By Marcus Ashworth
Bloomberg
Nov 6, 2017 1:00 AM EST
Greece is taking a step closer to get the respect it deserves from Europe.Yields on the country's government bonds, which have already taken great strides lower this year, hit a new low last week on news the government is preparing a major debt swap. The exercise, first reported by Bloomberg News, should allow Greece to sell bonds in future -- and help end its dependence on the largess of its main creditors.
Showing posts with label SYRIZA. Show all posts
Showing posts with label SYRIZA. Show all posts
Monday, November 6, 2017
Thursday, November 2, 2017
Refugees in Greece demand transfer to Germany, start hunger strike
NOVEMBER 1, 2017 / 3:35 PM / UPDATED 18 HOURS AGO
Karolina Tagaris, Deborah Kyvrikosaios
3 MIN READ
ATHENS (Reuters) - A group of mainly Syrian women and children who have been stranded in Greece pitched tents opposite parliament in Athens on Wednesday in a protest against delays in reuniting with relatives in Germany.
Some of the refugees, who say they have been in Greece for over a year, said they had begun a hunger strike.
“Our family ties our stronger than your illegal agreements,” read a banner held up by one woman, referring to deals on refugees between European Union nations.
Karolina Tagaris, Deborah Kyvrikosaios
3 MIN READ
ATHENS (Reuters) - A group of mainly Syrian women and children who have been stranded in Greece pitched tents opposite parliament in Athens on Wednesday in a protest against delays in reuniting with relatives in Germany.
Some of the refugees, who say they have been in Greece for over a year, said they had begun a hunger strike.
“Our family ties our stronger than your illegal agreements,” read a banner held up by one woman, referring to deals on refugees between European Union nations.
Wednesday, October 25, 2017
Don't blame others for your problems, Germany's Schaeuble tells Greece
OCTOBER 25, 2017 / 12:03 AM / UPDATED 14 HOURS AGO
Reuters Staff
3 MIN READ
REUTERS
ATHENS (Reuters) - Outgoing German Finance Minister Wolfgang Schaeuble urged debt-wracked Greece to stop blaming others for its financial woes and stick to a reform agenda instead of relying on debt relief.
Schaeuble, a leading advocate of Greece’s tough austerity programs and one of Germany’s most powerful politicians, was elected speaker of its lower house of parliament on Tuesday.
The 75-year-old lawyer, whose no-nonsense approach on austerity made him a popular hate figure among Greeks, told Greek Skai TV that Athens must take responsibility for its fiscal difficulties and act on them.
Reuters Staff
3 MIN READ
REUTERS
ATHENS (Reuters) - Outgoing German Finance Minister Wolfgang Schaeuble urged debt-wracked Greece to stop blaming others for its financial woes and stick to a reform agenda instead of relying on debt relief.
Schaeuble, a leading advocate of Greece’s tough austerity programs and one of Germany’s most powerful politicians, was elected speaker of its lower house of parliament on Tuesday.
The 75-year-old lawyer, whose no-nonsense approach on austerity made him a popular hate figure among Greeks, told Greek Skai TV that Athens must take responsibility for its fiscal difficulties and act on them.
Monday, September 25, 2017
EU ends Greece's deficit procedure in positive signal to markets
SEPTEMBER 25, 2017 / 12:04 PM / UPDATED AN HOUR AGO
Reuters Staff
2 MIN READ
BRUSSELS (Reuters) - European Union states decided on Monday to close disciplinary procedures against Greece over its excessive deficit after improvements in Greece’s fiscal position, confirming the country’s recovery is on the right track.
The move, although largely symbolic, sends a new signal that Greece’s public finances are again under control, facilitating the country’s plans to tap markets after a successful issue of bonds in July which ended a three-year exile.
EU fiscal rules oblige member states to keep their budget deficits below 3 percent of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty.
