What to do with a problem like Greece, a seemingly enduring crisis? Eurozone finance ministers meeting in Brussels on Monday ruled out an immediate decision on the release of the next tranche of 31.5 billion euros of emergency loans.
In Athens the troika’s representative, Poul Thomsen remained tight lipped and refused to talk to reporters saying simply, “no comment”.
It’s understood a critical element of the troika report into the Greek economy is not yet ready.
The news comes less than 24-hours after Athens passed an austerity budget for 2013.
“Greece is running a marathon, one way or another. And there is a good thing that seems to be happening that most people understand, that this will be a marathon,” said financial analyst Theodore Krintas.
The end result of that race should be to reduce Greece’s debt to 120 percent of GDP by 2020 that’s the level the IMF has deemed sustainable in the long-run. The governments forecast for next year is around 170 percent some put it at 190 percent.
Measures under consideration to help reduce that debt include lengthening the maturity of loans.
Greece may also borrow from the eurozone permanent bailout fund to buy back its privately held debt of which there is around 60 billion euros.
Time is again against Greece. Athens has to redeem 5 billion euros worth of treasury bills in four days time and has been counting on cash from the next tranche to help cover that.
- 1Dubai’s ancient dhows look east to Iran and an end of sanctions
- 2IMF says Greek debt unsustainable without easier terms
- 3Industrial symbiosis in Kalundborg: turning waste into a resource
- 4Grisis: Grexit after the Greferendum
- 5Swedish interest rates go negative as economy grapples with contradictions
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Spain’s first case of diphtheria in 30 years: parents of six-year-old ‘oppose vaccines’
- 3Greek debt crisis is “absolute supremacy of capital over humans”
- 4[Live updates] NGO flotilla bids to break Israeli blockade of Gaza
- 5[LIVE UPDATES] Greek debt deadline looms
- 6Large Hadron Collider ready to embark on an unprecedented voyage of discovery
- 7Istanbul Gay pride quashed by riot police, rubber bullets and water cannon
- 8[LIVE UPDATES] France: man decapitated, several wounded in chemical plant attack
- 9Israel prepares to repel boarders as ‘Freedom Flotilla 3’ tries to run Gaza blockade
- 10NewsWires : euronews : the latest international news as video on demand
- 11Greek debt summit – Live updates
- 12‘Distractingly sexy’ scientists hit back in lab chemistry polemic
- 13Summit up in Brussels as Greek proposals give food for thought and rumours fly
- 14Battle of Waterloo, live-tweeting 200 years on
- 15Greek PM faces day of crucial bailout talks in Brussels
- 16Citizens take power in Spain’s largest cities as a political revolution sweeps the country
- 17Italy discovers biggest illegal waste dump in Europe
- 18Greek banks, stock exchange will not open on Monday, Tsipras announces
- 19Greek debt: who will pay if Greece fails?
- 20Hungary: billboard war sparks international concern
Wires > Business
- 13:34 CET Germany’s Heckler & Koch goes to court over alleged gun faults
- 12:14 CET Insight – A Greek challenge for ‘Mr Europe’ Juncker
- 11:09 CET Toshiba accounting errors may be over $800 million – source
- 09:53 CET China brokerages pledge to buy at least $19.3 billion in shares to…
- 00:43 CET Any ‘new drachma’ would sink like a stone at first
- 00:30 CET UK to curb protection for savers, blames EU rules
- 22:55 CET Aetna’s Humana deal to bring scrutiny on other insurer tie-ups -…
- 22:54 CET Ferrari listing to value group at least 10 billion euros – CEO