Extending QE to GREECE Won't Do Much Good

But policy makers are set to discuss a waiver for Athens early next month, which appears more likely now that GREECE'S lenders have reached an ...

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Militants are controlling OPEC's oil production

[militant niger delta]AP/George Osodi Oil watchers have been waiting for a production cut for almost two years. But while OPEC hasn't yet participated in a coordinated effort, the cartel of oil-producing countries technically has slashed its output. Or, more accurately, Nigeria, one of its 13 members, has. "Actually, we did have a de facto OPEC cut. Just — it was by accident," Helima Croft, the head of commodity strategy at RBC Capital Markets, told Business Insider in an interview on Tuesday. "Nigeria is that big supply-disruption story — and it can just go on," she said. Nigerian oil production has fallen by 31% this year to about 1.4 million barrels a day, down from 2.03 million barrels a day in January. That's such a huge drop that Angola is now the No. 1 producer in Africa, as its production held steady in April at 1.8 million barrels a day. Attacks on energy infrastructure by a new militant group called the Niger Delta Avengers have been the main cause of the production outages. Most notably, the group attacked a Chevron offshore facility earlier this month and the underwater Forcados export pipeline operated by Shell in late March. Croft has since argued that even if Canada comes back from its devastating wildfires, Nigeria has essentially caused a rebalancing in the oil market all by itself. [Nigeria militants]AP/George Osodi The Niger Delta Avengers' rise has roots dating back to the 2000s, when armed militants in Nigeria's oil-rich Niger Delta, including members of the Movement for the Emancipation of the Niger Delta, routinely kept hundreds of thousands of barrels of oil off the market. At its peak, MEND slashed Nigeria's output by half and cost the government $19 million in daily defense outlays, according to previously cited data by the RBC Capital Markets team. In an effort to curtail the chaos and huge financial losses, the Nigerian government in 2009 signed an amnesty agreement and pledged to provide monthly cash payments and vocational training programs to the nearly 30,000 former militants in exchange for cooperation. Some of the more influential members like the ex-leader Government Ekpemupolo (referred to as Tompolo) also received lucrative security contracts worth nearly $100 million a year. The arrangement was a pretty good Band-Aid. But it failed to address the fundamental drivers of instability in the region such as poverty, corruption, and the proliferation of weapons. Fast forward to today: The Buhari administration has cracked down on corruption in the region by axing the expensive security contracts and issuing indictments for theft, fraud, and money laundering. Even if the government wanted to pay off the militants today, it doesn't exactly have the money for it, with oil prices still far below their peak and state resources redirected to counterinsurgency operations against Boko Haram. "When people say the government can just pay them off — with what money?" Croft told Business Insider. "What president is running Nigeria right now? Now, if President Buhari folds to the militants, his whole reason for being in office then evaporates. He ran on a program of fixing Nigeria and ending the cycle of payoffs." [Screen Shot 2016 05 20 at 1.39.39 PM]AP/George Osodi Given that the Nigerian disruptions are at least partially a product of long-run structural issues, one can argue that they could last for some time. (As opposed to, say, the Canadian wildfires, which, while devastating, are only a temporary headwind.) "I think we have to look at what happened in the past and say, well, could they potentially shut in production? ... No company is going to keep their operations going when people show up with AK-47s," Croft said. "You just wait it out. You don't run a risk to your personnel or operations." "These are structural problems in these oil-producing states," she continued. "This not noise. This is not something that you can take your magic wand and make this thing go away. "So this one, I think, fasten your seat belts. This one's going to go on." NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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48% of Americans saving for retirement are pretty sure they have no idea what they're doing

