Latest Greek Crisis News

Greek PM Tsipras delivers a speech at the annual conference of the Hellenic Federation of Enterprises in Athens

Greek PM says on final stretch towards deal with lenders

By George Georgiopoulos ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras said on Saturday his government was on the fi…

  • Greek PM Tsipras says optimistic can reach deal with creditors soon Fri, May 22, 2015

    Greece and its international creditors can soon reach an agreement on funding in exchange for reforms, Greek Prime Minister Alexis Tsipras told reporters on Friday. Greece is negotiating with the International Monetary Fund and the euro zone what reforms it must implement to get more loans as the debt-ridden country is quickly running out of cash and may not have enough to repay maturing loans on June 5. Tsipras met German Chancellor Angela Merkel and French President Francois Hollande on Thursday evening in Riga on the sidelines of an Eastern Partnership summit. More »

  • Eurozone stocks fall as EU leaders meet
    Eurozone stocks fall as EU leaders meet Fri, May 22, 2015

    German chancellor Angela Merkel (C) talks with Greek Prime Minister Alexis Tsipras (R) at the EU Eastern Partnership Summit in Riga, on May 22, 2015 More »

  • German economy 'cruising' as business confidence stays high
    German economy 'cruising' as business confidence stays high Fri, May 22, 2015

    German business confidence slipped only fractionally from its current high level in May, according to the Ifo economic institute More »

  • French, German leaders hold talks with Greek PM in Riga
    French, German leaders hold talks with Greek PM in Riga Fri, May 22, 2015

    Picture released by German government on May 21, 2015 shows German Chancellor Angela Merkel (C), Greek Prime Minister Alexia Tsipras (L) and French President Francois Hollande (R) before a meeting on the ... More »

  • Merkel, Hollande and Tsipras talk about Greek bailout woes
    Merkel, Hollande and Tsipras talk about Greek bailout woes Thu, May 21, 2015

    French President Francois Hollande said he will huddle with his German and Greek counterparts Thursday to pave the way for a special eurozone meeting of finance ministers late this month or early June ... More »

  • Merkel, Hollande to meet Greek PM in Riga
    Merkel, Hollande to meet Greek PM in Riga Thu, May 21, 2015

    Greek Prime Minister Alexis Tsipras arrives for an informal dinner at the start of the fourth EU eastern Partnership Summit in Riga, on May 21, 2015 More »

  • Fed's Fischer says euro zone survival virtually assured
    Fed's Fischer says euro zone survival virtually assured Thu, May 21, 2015

    (Reuters) - U.S. Federal Reserve Vice Chair Stanley Fischer on Thursday said the euro zone crisis had made the monetary union stronger and proved that the European Central Bank has the ability to carry out effective policy in the region. "There can be no one whose ... priors have not moved in favour of the survival of essentially the present euro area," Fischer said. Restoring economic growth and productivity in the face of a demographic decline will also be important, Fischer said. More »

  • Germany's Schaeuble cautious on Greece's ability to avoid default
    Germany's Schaeuble cautious on Greece's ability to avoid default Wed, May 20, 2015

    German Finance Minister Wolfgang Schaeuble said he couldn't categorically rule out a Greek debt default as Athens negotiates with its creditors, US and French newspapers reported More »

  • Merkel, Hollande: Greek bailout deal needed by end of May
    Merkel, Hollande: Greek bailout deal needed by end of May Tue, May 19, 2015

    The leaders of Germany and France say that talks on Greece's bailout need to accelerate and should produce an agreement by the end of May to keep the country from default on its debts. German Chancellor ... More »

  • German investor sentiment falls to five-month low in May: ZEW
    German investor sentiment falls to five-month low in May: ZEW Tue, May 19, 2015

    Germany's ZEW economic sentiment index is at its lowest level since December 2014 More »

  • Greek PM insists on avoiding pension cuts, need for investment Mon, May 18, 2015

    ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras said on Monday a deal with creditors to unlock aid must not impose further pension cuts but rather address the country's long-term funding troubles and include a "bold" investment programme. Greece and its EU and IMF creditors have been locked in talks for months on a cash-for-reforms deal without a breakthrough. Athens has refused to allow wage and pension cuts to be part of any deal. (Reporting by Lefteris Papadimas, Writing by Deepa Babington) More »

  • Greek PM warned lenders of not repaying IMF debt in May - report
    Greek PM warned lenders of not repaying IMF debt in May - report Sat, May 16, 2015

