Eurozone Ministers Considering New Greek Bailout
Hours after Greece had officially defaulted on its bailout loan from the International Monetary Fund. Eurozone ministers were already discussing terms of a new bailout loan to keep the country afloat. Officials today will decide whether or not an emergency loan to Greece from the European Central Bank. The meeting where ECB ministers will decide as much is only the first of two meetings that are to happen this afternoon, the other being in regards to Greece's request for a new bailout amounting in nearly 30 billion Euros and lasting two years. Many expect a tidy end to a short-lived crisis....
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Early this morning European time, Greek financial ministers and Eurozone representatives reached an agreement after an all-night negotiation session. The deal will last three years and amount to $94 billion. "The institutions and the Greek authorities achieved an agreement in principle on a technical basis. Now as a next step, a political assessment will be made," said Annika Breidhardt, a European Commission representative. Also read: How Bitcoin Could Prevent a Future Greece. The biggest issues discussed revolved around Greek institutions not properly servicing their receivables, the....
Amidst the growing debt crisis of Greece, Eurozone finance ministers have rejected a request made by Greece in order to extend the bailout program beyond June 30th. A statement by the Eurogroup said that Greece ceased negotiations over a new deal “unilaterally.” Greece is to pay €1.6bn to the IMF on Tuesday, without additional funding, there are fears that Greece may leave the Euro and face economic collapse. Greek Finance Minister Yanis Varoufakis stated that Greece is still trying to secure a bailout deal that could be put to a referendum, stating: “In these crucial moments, the Greek....
Greece is on the verge of leaving the Euro. Whilst Eurozone capital markets are likely to deliver an initially muted response, we will see a long-term re-valuation of the price of peripheral Eurozone bonds and stock markets as investors price in the risk that other countries may, in time, follow Greece. The comments from Tom Elliott, International Investment Strategist at deVere Group, one of the world's largest independent financial advisory organizations, come as the Greek debt crisis is reaching a climax following Thursday's failed crunch talks with the Eurogroup finance ministers. It....
If you’re following the headlines, then it’s not tricky to see that even European leaders think Europe is on the brink of collapse! Greece will receive the short-term debt relief from the Eurozone creditors it desperately need to stay afloat after a meeting of 19 European finance ministers in Brussels on Monday. But, how far will the relief stretch? The ministers offered to help the cash-poor Greek government, though not each European nation, nor the IMF, was on board. Greece’s repayments, nevertheless, will be restructured to take place over a longer period of time and an interest rate....
European leaders announced Monday morning that they had reached a deal meant to resolve Greece's debt crisis, The New York Times reports. The new bailout for Greece would involve both "serious reforms" and "financial support," said Donald Tusk, president of the European Council. Last week Greek voters issued a surprisingly loud and clear statement of support to Greek Prime Minister Alexis Tsipras, and defiance to European authorities and the International Monetary Fund. In the referendum celebrated on July 5, the Greeks said no to the bailout deal proposed by the country's creditors. The....