 single currency finance ministers reached the hard-won deal to end a standoff pitting Greece against an angry Germany, suspicious that the radical leftist government in Athens was looking ...
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Deal helps boost share prices in the U.S.
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Greece has been seeking an extension to its loan agreement, and the nation's leftist prime minister said before Friday's meeting that the parties would ...
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Greece and eurozone nations have agreed a deal to extend financial aid after bailout talks in Brussels. Eurozone finance ministers reached an ...
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Greece and Europe have reached a deal. In a press conference following the announcement Eurogroup president Jeroen Dijsselbloem described this as a "positive" outcome. The agreement removes the immediate risk of Greece running out of money next month and possibly being forced out of the single currency area. According to Reuters, the deal provides a breathing space for the new leftist-led Athens government to try to negotiate longer-term debt relief with its official creditors. In a press conference Dijsselbloem said that based on the agreement reached Friday, Greece has agreed to present a list of reform measures on Monday. The Eurogroup's members will then review these measures as the start of a process that Dijsselbloem says will "hopefully lead to a successful conclusion" of the review of Greece's bailout agreement. Dijsselbloem said the review of Greece's measures will ultimately be concluded by the end of April. Officials said an outline deal was reached in preparatory talks involving the Greek and German finance ministers, as well as the managing director of the IMF. It was then agreed by the full 19-member Eurogroup, ending weeks of uncertainty. In a press conference following the announcement, Eurogroup president Jeroen Dijsselbloem said the negotiations were "intense," because they were about "building trust" between Greece and its European creditors. According to the agreement, "The Greek authorities have expressed their strong commitment to a broader and deeper structural reform process aimed at durably improving growth and employment prospects, ensuring stability and resilience of the financial sector and enhancing social fairness ... The Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and timely." The full statement from the Eurogroup can be found here »Join the conversation about this story » NOW WATCH: Nationwide's Super Bowl commercial about dead children is about corporate profits ... in a way that we can all appreciate
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Greece and Europe finally found some common ground on their weeks-long negotiations over the future of the current Greek bailout program. The Eurogroup will extend the Greek bailout, which was scheduled to end on February 28, for another four months. On Monday, the Greek government will present a list of reform measures to be reviewed by the Eurogroup. Here's the full statement from the Eurogroup: The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. During the last few weeks, we have, together with the institutions, engaged in an intensive and constructive dialogue with the new Greek authorities and reached common ground today. The Eurogroup notes, in the framework of the existing arrangement, the request from the Greek authorities for an extension of the Master Financial Assistance Facility Agreement (MFFA), which is underpinned by a set of commitments. The purpose of the extension is the successful completion of the review on the basis of the conditions in the current arrangement, making best use of the given flexibility which will be considered jointly with the Greek authorities and the institutions. This extension would also bridge the time for discussions on a possible follow-up arrangement between the Eurogroup, the institutions and Greece. The Greek authorities will present a first list of reform measures, based on the current arrangement, by the end of Monday February 23. The institutions will provide a first view whether this is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review. This list will be further specified and then agreed with the institutions by the end of April. Only approval of the conclusion of the review of the extended arrangement by the institutions in turn will allow for any disbursement of the outstanding tranche of the current EFSF programme and the transfer of the 2014 SMP profits. Both are again subject to approval by the Eurogroup. In view of the assessment of the institutions the Eurogroup agrees that the funds, so far available in the HFSF buffer, should be held by the EFSF, free of third party rights for the duration of the MFFA extension. The funds continue to be available for the duration of the MFFA extension and can only be used for bank recapitalisation and resolution costs. They will only be released on request by the ECB/SSM. In this light, we welcome the commitment by the Greek authorities to work in close agreement with European and international institutions and partners. Against this background we recall the independence of the European Central Bank. We also agreed that the IMF would continue to play its role. The Greek authorities have expressed their strong commitment to a broader and deeper structural reform process aimed at durably improving growth and employment prospects, ensuring stability and resilience of the financial sector and enhancing social fairness. The authorities commit to implementing long overdue reforms to tackle corruption and tax evasion, and improving the efficiency of the public sector. In this context, the Greek authorities undertake to make best use of the continued provision of technical assistance. The Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and timely. The Greek authorities have also committed to ensure the appropriate primary fiscal surpluses or financing proceeds required to guarantee debt sustainability in line with the November 2012 Eurogroup statement. The institutions will, for the 2015 primary surplus target, take the economic circumstances in 2015 into account. In light of these commitments, we welcome that in a number of areas the Greek policy priorities can contribute to a strengthening and better implementation of the current arrangement. The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions. On the basis of the request, the commitments by the Greek authorities, the advice of the institutions, and today's agreement, we will launch the national procedures with a view to reaching a final decision on the extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months by the EFSF Board of Directors. We also invite the institutions and the Greek authorities to resume immediately the work that would allow the successful conclusion of the review. We remain committed to provide adequate support to Greece until it has regained full market access as long as it honours its commitments within the agreed framework. SEE ALSO: Greece and Europe have a deal Join the conversation about this story »
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Greek finance officials are to "present a first list of reform measures by Monday" for creditors to assess, the Associated Press reported, citing an ...
