EU Economic and Monetary Affairs Correspondent
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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.

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.

Feb 20, 2015

Greek PM “certain” euro zone will accept loan deal, Germans soften

BRUSSELS/ATHENS, Feb 20 (Reuters) – Greece’s new prime
minister said on Friday he was certain euro zone finance
ministers would accept Athens’ request for an extended loan as
EU paymaster Germany softened its hostile tone.

The start of an emergency meeting of the 19-nation Eurogroup
in Brussels was postponed until 1530 GMT to allow more time for
preparatory talks among Greek, euro zone and IMF officials.

Feb 20, 2015

Germany softens tone ahead of crunch Greek debt talks

BRUSSELS/ATHENS (Reuters) – European Union paymaster Germany softened its tone on Friday as euro zone finance ministers raced to break a deadlock over Athens’ debts.

Hours ahead of the crunch talks in Brussels, a senior Greek official said a deal was close. Germany said Greece’s latest proposal was a “good signal” although it did not go far enough in its present form.

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.

    • 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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