    Greece's Prime Minister Alexis Tsipras had at one stage warned foreign creditors that Athens would not repay 750 million euros (546.33 million pounds) due to the IMF in May unless they provided it with immediate liquidity, the Kathimerini newspaper reported on Saturday. Athens ultimately made the May 12 payment by emptying an International Monetary Fund holding account. Citing European sources, the newspaper said Tsipras made the threat in a May 8 letter to EU Commission President Jean-Claude Juncker, IMF head Christine Lagarde and ECB President Mario Draghi. The Greek government did not immediately respond to a request for comment. More »

  • Greek PM says won't back down from red lines in EU/IMF talks
    Greek PM says won't back down from red lines in EU/IMF talks Fri, May 15, 2015

    By Renee Maltezou and Karolina Tagaris ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras said on Friday his government would not back down from its red lines in negotiations with its foreign lenders but said a deal must be reached soon following months of talks. Athens is fast running out of cash and talks with European Union and IMF lenders on more aid have been deadlocked over their demands for Greece to implement reforms, including pension cuts and labour market liberalisation. Tsipras said the two sides had largely agreed on fiscal targets and VAT rates, but disagreed on labour issues and pension reform. "However, some cannot have in the back of their minds the idea that, as time goes by, the Greek side's resilience will be tested and its red lines will fade out. More »

  • Bundesbank critical of ECB aid to Greek banks
    Bundesbank critical of ECB aid to Greek banks Fri, May 15, 2015

    The European Central Bank will not accept Greek sovereign bonds as collateral for loans until Athens agrees a new debt deal with its creditors More »

  • Greece risks deep recession if talks with creditors fail: EBRD
    Greece risks deep recession if talks with creditors fail: EBRD Thu, May 14, 2015

    The Greek economy grew by 0.8 percent in 2014 More »

  • Bank of England's Carney speaks on inflation report Wed, May 13, 2015

    Bank of England Governor Mark Carney and two other policymakers from the Bank gave a news conference on Wednesday after the Bank published its quarterly inflation report. Below are some of their comments: MARK CARNEY, GOVERNOR: PASS THROUGH OF STERLING STRENGTH INTO ECONOMY Relative to the February inflation report we've seen a 4 percent increase in the effective exchange rate of sterling, so we have to try to determine what's happened with the past pass through, but we'll have some future pass through if these types of moves persist. SCEPTICAL THERE WILL BE SECULAR STAGNATION (If you mean) an era of permanently lower potential productivity growth ... I would say the jury is very much out on that. My personal view is twofold, one I'm sceptical of that for many reasons but one of them is just the nature of broader scientific progress ... but much more fundamentally you have a series of countries, the UK included, that are not at the productive frontier. More »

  • Productivity At Heart Of UK Growth Concerns
    Productivity At Heart Of UK Growth Concerns Wed, May 13, 2015

    Rarely has the world, or for that matter the UK economy, been as exciting (terrifying might be a better word) as it has been for the past few years. Perhaps we should be relieved, then, that the Bank of England is now doing whatever it can to make it seem far less exciting and far more boring than that. The latest Inflation Report was a prime example: Britain's economy is recovering from the crisis, but is still deeply vulnerable to any matter of factors - the rising pound, the ballooning current account deficit, the Greek crisis, the domestic housing crisis, the sharp falls in international bond markets. However, the Bank's attitude to monetary policy - for which, read interest rates - remains steady as she goes. More »

  • Greek PM says time for action from lenders, IMF payment scrapes by
    Greek PM says time for action from lenders, IMF payment scrapes by Tue, May 12, 2015

    By Renee Maltezou and Lefteris Papadimas ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras on Tuesday called on lenders to break an impasse in cash-for-reform talks after Athens had to resort to a temporary expedient to make a crucial payment to the IMF. Greek officials told Reuters they had emptied an International Monetary Fund holding account to repay 750 million euros to the global lender on Monday, avoiding default but underscoring the dire state of the country's finances. At his second cabinet meeting in three days, Tsipras told ministers Athens was sticking to its "red lines" and that it was time to see lenders meet Greece halfway, according to a government official. "The Greek side has so far fully met everything the Feb. 20 Eurogroup decision foresaw. More »

  • Greek PM calls on EU/IMF lenders to offer concessions in talks Tue, May 12, 2015

    Greece has offered as much as it can and it is now the turn of its EU and IMF lenders to help break an impasse in talks on a cash-for-reforms deal, Prime Minister Alexis Tsipras told his cabinet on Tuesday, according to a government official. "The Greek side has so far fully met everything the Feb. 20 Eurogroup decision foresaw. More »

