Opinion

Paul Taylor

Analysis – Euro’s fate is Merkel’s dilemma

Paul Taylor
Jun 27, 2011 18:36 UTC

BRUSSELS (Reuters) – On a rainy Friday night in Berlin, sometime in the next 18 months, Angela Merkel receives a telephone call from the president of the European Central Bank.

Let us imagine the scenario. Any resemblance with reality, as they say in the movies, is purely coincidental.

Greece has once again fallen behind on its deficit reduction targets because of its inability to collect taxes. Privatisation plans are behind schedule and investors are shunning the asset sales because of labour unrest and political instability.

A second EU/IMF bailout cobbled together in September 2011 and forced through reluctant parliaments is falling apart.

The International Monetary Fund’s board is no longer willing to release more aid for Athens, which will run out of cash within days, causing the euro zone’s first sovereign default.

Euro’s fate is Merkel’s dilemma

Paul Taylor
Jun 27, 2011 08:31 UTC

BRUSSELS (Reuters) – On a rainy Friday night in Berlin, sometime in the next 18 months, Angela Merkel receives a telephone call from the president of the European Central Bank.

Let us imagine the scenario. Any resemblance with reality, as they say in the movies, is purely coincidental.

Greece has once again fallen behind on its deficit reduction targets because of its inability to collect taxes. Privatisation plans are behind schedule and investors are shunning the asset sales because of labour unrest and political instability.

Greece in deal with EU/IMF on austerity plan

Paul Taylor
Jun 23, 2011 21:08 UTC

ATHENS/BRUSSELS (Reuters) – Greece won the consent of international lenders on Thursday for a five-year austerity plan intended to avoid looming bankruptcy and its prime minister pledged to push radical economic reforms through parliament.

After a day of wrangling in Athens, new Finance Minister Evangelos Venizelos clinched a deal with EU and IMF inspectors on extra tax rises and spending cuts to plug a 3.8 billion euro funding gap due to a revenue shortfall.

Greek government spokesman Elias Mossialos, accompanying Prime Minister George Papandreou at an EU summit in Brussels, confirmed the talks had been completed and the legislation would be put to parliament next week.

Greece in deal with EU/IMF on austerity plan-sources

Paul Taylor
Jun 23, 2011 19:51 UTC

ATHENS/BRUSSELS, June 23 (Reuters) – Greece won the consent
of international lenders on Thursday for a five-year austerity
plan intended to avoid looming bankruptcy and its prime minister
pledged to push radical economic reforms through parliament.

After a day of wrangling in Athens, new Finance Minister
Evangelos Venizelos clinched a deal with EU and IMF inspectors
on extra tax rises and spending cuts to plug a 3.8 billion euro
funding gap due to a revenue shortfall.

Greek government spokesman Elias Mossialos, accompanying
Prime Minister George Papandreou at an EU summit in Brussels,
confirmed the talks had been completed and the legislation would
be put to parliament next week.

Europe muddles towards perma-crisis on Greece

Paul Taylor
Jun 13, 2011 08:48 UTC

PARIS (Reuters) – “When will the euro zone debt crisis end and how will we know it?”

A reader’s emailed question cuts through the daily dramas of the financial soap opera that has kept European investors glued to their screens for the last 19 months, threatening to wreak wider global turmoil.

Yet European Union policymakers are so busy building firewalls within the 17-nation single currency area and devising temporary fixes to avert immediate disaster that scant thought is being given to how the story ends.

Analysis: Europe muddles towards perma-crisis on Greece

Paul Taylor
Jun 13, 2011 06:06 UTC

PARIS (Reuters) – “When will the euro zone debt crisis end and how will we know it?”

A reader’s emailed question cuts through the daily dramas of the financial soap opera that has kept European investors glued to their screens for the last 19 months, threatening to wreak wider global turmoil.

Yet European Union policymakers are so busy building firewalls within the 17-nation single currency area and devising temporary fixes to avert immediate disaster that scant thought is being given to how the story ends.

Europe struggles towards new Greek rescue deal

Paul Taylor
Jun 1, 2011 10:00 UTC

PARIS (Reuters) – The stakes keep rising in a multi-dimensional poker game over Greece’s debt crisis, but none of the key stakeholders appears to have any interest in pushing Athens into default.

Barring a political accident, a new EU/IMF bailout package for Athens — barely a year after an initial 110 billion euro ($158 billion) rescue — is likely to be agreed by the end of June, several officials involved in the negotiations say.

Financial markets seem to believe that and have begun to lower Greek bond yields slightly from stratospheric levels.

Analysis – Europe struggles towards new Greek rescue deal

Paul Taylor
Jun 1, 2011 09:59 UTC

PARIS (Reuters) – The stakes keep rising in a multi-dimensional poker game over Greece’s debt crisis, but none of the key stakeholders appears to have any interest in pushing Athens into default.

Barring a political accident, a new EU/IMF bailout package for Athens — barely a year after an initial 110 billion euro (96 billion pounds) rescue — is likely to be agreed by the end of June, several officials involved in the negotiations say.

Financial markets seem to believe that and have begun to lower Greek bond yields slightly from stratospheric levels.

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