Bureau Chief, Greece & Cyprus
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Mar 5, 2012

Greek FinMin tells bondholders swap offer is final

ATHENS (Reuters) – Greek Finance Minister Evangelos Venizelos warned Athens’ private creditors on Monday not to hold out but take the bond swap on which a second bailout of the debt-ridden country depends because it was the best deal they would get.

Venizelos told Reuters in an interview three days before the exchange offer expires, that the terms hammered out last month after months of tortuous negotiations were favourable and Greece would not hesitate to activate laws forcing losses on bond holders who did not willingly sign up.

Mar 5, 2012

Greece’s Venizelos tells bondholders swap offer is final

ATHENS (Reuters) – Greek Finance Minister Evangelos Venizelos warned Athens’ private creditors on Monday not to hold out but take the bond swap on which a second bailout of the debt-ridden country depends because it was the best deal they would get.

Venizelos told Reuters in an interview three days before the exchange offer expires, that the terms hammered out last month after months of tortuous negotiations were favourable and Greece would not hesitate to activate laws forcing losses on bond holders who did not willingly sign up.

Feb 16, 2012

Greece battles mistrust to target bailout deal

ATHENS, Feb 16 (Reuters) – Greece expressed hope it
was within days of finally securing a 130-billion-euro EU/IMF
bailout to ease its debt crisis but markets reacted sceptically
on Thursday as acrimony grew between Athens and euro zone
partners led by Germany.

Frustrations exploded as Greek President Karolos Papoulias,
an 82-year-old veteran of the resistance to Nazi occupation of
Greece during World War Two, lashed out at Germany’s finance
minister for appearing to suggest Greece might go bankrupt.

Feb 15, 2012

Greece seeks Monday bailout deal, EU questions remain

ATHENS, Feb 16 (Reuters) – Greece expressed hope it
can secure its second EU/IMF bailout in as many years and a deal
on easing its debt burden next week, but its euro zone peers
made clear the months of increasingly ill-tempered argument are
not quite over yet.

Finance Minister Evangelos Venizelos said the Greek side had
met the final two demands set by the European Union and IMF to
seal the 130 billion-euro rescue, which Athens needs to avoid a
chaotic default when big debt repayments fall due in March.

Feb 15, 2012

Greece battles to salvage bailout package

ATHENS (Reuters) – Greece’s leaders battled to salvage a new 130-billion-euro EU/IMF bailout on Wednesday, rejecting doubts over their commitment to a punishing austerity package just hours before a conference call of euro zone finance ministers.

But with mistrust of Athens high, several EU sources told Reuters that finance officials in the 17-state currency union were studying whether it was possible to delay part or all of the rescue deal while still avoiding a disorderly default – news which pushed safe haven German Bund futures to session highs.

Feb 14, 2012

Greek leaders blow chance of quick EU bailout approval

BRUSSELS/ATHENS, Feb 15 (Reuters) – Euro zone finance
ministers have dropped plans for a special face-to-face meeting
on Wednesday on Greece’s new international bailout, saying
political party chiefs in Athens had failed to provide the
required commitment to reform.

A day before euro zone finance ministers had been due to
meet in Brussels to consider the bailout, the man most likely to
be Greece’s next prime minister had yet to sign a commitment to
implement the austerity measures demanded by the EU and IMF.

Feb 14, 2012

Eurogroup drops face-to-face bailout talks as Greeks argue

BRUSSELS/ATHENS (Reuters) – Euro zone finance ministers dropped plans on Tuesday for a special face-to-face meeting on Greece’s new international bailout, as the cabinet in Athens argued up to the last minute on plugging a 325 million euro ($427 million)gap in its austerity plan.

Ministers in the Eurogroup had been expected to gather in Brussels on Wednesday for a meeting which, if all had gone to plan, would have approved the 130 billion euro rescue and save Greece from a messy bankruptcy next month.

Feb 14, 2012

Greece rushes to meet lender demands, eyes defence cut

ATHENS, Feb 14 (Reuters) – Greece’s government was
considering further cuts to defence spending and public sector
salaries on Tuesday to secure approval for a multi-billion-euro
EU/IMF rescue package, government sources said.

The cuts were on the agenda of a cabinet session chaired by
Prime Minister Lucas Papademos that began at 4 p.m. (1400 GMT).

Feb 14, 2012

Promises, promises… Greece’s history of missed targets

ATHENS, Feb 14 (Reuters) – Greece has a long history
of promising reforms to its creditors and not delivering, and
this time looks set to be no different.

The Greek parliament defied violent street protests and
voted in even more austerity, but fully implementing the
measures is likely to prove an impossible task given acrimonious
political divisions and deep-seated social unrest.

Feb 10, 2012

Greece must back bailout or face catastrophe: Papademos

ATHENS (Reuters) – Greek Prime Minister Lucas Papademos told his turbulent coalition government on Friday to accept a harsh international bailout deal or condemn the nation to catastrophe.

“We cannot allow Greece to go bankrupt,” he told a cabinet meeting. “Our priority is to do whatever it takes to approve the new economic program and proceed with the new loan agreement.”

    • 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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