The US has a retirement problem.  In the Federal Reserve's 2015 report on US household economic well-being, about half of respondents who said they were working towards saving for retirement were less than confident they were making good investment choices.  According to the Fed, 48% of respondents who had either a defined contribution plan or a self-directed retirement plan were either "not confident" or just "slightly confident" in their ability to make the right investment decisions in these accounts. These plans are basically standard 401(k) plans you manage alone or similar accounts in which your employer matches a certain amount of what you set aside but promises no future benefit; 48% of non-retirees with savings have these kinds of accounts. Pensions, in contrast, are "defined benefit" plans, meaning your contributions promise certain benefits down the road; just 25% of non-retirees saving for retirement possess these plans.  So just barely over half of those saving for retirement on their own _think_ they know what they're doing. Though as we've written: if you're trying to beat the market on your own — which is not necessarily what these people are doing, just a possibility! — you will lose. This is a bit discouraging.  [Screen Shot 2016 05 25 at 12.50.29 PM]Federal Reserve The Fed also notes, "In general, men express somewhat greater levels of confidence in their investment capabilities, with 58 percent of men compared to 45 percent of women reporting that they are mostly or very confident that they will make the right investment choices." Of course. Like, it's one thing to refuse to ask for directions. But it's another to not ask for advice on how to save for retirement (though this is, I'll concede, not retirement advice).  The Fed's report added that 40% of those saving for retirement with self-directed accounts received advice from a broker, lawyer, or financial planner and 28% of these savers receive advice from friends or family; 24% of people use advice found online, in books, or magazines, while 11% use advice from employers.  The Fed noted, however, that just over 25% of respondents don't use any financial advice at all when deciding how to manage their retirement savings. Of these advice-free savers, 47% indicated that they didn't seek advice because they didn't think they needed it, while about 27% of respondents said they didn't think could afford retirement advice and 25% didn't know where to get it.  And once again, there is a gender gap. "Just over one quarter of both men and women report that they use no advice from others when managing their investments," the Fed wrote. "However, while 55 percent of men who do not use any advice say that they do so because they do not feel that they need it, only 39 percent of women that do not use any advice from others feel this way."  Elsewhere, the report indicates that more than one-third of survey respondents ranging from ages 18 to 60+ don't think they're going to be able to retire:  [frb post red box]Federal Reserve Some of the report's other troubling findings include that 31% of non-retired adults have no retirement savings or expected pension benefits. As for how Americans are feeling about their finances, 69% of respondents said they are either "living comfortably" or "doing okay," up 10% from 2013.  NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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GEORGE FRIEDMAN: Southern Europe is in a 'massive depression'

[Italy unemployment]Reuters/Tony Gentile The latest Greece deal notwithstanding, George Friedman says Europe’s southern tier is in a “massive depression” that isn’t getting better. Speaking at the Mauldin Economics Strategic Investment Conference in Dallas, Friedman said entire economies are failing. It’s not just Greece. Unemployment is over 20% in Spain, Portugal, and Italy while youth unemployment is even higher. Italy is especially problematic. The world’s eighth largest economy has a completely unsustainable banking system. European authorities have tried to hold it together by imposing social costs on unrelated parties. But those unrelated parties don’t like it, and they are ready to turn the tables. A bank crisis in Italy would be bad enough, but right now, Europe can’t count on Germany to come to the rescue. The Germans have their own problems. Their export-dependent economy relies on customers who will buy what Germany makes. Maintaining exports when your customers are either broke or shopping elsewhere is hard on business. Just to make it even more interesting, a resurgent Russia is forcing Europe, and particularly Germany, to get back into the defense business. And the US is no longer willing to pay the full cost of the NATO alliance. How will the crisis end? Friedman doesn’t know, but he’s sure it won’t be good. Live from the 2016 Strategic Investment Conference Get the latest updates… live… from the sold-out 2016 Strategic Investment Conference with John Mauldin, Richard W. Fisher, David Rosenberg, James Grant, Niall Ferguson, George Friedman, Pippa Malmgren, Charles Gave, Neil Howe, and many more. Click here to visit the conference’s live blog. NOW WATCH: Here’s what would happen if you fired a gun in space

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The river of new stock in the market has turned into a trickle

