Tuesday November 25, 2014 Search
Weather | Athens
14o C
10o 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 countrys 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 Europes bailout fund earmarked for the buyback.

Im 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. Todays 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 nations 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)  
Govt plays down delay of capital revamp projects
Papandreou proposal sparks war of words inside PASOK
Crucial talks with troika in Paris
Biden briefs Anastasiades about talks in Istanbul
All three bids accepted in regional airport tender
All three consortiums interested in the privatization of Greeces regional airports have made it to the second stage of the tender, which concerns binding bids, state sell-off fund TAIPED de...
DEPA facing 100-mln-euro fine to Gazprom
Public Gas Corporation (DEPA) will have to pay a fine of over 100 million euros to Russian energy giant Gazprom in compliance with the take-or-pay clause in the agreement between the two c...
Inside Business
SOCCER
EPO ends soccer suspension, Super League resumes
Soccer action will resume this weekend after the Super League convened on Monday, elected a new president and alternate president and sent a letter to the soccer federation that assures it t...
BASKETBALL
Olympiakos ends PAOKs unbeaten run in Basket League
Olympiakos put an end to PAOKs unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. EPO ends soccer suspension, Super League resumes
2. All three bids accepted in regional airport tender
3. DEPA facing 100-mln-euro fine to Gazprom
4. Manufacturing start made easier
5. Fewer shut shops in Athens city center this year
6. BoG plans single bad bank
more news
Today
This Week
1. Scientists expand excavation of ancient Amphipolis
2. Greek officials to meek troika chiefs in Paris to break review stalemate
3. Police seek to name man who opened fire with AK47 at Piraeus bar
4. EU said to plan 21 billion-euro risk-sharing fund for investment
5. Greece to scrap need for permits in some 900 professions
6. Biden informs Anastasiades about content of talks with Erdogan
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Give Greece a chance
6. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.