Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Greece tops agenda for eurozone finance ministers  Join our daily free Newsletter

MENAFN - AFP - 12/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) Greece's unrelenting debt drama tops the agenda Monday when Eurozone finance ministers discuss whether Athens has met conditions set by its international creditors to provide nailout funds so it can stay afloat.

The talks come hours after the Greek parliament, amid noisy protests, agreed a tough cost-cutting 2013 budget, the latest hurdle cleared by Athens to guarantee the release of the foreign aid needed to stave off insolvency.

However no decision is expected in Brussels Monday on delivering a much-awaited fresh aid tranche of 31.5 billion euros (40 billion) held back since June.

Before moving to unblock the funds, part of Greece's second international bailout, the 17-nation single currency area awaits a report from the so-called "troika" of creditors -- the European Union, European Central Bank and the International Monetary Fund.

This will focus on whether Greece is fulfilling the bailout conditions and dwell on how to cope with the country's ballooning debt.

With debt heading far above a target of 120 percent of GDP by 2020, some eurozone officials believe Athens needs more time to meet its bailout targets.

But this costs extra and is a difficult option when the European economy is slumping into recession and governments want to cut spending.

"There will be no default, not accidental, not premeditated," an EU official said of Greece on Friday.

The pressure on struggling Spain, meanwhile, has eased. After looking at one point earlier this year to be in need of a massive bailout, Madrid has weathered the storm for now, though the economic outlook is far from reassuring.

"We understand that (Spain) does not want to ask for help," the official said.

The European Commission this week slashed its economic forecasts for the EU as the debt crisis exacts a heavy toll on growth and government finances but it insisted austerity remains the only way forward.

Greece, deep in a recession which has shrunk the economy by a fifth, appears however to have reached the limits, with Greek Prime Minister Antonis Samaras warning that the country cannot take any more austerity and must have growth.

Samaras says Athens could run out of money by November 16 unless its creditors clear the around 31 billion euros in aid funding.

Athens announced Friday that it would sell short-term bills on November 16, seeking to cover the maturing debt -- another incentive for eurozone finance ministers to deliver on their end of the bailout bargain.

"The Greek authorities have put in an enormous effort amid enormous difficulties, economic, political and social," the EU official said, adding: "The most important thing now is debt sustainability."

Greece's total debt next year is predicted to be almost 190 percent of economic output, way beyond what it could ever hope to keep up with or pay back, making a reduction imperative if it is ever to stand on its own two feet again.

"We are not far from an accord," one EU diplomat said, given what Greece has done, and there have been discussions on giving Athens a two-year extension to 2016 to meet its targets for reducing its mountain of debt and public deficit.

While the focus will be on Greece, ministers will want to review the situation in Spain where Madrid is preparing a costly restructuring of its banking sector, stricken by the bursting of a massive property bubble in 2008.

In June, when Spain seemed very likely to follow Greece, Ireland and Portugal in needing a bailout, the EU agreed to provide Madrid with 100 billion euros to stabilise its ailing banks and ease the pressure.

The EU diplomat said ministers will review a report from Madrid on the programme, which "is on track," so that a first aid payment can be made.


 






  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Here?s your chance to share screen space with SRK ,Khaleej Times
(MENAFN - Khaleej Times) Groupon india has joined hands with srk?s red chillies entertainment to give fans a chance to feature with the superstar in his upcoming film ?happy new year?. if you ...

Apr 23 2014Saudi- Noha Al-Sharif — an expert in Islamic sculpture ,Arab News
(MENAFN - Arab News) Saudi sculptress noha al-sharif is known for her islamic inspired sculptures that reflect both religion and lifestyle. the concept of modern art attracted her to this medium ...

Apr 23 2014'Piles and piles' of bodies in S. Sudan ,Arab News
(MENAFN - Arab News) Nairobi: gunmen who targeted both children and the elderly left 'piles and piles" of bodies — many of those in a mosque — in a provincial capital in south sudan the un's top ...

Apr 23 2014UAE- Billion-dollar realty projects on show ,Arab News
(MENAFN - Arab News) Cityscape abu dhabi a three-day realty event that began with 120 regional and international exhibitors witnessed major announcements on tuesday.salama bint hamdan al-nahyan ...

Apr 23 2014Saudi- Ministry launches complaint center for domestic workers ,Arab News
(MENAFN - Arab News) The labor ministry has launched a first-of-its-kind multilingual communication center to address complaints and grievances voiced by the kingdom's 1.2 million domestic ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Saudi- ASUS showcases product series at Aramco Week ,Arab News
(MENAFN - Arab News) Asus described as the world's renowned consumer notebook vendor and producer of the 'world's best-selling motherboards" recently participated in aramco week and showcased a ...

Apr 23 2014Saudi- Five to die for 2003 attacks ,Arab News
(MENAFN - Arab News) A special criminal court on sunday convicted five people of terror related charges and sentenced them to death. thirty-seven others were sentenced to varying prison terms for ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help