Deputy Bureau Chief, Brussels
Jan's Feed
Apr 24, 2015

Greece offers concessions in talks with creditors

RIGA (Reuters) – Greece offered concessions on Friday on some key reforms demanded by international lenders in exchange for new funding for the country as Athens quickly runs out of money.

In a blog published on the day when euro zone finance ministers meet in Riga to assess progress on a comprehensive package of reforms, Greek Finance Minister Yanis Varoufakis agreed to some of the creditors’ conditions.

Apr 22, 2015

Greek cash seen lasting into June, no EU deal imminent

ATHENS/BRUSSELS, April 22 (Reuters) – Greece can scrape
together enough cash to meet its payment obligations until June,
euro zone and Greek officials said on Wednesday, playing down
fears of an imminent default as hopes receded of a deal with its
creditors to release fresh aid.

Sources familiar with European Central Bank policy meanwhile
denied a report that the ECB had tightened the screws on Greek
banks by slashing the value of the collateral they present to
receive emergency funding to keep themselves afloat.

Apr 21, 2015

Wary of brinkmanship, euro zone steers away from new deadlines for Greece, official says

BRUSSELS (Reuters) – Euro zone finance ministers will not set any deadline for Greece to come up with reforms to get more funding because such time limits lead to brinkmanship in negotiations, a senior euro zone official said on Tuesday.

Greece, which is quickly running out of cash, pledged to its euro zone partners in February that by the end of April it would agree with creditors on a comprehensive list of reforms to get 7.2 billion euros remaining from its bailout.

Apr 18, 2015

French deficit plan poses legal problem, but nominal targets key: Moscovici

WASHINGTON (Reuters) – France’s challenge of structural deficit targets set by European Union finance ministers is a legal problem, but economic growth and nominal deficit goals are more important in the end, EU Economics Commissioner Pierre Moscovici said.

His remarks in an interview with Reuters signal a willingness to accommodate France’s new deficit reduction plan, even if it does not fully comply with the recommendations of EU finance ministers, as long as the headline deficit number is in line with EU laws.

Apr 17, 2015

Eurogroup head warns against a game of chicken with Greece

WASHINGTON (Reuters) – Greece and the euro zone should not play a game of chicken to see who can hold out longer in negotiations about more lending to Athens in exchange for reforms, the chairman of euro zone finance ministers Jeroen Dijsselbloem said on Friday.

Speaking to reporters on the sidelines of the International Monetary Fund meetings, Dijsselbloem said representatives of Greece’s creditors would not be able to produce a deal for the approval of euro zone finance ministers on April 24th as hoped, because progress on agreeing reforms was painfully slow.

Apr 17, 2015

No cash for Greece until reforms agreed: Dombrovskis

WASHINGTON (Reuters) – Despite tightening liquidity, Greece is unlikely to get any money from euro zone finance ministers at an April 24 meeting because it is dragging its feet on reforms, European Commission Vice President Valdis Dombrovskis said on Friday.

Greece is quickly running out of cash and in the next few weeks may face a choice of either paying salaries and pensions or paying back loans from the International Monetary Fund.

Apr 17, 2015

G20 strikes hopeful tone, but officials fret over Greece

WASHINGTON, April 17 (Reuters) – The Group of 20 leading
economies struck a hopeful tone on the outlook for global growth
on Friday even as officials fretted that Athen’s inability to
strike a deal with its lenders could upset Europe’s tentative

In a draft of a communique to be released later in the day,
G20 finance ministers and central bankers welcomed brighter
economic signs in rich economies, but lamented over weakness in
some emerging nations.

Apr 17, 2015

G20 warns of financial volatility risk as central banks diverge

WASHINGTON (Reuters) – The Group of 20 leading economies was set on Friday to warn of a heightened risk of financial volatility as the monetary policies of major central banks begin to go their separate ways.

“In an environment of diverging monetary policy settings and rising financial market volatility, policy settings should be carefully calibrated and clearly communicated to minimize negative spillovers,” G20 finance ministers and central bankers said in a draft communique.

Apr 17, 2015

Greece mixes defiance, compromise as lending deal slips away

WASHINGTON (Reuters) – Greece on Thursday sounded a mix of defiance and willingness to compromise with its international creditors on reforms required to unlock more loans, as it faces running out of money ahead of debt repayments next month.

Cut off from markets and refusing so far to accept the terms set by its lenders, the Greek government may have to choose in the next few weeks to pay salaries and pensions or repay International Monetary Fund loans.

Apr 9, 2015

Greece makes IMF payment, gets bank funds, but doubts remain

BRUSSELS/ATHENS, April 9 (Reuters) – Greece made a crucial
payment to the International Monetary Fund and won extra
emergency lending for its banks on Thursday but it remained
unclear whether Athens can satisfy sceptical creditors on
economic reforms before it runs out of money.

Euro zone partners gave Greece six working days to improve a
package of proposed reforms in time for finance ministers of the
currency bloc to consider whether to release more funds to keep
the country afloat when they meet on April 24.

    • About Jan

      "Based in Brussels since 2005, I cover economic policy news from the European Commission, EU and euro zone economic data, monthly meetings of EU/euro zone finance ministers as well as G7/8/20 meetings. Before Brussels I was a correspondent in Stockholm for five years, covering technology stocks and the Swedish central bank. I was earlier a correspondent in Poland for seven years, covering macroeconomic policy, bond, forex and money markets, the central bank and politics."
    • Follow Jan