[Fresh water drought Cambodia Asia]REUTERS/Samrang Pring With markets whipsawing from disaster to dynamite in the first part of 2016, the shaky ground has worried a lot of companies. This instability had a gargantuan impact on the number of companies trying to raise money through the stock market. The frequency of companies going public has dropped like a stone. With five months of 2016 behind us, the number of companies hitting the stock market is the lowest in over a decade. "If you’re having a hard time remembering the last time you saw a big IPO cross the headlines, you’re not alone," said a note from Bespoke Investment Group. "There have been only $4.88 billion worth of IPOs in 2016 in 31 deals. That compares with $13.4 billion in IPOs at this time last year and a total of 173 IPOs in 2015." In fact, year to date, only 2008 and 2009 — the period around the financial crisis and Great Recession — had fewer IPOs. That's not all. Companies already listed on the market are not issuing stock to raise more capital through secondary stock offerings as much either. Despite secondary offerings looking stronger than IPOs (which isn't too hard), there have been fewer of these efforts than in 2015. "As shown below, there have been a total of $56.07 billion in secondary offerings so far this year, down from the $99.9 billion that had been issued YTD last year but still a much healthier level than IPO activity might indicate," said Bespoke. "2016 is on pace to see a total of 484 deals price, down from 646 last year and a cycle peak of 739 back in 2013." Using the current year to date fundraising trends, Bespoke projects this year will see the second-fewest deals done in the stock market since 2005 with 488 secondary offerings and just 78 IPOs. While the trends may shift as the market becomes more stable, it appears that there will be much less equity issuance than in recent years. [ipo and secondary stacked column]REUTERS/Samrang Pring So why is this happening? Broadly speaking, companies want stable financial conditions when issuing stock through an IPO or a secondary offering. This allows for more favorable pricing and more investor interest, thus making the offering a larger boon for the firm. So, the stock market's violent drop to start the year was a terrible time for IPOs. Additionally, firms considering going public during a period of market instability are more likely to wait and see what happens with other IPOs before they jump in. Basically, there can be a freeze while everyone waits to see what happens when the first firm jumps back into the market. On the secondary issuers side, access to debt is simple and interest rates are low, so financing through the bond market as opposed to the stock market may make more sense. While conditions are getting more favorable, and both IPOs and secondary offerings are starting to crawl their way back, the decline so far this year has been steep. NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Here are the big US cities everyone is moving to and from

The US Census Bureau released its annual estimates of population change and its causes for the nation's 381 metropolitan statistical areas. One of the major factors in population change is net domestic migration, or the difference between the number of people who moved into a metro area from elsewhere in the country and the number of people who moved out of that area to another part of the US. Using the Census Bureau's estimates, we made a map showing net domestic migration between July 2014 and July 2015 as a percentage of 2014 population. Most of the nation's metro areas saw net negative migration, shown in red on the map, while some metro areas, particularly in the South, had more people move in than leave, indicated in blue: [metro area domestic migration map]Business Insider/Andy Kiersz, data from US Census Bureau Here are the ten metro areas that Americans are most flocking to: [domestic in migration table fixed]Business Insider/Andy Kiersz, data from US Census Bureau And the ten metro areas Americans are moving out of the fastest: [domestic out migration table]Business Insider/Andy Kiersz, data from US Census Bureau NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Marousi Perpetrator Arrested After Attempt to Assault Another Woman

The 30-year-old Greek man who has been spreading terror in Marousi over the past few days attempted to assault another woman for the fourth time in a row, ultimately leading to his arrest. Marousi police authorities were on the hunt, as the man had attempted more assaults reported by female victims. Most incidents had occurred

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Nicos Anastasiades Continues Visit to Greece, Meets With Alexis Tsipras

Greece Prime Minister Alexis Tsipras received Cyprus President Nicos Anastasiades on Wednesday in the Greek capital. “I welcome you at a crucial and interesting period for our region, for Europe, for Greece and Cyprus, especially lately that they are a pillar of stability in a widely troubled region,” Tsipras said in a brief dialogue with

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EC Prepares Supplemental Memorandum for Greece to Pave Way for 7.5 Bln Euros

An addendum to the current bailout terms is being prepared so that Greece can receive the first installment of the second tranche in June. The supplemental Memorandum of Understanding, agreed to by the European Stability Mechanism (ESM), will pave the way for Greece to get 7.5 billion euros in June (from the total 10.3 billion

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Mega TV Saved From Bankruptcy But Still Hanging on a Limb

Last-ditch efforts to save Greece’s private Mega channel from bankruptcy paid off on Wednesday with an agreement between shareholders reached at the eleventh hour. Shareholders reportedly agreed to put up three million euros within a week so as to cover outstanding debts, including money owed to employees who haven’t been paid their wages for two

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Germany Makes IMF Blink Over Greek Debt Relief, Tsipras Loses Big

After warning it might pull out of Greek bailouts, the IMF has acceded to German political machinations over how to proceed.

