Bureau Chief, Greece & Cyprus
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Jan 20, 2012

Greece, creditors move to breach gap as clock ticks

LONDON/ATHENS (Reuters) – Greece and its private bondholders inched closer on Thursday to a vital debt swap deal needed to avoid a messy default by Athens, with both sides saying progress has been made and negotiations would continue on Friday.

Nearly a week after talks hit an impasse over the coupon, or interest payment, that Greece must offer on its new bonds under the swap, there were signs the two sides were moving to overcome their differences as time to strike a deal runs out quickly.

Jan 19, 2012

Greece, creditors make little progress as clock ticks

LONDON/ATHENS (Reuters) – Greece and its bondholders have made little progress since resuming stalled talks on a debt swap, three sources close to the talks told Reuters on Thursday, with time to strike a deal and avoid a messy default running out rapidly.

Nearly a week after talks hit an impasse, the two sides remain bogged down over the coupon, or interest payment, that Greece must offer on its new bonds under the swap.

Jan 18, 2012

Greece, creditors seek bond compromise as clock ticks

ATHENS, Jan 19 (Reuters) – Greece meets its private
creditors on Thursday for a second day of bargaining on a
crucial bond swap deal, with time running out for reaching a
compromise needed to avoid a default and exit from the euro
zone.

Negotiations between Prime Minister Lucas Papademos and
Charles Dallara, head of the International Institute of Finance
representing private bond holders, resumed on Wednesday after
hitting an impasse last week.

Jan 18, 2012

Greece, creditors in new push to avoid costly default

ATHENS, Jan 18 (Reuters) – Greece and its creditors go
back to the drawing board on all terms of a planned debt swap on
Wednesday as they fight to overcome an impasse in talks and
stave off a painful default.

Talks broke down last week over the interest rate Greece
will offer on new bonds and a plan to enforce investor losses.
Both sticking points will be discussed when negotiations resume
at about 1500 GMT in Athens.

Jan 14, 2012

Mass S&P downgrade as Greek debt impasse hit euro zone

BERLIN/ATHENS (Reuters) – Standard & Poor’s downgraded the credit ratings of nine euro- zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday the 13th for the troubled single currency area.

“Today’s rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone,” the U.S.-based ratings agency said in a statement.

Jan 14, 2012

S&P downgrades nine euro zone countries

BERLIN/ATHENS (Reuters) – Standard & Poor’s downgraded the credit ratings of nine euro- zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday the 13th for the troubled single currency area.

“Today’s rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone,” the U.S.-based ratings agency said in a statement.

Jan 13, 2012

Looming S&P downgrade hits euro zone markets

BERLIN/ATHENS, Jan 13 (Reuters) – Standard & Poor’s
was poised to downgrade the credit ratings of several euro zone
countries on Friday, including France and Austria but not
Germany or the Netherlands, rattling markets in the first blow
of the new year for the troubled single currency.

In another potential setback, talks on a debt swap by
private creditors seen as key to averting a Greek default that
would rock Europe and the world economy broke up without
agreement in Athens, although officials said more talks are
likely next week.

Jan 13, 2012

Debt talks stumble, Greeks warn of disaster

ATHENS, Jan 13 (Reuters) – Talks between Greece and
its creditor banks aimed at avoiding a disorderly default broke
down on Friday, with Greeks warning of disastrous results if a
bond swap deal is not reached soon.

Athens needs an agreement, effectively seeing creditors
voluntarily giving up a lot of their promised returns, to slash
its debt to more sustainable levels and convince the European
Union and International Monetary Fund to keep lending it cash.

Nov 28, 2011

Greek statistics chief to testify in criminal probe

ATHENS (Reuters) – Greece’s statistics chief will testify next month in a criminal investigation into allegations that his office falsified the budget deficit to make the country’s financial crisis look worse, court officials said Monday.

The head of the newly independent statistics service ELSTAT, Andreas Georgiou, denied any wrongdoing and has not been charged with any offence in the investigation, stemming from allegations made by a former ELSTAT board member.

Nov 23, 2011

Greek party leader offers bailout pledge, doubts remain

ATHENS, Nov 23 (Reuters) – Conservative leader Antonis
Samaras offered a written pledge to the EU and IMF on Wednesday
backing Greece’s bailout deal, but whether his letter was enough
to satisfy the exasperated lenders and unblock funds to stave
off bankruptcy remained unclear.

A vital sixth tranche of aid for the debt-choked country has
been held up by his refusal to comply with a European Union
demand for the written commitment supporting the bailout beyond
the life of the current interim coalition government.

    • About Dina

      "Based in Athens, in charge of text, pictures and TV teams covering Greece and Cyprus since 2005. Previously based in Bucharest, in charge of Romania and Bulgaria."
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