Greece had a 0.7 percent budget surplus in 2016, and is projected to maintain its fiscal position within EU rules’ limits this year.
“In the light of this, the Council (of EU states) found that Greece fulfils the conditions for closing the excessive deficit procedure,” the EU said in a note.
“After many years of severe difficulties, Greece’s finances are in much better shape. Today’s decision is therefore welcome”, Estonia’s finance minister Toomas Toniste said.
The EU states’ decision confirmed a proposal by the EU executive commission in July to end the disciplinary procedure for Greece.
The economics commissioner Pierre Moscovici said the decision was “a recognition of the tremendous efforts and sacrifices the Greek people have made to restore stability to their country’s public finances.”
But he stressed that Greece still needs to positively exit its bailout program which ends in August after a third review of the country’s reforms by international creditors.
“There needs to be constructive cooperation between all institutions and the Greek authorities to ensure a smooth and swift conclusion of the third review, with no unnecessary drama,” Moscovici said.
Reuters Staff
2 MIN READ
BRUSSELS (Reuters) - European Union states decided on Monday to close disciplinary procedures against Greece over its excessive deficit after improvements in Greece’s fiscal position, confirming the country’s recovery is on the right track.
The move, although largely symbolic, sends a new signal that Greece’s public finances are again under control, facilitating the country’s plans to tap markets after a successful issue of bonds in July which ended a three-year exile.
EU fiscal rules oblige member states to keep their budget deficits below 3 percent of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty.
Greece had a 0.7 percent budget surplus in 2016, and is projected to maintain its fiscal position within EU rules’ limits this year.
“In the light of this, the Council (of EU states) found that Greece fulfils the conditions for closing the excessive deficit procedure,” the EU said in a note.
“After many years of severe difficulties, Greece’s finances are in much better shape. Today’s decision is therefore welcome”, Estonia’s finance minister Toomas Toniste said.
The EU states’ decision confirmed a proposal by the EU executive commission in July to end the disciplinary procedure for Greece.
The economics commissioner Pierre Moscovici said the decision was “a recognition of the tremendous efforts and sacrifices the Greek people have made to restore stability to their country’s public finances.”
But he stressed that Greece still needs to positively exit its bailout program which ends in August after a third review of the country’s reforms by international creditors.
“There needs to be constructive cooperation between all institutions and the Greek authorities to ensure a smooth and swift conclusion of the third review, with no unnecessary drama,” Moscovici said.
Friday, September 22, 2017
As Crisis Ebbs, Tsipras Promises Doubters a 'New' Greece
By REUTERSSEPT.
21, 2017, 9:57 A.M. E.D.T.
ATHENS — Greek Prime Minister Alexis Tsipras has found a precious commodity he hopes can help him and the nation turn a corner after years of crisis and austerity -- time.
Since taking power in early 2015, he has spent most of his days and nights in firefighting mode, battling Greece's creditors to renegotiate the harsh terms of a series of bailout deals.
Wednesday, September 20, 2017
It's Bailout-Review Time in Greece and Markets Are Wary - Again
By Sotiris Nikas and Viktoria Dendrinou
20 Σεπτεμβρίου 2017, 5:00 π.μ. EEST
Bloomberg
Crunch time for Greece as review tests bailout-exit capability
IMF demands on Greek banks, debt relief among review issues
The moment of reckoning may soon be upon Greece.
As the country enters the final year of its bailout, questions remain on whether it will be able to stand on its own feet when the rescue program ends. In the immediate term, with creditor representatives descending upon Athens last week for the third review, other concerns loom large: Will this review of the bailout program be different from the previous two? What role will the International Monetary Fund play? Will Greece complete the 95 measures in the review in time?
20 Σεπτεμβρίου 2017, 5:00 π.μ. EEST
Bloomberg
Crunch time for Greece as review tests bailout-exit capability
IMF demands on Greek banks, debt relief among review issues
The moment of reckoning may soon be upon Greece.