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Vegan Oatmeal Cookies

In Greek cuisine, there is a long tradition of vegetarian, and even vegan, sweets. During the periods of fasting, a tasty dessert was a welcome treat. The following vegan oatmeal cookies are made without eggs or dairy, or added sugar. The sweetness comes from the dried fruits and the ripe bananas, so make sure the

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Lentil Soup

Traditional Greek cuisine often features healthy proteins like beans and legumes as the main dish. During times of fasting, it is important to maintain a balanced diet with healthy fats and enough protein to keep your muscles moving. Lentils (faki) are a protein-packed legume, full of nutrients like iron and fiber. Different varieties of lentils

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430 Greek Beaches Win a Blue Flag for 2016 (interactive map)

The Foundation for Environmental Education (FEE) announced today the list of beaches and marinas that won a Blue Flag for 2016. This year, Greece was again in third place among 50 countries, regarding awarded beaches. The Chalkidiki municipality came ...

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IMF holds back on Greek debt relief deal

The International Monetary Fund announces it is not yet ready to join the EU's latest bailout for Greece, saying it wants details of a debt relief deal.

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Greece’s public sector: Education Ministry plans exams to “legalize” 2,500 fake high-school certificates

Sometimes I really fail to understand the logic of this government. Greek Education Ministry plans to “legalize” 2,500 fake high-school degrees obtained by civil servants. “we have looked into the issue and have found them [2,500 fake school degrees],” a “source” told  Avgi, a daily close to SYRIZA. The source […]

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IMF admits it had to reach a compromise at Eurogroup to “save” Greece

Did they agree or not? The International Monetary Fund and the Eurogroup? Rather not. Or even better: They compromised and agreed to push the problem in the future. Washington correspondent of Greek state broadcaster ERT, Lena Argiri, spoke with an IMF official who said “key problem yesterday was that EU […]

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Imminent intervention? Greece, Italy & Malta close their airspace for aircraft departing from Libya

Weird things are happening in the Mediterranean Sea. Almost simultaneously three countries in the Mediterranean have closed their airspace and territories for aircraft departing from Libya. The exceptions are very few and could hind on the transport of military and evacuees. At the same time, three NATO exercises are taking […]

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EU officials hail deal to release billions in bailout loans for Greece

Agreement to issue €10.6bn in two tranches represents climbdown for IMF and comes as Greek unions threaten strikes Greece’s finance minister Euclid Tsakalotos, right, and the Eurogroup president, Jeroen Dijsselbloem, at the Brussels meeting. Photograph ...

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This summer's Greek crisis has been called off, but the country's problems are far from over

FRANKFURT, Germany (AP) -- It's all but official: this summer's Greek crisis has been called off. After an 11-hour meeting lasting into the early hours Wednesday, European officials agreed to unfreeze more rescue loans and to consider ways to lighten ...

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Greek Bank Capital Controls On the Road to Being Lifted

The Bank of Greece and European authorities are taking the first big step to ease capital controls that were first imposed on June 18, 2015, prior to the agreement of a third bailout deal between Greece and its creditors. Technical groundwork has been laid ...

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Greece continues eviction of refugees from Idomeni

Greek police have continued efforts to evict more than 8,000 refugees and migrants congregated at the makeshift Idomeni camp, as the European Parliament's president called European countries rejecting refugees a "disgrace". On Wednesday, the forced ...

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Euro zone, IMF reach compromise deal on Greek debt relief

[A protester waves a Greek flag during a demonstration outside the parliament building in central Athens]By Jan Strupczewski and Francesco Guarascio BRUSSELS (Reuters) - Euro zone governments on Wednesday offered Greece debt relief in 2018, but left key details for later in a bid to bridge Germany's view that no immediate action was needed and the International Monetary Fund's call for decisions now. The late-night compromise spared the battered European Union the risk of another Greek crisis this year, less than 12 months after Athens was on the brink of ejection from the currency area by rejecting austerity measures and defaulting on an IMF loan.

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World NewsMoody's gives nod to GREEK deal

Eurozone creditors showed willingness to avoid a GREEK crisis similar to that of summer 2015 but little desire to restore Greece's fiscal and economic ...

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GREEK Debt Deal: Breakthrough or Rip-Off?

GREEK Prime Minister Alexis Tsipras has sparked optimism abroad and attacks at home after a deal on the next phase of Greece's bailout was struck in ...

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What The GREEK Deal Does And Does Not Do

Important point is that Greece is taken out of the potential global risks, unlike a year ago. We caution against chasing the GREEK equity or bond market ...

