BRUSSELS, July 11 (Reuters) – Euro zone finance ministers
were told on Saturday that some 25 billion of any bailout loan
to Greece would be needed to recapitalise banks that are on the
verge of collapse, sources close to the discussions said.
That is more than double the amount that Athens forfeited in
financial stability funds at the end of June when it walked away
from talks on completing a previous bailout programme.
(Reuters) – Euro zone finance ministers meeting in Brussels on Saturday have serious doubts about Greece’s request for a bailout and a deal to start negotiating on the basis of Athens’ proposals is far from certain, sources close to the talks said.
Overnight, the European Commission, European Central Bank and International Monetary Fund gave a positive assessment of the cash-for-reforms plan put forward on Thursday by Greek Prime Minister Alexis Tsipras, according to EU officials.
BRUSSELS (Reuters) – Euro zone finance ministers are discussing how to handle the fallout from a Greek default next week after Athens broke off negotiations on a financing-for-reforms package and called a referendum on the creditors’ reform demands for July 5.
Greece has to pay 1.6 billion euros ($1.8 billion) to the International Monetary Fund next Tuesday but does not have the money and because it is cut off from markets it can only avoid defaulting if it fails to get new loans from the other euro zone governments.
BRUSSELS (Reuters) – Greek Prime Minister Alexis Tsipras accused international creditors of “blackmail” on Friday after euro zone partners warned Athens it had 48 hours to accept a cash-for-reform deal or plunge toward default next week.
But despite angry rhetoric on both sides, negotiations were continuing in Brussels to find a last-ditch compromise to keep Greece in the euro zone to avoid a political train-wreck, economic chaos and financial market disruption.
BRUSSELS/ATHENS, June 25 (Reuters) – Greece’s international
creditors gave Athens an ultimatum to come up with a credible
reform plan on Thursday warning they would otherwise put their
own proposals to euro zone finance ministers for approval, a
euro zone official said.
The dramatic move came hours before European Union leaders
meet in Brussels for a summit on migration, the long-term future
of the euro zone and renegotiating Britain’s membership terms,
that has been overshadowed by the looming Greek debt crisis.
BRUSSELS (Reuters) – Negotiations to avert a Greek debt default stumbled on Wednesday and euro zone finance ministers accused Athens of refusing to compromise despite a deadline next week that could put it on a path out of the euro zone.
With European Union leaders due in Brussels for a summit on Thursday, leftist Greek Prime Minister Alexis Tsipras negotiated into the early hours with heads of creditor institutions to try to thrash out a cash-for-reform deal before the euro zone ministers reconvene at 1 p.m. (1100 GMT).
ATHENS/BRUSSELS, June 24 (Reuters) – Prime Minister Alexis
Tsipras flew to Brussels to meet Greece’s international
creditors on Wednesday to try to bridge gaps on key elements of
the proposals made by his left-wing government to shore up state
finances in return for vital loans.
Athens had proposed increasing VAT, corporate tax and
pension contributions in order to meet budget targets, but
Tsipras told aides that creditors had not accepted the
revenue-raising measures, a Greek government official said.
BRUSSELS (Reuters) – Greece took a step back from the abyss on Monday with the presentation of new budget proposals that euro zone leaders welcomed as a basis for a possible agreement in the coming days to unlock frozen aid and avert a looming default.
European Council President Donald Tusk, who chaired an emergency summit of leaders of the 19-nation currency bloc, called the Greek proposals “a positive step forward”. He said the aim was to have the Eurogroup finance ministers approve a cash-for-reform package on Wednesday evening and put it to euro zone leaders for final endorsement on Thursday morning.
BRUSSELS, June 22 (Reuters) – Euro zone officials welcomed
Greek concessions on Monday as a possible step towards a deal on
averting a default, but politicians dismissed expectations of a
breakthrough at a summit later in the day to secure the
country’s future in the euro.
Hopes rose on financial markets as the officials accepted
the reform proposal for the first time as a “reasonable” basis
for negotiating an aid-for-reforms agreement between Athens and
its creditors at the EU and IMF.
ATHENS/BRUSSELS, June 21 (Reuters) – Greek Prime Minister
Alexis Tsipras made a new offer on a reforms package to foreign
creditors on Sunday, signalling eleventh-hour concessions to
break a deadlock that has pushed Greece to the brink of
After months of wrangling and with anxious depositors
pulling billions of euros out of Greek banks, Tsipras’s leftist
government showed a new willingness this weekend to make
concessions that would unlock frozen aid to avert default.