Search Results - bailout

1. Greece's European Creditors Suspend Debt Relief Measures
December 14, 2016

European creditors on Wednesday pulled a recently announced debt relief package for Greece in protest against subsequent spending measures announced by Athens. Greek stocks fell sharply and the government's borrowing rates jumped as investors fretted over a potential flare-up in the country's bailout problems and the possibility of early elections in the country. The main stock market in Athens closed down 3.2 percent, while the yield on the country's 10-year bond rose 0.28...... (read more)

2. Prime Minister Gives Poor Greeks Christmas Bonus Amid Strike
December 08, 2016

As thousands of Greeks protested government spending cuts with a general strike that crippled the country Thursday, struggling Prime Minister Alexis Tsipras announced one-off measures to ease the burden on pensioners and island residents. Tsipras said the government would distribute 617 million euros this Christmas to about 1.6 million low-income pensioners, replacing a holiday bonus scrapped by Greece’s bailout creditors. Bonuses, tax cuts In a nationally televised address, Tsipras...... (read more)

3. Top EU Official: Greece Debt Deal is 'Doable'
November 29, 2016

A senior European Union official says Greece could reach by the end of the year a key agreement to ease its bailout debt repayments.   EU Finance Commissioner Pierre Moscovici said Tuesday that the two sides were close to overcoming differences on labor reforms and dealing with huge amounts of soured loans to businesses and home owners. He described a deal on debt relief as "doable.'   Dutch Finance Minister Jeroen Dijsselbloem made similar remarks, speaking at...... (read more)

4. Greek Public Sector Workers Strike Against EU/IMF Reforms
November 24, 2016

Greek public-sector workers went on strike on Thursday to protest labor and pension reforms and state asset sales which the leftist-led government agreed with the country's official creditors in exchange for bailout loans. State hospital doctors, school teachers and municipality workers joined the nationwide strike called by Greece's main public sector union ADEDY. Ships remained docked at ports as part of a separate 24-hour walkout called by seamen. "Workers and the poor...... (read more)

5. New Greek Government Sworn-in After Minor Reshuffle
November 05, 2016

A new Greek cabinet was sworn in Saturday after a minor reshuffle designed to speed-up reforms that Athens has agreed to implement under its latest international bailout deal. Speaking to reporters after the ceremony, Greek Prime Minister Alexis Tsipras signaled he would continue on the fiscal course agreed with the European Union and the International Monetary Fund. “We have the opportunity for a fresh start that will give us the necessary impetus for the last critical steps of a...... (read more)

6. Eurozone Approves Another Massive Bailout for Greece
October 25, 2016

Officials with the Eurozone countries on Tuesday approved a 2.8 billion euro bailout for Greece, the third such bailout delivered to the country since it spiraled into economic crisis six years ago. "Today's decision to disburse 2.8 billion to Greece is a sign that the Greek people are steadily making progress in reforming their country," European Stability Mechanism managing director Klaus Regling said in a statement. The latest disbursement of funds will consist of a...... (read more)

7. Greece's Tsipras Urges Lenders to Deliver on Debt Relief
October 13, 2016

Greece signaled Thursday that it was running out of patience with international lenders sitting on the fence over its call for debt relief, with Prime Minister Alexis Tsipras saying delays would damage the battered economy further. Against the backdrop of a slump in ratings from unpopular economic reforms seen as vital under a multibillion-euro bailout program, the leftist party is seeking to rally its supporters at a three-day national congress. "The July [bailout] accord is...... (read more)

8. Ukraine Faces Battle to Speed Economic Growth, Secure Peace
September 15, 2016

Ukraine feels its reform efforts have been vindicated by the International Monetary Fund's decision to give it another $1 billion in aid, but the country still faces a struggle to speed economic growth and achieve lasting change. After waiting for nearly a year for Kyiv to accelerate reforms, the IMF announced the release of more aid Wednesday. It's part of a $17.5 billion bailout aimed at shoring up an economy brought low by a pro-Russian separatist war in the east. The money...... (read more)

9. IMF Board Approves $1B Loan Disbursement for Ukraine
September 14, 2016

The International Monetary Fund said its board on Wednesday approved a long-awaited loan disbursement to Ukraine of about $1 billion after a review of the country's bailout program. The IMF has agreed to pump $17.5 billion into Ukraine's economy in a four-year bailout, releasing the funds in installments subject to the government's making progress on economic and anti-corruption reforms. To date, Ukraine has received about $7.62 billion in the program, which was launched in...... (read more)

