EU Economic and Monetary Affairs Correspondent
Jan's Feed
Feb 25, 2015

EU gives France until 2017 to cut deficit; Italy, Belgium in clear

BRUSSELS, Feb 25 (Reuters) – The European Commission gave
France until 2017 to get its budget deficit below an EU-imposed
limit, sparing Paris a fine and giving it a new two-year grace
period after it missed a second deadline to puts its finances in
order.

Co-creator of the euro and the EU’s second biggest economy,
France has repeatedly failed to meet pledges to cut its deficit,
arguing against a German push for austerity at a time of high
unemployment and struggling under Socialist President Francois
Hollande to reduce spending in the face of popular opposition.

Feb 24, 2015

Euro zone backs Greek aid extension, seeks clearer reforms

BRUSSELS/BERLIN, Feb 24 (Reuters) – Greece secured a
four-month extension of its financial rescue on Tuesday when its
euro zone partners approved a reform plan that backed down on
key leftist measures and promised that spending to alleviate
social distress would not derail its budget.

Finance ministers sealed the decision in a telephone
conference convened by Eurogroup chairman Jeroen Dijsselbloem
after the new leftist-led Athens government sent him a detailed
list of reforms it plans to implement by the end of June.

Feb 24, 2015

Euro zone backs Greek reform plan, 4-month aid extension

BRUSSELS/BERLIN, Feb 24 (Reuters) – Greece secured a
four-month extension of its financial rescue on Tuesday when its
euro zone partners approved a reform plan that backed down on
key leftist measures and promised that spending to alleviate
social distress would not derail its budget.

Finance ministers sealed the decision in a one-hour
telephone conference convened by Eurogroup chairman Jeroen
Dijsselbloem after the new leftist-led Athens government sent
him a detailed list of reforms it plans to implement by July.

Feb 24, 2015

Greece on course for euro bailout extension after concessions

BERLIN/BRUSSELS, Feb 24 (Reuters) – Greece was on course to
win a four-month extension of its euro zone financial rescue on
Tuesday after backing down further to its partners on key
leftist reforms and promising that measures to alleviate social
distress will not derail its budget.

Eurogroup chairman Jeroen Dijsselbloem convened a telephone
conference of finance ministers of the currency bloc to seal the
decision after the new leftist-led government in Athens sent him
a detailed list of reforms it plans to implement by July.

Feb 24, 2015

Greece makes more concessions to euro zone, Germany sets vote

BERLIN/BRUSSELS, Feb 24 (Reuters) – Greece’s new leftist-led
government climbed down further to euro zone creditors on its
plans to halt privatisations, boost welfare and raise the
minimum wage as markets rallied on the prospect of a four-month
extension of its financial rescue.

A letter sent to Eurogroup chairman Jeroen Dijsselbloem late
on Monday set out in broad terms the measures Athens plans to
implement by July, offering assurances it will not deviate from
fiscal targets or roll back past reforms.

Feb 22, 2015

Insight – Ten days that shook the euro; how Greece came to the brink

BRUSSELS (Reuters) – The “rock star” took on the rock. And the rock won.

Germany’s Wolfgang Schaeuble, the “immovable object” in the words of one economist, stopped Greece’s charismatic new finance minister Yanis Varoufakis in his tracks, forcing Athens to extend a bailout programme on Friday on terms its government was just elected to get out of.

It was not just German opposition. The new Greek found itself without a single firm ally among 18 euro zone peers in its drive to reverse austerity and renegotiate its debt pile.

Feb 22, 2015

Ten days that shook the euro; how Greece came to the brink

BRUSSELS, Feb 22 (Reuters) – The “rock star” took on the
rock. And the rock won.

Germany’s Wolfgang Schaeuble, the “immovable object” in the
words of one economist, stopped Greece’s charismatic new finance
minister Yanis Varoufakis in his tracks, forcing Athens to
extend a bailout programme on Friday on terms its government was
just elected to get out of.

Feb 20, 2015

Greece, euro zone agree four-month loan extension, avert crunch

BRUSSELS, Feb 20 (Reuters) – Euro zone finance ministers
agreed in principle on Friday to extend Greece’s financial
rescue by four months, averting a potential cash crunch in March
that could have forced the country out of the currency area.

The deal, to be ratified once Greece’s creditors are
satisfied with a list of reforms it will submit next week, ends
weeks of uncertainty since the election of a leftist-led
government in Athens which pledged to reverse austerity.

Feb 20, 2015

Greece, euro zone creditors reach accord on loan

BRUSSELS, Feb 20 (Reuters) – Euro zone finance ministers
reached an agreement on Friday to extend heavily indebted
Greece’s financial rescue by four months, officials on both
sides said.

“It’s done. For four months,” one said.

An agreement removes the immediate risk of Greece running
out of money next month and possibly being forced out of the
single currency area. It provides a breathing space for the new
leftist-led Athens government to try to negotiate longer-term
debt relief with its official creditors.

Feb 20, 2015

Greece says reaches draft accord with euro zone creditors on loan

BRUSSELS, Feb 20 (Reuters) – Euro zone finance ministers
drafted an outline agreement on Friday that could form the basis
for extending Greece’s financial rescue package, officials on
both sides said.

However they stressed there was no formal deal on a common
text in the full 19-nation Eurogroup of ministers.

    • 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."
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