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Eurozone finance ministers agreed on extending the bailout for Greece by four months, under condition that Athens details adequate reforms by Monday.
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Four-month grace period leaves reform details undecided
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The nineteen Eurozone Finance Ministers appear to have reached an agreement at the Eurogroup meeting being held now in Brussels. The agreed drafted outline will form the basis for keeping liquidity flowing to Greece, while extending the country’s bailout package. So far, though, no formal deal has been pressed in a common text. According to an unnamed Greek official cited by Reuters, “there is an initial agreement on a joint draft text among the institutional partners, which is now being presented to all ministers,” following preparatory talks between Greek Finance Minister Yanis Varoufakis, his German counterpart Wolfgang Schaeuble and International Monetary Fund (IMF) Managing Director Christine Lagarde. “Details may be defined later. But let’s see,” the same source declared. Moreover, following the preliminary talks with Greek, German and IMF officials, Eurogroup President Jeroen Dijsselbloem said “there is still reason for some optimism, but it is still very difficult.” According to the latest information emerging from the Greek government, the new agreement entails a four-month extension of the loan agreement without new austerity measures and a commitment that no unilateral actions will be taken. According to yet another source cited by French news agency AFP, the exact agreement conditions are to be determined, nevertheless “we should await for the text to be formalized, as the delegations may also raise other objections.” The newly elected SYRIZA-led Greek government is trying to balance between a much-needed agreement with its European loan partners in an attempt to avoid a liquidity crunch at the end of the month (when the current deal is due to expire) and Greek Prime Minister Alexis Tsipras’ promises to put an end to the previous government’s austerity policies, imposed by the EC/ECB/IMF Troika. Earlier today, in an interview to Reuters, Tsipras expressed his optimism that Greece will finally strike a deal with its European loan partners in today’s crucial Eurogroup meeting. “Greece has done everything possible so that we can arrive at a mutually beneficial solution, based on the principle of double respect: respect to both the principle of European Union rules and to the electoral result of member-states,” he said. On Thursday, the German government rejected the Greek loan agreement six-month extension request submitted by Varoufakis. According to German reasoning, Greece’s proposal does not meet the Eurozone’s conditions for continuing the aid program. Although, a fifty-minute long telephone conversation held later on the day between the Greek Prime Minister and German Chancellor Angela Merkel reversed the negative climate. The conversation between the two leaders was reportedly “held in a positive climate, geared toward finding a mutually beneficial solution for Greece and the Eurozone.”
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Currently, Greece polarizes the European Union like no other country; in particular Germany, as evidenced by Finance Minister Schäuble's course. Spriros Moskovou calls for a deeper understanding of his native country.
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Bailout battle between Greek and German finance ministers
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Eurozone finance ministers announced the agreement after an emergency meeting, giving Greece breathing room on its economic and financial troubles.
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… defeat" for the Greeks. 20.07 Greece will now be asked … much geared towards Greece remaining in the €-zone. Greek ppl have made … ;entirely up" to Greek gov't. #Greece— Open Europe (@OpenEurope …
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… in a relief rally after Greece and euro zone finance ministers … deal to extend heavily indebted Greece's financial rescue by … progress in negotiations over the Greece debt situation, with the uncertainty …
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NEW YORK (AP) — The U.S. stock market shot higher in afternoon trading Friday following reports that Greece and its creditors were nearing an agreement on an extension on the country's loans.
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BRUSSELS, Feb 20 (Reuters) - Euro zone finance ministers reached an agreement on Friday to extend heavily indebted Greece's financial rescue by ...
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(Bloomberg) -- Euro-area finance ministers reached an accord that would keep bailout funds flowing to Greece in return for a commitment to meet ...
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Greece and euro zone finance ministers reached deal to extend the Greek bailout by four months, euro zone officials said. “It’s done. For four months,” one official said. An agreement removes the immediate risk of Greece running out of money next ...
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BRUSSELS—Finance ministers from all 19 eurozone countries were discussing a four-month extension for Greece’s bailout Friday, three European officials said, in what appeared to be a breakthrough in the standoff between Athens and its creditors.
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NEW Greek leader Alexis Tsipras is busy forging new friendships in Europe, leaving some worried that the cash-strapped nation may be cosying up to Russia.
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(Bloomberg) -- The euro gained against the dollar after a Greek official in Brussels said the Eurogroup appears to have reached an agreement over a ...
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Greece and the eurozone nations agree a deal over its financial bailout after talks in Brussels, officials say
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Germany and its allies turned up the pressure on Greece to accept their conditions to stay in the euro as the region's top finance officials descended on Brussels to hammer out a deal.An agreement on extending Greece's bailout programme, which ...
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Paul Kazarian, a large investor in Greek bonds, is trying to convince others that the country’s debt is not as burdensome as it might appear.