As the country enters the final year of its bailout, questions remain on whether it will be able to stand on its own feet when the rescue program ends. In the immediate term, with creditor representatives descending upon Athens last week for the third review, other concerns loom large: Will this review of the bailout program be different from the previous two? What role will the International Monetary Fund play? Will Greece complete the 95 measures in the review in time?
Tuesday, September 19, 2017
Greece Must Complete Most Pending Bailout Reforms by November-PM
By REUTERSSEPT. 18, 2017, 6:48 A.M. E.D.T.
The New York Times
ATHENS — Greece must complete most of the pending reforms agreed with its official creditors by November in order to speed up the conclusion of a key progress review and exit the bailout in time, Prime Minister Alexis Tsipras told his cabinet on Monday.
Greece's bailout progress is being reviewed by its lenders on a quarterly basis and the next review is expected to start in October. Tsipras has promised to make the country financially independent by 2018, when its third rescue programme expires.
The New York Times
ATHENS — Greece must complete most of the pending reforms agreed with its official creditors by November in order to speed up the conclusion of a key progress review and exit the bailout in time, Prime Minister Alexis Tsipras told his cabinet on Monday.
Greece's bailout progress is being reviewed by its lenders on a quarterly basis and the next review is expected to start in October. Tsipras has promised to make the country financially independent by 2018, when its third rescue programme expires.
Thursday, September 14, 2017
Breakingviews - Dixon: No escape from debtors’ prison for Greece
SEPTEMBER 11, 2017 / 4:51 PM
Hugo Dixon
6 MIN READ
Reuters
Tinos, GREECE (Reuters Breakingviews) - Alexis Tsipras is desperate to avoid “suffocating supervision” of Greece’s actions when the country’s third bailout programme ends next August. At the weekend, he promised as much. But the best the Greek prime minister can hope for is that Athens will move from its current high-security prison to an open one – and that will happen only if he behaves.
Hugo Dixon
6 MIN READ
Reuters
Tinos, GREECE (Reuters Breakingviews) - Alexis Tsipras is desperate to avoid “suffocating supervision” of Greece’s actions when the country’s third bailout programme ends next August. At the weekend, he promised as much. But the best the Greek prime minister can hope for is that Athens will move from its current high-security prison to an open one – and that will happen only if he behaves.
Greek PM urges IMF to decide on bailout participation by end of year
George Georgiopoulos, Angeliki Koutantou
Reuters
ATHENS (Reuters) - The International Monetary Fund should decide whether it will fund Greece’s current bailout program by the end of the year and help Greece conclude a key bailout review on time, Prime Minister Alexis Tsipras said on Sunday.
Euro zone governments in June approved another 11th-hour credit line for Greece, worth nearly $10 billion, after the IMF said it would join the country’s current bailout, the third since 2010, in principle.
Reuters
ATHENS (Reuters) - The International Monetary Fund should decide whether it will fund Greece’s current bailout program by the end of the year and help Greece conclude a key bailout review on time, Prime Minister Alexis Tsipras said on Sunday.
Euro zone governments in June approved another 11th-hour credit line for Greece, worth nearly $10 billion, after the IMF said it would join the country’s current bailout, the third since 2010, in principle.
Greece: Oil from tanker's sinking prompts beach warnings
Updated 5:27 pm, Wednesday, September 13, 2017
San Francisco Gate
ATHENS, Greece (AP) — Greek authorities have appealed to swimmers to stay away from some popular beaches on the coast of Athens after oil spilled from a sunken tanker started to reach the area.
Small slicks were reported at beaches in the suburbs of Glyfada and Piraeus Wednesday. Glyfada Mayor Giorgos Papanikolaou says municipal workers have set up floating booms offshore and used chemicals to try to dissolve the oil.
The small Agia Zoni II tanker sank Sunday while anchored off the coast of Salamina island, just off Greece's main port of Piraeus. It was carrying 2,200 tons of fuel oil and 370 tons of marine gas oil.
