Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Greek deal a 'whisker' away despite talks collapse: eurozone  Join our daily free Newsletter

MENAFN - AFP - 21/11/2012

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - AFP) European leaders insisted Wednesday that their imminent third attempt in as many weeks to unblock bailout funds for debt-stricken Greece will likely succeed, as Athens warned that the stability of the entire eurozone depends on it.

The eurozone is a "whisker" away from a deal to unblock the money aimed at keeping Greece from going bankrupt, French Finance Minister Pierre Moscovici said just hours after marathon talks on the aid package collapsed in Brussels.

"We are very close to a deal," he said, noting that the next emergency meeting of the Eurogroup of finance ministers from the 17 states that use the single currency would be held on Monday.

Recession-battered Greece has been waiting since June for an instalment of 31.2 billion euros (40 billion) in aid, part of a 130-billion-euro financial assistance package initially granted early this year which is tied to harsh new austerity measures.

The failed bid to reach a Greek deal came a day before the European Union was headed for fresh trouble at a summit called to try and agree a hotly-contested trillion-euro budget.

German Chancellor Angela Merkel said there was "a chance there will be a solution on Monday" on Greece.

But she warned there would not be "one action, one solution in one fell swoop, one truth" to resolve the three-year crisis that has brought the eurozone to the brink of collapse.

Both Moscovici and Greek Prime Minister Antonis Samaras underlined the high stakes involved, warning that the eurozone would be threatened if no deal was reached.

"It's not only the future of our country but the stability of the entire eurozone which depends on the success of the conclusion of this effort in the next few days," Samaras said in a statement.

A source close to the failed overnight talks -- also attended by International Monetary Fund chief Christine Lagarde and European Central Bank president Mario Draghi -- said it was far from certain that a deal would be clinched on Monday.

"We are really not close to an agreement," the source told AFP, noting that the negotiations were bogged down by the issue of how to ensure that Greek debt is sustainable in the medium term.

Eurogroup president Jean-Claude Juncker wants an extra two years -- until 2022 -- to be granted to Greece to arrive at a point where it can raise its own funds on the markets.

But the IMF, which along with the ECB and the EU forms the "troika" funding the Greek bail-out, is insisting on 2020 as the year when the ratio of Greek debt to output be reduced to the 120 percent of GDP mark seen as sustainable.

If that target cannot be achieved, the IMF might have to withdraw from efforts to stabilise the Greek economy as its statutes ban it from lending to a country which cannot reasonably be expected to repay its debt in the medium-term.

The IMF is thus "refusing to sign an agreement which it considers to be unrealistic," said the source who argues that a Greek deal is far from imminent.

Greece's debt burden is currently nearly 180 percent of GDP and expected to rise to 190 percent by 2014. That is about three times the EU's 60-percent limit and way beyond what the country can support, meaning it must be reduced one way or another.

The source said that the overnight talks had investigated a "patchwork of measures" to deal with Greek debt.

One route was to reduce the interest rate on loans to Greece by the eurozone and to extend the repayment period.

Several more technical arrangements had also been discussed, the source said.

"But to achieve the intended outcome, several small measures must be put together, and each of these runs into objections of various types," the source said.

Objections arose mainly from so-called "hawks" in northern Europe, the source said, pointing to Germany, the Netherlands and Finland.

By the end of 2012, Athens is also due to receive two more aid payments, worth 5.0 and 8.3 billion euros. In return, it has pledged to implement a series of unpopular austerity budget measures.


 






  MENA News Headlines
Apr 24 2014Kuwait inflation edges up 2.96% y/y in March ,Arab Times
(MENAFN - Arab Times) Wait city april 23 (kuna): kuwait's annual record of the general index of consumer prices (inflation) rose in march by 2.96 percent compared with the same month of last year ...

Apr 24 2014DPG launches Masat to oversee portfolio ,Khaleej Times
(MENAFN - Khaleej Times) Dubai properties group (dpg) has announced the establishment of masat a new dedicated portfolio management company responsible for overseeing and managing dpg?s built to ...

Apr 24 2014UAE- Shapoorji Pallonji enters final stage on Bloom Central ,Khaleej Times
(MENAFN - Khaleej Times) Leading regional and international construction company shapoorji pallonji has entered the final stage of construction of bloom central project a 25-storey mixed-use ...