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Reuter: three major US indexes rose on the news, which also propelled the S&P 500 and Dow back into 'positive territory'
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European Council President Donald Tusk insinuated as much on Friday in a Tweet
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Greece and its eurozone partners seem to be on the verge of striking a compromise over the extension of the country's financial rescue package. Varoius media reports from Brussels suggested on Friday evening that eurozone finance ministers have drafted a blueprint that could become the basis for accepting Greece’s request for extending the bailout agreement, potentially staving off a financial crisis in the eurozone. However, according to officials from both sides, there was no formal deal on a common text in the full 19-nation eurogroup of finance ministers, Reuters said. "There is an initial agreement on a joint draft text among the institutional partners, which is now being presented to all of the ministers," a Greek government official has said following preparatory talks involving the finance ministers of Greece and Germany, as well as the IMF managing director. According to an unnamed eurozone official, the negotiations led by Dutch finance minister Jeroen Dijsselbloem, who is heading the eurogroup, have produced a common communiqué on the extension of the bailout programme, the FT said. Failure to win an extension of Greece's bailout could send the country into default, signalling its exit from the euro. Greece’s rescue program is due to expire at the end of this month. Earlier this week, the Greek government requested an extension -- a step that prompted Friday's emergency meeting of eurozone finance ministers.
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As Greece heads toward 11th-hour funding talks with its euro-area membership on the line, bondholders are surprisingly sanguine about its failure so far to secure a deal.
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Eurozone finance ministers have drafted a common text with Greece that Greek and eurozone officials said on Friday could form the basis for an agreement to extend Athens' bailout package.
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Stocks are at record highs. With a deal between Greece and its European creditors is in sight and stocks are rallying with the Dow and S&P 500 moving to record highs. On Friday afternoon, the Dow was up 121 points, the S&P 500 was up 8 points, and the Nasdaq was up 20 points. On Friday, the markets are focused primarily on Greece. According to a report from Bloomberg News citing a Greek official, European finance ministers have reached a deal to keep funds flowing to Greece. The Wall Street Journal, also citing a Greek official, reported that European finance ministers have a reached a "broad consensus" on the language of a deal. These reports on progress in the Eurogroup's negotiations follow reports that indicated that a letter sent to Germany by Greece earlier this week was actually the wrong letter. The report, which came from German publication Bild Zeitung, was later denied by Greece. In other news on Friday, the latest data from oil driller Baker Hughes showed that the number of oil rigs in the US fell to its lowest level since July 2011 this week, as 37 oil rigs shuttered production. Oil prices were down about 1% on Friday. Join the conversation about this story »
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Russian aggression means western Europe must have a much-needed debate about defence optionsFrom now until the general election in May, David Cameron has few if any foreign travel plans. Following his visit to Barack Obama in the White House a month ago, the stay-at-home prime minister intends to maximise his time electioneering in this country, making only the briefest of brief foreign forays to essential European summits. What Mr Cameron seems to be running is not so much a front-porch campaign – the American tactic of staying at home and waiting for supporters to come cap in hand – as a back-yard campaign, in which he ostentatiously busies himself with local bread-and-butter issues in a venue near you, rather than bothering himself with larger global questions.In general election year, this has an obvious logic. But it embodies something very disturbing – Mr Cameron’s willingness to pretend drawbridges can be pulled up against the world. This pretence – not the same thing as the delusion that Britain could or should solve the world’s problems – has been marked in the Ukraine crisis and in the Greek debt row, on which eurozone ministers were locked in talks on Friday. Two weeks ago Sir Richard Shirreff pointedly asked: “Where is Britain?” This week the issue resurfaced in the House of Lords EU committee’s report on Russia and Ukraine, with equally quotable comments that Britain and Europe have been “sleepwalking into this crisis”, have misread the situation “catastrophically” and that the UK has not been “as active or as visible as it could have been”. Continue reading...
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The Greek Prime Minister Alexis Tsipras has asked European Council president Donald Tusk to convene an EU summit on Sunday if finance ministers fail to hammer out a deal on Friday, according to a Greek government official. EU chief Donald ...
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BRUSSELS (Reuters) - Euro zone finance ministers drafted an outline agreement on Friday that could form the basis for extending Greece's financial rescue package, officials on both sides said.
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For a relatively small country that has been totally mismanaged from an economic and financial perspective for decades, the eyes of the world are on Greece at the moment, writes Jim Power. Most if not all governments in the eurozone will not want to see ...
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Greece and the eurozone's finance ministers are nearing an agreement on a draft accord that could potentially extend the country's bailout program, according to officials. As of yet, no final decision has been reached.
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NEW YORK, Feb 20 (Reuters) - The euro rose against the dollar and global equity markets edged higher on Friday after a Greek government official ...
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The Greek stalemate overshadowed data pointing to growth in Germany and France. Greece's new prime minister said on Friday he was certain euro ...