10. IMF Failed to Push for Crucial Debt Relief in 2010 Greek Bailout, Auditor Says
July 28, 2016

WASHINGTON— The International Monetary Fund failed to demand debt relief as part of Greece's 2010 bailout despite widespread staff views that this was critical to the program's success, an internal audit report showed on Thursday. The IMF also did not make a serious attempt to quantify the risk of financial contagion throughout Europe that was used to justify its granting of "exceptional access" funding to Greece when the country's debt was widely viewed internally as not having a high likelihood of repayment. The decisions, made in the throes of a growing debt c... (read more)

11. New Greek Austerity Measures Tap Cafe Culture
June 01, 2016

ATHENS, GREECE— Greeks have woken up to a new wave of price hikes that have been demanded in return for more international bailout loans, with the highest increases targeting the main ingredients of the country's cafe culture: Coffee and beer. Starting Wednesday, Greece's main sales tax rate, or value added tax, went up from 23 to 24 percent. Taxes were also raised on services used heavily by Greeks forced to cut back on leisure activities due to the financial crisis. Charges increased on internet, fixed telephone and pay TV subscriptions. The measures were approved by parliam... (read more)

12. Greece: ‘Major Breakthrough’ in Debt Deal
May 25, 2016

Eurozone finance ministers say they have reached a "major breakthrough" in negotiating the latest debt relief deal for Greece after hours of discussion in Brussels Tuesday night. The International Monetary Fund (IMF) had demanded a reduction in Greece's debt burden as a condition of further IMF bailout funds. Greece will receive the first part of an $11.4 billion bailout in June, following EU approval of its recent reform efforts. This is the latest bailout in a six-year saga of economic troubles which have led to Greece's current public debt of about 180 percent ... (read more)

13. Greek MPs Pass New Spending Cuts, Tax Hikes as Reforms Move Forward
May 22, 2016

Greek lawmakers on Sunday approved fresh spending cuts and tax hikes demanded by European creditors in exchange for a new installment of desperately needed bailout funds. The legislation, which also provides a mechanism to slash spending in case of future budget overruns, comes two days ahead of a key meeting of eurozone finance ministers set to assess Athens' compliance with bailout terms reached last year.   A positive assessment is key to European creditors easing the servicing terms for $225 billion in bailout loans given the country since 2010. As parliament moved Sun... (read more)

14. Greek Workers Embark on Weekend Strike Over Austerity Measures
May 06, 2016

Workers in Greece walked off their jobs Friday in protest of new tax and pension reforms being considered by the government that workers say will cut deeply into their incomes. The government's austerity measures are part of a multi-billion-dollar international bailout agreement. The 48-hour protest came at the behest of the country’s largest public and private sector labor unions, and has shut down various services, including ferries to the island nation, garbage collection and government offices. Greece’s parliament is set to vote on a bill to overhaul the country&rs... (read more)

15. By the Numbers: Puerto Rico, Debt Crisis
May 02, 2016

At issue: Puerto Rico's government will not make nearly $370 million in bond payments due Monday after a failure to restructure or find a political solution to its spiraling public debt crisis. Bailout vs. restructure: Gov. Alejandro Garcia Padilla says he does not want a bailout but simply legal ability to restructure existing debt. Sticking point: However, for that to happen, the U.S. territory needs Congress in Washington, D.C., to act. So far, it has not. What's next: Puerto Rico expects multiple lawsuits to be filed shortly after Monday's default. The island nation... (read more)

16. Greek Agreement with Creditors 'Getting Closer'
April 22, 2016

AMSTERDAM — Greece's creditors said Friday they are within touching distance of an agreement over the next batch of reforms the cash-strapped country has to make to unlock further bailout funds and trigger debt-relief discussions.   Following weeks of criticism and delay, Jeroen Dijsselbloem, the top official of the grouping of the 19 euro countries, said a decisive breakthrough could come as soon as next Thursday, when a special meeting of the eurogroup will likely be held in Brussels. At that stage, the ministers and financial leaders could even start discussing how to ease Gre... (read more)

17. Ukraine Central Bank Gets Tough With Owners of Private Banks
April 20, 2016

KYIV, UKRAINE— Ukraine will closely track assets belonging to owners of banks to stop the offering of sweetheart loans to shareholders – a practice that helped bankrupt 40 percent of the banking sector, a deputy governor of the central bank said.   So far the regulator has been praised for its clean-up of banks, required under a $17.5 billion IMF-led bailout program, which since early 2014 has closed 70 insolvent lenders that had become little more than personal piggy banks for their owners. The progress made in revamping the banking sector is one of the rare bright spots in... (read more)