Apr 24 2014UAE- Huge turnout recorded at Gitex Shopper's first day ,Khaleej Times
(MENAFN - Khaleej Times) Buyers seek deals on newly launched smartphones the first day of gitex shopper spring edition recorded strong turnout despite the fact that it was a working day and ...

Apr 24 2014Landmark day for Dubai as bourse hits 5100 mark ,Khaleej Times
(MENAFN - Khaleej Times) Bourse hits 5100 mark; dhcog to prepay $555m; govt raises $750m from sukuk it was a landmark day for dubai on wednesday as the emirate made significant progress on ...

Apr 24 2014Kuwait's consumer price rises by 2.96 percent in March ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Kuwait's annual record of the general index of consumer prices (inflation) rose in March by 2.96 percent compared with the same month of last year, the Central ...

Apr 24 2014UN Chief: All Parties in Syria Blocking Aid ,Qatar News Agency
(MENAFN - Qatar News Agency) w York April 24 - The UN Secretary General Ban Ki-moon has accused all parties in Syria's civil war of "flagrant violations" of international law over the delivery of ...

Apr 24 2014Dubai Investments raises foreign ownership cap to 35% ,Khaleej Times
(MENAFN - Khaleej Times) Dubai investments (di) the largest investment company listed on the dubai financial market (dfm) has raised the foreign ownership limit in the company from the existing 20 ...

Apr 24 2014Tim Hortons opens at Dubai Chamber ,Khaleej Times
(MENAFN - Khaleej Times) Tim hortons recently celebrated the opening of its newest cafe and bake shop restaurant at the dubai chamber of commerce and industry by the dubai creek. hamad buamim ...

Apr 24 2014Heads of aid agencies urge int'l community to find the courage, will Syrians have plenty of ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The Heads of five UN Aid Agencies on Wednesday urged the international community to find the courage and will the Syrian people have to cope with and survive over ...

Apr 24 2014Abu Dhabi investment zones home prices jump 20% in Q1 ,Khaleej Times
(MENAFN - Khaleej Times) 2100 residential units were delivered to the market: adib report homes prices in abu dhabi’s investment zones rose up to 20 per cent in the first quarter of ...

Apr 24 2014UAE- Investcorp continues expansion ,Khaleej Times
(MENAFN - Khaleej Times) Investcorp a global provider and manager of alternative investment products announced that it has opened a new representative office in abu dhabi. the office is situated ...

Apr 24 2014UAE- UPC issues guidelines on underground utilities installations ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi has come up with new guidelines for the installation of underground utilities which will also help in cutting costs. the new guidelines would benefit ...

Apr 24 2014SMEs play crucial role in boosting Dubai's growth ,Khaleej Times
(MENAFN - Khaleej Times) Pinsent dec and zawya recommend relaxing lending rules more could be done to enable small and medium-sized businesses to get the finance they need to grow and boost ...

Apr 24 2014UAE's Emaar profit grows 55 percent in Q1 ,MENAFN
(MENAFN) Net profit of Dubai"s Emaar Properties saw a 55 percent rise in the first quarter of 2014 on growing regional economy, according to Arab News. Emaar profit for the quarter was estimated ...

Apr 24 2014How well do you know Macklemore & Ryan Lewis? ,Khaleej Times
(MENAFN - Khaleej Times) One of 2013?s most successful acts worldwide hip-hop pair macklemore & ryan lewis are back with a bang for their abu dhabi concert on friday ...

Apr 24 2014Kuwait Social Media Summit kicks off ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The 2nd Annual Kuwait Social Media Summit, kicked off here on Wednesday, is a high-level event which brings together social media experts across the government, ...

Apr 24 2014GCC states need comprehensive defensive strategy - Bahraini official ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The King of Bahrain's advisor for diplomacy Mohammed Abdulghaffar said that Gulf Cooperation Council states need a "comprehensive strategy" focused on developing ...

Apr 24 2014US says any Palestinian gov't must "unambiguously" commit to nonviolence, existence of Israel ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The US stressed here Wednesday that any Palestinian government must "unambiguously and explicitly commit to nonviolence, recognition of the state of Israel, and ...

Apr 24 2014Arab League hails Palestinian party reconciliation pact ,Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Arab League chief Nabil Al-Araby has commended the agreement for a national unity government formation reached between the once rival main Palestinian parties, ...

more...


 
Live Currency Rates






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