EU Economic and Monetary Affairs Correspondent
Jan's Feed
Feb 20, 2015

Euro zone may need extra summit to clinch Greek deal

BRUSSELS/ATHENS, Feb 20 (Reuters) – Euro zone finance
ministers will try again on Friday to break a deadlock over
Greece’s urgent need for further financing but it may take an
emergency summit of the currency bloc in the coming week to
clinch any deal.

With EU paymaster Germany and the new radical leftist-led
government in Athens digging their heels in over demands that
Greece stick to strict austerity conditions in its international
bailout programme, the two sides seemed far apart hours before a
crucial Eurogroup meeting in Brussels.

Feb 19, 2015

Germany holds up Greek bid for euro zone loan extension

ATHENS/BRUSSELS, Feb 19 (Reuters) – Germany rejected a Greek
proposal for a six-month extension to its euro zone loan
agreement on Thursday, saying it was “not a substantial
solution” because it did not commit Athens to stick to the
conditions of its international bailout.

Berlin’s stance – describing the carefully worded Greek
letter as a “Trojan horse” for shirking commitments – set the
scene for tough talks at a crucial meeting of euro zone finance
ministers on Friday. Greece’s leftist-led government is
scrabbling to avoid running out of money within weeks and will
face pressure to make further concessions in Brussels.

Feb 19, 2015

Greece requests euro zone loan extension, offers big concessions

ATHENS/BRUSSELS (Reuters) – Greece formally requested a six-month extension to its euro zone loan agreement on Thursday, offering major concessions as it raced to avoid running out of cash within weeks and overcome resistance from sceptical partners led by Germany.

With its EU/IMF bailout programme due to expire in little more than a week, the government of leftist Prime Minister Alexis Tsipras urgently needs to secure a financial lifeline to keep the country afloat beyond late March.

Feb 19, 2015

Exclusive: Greece pledges to honor debts, not to undermine fiscal targets

BRUSSELS (Reuters) – Greece asked euro zone countries for a six-month extension of its bailout program on Thursday, pledging to honor all its debts and not to take unilateral action that would undermine agreed fiscal targets, a document seen by Reuters showed.

It appeared to go very substantially toward the position taken by euro zone finance ministers in earlier negotiations.

Feb 18, 2015

Greece expected to seek loan extension from sceptical euro zone

ATHENS/BRUSSELS (Reuters) – Greece is expected to ask on Thursday for an extension to its “loan agreement” with the euro zone as it faces running out of cash within weeks, but it must overcome resistance from sceptical partners led by Germany.

With Greece’s bailout programme due to expire in little more than a week, the government of leftist Prime Minister Alexis Tsipras urgently needs to secure a financial lifeline to keep the country afloat beyond late next month.

Feb 17, 2015

Swiss franc still too strong, SNB may intervene: Jordan

BRUSSELS (Reuters) – The Swiss franc is still significantly overvalued and the country’s central bank remains prepared to intervene when necessary in currency markets, its chairman said on Tuesday.

The Swiss National Bank (SNB) shocked financial markets last month by scrapping its 1.20 per euro cap on the franc, sending the currency soaring and Swiss stocks plunging.

Feb 16, 2015

Greek debt talks with euro zone break down, way forward uncertain

BRUSSELS, Feb 16 (Reuters) – Talks between Greece and euro
zone finance ministers over the country’s debt broke down on
Monday when Athens rejected a proposal to request a six-month
extension of its international bailout as “unacceptable”.

The unexpectedly rapid collapse raised doubts about Greece’s
future in the single currency area after a new leftist-led
government vowed to scrap the 240 billion euro bailout, reverse
austerity policies and end cooperation with EU/IMF inspectors.

Feb 16, 2015

Greece rejects six-month extension of EU bailout, talks stall

BRUSSELS (Reuters) – Greece rejected a proposal by its euro zone partners on Monday that it should accept a six-month extension of its international bailout programme while sticking to the terms of its agreement with lenders, casting talks on its debt into disarray.

EU officials said the talks were over unless Athens changed its mind after a leftist-led government won power last month and vowed to scrap the 240 billion euro bailout, reverse austerity policies and end cooperation with EU/IMF inspectors.

Feb 16, 2015

Battle lines drawn as euro zone starts Greek debt talks

BRUSSELS (Reuters) – Debt-laden Greece and EU paymaster Germany drew firm battle lines as euro zone finance ministers began crunch talks on Monday on the future of an unpopular international bailout for Athens, with EU officials pessimistic about any early deal.

A Greek official blasted as “unreasonable” and a “waste of time” what Athens believed was a draft proposal presented at the Eurogroup in Brussels. The new government saw it as an attempt to force it to extend Greece’s submission to a hated bailout deal and it simply could not accept it, the official said.

Feb 16, 2015

Euro zone officials not optimistic of Greek deal Monday

BRUSSELS (Reuters) – Greece and its creditors made little progress in recent days toward an interim funding deal, officials involved in the talks said, citing wide differences over how the Athens government can deliver on election promises and satisfy lenders.

Euro zone finance ministers began a meeting in Brussels to discuss what the Greek government, elected last month on promises of ending austerity and onerous credit terms, is prepared to do to continue to get more loans from the euro zone.

    • 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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