Greece under pressure to submit blueprint for radical economic reforms on Thursday

Troika of bailout supervisors to receive proposals from Athens by midnight on Thursday, giving them 48 hours to examine them before summit on Sunday Greece is under intense pressure to table a last-chance blueprint for radical economic reform, tax increases and spending cuts on Thursday in order to secure a future in the euro and […]

EU, IMF must give Greece much more time to reach deal

The phrase “trench warfare” comes to mind. On Friday evening the Greek prime minister, Alexis Tsipras, lobbed some choice words at his foes in Brussels, calling their proposed debt deal “absurd”. Days earlier, the International Monetary Fund had joined its allies in Brussels to fire a volley of criticism at Athens. The Greeks already had “significant flexibility” to get out of their budget mess, IMF boss Christine Lagarde said…

Greece says referendum or new elections if proposed reforms are rejected

Greece’s anti-austerity government has raised the spectre of further political strife in the crisis-plagued country by saying it will consider calling a referendum, or fresh elections, if its eurozone partners reject proposed reforms from Athens. Racheting up the pressure ahead of a crucial meeting of his eurozone counterparts on Monday, the Greek finance minister, Yanis […]

Top 10 Weekly Forex Market Headlines – 2.20.2015

1. Japan rebounds from recession in Q4 2014, but misses expectations February 9, Japan’s economy rebounded from recession in the final quarter of last year but growth was weaker than expected as household and corporate spending disappointed, underlining the challenge premier Shinzo Abe faces in shaking off decades of stagnation. The annualized 2.2 percent expansion […]

Greece’s finance minister to push for deal in effort to avoid default

(Bloomberg) — Greek Finance Minister Yanis Varoufakis returns to Brussels for a third meeting in two weeks with his euro-area counterparts in an effort to strike a deal that will let Europe’s most-indebted country avoid default. The talks, set to begin at 4:30 p.m., promise to be “difficult,” Malta Finance Minister Edward Scicluna said in an interview. Characterizing the views of a hardline block led by Germany…

Greece to request extension to ‘loan agreement’, faces resistance from Germany

(Reuters) – Greece’s leftist-led government said it will submit a request to the euro zone on Thursday to extend a “loan agreement” for up to six months, raising prospects of a last-minute deal to keep the heavily indebted country afloat. While European officials worked frantically with Athens to find a formula, EU paymaster Germany said no such deal was on offer and led the chorus of partners demanding that Athens must stick to the terms of its existing international bailout…

Top 10 Weekly Forex Market Headlines – 2.13.2015

1. Swiss sight deposits point to possible SNB franc intervention February 9, The amount of cash commercial banks hold with the Swiss National Bank crept up slightly last week, adding to signs that the central bank may have intervened to weaken the franc since removing the currency’s cap last month. The SNB on Jan. 15 […]

Greek government says to do ‘whatever we can’ to secure debt deal next week

(Reuters) – The Greek government promised to do “whatever we can” to secure a deal with its international creditors next week, cheering investors as experts from both sides began technical talks on Friday to lay the ground for an accord. Fear of financial chaos have seen savers taking their cash out of Greek banks. Banking sources said this was the reason the European Central Bank offered…

ECB’s move on Greek banks hampers Greece’s campaign to renegotiate bailout

The European Central Bank’s sudden move to crimp funding for Greek banks sent their stocks tumbling Thursday and laid bare a huge vulnerability in Greece’s campaign to renegotiate its European bailout. The ECB announced on Wednesday evening that it would no longer accept Greek government bonds as collateral for its loans to banks in the country. While freshly recapitalized—partly with bailout money…

Greece’s new finance minister Varoufakis met with senior IMF official

(Reuters) – Greece’s finance minister met a senior International Monetary Fund official in Paris over the weekend, the new Greek government said on Wednesday, its first meeting with one of the country’s major creditors since taking power last month. The new government has rejected the “troika” mechanism of European Union and IMF inspectors overseeing the country’s finances. Until now, it had focused its efforts on bilateral talks with its EU partners to replace a bailout programme.

Euro zone approves next tranche of Cyprus’ bailout loans

(Reuters) – Euro zone finance ministers on Thursday approved handing out the next tranche of bailout loans for Cyprus after the country met the last two conditions for the payout, a Cypriot official said. To get the 350-million-euro tranche from the European Stability Mechanism, the euro zone bailout fund…

Greece, Troika resume protracted bailout negotiations

(Reuters) – Greece resumes bailout talks with its international lenders on Monday, hoping to end six months of wrangling over the release of new rescue loans it needs to avoid default. At stake is the disbursement of funds to repay 9.3 billion of bonds maturing in May, the biggest single debt redemption Greece faces in the next three decades…

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