Merchant Marine Minister Panagiotis Kouroumplis says divers have sealed the ship's cargo holds and work is due to start on pumping out the remaining fuel.
San Francisco Gate
ATHENS, Greece (AP) — Greek authorities have appealed to swimmers to stay away from some popular beaches on the coast of Athens after oil spilled from a sunken tanker started to reach the area.
Small slicks were reported at beaches in the suburbs of Glyfada and Piraeus Wednesday. Glyfada Mayor Giorgos Papanikolaou says municipal workers have set up floating booms offshore and used chemicals to try to dissolve the oil.
The small Agia Zoni II tanker sank Sunday while anchored off the coast of Salamina island, just off Greece's main port of Piraeus. It was carrying 2,200 tons of fuel oil and 370 tons of marine gas oil.
Merchant Marine Minister Panagiotis Kouroumplis says divers have sealed the ship's cargo holds and work is due to start on pumping out the remaining fuel.
Greece to Beat Budget Target, Plans More Bonds-Finance Ministry Official
By REUTERS
SEPT. 13, 2017, 7:48 A.M. E.D.T.
ATHENS — Greece expects a larger-than-targeted primary budget surplus this year and plans to tap bond markets again within seven months, a senior finance ministry official said on Wednesday.
Athens is keen to quickly conclude a third bailout review with its international creditors, helping smooth its return to market financing, as its rescue programme ends next August.
Greece returned to bond markets for the first time in three years in July. It sold 3 billion euros of new five-year bonds alongside a tender to buy back outstanding 5-year paper issued in 2014.
SEPT. 13, 2017, 7:48 A.M. E.D.T.
ATHENS — Greece expects a larger-than-targeted primary budget surplus this year and plans to tap bond markets again within seven months, a senior finance ministry official said on Wednesday.
Athens is keen to quickly conclude a third bailout review with its international creditors, helping smooth its return to market financing, as its rescue programme ends next August.
Greece returned to bond markets for the first time in three years in July. It sold 3 billion euros of new five-year bonds alongside a tender to buy back outstanding 5-year paper issued in 2014.
Tuesday, September 12, 2017
Greece: Where Literally Sitting on Goldmine Is Not Enough to Make Money
By Sotiris Nikas , Paul Tugwell , and Danielle Bochove
11 Σεπτεμβρίου 2017, 3:50 μ.μ. EEST 11 Σεπτεμβρίου 2017, 8:31 μ.μ. EEST
Bloomberg
“Irrespective of what will happen next, the damage for Greece as an investment destination is done and it is very significant,”
Eldorado Gold Corp. has put Greece on the spot.
The Canadian mining company’s decision on Monday to suspend all its operations in Greece, citing delays in acquiring routine permits, puts the Syriza government of Prime Minister Alexis Tsipras in a difficult position. Eldorado Gold is the largest foreign investor in Greece and its decision comes as the country, which is working on creating a sustainable path to exit its bailout program, tries to lure foreign investments.
11 Σεπτεμβρίου 2017, 3:50 μ.μ. EEST 11 Σεπτεμβρίου 2017, 8:31 μ.μ. EEST
Bloomberg
“Irrespective of what will happen next, the damage for Greece as an investment destination is done and it is very significant,”
Eldorado Gold Corp. has put Greece on the spot.
The Canadian mining company’s decision on Monday to suspend all its operations in Greece, citing delays in acquiring routine permits, puts the Syriza government of Prime Minister Alexis Tsipras in a difficult position. Eldorado Gold is the largest foreign investor in Greece and its decision comes as the country, which is working on creating a sustainable path to exit its bailout program, tries to lure foreign investments.