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With a week to go before bailout ends, Greece and European creditors close to breakthrough
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Americans may be largely alone in their Greek obsession, a new report shows
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Greece’s Varoufakis hopeful a deal can be struckEU official says more meetings will be neededGermany: trust needs to be restoredInvestors on edge over Grexit fearsMalta: Germany is ready to let Greece go 6.46pm GMT Mega TV is now reporting that up to €1bn has been withdrawn by worried investors from local banks in Greece today, says Helena Smith in Athens. It is citing central Bank officials as saying that if the outflows keep at this pace, local lenders will need emergency funding from the European Central Bank “within the next week” to avoid financial collapse. The Greek government has apparently agreed to present “a list of reforms” to creditors by Monday, according to reporters outside the prime minister’s office. “The reforms will not include any measures that will worsen the country’s humanitarian crisis” Christos Tsigouris, Mega’s reporter, has been told by aides in the PM’s office. 6.42pm GMT European commissioner for economic affairs Pierre Moscovici tweets from the Eurogroup meeting in Brussels: “We’re making progress.”On avance, on avance, on avance..Déclaration à mon arrivée à la réunion de l'#Eurogroupe de ce jour : http://t.co/wKFQnERys9 #Grece #eu_commission #Eurogroup 6.36pm GMT Here are some comments from an EU official, who said that EU chief Donald Tusk won’t convene a summit of eurozone leaders on Sunday, even if finance ministers fail to come up with a deal on Greece, as reported earlier. Confirming that the Greek prime minister had asked Tusk to call a summit on Sunday if there’s no deal, the official said, according to Reuters:There will be no euro summit Sunday. However, Tusk will not hesitate to convene a euro summit, should he consider that this will be the right way to handle the situation. Before convening a summit, all options in the Eurogroup should be exhausted. 6.30pm GMT A Greek government official said, according to Reuters:There is an initial agreement on a joint draft text among the institutional partners, which is now being presented to all of the ministers. 6.26pm GMT Over in Athens, Mega TV on its flagship news programme is reporting the following, says Helena Smith: 6.20pm GMT #Greece govt source says agreement refers to 4 months extension and doesnt include austerity measures 6.19pm GMT European Council president Donal Tusk has ruled out holding a summit of eurozone leaders on Greece on Sunday – but stands ready to convene one in due course if necessary, Reuters reports. 6.02pm GMT Quoting a eurozone official, Reuters says the Eurogroup chairman Jeroen Dijsselbloem is now presenting the two-page draft statement to the 19 eurozone finance ministers.A Greek government official told the news agency, after preparatory talks between the Greek and German finance ministers, and the managing director of the IMF (a creditor):There is an initial agreement on a joint draft text among the institutional partners, which is now being presented to all of the ministers. Details may be defined later. But let’s see. 5.57pm GMT Meanwhile, the Greek news portal newsit.gr is reporting that Germany has no desire to see anything conclusive out of today’s euro group – and has gone so far as to suggest that Berlin’s objective is to deliberately sabotage negotiations so that an emergency summit of EU leaders is held next week. Helena Smith in Athens says there is mounting speculation that a summit will be called next Tuesday (after the Greek bank holiday of ‘clean Monday” marking the start of Lent). “Germany’s aim is for tonight’s euro group to fail so that we are lead to a summit meeting in which Tsipras sits opposite Merkel and each one shows their cards at whatever cost,” the news site said. 5.55pm GMT Jennifer Rankin reports:It is the end of the working week in Brussels, but the 19 finance ministers have only just started talks on Greece’s bailout deal. The start was delayed to allow for some last-minute shuttle diplomacy between Greece’s finance minister, Yanis Varoufakis, and his German opposite number, Wolfgang Schäuble, brokered by officials from the European Commission and International Monetary Fund. The head of the IMF, Christine Lagarde, was one of the first to arrive for today’s meeting. Jeroen Dijsselbloem, the head of the eurozone, has also been deeply involved. With some understatement, he described the talks earlier as “quite complicated”.It looks increasingly likely that anything agreed tonight will only be a holding deal, pending yet more talks. 5.53pm GMT Our reporter on the ground in Brussels tweets:EU source: There is a text, which now needs to be adopted by ministers. #eurogroup #greece 5.51pm GMT Reuters reports that eurozone finance ministers gathered in Brussels have drafted a common text that could form the basis for an agreement to extend Greece’s bailout package, citing Greek and eurozone officials. However officials stressed that there is as yet no formal agreement. 5.48pm GMT The euro jumps on the news, close to session highs of $1.1394. 5.47pm GMT Another news flash on Reuters: Eurozone ministers have agreed a draft accord with Athens that could extend the Greek bailout, according to a Greek government official. 5.42pm GMT Talks to save Greece from an imminent cash crunch have finally started in Brussels, Guardian reporter Jennifer Rankin reports.The make-or-break talks between 19 eurozone finance ministers are running more than three and a half hours late, delayed because of last-ditch preparatory talks involving the German finance minister, Wolfgang Schäuble, and his Greek counterpart, Yanis Varoufakis. 5.39pm GMT News flash on Reuters: The Greek prime minister Alexis Tsipras has asked European Council president Donald Tusk to convene an EU summit on Sunday if finance ministers fail to hammer out a deal today, according to a Greek government official. 