Sunday April 20, 2014 Search
Weather | Athens
17o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Euro nations set to back Greek payment after Merkel endorsement

Euro region finance ministers are set to approve a 34.4 billion-euro ($45 billion) loan disbursement to Greece after German Chancellor Angela Merkel endorsed the country’s debt-reduction efforts.

Finance chiefs are convening in Brussels on Thursday to rubber stamp the next tranche of aid after wrapping up a 14-hour negotiation on banking union at 4:30 a.m. this morning.

“I hope that the euro group will be able to decide to disburse a new tranche for Greece today,” Merkel told the German Parliament in Berlin Thursday. “Everyone who knows the situation in Greece knows it is really important that the Greek government can pay its outstanding bills and recapitalize its banks.”

The Greek government this week said it plans to pay 11.29 billion euros to buy back 31.9 billion euros of bonds to reduce its debt burden and retain the support of the EU and the International Monetary Fund. The buyback underscores a move away from the austerity-first measures European leaders have embraced since the financial crisis began in 2009.

To repurchase all the debt tendered, Greece needs approval to spend more than the 10 billion-euro loan from Europe’s bailout fund earmarked for the buyback.

“I’m confident that we will find a decision today, we will agree on a way forward,” European Union Economic and Monetary Affairs Commissioner Olli Rehn told reporters. “Today’s decision on the Greek package will remove the doubts that are hanging over Greece. It has been quite an odyssey.”

The buyback was among measures approved by finance ministers to cut the nation’s debt to 124 percent of gross domestic product in 2020 from a projected 190 percent in 2014.

While Greece has gotten pledges for 240 billion euros of aid, the funds have been blocked since June as the government tried to get its bailout program back on track after it was disrupted by two elections and a deepening recession.

[Bloomberg]

ekathimerini.com , Thursday December 13, 2012 (12:27)  
Greek Christians mark rare Good Friday in north Cyprus
Greece offers to help find Turkish F-16 lost in 1996
Talks lined up in wake of ‘shameful’ soccer scenes
Dimou quits To Potami over Holy Fire quip
Eurobank share offering on April 25-29
Greece's third largest lender Eurobank, which is issuing new shares to help plug a capital shortfall, said on Friday that the cash call will take place from April 25 to 29. The transaction o...
PPC to issue corporate bond of 500 mln
Public Power Corporation is planning to tap the markets after Easter with the issue of a corporate bond to draw 500 million euros. The Energy Ministry is also eagerly awaiting the issue, as ...
Inside Business
BASKETBALL
Greens lose badly as CSKA Moscow
Panathinaikos has a mountain to climb in order to reach the Final Four of the Euroleague after losing at CSKA Moscow on Friday for a second time in two days, only this time it was comprehens...
BASKETBALL
Former Red Bourousis wrecks Olympiakos´s hopes for a break
Olympiakos tried harder in Game 2 of the Euroleague play-offs in Spain, and Real Madrid was not as good on Thursday as in Game 1, but the Spaniards still emerged victorious on the night with...
Inside Sports
COMMENTARY
The placebo effect and the economy
Among the greatest mistakes made in the years of Greece’s hard landing is that citizens did not get the chance to sense that aside from austerity and pain the economic adjustment program als...
COMMENTARY
Ukraine is a crisis—but not a Cold War
Given Russia’s annexation of Crimea, the imposition of US and European sanctions, and the potential for more escalation in Ukraine, we are witnessing the most important geopolitical events s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greek Christians mark rare Good Friday in north Cyprus
2. Eurobank share offering on April 25-29
3. Greens lose badly as CSKA Moscow
4. Former Red Bourousis wrecks Olympiakos´s hopes for a break
5. PPC to issue corporate bond of 500 mln
6. Greece offers to help find Turkish F-16 lost in 1996
more news
Today
This Week
1. Greek Christians mark rare Good Friday in north Cyprus
2. Eurobank share offering on April 25-29
Today
This Week
1. Greece's market return mirrors return of tourists
2. Parties start announcing candidates for European Parliament elections
3. Samaras sees no need for third bailout
4. Greece startup leaders say they can’t break jobless cycle alone
5. Ground-breaking Good Friday mass signals thaw in Cyprus
6. IMF's Thomsen says Greece not fully financed to 2016
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.