EU Economic and Monetary Affairs Correspondent
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Jun 13, 2015

Tsipras seeks debt relief as Greeks take offer to Brussels

ATHENS/BRUSSELS (Reuters) – Greek Prime Minister Alexis Tsipras said he was willing to accept unpalatable compromises to secure a deal with international creditors, provided he gets debt relief in return, something that Germany refuses to countenance.

With Greece heading towards possible default and bankruptcy, he told his negotiating team before it took a counter-proposal to Brussels that without debt relief he would say “no” to any settlement with the EU and IMF that isolate his country from the rest of Europe.

Jun 12, 2015

EU holds first talks on Greek default as Athens holds out hope

ATHENS/BRUSSELS (Reuters) – EU officials revealed on Friday that they had held their first formal talks on the worst-case scenario for Greece, but the darkening outlook failed to fluster Prime Minister Alexis Tsipras, who holed up with his negotiators after proclaiming his optimism at an open air concert.

No one knows, least of all in Athens or Brussels, whether the anti-austerity government can reach a deal with its international lenders before an end-June deadline to avoid putting the country in grave danger of crashing out of the euro zone.

Jun 12, 2015

Exclusive: Euro zone formally discusses Greek default for first time

BRUSSELS (Reuters) – Senior EU officials have formally discussed for the first time a possible Greek debt default as negotiations between Athens and its creditors have stalled ahead of an end-month repayment deadline, several officials told Reuters.

The government representatives, preparing next week’s Eurogroup meeting of euro zone finance ministers, concluded at talks in Bratislava late on Thursday that there were three possible scenarios for what would happen with Greece at the end of June. The least likely, they think, is a successful cash-for-reform deal next week in time to meet end-June legal deadlines.

Jun 10, 2015

Pressing for Greek concessions, Merkel and Hollande keep Tsipras waiting

BRUSSELS/ATHENS (Reuters) – Greece and its international lenders moved closer to the brink on Wednesday with the leaders of Germany and France holding off on an expected meeting with Prime Minister Alexis Tsipras to press for more concessions from the Greek side.

Athens said it was waiting for the creditors to respond to ideas it put forward on Monday. Euro zone officials said the proposals were inadequate to plug holes in the Greek budget and also dodged key reforms to make the economy more competitive.

Jun 10, 2015

Greek leader seeks party backing as EU warns on cash deal hopes

ATHENS/BRUSSELS (Reuters) – Greek Prime Minister Alexis Tsipras called on his fractious Syriza party to rally behind the government on Tuesday as time runs critically short to unlock funding from international lenders and avert a debt default.

Tsipras made his plea as Greek negotiators pushed to narrow differences with the European Union and IMF creditors over a cash-for-reform deal on which the country’s future in the euro largely depends.

Jun 9, 2015

Merkel-Hollande-Tsipras meeting in doubt as Greek proposal falls short

BRUSSELS (Reuters) – A planned meeting between the leaders of Germany, France, and Greece on Wednesday was in doubt as Greece’s reform proposals to unlock new funding to ward off a debt default fell well short, European Union officials said.

Chancellor Angela Merkel, President Francois Hollande and Prime Minister Alexis Tsipras were to have met on the fringes of a summit of EU leaders and heads of state and government of Latin American countries in Brussels, to clinch a political agreement on technical proposals submitted earlier by Greece.

Jun 9, 2015

Greece delivers reform plan to EU, warns on cost of failure

ATHENS/BRUSSELS (Reuters) – Greece handed its creditors new proposals on unlocking funds to keep the country from default, with Prime Minister Alexis Tsipras offering hope for a deal and warning the cost of failure would be enormous.

The reform proposals mark a further attempt by Tsipras to compromise with lenders as time runs out to reach a deal to prevent his country going bankrupt.

Jun 7, 2015

Greek bid for debt relief faces euro zone scepticism

BRUSSELS, June 7 (Reuters) – Greece wants to restructure its
huge public debt through cheaper refinancing, longer maturities,
a write off of some principal and turning some debt into
perpetual or GDP-linked bonds, but the plans have no support in
the euro zone so far.

The Greek government spelt out ideas on how to restructure
the debt, which is at 175 percent of gross domestic product, in
two documents submitted to its creditors last week.

Jun 6, 2015

EU’s Juncker snubs Greek PM after ‘absurd’ debt deal rebuff

BRUSSELS/ATHENS (Reuters) – The European Union’s chief executive declined to speak to Greek Prime Minister Alexis Tsipras on Saturday after the leftist leader rejected as “absurd” international creditors’ terms for a cash-for-reform deal to keep his country from default.

An EU official said European Commission President Jean-Claude Juncker, who has tried to bridge the gap between Athens and its lenders, refused to take a telephone call from the Greek premier since there was nothing new to discuss.

Jun 5, 2015

Greece delays IMF payment, PM to brief angry parliament

ATHENS/BRUSSELS (Reuters) – Greece delayed a key debt payment to the International Monetary Fund due on Friday as Prime Minister Alexis Tsipras, facing fury among his leftist supporters, demanded changes to tough terms from international creditors for aid to stave off default.

The IMF said Athens planned to bundle four payments due in June into a single 1.6 billion euro (£1.16 billion) lump sum which is now due on June 30.

    • 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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