Thursday, August 31, 2017
Greece Offers Latest Effort to Reform Public Sector, a Key Bailout Demand
Aug. 30, 2017, at 1:08 p.m
US News
ATHENS (Reuters) - Greece's government presented a three-year plan to overhaul the country's public sector on Wednesday, the latest attempt to fix a problem that helped plunge the country into its worst crisis in decades seven years ago.
Athens, which has signed up for three international bailouts since 2010, has promised its lenders to shrink and modernize its administration to cut costs, make it more efficient and end a legacy of patronage hiring.
The leftist-led government says it aims to evaluate and educate state workers, distribute staff according to the sector's needs and seek candidates with digital skills, create online databases and simplify regulation by 2019.
US News
ATHENS (Reuters) - Greece's government presented a three-year plan to overhaul the country's public sector on Wednesday, the latest attempt to fix a problem that helped plunge the country into its worst crisis in decades seven years ago.
Athens, which has signed up for three international bailouts since 2010, has promised its lenders to shrink and modernize its administration to cut costs, make it more efficient and end a legacy of patronage hiring.
The leftist-led government says it aims to evaluate and educate state workers, distribute staff according to the sector's needs and seek candidates with digital skills, create online databases and simplify regulation by 2019.
UPDATE 1-Greece's Eurobank, Piraeus profitable in Q2, bad debt levels ease
AUGUST 30, 2017 / 7:43 PM / 15 HOURS AGO
Reuters Staff
4 MIN READ
* Eurobank posts 8.8 percent rise in Q2 profit
* Non-performing loans ease to 34.6 pct of book
* Piraeus Bank swings to 7 mln euro profit in Q2 (Adds Eurobank, Piraeus CEOs comment, details)
By George Georgiopoulos
ATHENS, Aug 30 (Reuters) - Greece’s Eurobank reported a sixth straight quarterly profit on Wednesday and Piraeus Bank swung back into the black, pointing to a recovery from the nation’s economic crisis as banks slowly reduce their pile of bad debts.
Greek banks have been struggling with problem loan portfolios after a protracted recession pushed unemployment to record highs, making it hard for borrowers to service debts.
Reuters Staff
4 MIN READ
* Eurobank posts 8.8 percent rise in Q2 profit
* Non-performing loans ease to 34.6 pct of book
* Piraeus Bank swings to 7 mln euro profit in Q2 (Adds Eurobank, Piraeus CEOs comment, details)
By George Georgiopoulos
ATHENS, Aug 30 (Reuters) - Greece’s Eurobank reported a sixth straight quarterly profit on Wednesday and Piraeus Bank swung back into the black, pointing to a recovery from the nation’s economic crisis as banks slowly reduce their pile of bad debts.
Greek banks have been struggling with problem loan portfolios after a protracted recession pushed unemployment to record highs, making it hard for borrowers to service debts.
Monday, August 7, 2017
Greece launches new offshore oil and gas tenders
AUGUST 7, 2017 / 3:38 PM / 15 MINUTES AGO
Reuters
ATHENS, Aug 7 (Reuters) - Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said.
The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece's Energean for a block in the Ionian Sea in western Greece.
Reuters
ATHENS, Aug 7 (Reuters) - Greece launched two tenders on Monday for offshore oil and gas exploration and exploitation in the west and south of the country, the energy ministry said.
The move follows expressions of interest by a consortium of Total, Exxon Mobil and Hellenic Petroleum for exploration in two sites off the island of Crete, and by Greece's Energean for a block in the Ionian Sea in western Greece.
Greece scapegoats a statistician who only did his job
The Washington Post
By Editorial Board August 4
IN GREECE, the lucrative tourism industry is threatened this summer by millions of oversized jellyfish washing ashore on the nation’s beaches. An even slimier development is the ongoing persecution of the country’s first independent chief statistician, whose tough-minded steps to straighten out Greece’s notoriously fraudulent economic data have been repaid with farcical prosecutions by a judicial system rapidly discrediting itself in the world’s eyes.