5.36pm GMT Greece has reacted with fury to suggestions that it sent the “wrong” letter outlining its request for a sixth-month extension of its bailout programme, our correspondent in Athens Helena Smith reports. The Greek media is reporting that an irate Yanis Varoufis emerged from talks in Brussels with fellow euro zone finance ministers this afternoon to vehemently denounce the allegation - carried in the mass-selling German tabloid Bild (as reported earlier). The truth bears no reality, whatsoever, to these slanderous leaks. 5.33pm GMT Varoufakis has dismissed the report from German newspaper Bild that Greece sent the wrong letter to request a loan extension on Thursday. He tweeted (from the Eurogroup meeting in Brussels):One must believe @BILD's tall stories (about us Greeks) at one's peril. 5.03pm GMT Let’s have a look at the markets. Greek bond yields pushed lower on hopes that Athens and Brussels will, eventually, reach a deal. Yields on ten-year government bonds dropped 8 basis points to 10.15% while three-year yields tumbled 57 basis points to 16.55%. 4.44pm GMT More on those suggestions that a deal won’t happen today.Newswire MNI reports that Eurogroup finance ministers aim to release a joint statement this evening on Greece which will outline that significant progress has been made in the negotiations, but a deal is being held up by “technicalities”.The aim, as it is at the moment, is to get the joint statement out this evening and hold a teleconference over the weekend to finalise the deal, if all goes well. 4.31pm GMT While we are waiting for news from Brussels, here are some interesting charts courtesy of the Economist.Greece's economic woes in charts http://t.co/720Wnrmkfd pic.twitter.com/7XQKtQShoZ 4.24pm GMT You couldn’t make this up. Apparently, Greece sent the wrong letter on Thursday, German newspaper Bild reports, citing government sources. The right version supposedly accepted bailout conditions agreed to by the previous Greek government. 3.42pm GMT Eurogroup President Jeroen Dijsselbloem has given a brief statement before he chairs the meeting.The eurogroup will start as soon as possible, but it’s quite complicated.There is still reason for optimism but it is very difficult. 3.18pm GMT Austria’s finance minister said there was still much to discuss as he arrived for the eurogroup meeting in Brussels. Hans Joerg Schelling said the Greek proposals left much to interpretation, suggesting clarity and more detail would be needed before an agreement is possible.Austria’s Schelling: “We have a letter. This letter has many sentences with much space for interpretation. We have to work on it now...”Austrian fin min Schelling broadly shares German line: Greek letter leaves much to interpretation and this has to be ironed out. 2.58pm GMT German finance minister Schauble has pulled out of public debate Monday with George Osborne "because of the Greece situation", we are toldThis doesn’t fill me with hope that a deal is going to be struck today... 2.49pm GMT Eurogroup seeks joint statement w/ #Greece on Friday, Eurogroup official says. Could hold teleconference over weekend to hammer deal. (MNI) 2.46pm GMT The watchword for Germany is trust. For Greece it is honour. Still not clear the two can be reconciled. 2.42pm GMT Next up is Christine Lagarde, managing director of the International Monetary Fund. 2.35pm GMT Germany’s finance minister Wolfgang Schaeuble has arrived for the meeting in Brussels.This is about being able to trust each other and that we can reinforce the trust in the future of this European unification project of people in all European countries.That’s the actual task and that’s what we are working on with all our might. German Fin Min Schaeuble arrives for key meeting on Greece: 'everything that needs to be said has been said.' 2.10pm GMT Yanis Varoufakis has arrived in Brussels and has been speaking to reporters on his way into the eurogroup meeting.He said he is still hopeful of a deal today, and suggesting Greece is offering a large dollop of compromise.I trust that we are going to have one. The Greek government has not just gone the extra mile but the extra 10 miles and now we are expecting our partners not to meet us halfway but a fifth of a way.I have no doubt there will be a very collegial discussion and hopefully at the end of this we come out with some white smoke.Varoufakis arrives at the eurogroup hoping for a deal: "The Greek government has gone not the extra mile, but the extra 10 miles."#Greece: FinMin optimist at arrival to #eurogroup meeting - "there will be white smoke w/ a bit of luck" "@beanavarro pic.twitter.com/gVIJyY9yn6Michel Sapin of France is here: the solution lies in every eurozone capital, everyone is working. 2.03pm GMT Upshot of Merkel-Hollande talks seems to be that further EU meetings on Greece - with france and germany in lead - are inevitable. 1.55pm GMT The German Chancellor Angela Merkel and French President Francois Hollande followed a meeting in Paris with a press conference.Greece is in the eurozone and it must remain in the eurozone. 1.37pm GMT Angela Merkel and Francois Hollande are giving a press conference. It’s live here. 1.32pm GMT This is the moment for a historic political decision for the future of #Europe pic.twitter.com/vdBcv10UXkBut which way will it go? 1.32pm GMT A deal is unlikely to be struck at the eurogroup meeting in Brussels today, an unnamed EU official has told Bloomberg.The official said finance ministers might have a long meeting that is not conclusive, but added they might be able to agree on a “statement of progress”, with some commitments from Greece.EU official says #Greece deal Friday night looking unlikely; Ministers might be able to agree on statement of progressSame EU official says Progress Statement could pave way for more technical work and ministers could have conference call on Sunday or MondayMeanwhile ... German 5 year yield drops to record low of -0.084% 1.19pm GMT Market jitters are really starting to surface now as hopes fade that a deal will be struck todayGreek shares have fallen into the red, with the ATG index down 1.7% at 841.6. 1.09pm GMT The Maltese finance minister says countries led by Germany are prepared to see Greece leave the eurozone. They are becoming increasingly frustrated with Greek government demands, according to Edward Scicluna.I think they’ve now reached a point where they will tell Greece: “if you really want to leave, leave”.And I think they mean it because Germany, the Netherlands and others will be hard and they will insist that Greece repays back the solidarity shown by the member states by respecting the conditions. 