Greece debt deadline: No bailout deal in sight as Greek leaders lose favour April 21, 2015 A deal to grant the Greek government extra bailout cash is unlikely to be agreed this Friday when finance ministers meet in Riga, according to officials. Meanwhile, Greek leaders are struggling with popularity at home. It had been hoped that a meeting of deputy finance officials today could lay the ground work for a deal, [...]
Greek debt deadline: Greece raids cash piles to stay afloat April 20, 2015 The Greek government is forcing public sector bodies to hand over their cash reserves, as it tries to avoid running out of money while talks with international lenders drag on. The struggling Mediterranean state faces payments totalling nearly €1bn (£720m) in the first two weeks of May, as well as €1.7bn of public sector wages [...]
Greece may not default – but still be insolvent – CNBC Comment April 20, 2015 How important is Greece to Europe? The real answer is that nobody really knows. But time doesn’t stand still, and we are now moving closer to some very real debt repayment deadlines. Athanasios Orphanides, former member of the European Central Bank (ECB) Governing Council, told me last week that he thinks the ECB is in [...]
Desperate act? Bank of Greece asks local governments to send cash April 20, 2015 The last-ditch actions of a desperate country? Greece's central bank has asked its municipalities to send money they don't need. More on this story: Here's everything Greece owes, and when it has to pay The FT reported the Bank of Greece had asked local governments to transfer any cash they won't spend in the next 15 [...]
IMF says Greek talks gaining momentum as default looms April 20, 2015 An International Monetary Fund (IMF) official has said the Greek debt negotiations have stepped up a gear recently – and there's hope for a positive outcome as the prospect of a default draws closer. "There has been a little bit more impetus in the negotiations between the three institutions and the Greek government for several days," the [...]
European markets shrug off Greece fears April 20, 2015 European markets started the day stronger, shaking off worries over Greece's ability to negotiate with its lenders. The FTSE 100 rose one per cent in early trading, while Germany's Dax jumped 1.18 per cent and France's Cac rose 0.9 per cent. The gains followed an announcement overnight by China's central bank that it [...]
Greek debt deadline: Mario Draghi urges Greece to hurry as default looms April 20, 2015 European Central Bank chief Mario Draghi has said the Greek government needs to do more work and do it urgently to conclude a deal on extra bailout cash. “More work, much more work is needed now and it’s urgent,” he said at the International Monetary Fund (IMF)-World Bank spring meetings in Washington. “We all want [...]
IMF official: The risk of a Greek exit from the Eurozone should not be underestimated April 17, 2015 The International Monetary Fund (IMF) "doesn't expect a Greek exit from the euro", Poul Thomsen, one of its top officials, said a press conference today. However, he added that risks of a Grexit should "not be underestimated". The press conference came just over a day after the FT reported the IMF had "persuaded" the Greek government [...]
Greek debt deadline: Finance minister Yanis Varoufakis hits back at creditors April 16, 2015 Greece’s defiant finance minister lashed out at the country’s lenders last night, insisting that he will not back down during crunch talks despite impending debt deadlines. Yanis Varoufakis was speaking after the International Monetary Fund (IMF) all but ruled out the prospect of Greece being allowed to delay its repayments to the bailout provider. “Payment [...]
As Greece comes close to defaulting on its debt, is a Grexit now more likely than not? April 16, 2015 George Efstathopoulos, co-portfolio manager at Fidelity Solutions, says Yes As liquidity constraints in Greece become more real, a Grexit is growing more likely by the day. While a possible Greek default on its payments to the IMF (recently suggested by Greek officials) may not directly result in Grexit, such an event could be perceived as [...]