18. Eurozone Lender Sees End of Greek Reforms Review by End April, Early May
April 05, 2016

LUXEMBOURG— International lenders may finish their review of Greek reforms, needed to unblock further credit to Athens and start debt relief negotiations by the end of April or early May, the head of the eurozone bailout fund, Klaus Regling, said on Tuesday. "My hope is that we will be able to conclude this review in early May, before the Orthodox Easter," Regling told reporters in Luxembourg. He later clarified that he hoped the review could be concluded by the end of April. Eurozone and International Monetary Fund officials said last week they were aiming to have an agr... (read more)

19. IMF Still a 'Good Distance Away' from Granting Greece More Bailout Money
April 03, 2016

The chief of the International Monetary Fund, Christine Lagarde, says the fund is "a good distance away" from a new economic bailout installment for ailing Greece. Lagarde sent a letter to Greek Prime Minister Alexis Tsipras Sunday and made it public, saying she wants the dialogue between Athens and the IMF to be "transparent." Wikileaks posted a document Saturday in which IMF officials reportedly said they are looking for a crisis "event" in Greece that would force Athens into talks toward a deal. Lagarde denied this in her letter, saying "any sp... (read more)

20. Volunteers Step In as Greece Battles Twin Migrant and Economic Crises
March 23, 2016

With tens of thousands of migrants stuck in Greece, the country is bearing the burden of Europe's refugee crisis. But Athens is still battling with its EU creditors over the terms of its latest $94 billion bailout, while struggling to cope with the migrant influx. Henry Ridgwell reports from Lesbos Island on the collision of Greece's economic and migrant crises.... (read more)

21. The Approval of a Bill relating to the Sale of Loans
October 05, 2015

View article in pittaslegal.com The Approval of a Bill relating to the Sale of Loans A bill under the name “Lawregulating the activities of portfolio investor companies of 2015”, has been drafted by the Central Bank of Cyprus and is set for approval by the Parliament by the end of September 2015. Cyprus will need to implement this law before a €500 million bailout tranche is released. The main aim of the said Bill is for banks to absolve themselves of distressed loans and seeks toensure that rights of borrowers and mortgage holders of distressed loans will be transferred to new... (read more)

Author: Soteris Pittas

22. German Lawmakers Debate Greek Bailout, Merkel Faces Rebellion
August 18, 2015

BERLIN, GERMANY— German lawmakers broke off their holidays on Tuesday to debate Greece's third bailout plan before approving it, though Chancellor Angela Merkel faces a rebellion in a vote shaping up as her last chance to keep Athens in the eurozone. Up to a quarter of Merkel's conservatives could vote against the 86-billion-euro ($95 billion) package, sending the government a clear warning not to return to parliament again to ask for more aid. Support from parties including the Social Democrats (SPD), Merkel's junior coalition partner, and the opposition Greens means appr... (read more)

23. Tough Road Ahead for Greece, Eurozone After Bailout
August 15, 2015

PARIS— German lawmakers are expected to vote Wednesday on whether to approve a third bailout for Greece. Both Greek lawmakers and eurozone finance ministers now back the deal, but hurdles remain before the Greek crisis is over. After long hours of negotiations in Athens and Brussels to back the $95 billion bailout package, now comes the hard part. A number of eurozone parliaments must vote on it — starting with Germany, one of the biggest bailout skeptics. The European Commission, the European Union’s executive arm, wants parliaments to pass the deal by Wednesday. That will a... (read more)

24. Greek media blast pm over referendum - Carbon-zinc Batteries - High Power Led Flashlights
September 17, 2014

ATHENS, Nov. 3 (Xinhua) -- Greek media blasted Prime Minister George Papandreou on Thursday over his abrupt announcement of a referendum over the EU bailout deal.Local dailies carried front page stories referring to "a humiliation of the country" by German Chancellor Angela Merkel and French President Nicolas Sarkozy during talks held with Papandreou in Cannes Wednesday evening."They annulled him and demanded a yes," reads the title of a story in leading daily "Eleftherotypia" (Free Press).Top-selling "Ta Nea" (The News) newspaper run a story titled "Rapid developments following the ultimatum.... (read more)

Author: fdhjkl rfghjtkl

25. Spain loan prompts bond selling as bailout binds state to banks - Rexroth Pumps - Hydraulic Pressur
August 19, 2014

Jun 12, 2012 6:00 AM GMT+0800Spanish bond yields surged the most in four months in the first trading after the government in Madrid sought a bailout for its banks. Investors speculated the 100 billion euros ($125 billion) might not be enough.The lifeline from the euro area, aimed at loosening the connection between banks and the state, risks doing the opposite as foreign investors continue to shun the nation’s bonds and Prime Minister Mariano Rajoy’s government grows increasingly dependent on domestic lenders.“This 100 billion will be added to the public finances of Spain so it just reinforces... (read more)

Author: vacuumse mse