12.52pm GMT Greek investors are feeling less optimistic than they were at the beginning of the day.The ATG index in Athens - up more than 1% this morning - is now roughly flat, up just 0.1% at 857.4. 12.44pm GMT It’s all beginning to feel a little bit fraught now as time ticks on. Conflicting views among some of the key players are muddying the waters.I feel certain that the Greek letter for a six-month extension of the loan agreement with the conditionalities that accompany it will be accepted. This is the moment for a historic political decision for the future of Europe. 12.32pm GMT The euro has fallen further against the dollar since Spiegel’s report that the ECB is making plans for a Greek exit from the euro.It slipped below €1.13 at one point is now trading at $1.1307.The market is making way too much of thie Spiegel | ECB report #FX #EURO #GreeceSpiegel wailing about ECB contingency planning for a #Grexit. I would think they are; what incentive do they have to not? 12.22pm GMT The emergency eurogroup meeting has been delayed by an hour and an half to 16.30 (15.30 UK time).Start #Eurogroup rescheduled to 16.30. Very brief statement president Dijsselbloem somewhere around 15.00 at VIP entrance. 12.17pm GMT Officials at the European Central Bank are preparing for a Greek exit from the euro, German magazine Spiegel is reporting.ECB staff are drawing up contingency plans for how the rest of the eurozone could stay together in the event of a Greek exit. 12.00pm GMT Portugal appears to be taking a hard line on Greece.The country’s prime minister, Pedro Passos Coelho, said it is “not acceptable” that Greece is not assuming responsibilities in exchange for funding.Portugal: Unacceptable to Extend Greek Loans Without Conditions 11.24am GMT Both sides now appear to be playing down the prospect of a positive outcome from today’s emergency eurogroup meeting on Greece’s potential bailout extension. Highlighting the growing perception that today’s meeting could be one of many, Yiannis Amanatidis, an MP with the governing radical left Syriza party, has just told SKAI TV that “today the discussion will begin.” “I am not expecting a final result, today it all begins,” he said. Asked if a solution would ultimately entail the Greek parliament having to endorse yet more austerity measures as creditors at the EU and IMF have demanded, the MP (looking a little pale) shook his head and said: “no, that is the difference between us and the previous government whose policies only ensured recession.” 10.37am GMT There is already quite a lot of chatter about the possibility of ANOTHER summit (or two, or three) should today’s talks end in stalemate.Helena Smith reports from Athens:Officials are playing down talk of make-or-break decisions today, saying negotiations have only just begun.For the Greeks this is not D-Day but very likely the first in a series of eurogroups and top-level meetings that will get down to the “to and fro” of negotiation. #Greece will request EU summit should Eurogroup talks fail, a top ranking SYRIZA official has told dpa.Investors still don't think #Greece will exit the #Euro. Greek bonds trade 24% above 5yr avg. http://t.co/LCkFY2wjzv pic.twitter.com/DFLoRag00c 10.22am GMT A Greek government official has told Reuters that Greece and the rest of the eurozone are close to reaching a deal ahead of this afternoon’s all-important meeting in Brussels.The official, who did not want to be named, said Greece had made a lot of concessions and that the eurozone should also be flexible.We have covered four fifths of the distance, they also need to consider one fifth. 10.10am GMT Over in Athens, the Guardian’s correspondent Helena Smith says there is a lot of talk about whether or nor Greek banks can survive the massive surge in cash withdrawals in recent weeks.In the corridors of power and on the street, there is a pressing issue that many now speak about only in hushed tones and confidential whispers: the solvency of Greek banks. No society can exist for long without a properly functioning banking system. Since prime minister Alexis Tsipras’ far left Syriza party surged to power, the political uncertainty that has accompanied the drama over whether Greece pulls out of its EU-IMF funded bailout programme, has resulted in massive withdrawals from local lenders. 9.49am GMT The euro is down against the dollar for a third day as traders remain cautious. It is currently trading at $1.1316, down 0.4%.Adam Myers, European head of currency strategy at Credit Agricole, thinks markets are being too optimistic that an agreement will be reached between Greece and the rest of the eurozone. The reason that the euro is not lower is that a lot of people still have this sanguine view that there will be an agreement because they have to reach one.At the moment the market reaction is too sanguine.There is clearly a very significant concern reemerging at the moment that we are seeing real issues surrounding the eurozone. If they have to impose capital controls to keep Greece in, that is really about a two-tier euro and is that then the beginning of the end? 9.23am GMT Thank you for your comments so far this morning, please keep them coming.There doesn’t seem to be much optimism about the outcome for Greece among readers. 8.56am GMT Optimism reigns in Athens this morning if Greek share prices are anything to go by.The main ATG index is up 1.4% at 868.27. The banks are the main gainers. 8.43am GMT Finland’s finance minister says he is hopeful that a deal will be agreed to extend Greece’s bailout programme.Speaking to newspaper Helsingin Sanomat, Antti Rinne said:Last night a spark of hope arose that an understanding could be reached ... so that Greece could continue the underlying programme to strengthen its economy. 8.28am GMT European investors are feeling cautious this morning before this afternoon’s crunch eurogroup talks. Shares are modestly lower, suggesting that while the German finance ministry’s comments have knocked sentiment, investors are not giving up on the idea that a compromise can be reached. 