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Official: GREEK Efforts to Handle Refugee Crisis Significant

In March, the European Union and Turkey reached an agreement to stem the flow, under which anyone arriving clandestinely on GREEK islands from ...

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GREEK Debt Negotiations: Will the IMF Exit the Troika?

This past week the GREEK Parliament voted by a narrow margin of 153 to 145 to impose even more austerity on its people — thus implementing the ...

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[Analysis] GREEK debt deal doesn't solve the problem

For the first time, the representative of the International Monetary Fund (IMF) said, all Greece's creditors "recognise that GREEK debt is unsustainable ...

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The GREEK government's equity portfolio

Of that, about €18bn consisted of claims by various levels of government on each other, specifically about €3bn in T-bills, €7bn in GREEK government ...

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Deal Between GREEK Creditors Doesn't End Saga

A truce between Greece's creditors averts an immediate panic over GREEK bankruptcy this summer, yet as officials and onlookers digested the deal, ...

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The IMF, Trying to Lend Europe Credibility for a GREEK Bailout, Risks Losing Some of Its Own

The International Monetary Fund acted tough on GREEK debt relief. But it appears to have caved under pressure by its largest shareholders, the U.S. ...

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GREECE earns third place worldwide in Blue Flag certification

GREECE has earned fourth place in Europe with regard to the quality of its bathing waters for this year, according to data published by the European ...

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GREECE and Europe: Why the Deal Is Good Enough for Now

GREECE is back in the European fold—for now, at least. The late-night agreement struck with eurozone finance ministers and the International Monetary ...

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GREECE Reaches Landmark $11.5 Billion Debt Deal With IMF

There's hope for GREECE. The debt-laden nation has made nice with the International Monetary Fund, securing $11.5 billion in fresh loans on ...

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IMF: No IMF Cash Now for GREECE Because Europe Hasn't Promised Debt Relief

WASHINGTON—A senior International Monetary Fund official Wednesday said it can't help Europe with fresh emergency financing for GREECE ...

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GREECE bailout: IMF queries eurozone debt relief deal

The International Monetary Fund (IMF) has announced it is not yet ready to join the EU's new bailout for GREECE, saying it needs further details.

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What next for GREECE? Loan averts crisis but debt still huge

FRANKFURT, Germany (AP) — It's all but official: this summer's Greek crisis has been called off. After an 11-hour meeting lasting into the early hours ...

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GREECE Needs Debt Forgiveness, Not Relief

At a meeting of euro-area finance ministers in Brussels on Wednesday that lasted late into the night, officials struck a preliminary deal with GREECE to ...

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GREECE has been thrown a bankruptcy lifeline as eurozone chiefs reach deal

GREECE was thrown a lifeline on Wednesday after eurozone chiefs sealed a “breakthrough” deal to save the country from bankruptcy. The agreement ...

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Will Greek debt deal change anything?

Will Greece's latest debt deal really change anything?

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Greece to avoid default this summer, eyes debt relief

ATHENS, Greece (AP) -- Greece will avoid a default this summer after international creditors reached a milestone decision early Wednesday to unfreeze a batch of bailout loans and to find a way to ease the country's debt load. The yield on the benchmark 10 ...

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Home prices rise more than expected

Home prices rose more than expected in March, according to the Federal Housing Finance Agency. The FHFA home price index was 0.7%, higher than the forecast and previous six-month average of 0.5%. Price rose for a 19th straight quarter in Q1, by 1.3%. However, the pace of price gains is slowing down.  "Twelve states and the District of Columbia saw price declines in the quarter—the most areas to see price depreciation since the fourth quarter of 2013," said FHFA supervisory economist Andrew Leventis. "Although most declines were modest, such declines are notable given the pervasive and extraordinary appreciation we have been observing for many years." Year-on-year, prices rose 6.1% across the US. The largest gain, by 9.5%, was recorded in the Pacific region that includes California, Atlanta and Oregon.  It's a packed week for housing-market data. New home sales numbers were released Tuesday, and they crushed forecasts, rising to the highest level in eight years.  On Thursday, pending home sales data are due. Refresh this page for updates. SEE ALSO: HOME PRICES ARE GETTING OUT OF CONTROL IN THESE 18 AMERICAN CITIES Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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There's a new 'key source of demand' for US Treasurys

