Correspondent, Brussels
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Jul 9, 2015

Greece needs debt haircut but we can’t help: Germany’s Schaeuble

FRANKFURT (Reuters) – Germany’s finance minister conceded for the first time on Thursday that a write-off of some of Europe’s loans to Greece might be needed to get the country’s debt to a manageable level, but in the same breath ruled out such a step.

Presenting a paradox that is set to bog down last-ditch efforts to bail out Greece, Wolfgang Schaeuble said that European rules meant that writing off some loans to Greece was not doable, however desirable it might be for Athens’ finances.

Jul 9, 2015

Germany’s Schaeuble: Greece needs debt haircut but we can’t help

FRANKFURT, July 9 (Reuters) – Germany’s finance minister
conceded for the first time on Thursday that a write-off of some
of Europe’s loans to Greece might be needed to get the country’s
debt to a manageable level, but in the same breath ruled out
such a step.

Presenting a paradox that is set to bog down last-ditch
efforts to bail out Greece, Wolfgang Schaeuble said that
European rules meant that writing off some loans to Greece was
not doable, however desirable it might be for Athens’ finances.

Jul 9, 2015

Draghi said to doubt Greek solution as Tsipras reforms awaited

FRANKFURT/ATHENS (Reuters) – European Central Bank President Mario Draghi has voiced unprecedented doubts about the chances of rescuing Greece from bankruptcy as Greek Prime Minister Alexis Tsipras was due to put forward last-ditch reform proposals on Thursday.

Italian daily Il Sole 24 Ore quoted the ECB chief, under growing fire in Germany for keeping Greek banks afloat, as saying he was not sure a solution would be found for Greece and he did not believe Russia would come to Athens’ rescue.

Jul 9, 2015

Bundesbank chief says Greek capital controls should stay until new bailout

FRANKFURT, July 9 (Reuters) – Capital controls in Greece
should stay until a new bailout has been agreed, the head of
Germany’s central bank said on Thursday, arguing that the
country’s banks should get no extra central bank support until
Athens has signed a deal.

“Central banks need to show where their limits lie,” Jens
Weidmann told an audience in Frankfurt.

Jul 8, 2015

Exclusive: Greek banks face closures, bailout or not – sources

FRANKFURT (Reuters) – Some large Greek banks may have to be shut and taken over by stronger rivals as part of a restructuring of the sector that would follow any bailout of the country, European officials have told Reuters.

European leaders will gather on Sunday in a last-ditch attempt to salvage agreement with Greece after months of acrimonious negotiations that have taken the country to the brink of leaving the euro.

Jul 8, 2015

Greek banks face closures, bailout or not – sources

FRANKFURT, July 8 (Reuters) – Some large Greek banks may
have to be shut and taken over by stronger rivals as part of a
restructuring of the sector that would follow any bailout of the
country, European officials have told Reuters.

European leaders will gather on Sunday in a last-ditch
attempt to salvage agreement with Greece after months of
acrimonious negotiations that have taken the country to the
brink of leaving the euro.

Jul 7, 2015

currency would put Greece in line to quit euro

FRANKFURT/ BRUSSELS (Reuters) – The thinning oxygen supply to Greek banks could leave Athens with little choice but to introduce a form of second currency, European officials believe, a temporary means of freezing its membership of the bloc but one that risks its ultimate exit.

The idea of putting Greece’s euro membership on hold – a temporary ‘Grexit’ – was recently raised by Germany’s finance minister Wolfgang Schaeuble.

Jul 6, 2015

ECB keeps tight leash on Greece ahead of euro leaders’ summit

FRANKFURT/ATHENS (Reuters) – The European Central Bank (ECB) kept a tight funding grip on Greece’s banks on Monday in a move that will see the country’s shuttered lenders run out of cash soon.

The measure ensures that Greek banks must stay closed for the time being and keeps pressure on Prime Minister Alexis Tsipras a day ahead of a meeting of euro zone leaders in Brussels where he needs to present a new reform plan to try and restart rescue talks for Greece.

Jul 6, 2015

Greek finance minister quits to smooth talks after ‘No’ vote

ATHENS/FRANKFURT (Reuters) – Greece’s outspoken finance minister resigned on Monday, removing a major obstacle to any deal to keep Athens in the euro zone after Greeks voted resoundingly to back the government in rejecting the austerity terms of a bailout.

Yanis Varoufakis, a self-proclaimed “erratic Marxist” economist who infuriated euro zone partners with his unconventional style and hectoring lectures, had campaigned for Sunday’s sweeping ‘No’ vote, accusing Greece’ creditors of “terrorism”.

Jul 6, 2015

Greek finance minister quits after voters reject bailout terms

ATHENS/FRANKFURT (Reuters) – Greece’s outspoken finance minister resigned on Monday, removing a major obstacle to any last-minute deal to keep Athens in the euro zone after Greeks voted resoundingly to reject the austerity terms of a bailout.

Yanis Varoufakis, a self-proclaimed “erratic Marxist” economist who infuriated euro zone partners with his unconventional style and hectoring lectures, had campaigned for Sunday’s sweeping ‘No’ vote, accusing Greece’ creditors of “terrorism”.

    • About John

      "I am a Reuters correspondent in Brussels, writing about the European Union. I moved here last year from Germany, where I had reported about the financial crisis, turning up numerous scoops and even winning a prestigious business reporting award. Beforehand, I worked with The Sunday Times in London."
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