8.16am GMT It has been a challenging few weeks for the new Greek government, particularly for the Prime Minister Alexis Tsipras and his finance minister Yanis Varoufakis.Jetting back and forth between parliament in Athens and meetings with his counterparts across Europe, Varoufakis is determined to keep some perspective despite the pressure.Two nights ago I saw S, Beckett's Happy Days (Greek National Theatre). Splendid performance(s). Such a relief from you know what... 8.09am GMT Will there be light at the end of the tunnel for Greece? Guenther Oettinger, Germany’s EU commissioner, believes a deal is possible between Greece and its eurozone creditors but that it might take longer than a day to hammer out an agreement.We are working so that Greece stays in the eurozone . On this basis I think an agreement will still be possible in the next eight days - if necessary via a further meeting of government leaders. 7.59am GMT Greek prime minister Alexis Tsipras had a series of telephone conversations with fellow eurozone leaders, to discuss Greece’s proposals.Significantly, he spoke to the German Chancellor Angela Merkel, hinting that she does not share her finance minister’s uncompromising stance. It was Wolfgang Schaeuble’s office that rejected the Greek proposals on Thursday.Phone call w/Chancellor #Merkel earlier today: positive tone, and interest in finding a mutually beneficial solution for #Greece & #EurozoneOn the phone with @fhollande He sincerely wants to find a mutually beneficial solution #Greece pic.twitter.com/IgaRu20dNF 7.51am GMT Good morning.#Eurogroup Friday in Brussels as of 15.00.There is a phrase for what Germany is seeking to do to Greece: a Carthaginian peace. It dates back to the Punic wars when Rome emerged victorious in its long struggle with Carthage but refused to allow its opponent the chance of an honourable surrender. Instead, it enforced a brutal settlement, burning Carthage to the ground and enslaving those inhabitants it did not massacre.A Carthaginian peace is what is being offered to Alexis Tsipras. On Thursday, the Greek prime minister made it clear that he was willing to see the white flag of surrender flutter over Athens. He accepted that he would have to swallow most of the conditions demanded of him by Greece’s eurozone partners but asked for a few concessions to sugar the pill. Continue reading...
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The Greek debt crisis was reportedly close to coming to physical blows earlier this week. The French paper Libération reported Wednesday that Greek Finance Minister Yanis Varoufakis got into a heated confrontation with Eurogroup president Jeroen Dijsselbloem on Monday afternoon at the meeting of European finance ministers trying to hammer out a deal on the Greek bailout. As a result of the altercation, German finance minister Wolfgang Schäuble refuses to speak to his Greek counterpart. Here is a translated part of the intro text of the Libération post: "Liar!" yelled Yanis Varoufakis, full of rage. Jeroen Dijsselbloem, accustomed to the usual courtesy that exists within the club of finance ministers of the euro area, was livid. The Dutchman, president of the Eurogroup, seemed fragile faced by the massive Greek Finance Minister, who is physically similar to Bruce Willis. "It was incredible. We really thought they would come to blows," said a witness at the scene. And here's more translated from part of the Libération audio report: Informed of the incident, Wolfgang Schäuble, the German finance minister, no longer wants to speak with Yanis Varoufakis, which really bothers the other members of the Eurogroup because it won't be easy to put them in the same room in the future. That's all to explain the degree of high tension we've gotten to. Perhaps this informs why there have been so many leaked letters to the press. In any case, things are impassioned in Europe.SEE ALSO: REPORT: Greece may have sent Germany the wrong letter on Thursday Join the conversation about this story » NOW WATCH: The Strange Fashion Choices Of European Men
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Eurozone would be better off without Greece, says Germany's influential council of economic ministers as "very difficult" talks begin in Brussels
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Communiqué must now be approved by all 19 ministers
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German Chancellor Angela Merkel and French President Francois Hollande, just a few hours ahead of the Eurogroup meeting being currently held in Brussels in order to strike an agreement over the Greek program, expressed their firm belief that Greece is and must remain in the Eurozone, ruling out the possibility of a Grexit. In a joint press conference held between the two leaders in Paris, Merkel highlighted that the Greek loan agreement six-month extension request submitted yesterday by Greek Finance Minister Yanis Varoufakis requires further negotiation. “Considerable improvements are needed in the substance of what is being discussed, so that we might, for instance, be able to vote on it next week in the German Bundestag. I think an intensive phase of work has to start today,” the German Chancellor said. The newly elected SYRIZA-led Greek government is trying to balance between a much-needed agreement with its European loan partners, in an attempt to avoid a liquidity crunch at the end of the month (when the current deal is due to expire) and Prime Minister Alexis Tsipras’ promises to put an end to the previous government’s austerity policies, imposed by the EC/ECB/IMF Troika. Although, any possible extension or changes require the approval of the Bundestag, Germany’s Parliament. Berlin’s initial objections, with the use of strong language, as it characterized the Greek proposal as a “Trojan horse,” were later softened after a telephone conversation between the Tsipras and Merkel. As Merkel underlined, Germany’s and Europe’s policy aims at keeping Greece in the single currency since it began receiving a 240-billion-euro bailout assistance five years ago. On his behalf, the French President said that “Greece is in the euro area and Greece must remain in the euro area,” backing previous comments made by the German Chancellor. “We will make every effort to continue on this path. This is about a program extension and what that will really mean. We need to be able to say to other people in other countries what that means,” Merkel concluded.
