Greece muzzled its combative finance minister and investors couldn't be happier

Tensions have been rising in Greece as the country inches closer to ... A big source of that tension has been Yanis Varoufakis, Greece's finance ...

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Greek deputy PM: Our aim is a deal in the first days of May

The government's aim is to clinch an agreement with Greece's creditors within days, Greek deputy Prime Minister Yiannis Dragasakis said as he exited the first meeting of the government's newly-formed “political negotiations” team on Monday evening. "The agreement must be ...

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Greece reins in Varoufakis as it reorganises bailout efforts

Greece reshuffled its bailout-negotiating team, reining in Finance Minister Yanis Varoufakis, after three months of talks with creditors failed to unlock aid and a meeting with his euro-area counterparts ended in acrimony.The coordination of the ...

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Tsipras ready for reforms, to replace Varoufakis in bailout talks

Greece's Prime Minister Alexis Tsipras may be ready to compromise with the EU and introduce reforms. Finance minister Varoufakis could be removed from the chief negotiator's position, news organizations in Athens report.

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Italian Economy Minister: No ‘Plan B’ on Greece

Rumors over a so-called “Plan B” on a solution to Greece’s long-standing crisis have been topping international media in recent weeks, although top European officials have rejected the speculation. Today it was Italian Economy Minister Pier Carlo Padoan to add his voice to calls on Greece to finally submit its list of economic reforms in order to pave the way for a new deal that would provide the country with the much-needed fresh assistance from its international creditors. As he said, the European policy makers are not considering a Grexit scenario. “As far as I am aware, there is no ‘Plan B’ on Greece,” he stressed while addressing foreign reporters in Rome earlier today, explaining that “the aim is to get a rapid accord with Athens.” Moreover, he said that the message Greece should receive is that much time has already been wasted and the leftist-led government needs to conclude with a detailed reforms proposal as soon as possible. Commenting on the reportedly hostile environment Greek Finance Minister Yanis Varoufakis encountered on Friday’s Eurogroup meeting in Riga, the Italian Economy Minister denied such reports. Finally, he underlined that Italy is not at risk from the strained situation in Greece, as the conditions have changed since 2012 when Greece’s problems created fears for the single currency’s future. Padoan’s comments come just a few days after a similar positioning by a senior Greek government official, who explained that Athens and its international creditors have not agreed on a “Plan B” in case the country fails to pay the International Monetary Fund (IMF) on time or default.

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German FinMin Spokesman: The Ball Is in Greece’s Court

Yet another declaration of its frustration expressed today the German Finance Ministry, regarding the lack of progress Greece has achieved in regards to its economic reforms list. As it was highlighted, Berlin is patient but it is clearly Athens that should make the next move. “Our goal is to keep Greece in the euro. That’s what we are working for intensively. But we have to make it clear once more that the ball is in Greece’s court,” German Finance Ministry spokesperson Martin Jaeger told reporters earlier today, adding that “we are waiting for proposals and have been waiting for weeks. It is frustrating but we are patient.” Jaeger concluded that he hopes Greece will present its proposals on time for the next scheduled meeting of European single currency Finance Ministers on May 11. It should be noted that despite his expressed trust to Finance Minister Yanis Varoufakis, Greek Prime Minister Alexis Tsipras proceeded with forming a new political negotiating team, putting outspoken Varoufakis at the helm but appointing Deputy Finance Minister Euclid Tsakalotos as the group coordinator. The forming of a political negotiating group was decided on Sunday during a meeting at the government headquarters, chaired by the Greek Premier. Greek Government General Secretary Spyros Sagias and Fiscal Policy General Secretary Nikos Theocharakis complete the group. The latter was appointed to draft a growth plan for the Greek economy. The plan will be the basis of negotiations for the June agreement, when the bailout program extension expires. Varoufakis’ replacement is seen in Athens as a sign of him being held responsible for the delay in negotiations.

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MarketsFTSE 100 lags Europe as Greek stocks surge

French, German and Italian stocks all rose more than 1 per cent after Greek prime minister Alexis Tsipras added two economists to the team that has ...

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