ATHENS (Reuters) – Greece may avoid a budget hole opening up over 2015 and 2016 in contrast to latest forecasts by EU/IMF lenders and its recession will be smaller than expected this year if a bumper tourist season continues, the country’s finance minister told Reuters.
Yannis Stournaras’s comments in a wide-ranging interview marked the most upbeat assessment of Greece’s prospects since the twice-bailed out nation returned to crisis mode this summer, stoking fears of a new flare-up in the euro zone debt saga.
ATHENS, July 11 (Reuters) – Greece has scraped through its
biggest political and financial challenge this year by securing
a tranche of aid from international lenders but the reprieve may
only be temporary.
Crunch time for Athens will come at the end of September
when EU and IMF inspectors are expected to return to discuss how
to plug a budget gap for 2015 and 2016, raising the spectre of
more austerity cuts that may spark a new political crisis.
ATHENS (Reuters) – Greek Prime Minister Antonis Samaras faced a double challenge on Monday from coalition partners furious over the shutdown of state broadcaster ERT and a court hearing that could put the shuttered station back on air.
ERT’s abrupt closure last week in the name of austerity to please EU and IMF lenders triggered a deep rift in the ruling coalition, throwing the debt-choked nation back into turmoil just as faint hopes of a recovery had begun to sprout.
ATHENS (Reuters) – Syrian shopkeeper Osama fled the fighting in Aleppo convinced he would be welcomed in Europe. Five months later, he is stuck in near-bankrupt Greece, where money and sympathy are scarce.
Beaten up and robbed by traffickers when they arrived in Athens, Osama, his wife and two children were arrested as illegal immigrants and thrown into detention when they recounted their ordeal to Greek police. Ordered out of Greece but without any place to go, he rues the day he set foot in the country.
NICOSIA, Feb 25 (Reuters) – Cypriot president-elect Nicos
Anastasiades faces weeks of difficult talks with foreign lenders
on a financial rescue for the island nation after sweeping to a
resounding victory in a run-off election on Sunday.
Eight months of inconclusive talks on a bailout package have
turned tiny Cyprus into a big headache for the euro zone,
triggering fears of a financial collapse that reignites the
bloc’s debt crisis.
NICOSIA, Feb 24 (Reuters) – Cypriots voted on Sunday in a
runoff to elect a president who must clinch a bailout deal
before the island nation plunges into a financial meltdown that
would revive the euro zone debt crisis.
Conservative leader Nicos Anastasiades, who favours
hammering out a quick deal with foreign lenders, is tipped to
win against Communist-backed rival Stavros Malas, who is more
wary of the austerity terms accompanying any rescue.
LIMASSOL, Cyprus, Feb 22 (Reuters) – In this seaside Cypriot
town, an image of the Kremlin’s onion domes adorns the doors of
a local mini-market, Ferraris stand ready for hire by wealthy
Russians and shops selling mink coats line streets drenched in
warm Mediterranean sunshine.
Home to over 30,000 Russians who began flocking to Cyprus
after the Soviet Union’s collapse and catering to many more
tourists each year, locals jokingly refer to the town, complete
with Russian signs and schools, as “Limassolgrad”.
NICOSIA, Feb 21 (Reuters) – The frontrunner in Cyprus’s
presidential election runoff said on Thursday he has been in
touch with governments and unspecified funds for a bridge loan
to ensure the island nation does not run out of cash before it
secures an international bailout.
Conservative leader Nicos Anastasiades, who polled over 45
percent in last Sunday’s first voting round and is the favourite
to win the Feb. 24 runoff, told Reuters various parties,
including “governments and funds” which he did not identify, had
been “sounded out” for a short-term loan.
NICOSIA, Feb 18 (Reuters) – Cypriot political leaders begin
a week of bargaining on Monday after the first round of a
presidential election failed to produce an outright winner to
steer the island nation through its worst financial crisis in
Conservative leader Nicos Anastasiades, who backs a swift
deal with EU and IMF lenders on a bailout to avert a Cypriot
bankruptcy, won Sunday’s vote but fell short of the absolute
majority needed to avoid a run-off on Feb 24. He faces
Communist-backed Stavros Malas in that round.
NICOSIA, Feb 17 (Reuters) – Conservative leader Nicos
Anastasiades easily won the first round in Cyprus’s presidential
elections but failed to avoid a runoff vote, reflecting deep
divisions among Cypriots on a bailout deal to save the island
nation from bankruptcy.
A financial crash in Cyprus could reignite the euro zone
debt crisis and investors are keen to see Anastasiades, the
strongest advocate of an international rescue, clinch victory
and secure a bailout, even though that too, has its drawbacks.