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Little sympathy for Greek debt plea in German press
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Stefanos Andreadis is a Greek artist who feels strongly against the current situation in the European Union. Looking for a way to express his disappointment toward the institution, Andreadis thought outside the box. Since last February, the young Greek artist has been painting little black figures of tiny people on euro banknotes. Through his art he aims to represent the consequences of the Greek financial crisis, as well as the violence and despair that people in Greece are faced with due to the recession and the Memoranda. After painting the small figures that are usually shown revolting, breaking away or even committing suicide, Andreadis scans his creations and uploads them on banknote.gr. The young artist is not keen on wasting money, so after painting the banknotes, he uses them and passes them on to other people. “Looking at the European banknotes picturing landscapes, I was impressed by the lack of realism. Over the last five years, the Greek economic collapse has caused violence and social regression. I decided to merge these two elements,” said the artist on the website.
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Greek Finance Minister Yanis Varoufakis is currently holding the third and most crucial of a series of meetings with his Eurozone counterparts in Brussels in an attempt to strike a deal regarding the future of the Greek program. The talks set to begin initially at 4:30 pm -but now moved to 5:30 pm- were characterized by participating Maltese Finance Minister Edward Scicluna as “difficult” due to the German-led block’s hardline stance toward the Greek proposal for a six-month extension of the loan agreement submitted yesterday by Varoufakis with the commitment that Athens is ready to accept financial and procedural conditions on the existing deal while asking for negotiations on other elements. “I think they have now reached a point where they will tell Greece ‘if you really want to leave, leave’,” Scicluna said in an interview referring to the possiblity of a Grexit. Berlin’s initial objections, with the use of strong language, as it characterized the Greek proposal as a “Trojan horse,” were later softened after a telephone conversation between Greek Prime Minister Alexis Tsipras and the German Chancellor Angela Merkel. In an interview with British newspaper Daily Telegraph, the Greek economy’s new “Czar” said the country’s delegation is “perfectly prepared to refrain from any moves that would jeopardize financial stability or Greek competitiveness.” In addition, though, Varoufakis highlighted that what Athens “cannot accept is that the fiscal adjustment, agreed by the last government, be carried through just because the rules say so.” Furthermore, the Greek Finance Minister said there can be no agreement if creditors continue to insist that Greece sticks to the terms of its Troika bailout and increase its primary budget surplus from 1.5% to 4.5% of GDP by next year. “We have already done more fiscal tightening than has ever been done by any country in peace time, and Greece is still in depression with declining nominal GDP. There is no macroeconomic argument that can be made for further tightening,” he stressed, adding that “the only reason for doing so is out of ideology or on punitive grounds. All we are seeking is a way to end the debt-deflation cycle and restore the Greek economy’s credit circuits.” Varoufakis’ new proposal, submitted yesterday to Eurogroup President Jeroen Dijsselbloem and the rest of the Eurozone Finance Ministers, is willing to “honor Greece’s financial obligations to all its creditors” and desist from any “unilateral actions” in exchange for bridging finance and a six-month interim arrangement, he explained to the British newspaper. The Greek offer included the crucial proviso that SYRIZA will limit austerity to “appropriate primary fiscal surpluses… that take into account the present economic situation.” The newly elected SYRIZA-led Greek government is trying to balance between a much-needed agreement with its European loan partners in an attempt to avoid a liquidity crunch at the end of the month (when the current deal is due to expire) and Tsipras’ promises to put an end to the previous government’s austerity policies, imposed by the EC/ECB/IMF Troika.
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Greek shipowners ordered fewer new vessels in 2014 compared to 2013. Last year, 230 new vessels were ordered, significantly less than the 348 ordered in 2013, showing a 34% year-on-year drop. According to figures from brokerage firm Golden Destiny, the share of ships ordered by Greeks from global orders dropped to 10% in 2014, compared to 12% in 2013. The total capacity for ships ordered was 24.1 million deadweight tons (dwt) for which Greek shipowners invested 8.41 billion euros. Dry bulkers and tankers constituted the majority of the orders placed by Greek shipowners. There were orders for 97 dry bulk carriers (against 149 orders in 2013) worth 1.9 billion euros and with a capacity of 10.4 million dwt, while 76 tankers were ordered, compared to 108 in 2013. There were only 22 container ships ordered against 47 in 2013. Most ships are built in Asian shipyards.
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