[Treasurys] US households have become a "key source of demand" for Treasurys since the Federal Reserve ended its bond buying program during the second half of 2014, according to a note from Capital Economics Chief Markets Economist John Higgins. Households have helped pick up the slack as Fed buying has stopped, foreign appetite has waned, and US commercial bank buying has slowed following the introduction of Basel III, Higgins says.  The change in ownership hasn't been enough to push yields to new lows. A look at the 10-year yield shows a drop of about 70 basis points to a low of 1.64% in the weeks following the Fed's announcement that quantitative easing was over. Since then, the benchmark yield rallied to a high of almost 2.50% in June 2015 before rolling back over. Several attempts have been made at cracking the post-QE low of 1.64%, but so far that level has held.  Capital Economics believes it's possible "the downward pressure on Treasury yields exerted by the purchases (and other actions) of the Fed was greater than that exerted by the purchases of others." "This suggests that extra demand for the bonds from whatever source is unlikely to prevent their yield from rising, if, as we expect, the Fed tightens by more than most expect," the note said.  Goldman Sachs technical analyst Sheba Jafari, in contrast, is neutral until the rangebound trade between 1.70% and 1.90% is broken. She says a breakout above 1.954% should produce a move into the 2.11% to 2.17% area, and that "risks heighten" below 1.70%.  [10-year yield] On the opposite end of the spectrum is Citi, which in a May 9 note to clients suggested a breakdown of the 1.75% area would put the nominal record low of 1.387% in the crosshairs. Then there are bond gurus Gary Shilling and Komal Sri-Kumar, who have both predicted the 10-year yield will eventually hit 1.00% before the cycle is over.  SEE ALSO: PREDICTIONS FOR THE 10-YEAR YIELD HAVE BEEN EMBARRASSING Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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Here comes Markit services PMI ...

Markit Economics will release its preliminary report on the US services industry at 9:45 a.m. ET.  Economists forecast that the flash purchasing manager's index (PMI) climbed to 53 from 52.8, according to Bloomberg.  The April report showed that the sector grew at a faster-than-expected pace. However, job creation slowed down. Markit's survey found that 160,000 jobs were added, down from an average of 200,000 in the first quarter.  We'll have the latest once the data cross, so refresh this page for updates. SEE ALSO: HOME PRICES ARE GETTING OUT OF CONTROL IN THESE 18 AMERICAN CITIES Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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This is the most depressing chart for businesses everywhere

It's hard out there to grow a business. One chart from Societe Generale shows the scope of the slowdown in revenue growth. According to the Equity Strategy team, firms are not only facing an earnings recession, but revenues are also sinking as well. There are a number of reasons for the slowdown. In the US, the strength of the dollar and commodity prices have dragged down the revenues of many international and energy firms. Around the world, lackluster growth has people saving more and spending less. Add it all up and you've got no one's revenues growing. According to SocGen's breakdown, the phenomenon is worldwide. Companies in the US, UK, Japan, and Europe are all struggling with what SocGen called "anemic" growth, and in some cases revenue growth is actually negative. Not pretty. [Screen Shot 2016 05 25 at 8.27.57 AM] Join the conversation about this story » NOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy

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New Deal Aims to Forget Greece, Not Forgive It

Leonid Bershidsky is a Bloomberg View columnist. He is a Berlin-based writer, author of three novels and two nonfiction books. The International Monetary Fund and European finance ministers hailed their new agreement on Greece as a "major breakthrough.

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Greece wins aid tranche, future debt relief

Marathon talks between eurozone finance ministers and the International Monetary Fund result in aid payment and wide-ranging debt relief deal for Greece. Greece will get 10.3 billion euros to help meet loan repayments due this summer and won a promise of future debt relief if it keeps up the reforms mandated by its international creditors. […]

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Debt Relief For Greece Agreed In Principle

Greece will get most of the next instalment of bailout funds in July to redeem bonds held by the European Central Bank and repay IMF loans, as well as starting to clear arrears in government payments to the private sector, with the rest paid after the summer.

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After six years' austerity, Greeks feel no joy from new debt deal

ATHENS (Reuters) - While Greece's government trumpeted a debt relief deal with other euro zone countries on Wednesday as the beginning of the end of its bruising six-year financial crisis, many Greeks remained unconvinced.

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