Five important questions about the Greek debt talks

What would the effects be of a Grexit and is it the worst scenario for the eurozone?Why is a Greek deal so urgent?In theory, Athens has until 30 June – when it is due to make a €1.6bn (£1.15bn) payment to the International Monetary Fund – to secure a fresh injection of cash from its creditors. They have held up the €7.2bn remaining in its bailout fund, until an agreement on economic reforms can be reached.But it has become increasingly clear that the country’s already fragile financial sector is now suffering a debilitating bank run. A total of €2bn was withdrawn from Greek banks between Monday and Wednesday this week, as scared savers opt to put their cash under the mattress. That more than swallows up the €1.1bn increase in emergency funding for Greek banks that the European Central Bank rubberstamped on Wednesday. Continue reading...

READ THE ORIGINAL POST AT www.theguardian.com

FTSE 100 breaks losing streak as miners benefit from weaker dollar

Hopes of a Greek deal before deadline help support sharesLeading shares seemed to be heading for a new five month low but a revival on Wall Street, and hopes that the latest “last chance” meeting to resolve the Greek crisis could produce results, helped pull them back from their worst levels.Even though the Eurogroup get-together started with Greece and its creditors still firmly entrenched in their conflicting positions, investors became a little more optimistic the two sides would pull back from the brink before it was too late. News that Greek finance minister Yanis Varoufakis intended to present proposals to the meeting helped lift sentiment, although it was not clear whether these were new plans or not.We move to reduce given current macro pressure which could continue to hit mega caps. Earnings per share forecast is around 3% lower from PowerSchool sale (down around 1% in the full year ) and around 2% down from foreign exchange rebase (dollar mostly). [PowerSchool] was flagged previously by Pearson as a sale candidate as it is a back office oriented data management system business with no obvious synergies with other Pearson learning operations. Sale price of $350m implies 3.6 times 2014 sales ($97m) and 17.5 times profit ($20m) so very decent multiples reflecting good margin (20.6%) and a market leading position (a third of market)The group has turned a corner. The management team is making good progress with the operational improvements. Demand for Hornby products remains strong, with demand currently outstripping supply. Continue reading...

READ THE ORIGINAL POST AT www.theguardian.com

The latest on Greece: No deal on bailout at eurozone meeting

7:40 p.m. (1740 GMT, 1:40 p.m. EDT) A leading European Union official says Greece and its international creditors have failed to secure a bailout deal that would help the country avoid a debt default at the end of the month. Valdis Dombrovskis, an EU vice ...

READ THE ORIGINAL POST AT news.yahoo.com

Eurozone leaders' summit called for Monday to 'urgently discuss' Greece bailout situation

LUXEMBOURG (AP) — Eurozone leaders' summit called for Monday to 'urgently discuss' Greece bailout situation.

READ THE ORIGINAL POST AT uk.news.yahoo.com

EU's Dombrovskis says no deal for Greece aid at Eurogroup meetings

(Reuters) - Greece has not managed to reach a deal with its creditors at the latest Eurogroup meeting in Luxembourg, the European Commission's Valdes Dombrovskis said in a tweet on Thursday. Strong signal for #Greece to engage seriously in negotiations," he said, adding that the group "stands ready to reconvene at any moment." Valdis Dombrovskis is EU Commissioner for the Euro and Social Dialogue. Euro zone finance ministers were meeting in Luxembourg for a session that had been billed as the final chance to reach a cash-for-reform deal.

READ THE ORIGINAL POST AT uk.news.yahoo.com

Euro zone leaders to meet on Greece on Monday

BRUSSELS (Reuters) - Euro zone leaders will meet to discuss the impasse in reform-for-cash talks with Greece on Monday at 1700 GMT, an EU official said. "Given the outcome of today's Eurogroup meeting it is time to urgently discuss the situation of Greece at the highest political level," the official said. (Reporting By Jan Strupczewski)

READ THE ORIGINAL POST AT uk.news.yahoo.com

Greece reaching "end of the game" in crisis talks

BRUSSELS (Reuters) - It is in everyone's interest that Greece remains in the euro zone, but Athens is reaching the end-game, EU Economics Commissioner Pierre Moscovici told a news conference. "We are ready to work day and night for a deal," Moscovici said. "There is little time to avoid the worse ... We are reaching the end of the game. I call on Greek government to come back, seriously, to the negotiating table." (Reporting by Robin Emmott; Jan Strupczewski)

READ THE ORIGINAL POST AT uk.news.yahoo.com