Greece needs a shock of growth: Greece’s deputy prime minister Dragasakis

In the long and winding road of Greek debt drama, disappointment and hope have been the alternating emotions that every government has faced. With the nation’s crisis no nearer to being resolved than when it erupted seven years ago, negotiations with creditors at another critical juncture and Europe engulfed in uncertainty, the need for hope has never been greater…

Greece agrees to meet EU creditors in return for progress in unlocking €86bn bailout

Greece’s bailout inspectors are returning to Athens to seek changes to the country’s tax, pensions and labour market laws in a sign that the Greek prime minister, Alexis Tsipras, will give way to European pressure for deeper reforms. His government agreed at a meeting of eurozone finance ministers on Monday to talks on big economic reforms in exchange for progress on releasing the next instalment of bailout funds. In return, Europe signalled a winding back of austerity measures for the struggling nation, in a move that could end a dispute between EU creditors and the International Monetary Fund over how to deal with Greece…

EU, IMF agree to present united front to Greece

Euro zone lenders and the International Monetary Fund have reached agreed between themselves to present a common stance to Greece later on Friday in talks on reforms and the fiscal path Athens must take, euro zone officials said. Such a united stance would be a breakthrough because the two groups have differed for months on the size of the primary surplus Greece should reach in 2018 and maintain for years later as well as the issue of debt relief…

Greece hopes for imminent deal with creditors despite Germany’s demand to leave the EU

The Greek government has expressed hope of an imminent deal with its EU creditors, despite a warning from the German finance minister, Wolfgang Schäuble, that the country could cut its debts only by leaving the single currency. Athens is in a familiar stand-off with the German finance ministry as it seeks easier repayment terms on its €330bn (£280bn) debt pile, which the International Monetary Fund has described as unsustainable and explosive…

Grexit could be back with a ‘vengeance’ if Greece, EU fail to reach compromise

Greece’s embattled government has three weeks to break the deadlock in increasingly difficult talks with creditors or risk the country’s debt crisis resurfacing with renewed vigour. Faced with the dilemma of agreeing to additional austerity or calling fresh elections, prime minister Alexis Tsipras was weighing his options at the weekend…

Europe stands at a crossroads in 2017

Europe stands at a crossroads in 2017. For nearly 70 years, it has known only one direction: ever stronger integration involving a steadily rising number of countries. Now a big economy and political heavyweight has turned its back and is leaving the European Union. Brexit will be seen as a turning point in history. For the time being it is very uncertain how relations between the U.K. and the EU of 27 countries will develop…

EU and IMF creditors to review progress of Greece’s economic reforms

The drive to put Greece back on the road to recovery intensifies this week when auditors representing the indebted country’s creditors arrive in Athens for their latest review of the Greek economy. Fourteen months after being bailed out to the tune of €86bn (£77bn) – Greece’s third financial rescue since 2010 – representatives of the EU and the International Monetary Fund fly in on Monday to review progress on economic reforms promised by the government in exchange for rescue funds…

EU finance ministers to release €2.8bn after Greece complied with required reforms

Greece is on track to receive €2.8bn (£2.5bn) from its eurozone creditors by the end of October, after an agreement on Monday on the latest instalment of its multibillion-euro bailout. A technical hitch will delay some money, but Greece and its creditors insisted this was not a problem. Eurozone finance ministers agreed to release €1.1bn on Monday, after Athens was found to have complied with 15 reforms required for releasing the money…

No cash for Greece now because EU finance ministers’ agreement lack key provisions: IMF

WASHINGTON—A senior International Monetary Fund official Wednesday said it can’t help Europe with fresh emergency financing for Greece because Athens’s creditors haven’t yet committed to detailed debt relief. The comments show that the agreement touted by European finance ministers last night to release fresh bailout cash for Greece hasn’t nailed down the key elements the […]

Greece faces toughest austerity measures yet, with €5.4bn budget cuts backed by Tsipras

In his tiny shop in downtown Athens, Kostis Nakos sits behind a wooden counter hunched over his German calculator. The 71-year-old might have retired had he been able to make ends meets but that is now simply impossible. “All day I’ve been sitting here doing the maths,” he sighs, surrounded by the undergarments and socks he has sold for the past four decades…

Greece passes unpopular pension, tax reforms to unlock more rescue funds

Greek lawmakers passed unpopular pension and tax reforms on Monday that a European official said marked a major advance in negotiations towards unlocking more rescue funds from the country’s creditors. Euro zone finance ministers will hold talks on Greece’s progress on economic and fiscal reforms later in the day, and assess if it has met terms of its multi-billion euro bailout….

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