Andreas Georgiou, an American-trained economist who spent two decades working at the International Monetary Fund, was hired as Greece’s top statistician in 2010 as the country’s debt crisis was spiraling out of control. His goal was to honestly report economic data that for years had been fudged by politicians and officials seeking to minimize their own fateful fiscal mismanagement.
Friday, July 21, 2017
The IMF Has Approved a $1.8 Billion Conditional Loan For Greece
Reuters
10:31 PM ET
The International Monetary Fund on Thursday approved in principle a $1.8 billion standby loan arrangement for Greece, making a conditional commitment to help underpin the country's long-running bailout program for the first time in two years.
But the IMF's approval-in-principle means the fund will not make any money available until after it receives "specific and credible assurances" from Greece's European lenders to ensure the country's debt sustainability.
The approval is also conditional on Greece keeping its economic reforms on track. The current bailout, Greece's third since 2010, is now shouldered exclusively by European institutions.
10:31 PM ET
The International Monetary Fund on Thursday approved in principle a $1.8 billion standby loan arrangement for Greece, making a conditional commitment to help underpin the country's long-running bailout program for the first time in two years.
But the IMF's approval-in-principle means the fund will not make any money available until after it receives "specific and credible assurances" from Greece's European lenders to ensure the country's debt sustainability.
The approval is also conditional on Greece keeping its economic reforms on track. The current bailout, Greece's third since 2010, is now shouldered exclusively by European institutions.
Thursday, July 20, 2017
Yes Greece Can
by Marcus Ashworth
Bloomberg
July 19, 2017 8:08 AM EDT
Greece's hopes of returning to the debt markets after a three-year absence have been held up by one of its main creditors, the International Monetary Fund.Under the strict conditions of its bailout, the country's debt burden is still too high to contemplate selling more debt, according to the IMF. But there is a compromise option, which Greece should pursue.The Hellenic Republic had been laying the groundwork to issue as much as 4 billion euros ($4.6 billion) in five-year bonds after repaying 6 billion euros of its existing debt this week. But the funds to pay down that debt came from the European Stability Mechanism, so Greece's overall debt hasn't been reduced, simply extended.The IMF's opposition to issuing new debt doesn't stop Greece from shuffling its debt stack by lengthening maturities.
Wednesday, July 19, 2017
Greek Bond Sale Is Said to Be Delayed by IMF Debt Cap Rule
By Viktoria Dendrinou and Nikos Chrysoloras
19 Ιουλίου 2017, 12:43 π.μ. EEST 19 Ιουλίου 2017, 11:48 π.μ. EEST
Bloomberg
Greece’s much anticipated return to bond markets this week has been held off partly due to a ceiling set by the International Monetary Fund on the amount of debt the country can hold, according to three officials familiar with the matter who asked not to be identified as the talks are confidential.
How EU Reckons Greece Can Make a Successful Return to Markets
By REUTERSJULY 18, 2017, 10:51 A.M. E.D.T.
Continue reading the main storyShare This BRUSSELS — Greece's imminent return to markets will be a step towards a successful exit from its euro zone-funded bailout programme, but it will not be an overnight change.
The New York Times
The process, European Union officials say, will require a series of successful bond sales and the build-up of a "sizeable" cash buffer.
Euro zone creditors are keen to see Athens develop a strategy to tap the markets well before the end of its current 86-billion-euro financial aid programme, so that when the bailout expires in August 2018 the country will be more likely to stand on its own feet.
Continue reading the main storyShare This BRUSSELS — Greece's imminent return to markets will be a step towards a successful exit from its euro zone-funded bailout programme, but it will not be an overnight change.
The New York Times
The process, European Union officials say, will require a series of successful bond sales and the build-up of a "sizeable" cash buffer.
Euro zone creditors are keen to see Athens develop a strategy to tap the markets well before the end of its current 86-billion-euro financial aid programme, so that when the bailout expires in August 2018 the country will be more likely to stand on its own feet.
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