  • Greek FM says Cyprus talks are 'opportunity' for settlement
    Greek FM says Cyprus talks are 'opportunity' for settlement Tue, May 12, 2015

    Greek Foreign Minister Nikos Kotzias on Tuesday said the resumption of UN-brokered peace talks present a "window of opportunity" to reunify the divided island of Cyprus. More »

  • Greece makes progress but warns of cash crunch
    Greece makes progress but warns of cash crunch Tue, May 12, 2015

    Greek Finance Minister Yanis Varoufakis speaks during a press conference after a Eurogroup Council meeting on May 11, 2015 at the EU Headquarters in Brussels More »

  • Greece makes progress with creditors as cash crunch looms
    Greece makes progress with creditors as cash crunch looms Mon, May 11, 2015

    BRUSSELS (AP) — Greece may have only a couple of weeks left before it faces real problems meeting its financial commitments, the country's finance minister conceded Monday as talks with European creditors dragged on without agreement. More »

  • Germany floats Greek referendum on reform, others doubt timing
    Germany floats Greek referendum on reform, others doubt timing Mon, May 11, 2015

    By Renee Maltezou and Robin Emmott BRUSSELS (Reuters) - EU paymaster Germany suggested on Monday that Greece might need a referendum to approve painful economic reforms on which its creditors are insisting, but Athens said it had no such plan for now and others warned a vote could delay vital aid. Greece calmed immediate fears of a default by making a crucial 750 million euro payment to the International Monetary Fund a day early. Euro zone finance ministers welcomed some progress in slow-moving talks on a cash-for-reform deal between Athens and the IMF, the European Commission and the European Central Bank but said more work was needed to each a deal. More »

  • Greece makes progress with creditors but deal still elusive
    Greece makes progress with creditors but deal still elusive Mon, May 11, 2015

    Greece has made progress in talks with creditors but "more time and effort" is needed to reach a deal to give the country the money it needs to avoid default, the eurozone's top official said ... More »

  • Greece to repay IMF but eurozone deal far off
    Greece to repay IMF but eurozone deal far off Mon, May 11, 2015

    French Finance Minister Michel Sapin (R) and Greece's Finance Minister Yanis Varoufakis speak at the start of an Eurogroup meeting at the European Council in Brussels, on May 11, 2015 More »

  • Greece in crunch talks with creditors as money runs dry
    Greece in crunch talks with creditors as money runs dry Mon, May 11, 2015

    Greece appears to have made some progress in bailout talks with its European creditors but the chances of a deal on Monday look slim, finance ministers said ahead of another round of negotiations over ... More »

  • Greece seeks eurozone nod but bailout deal ruled out
    Greece seeks eurozone nod but bailout deal ruled out Mon, May 11, 2015

    Protesters march in Athens on May 8, 2015 demanding jobs and allowances for the unemployed More »

  • Germany's Schaeuble says Greek referendum could help
    Germany's Schaeuble says Greek referendum could help Mon, May 11, 2015

    German Finance Minister Wolfgang Schaeuble has raised the prospect of a Greek vote on an IMF-EU bailout More »

  • Greek referendum on debt deal could be helpful - Schaeuble Mon, May 11, 2015

    German Finance Minister Wolfgang Schaeuble said on Monday it could be helpful for the Greek government to hold a referendum on a cash-for-reform deal with its creditors to stay in the euro zone. Schaeuble said there had been little or no progress in negotiations with Greece except that the weather had improved. "If the Greek government thinks it must hold a referendum, then let it hold a referendum," the hardline minister said. More »

  • Oil scores new 2015 peaks on tumbling US inventories
    Oil scores new 2015 peaks on tumbling US inventories Fri, May 8, 2015

    An oil platform drill on March 26, 2015 outside of the oil town of Gonzales, Texas More »

  • Greek PM forecasts 'happy end'; Eurogroup chief cites progress in t …
    Greek PM forecasts 'happy end'; Eurogroup chief cites progress in t … Fri, May 8, 2015

    By Karolina Tagaris and Gavin Jones ATHENS/ROME (Reuters) - Greek Prime Minister Alexis Tsipras forecast a happy end soon to fraught negotiations with creditors on a cash-for-reform deal, and the chairman of euro zone finance ministers said talks were making progress, though not enough for a deal next Monday. "The organisation and structure of the talks has improved, compared to what it was before, but we are still quite some way away from a situation that you could describe as a final agreement being well in sight," a senior euro zone official said. Greece's leftist-led government, which was elected earlier this year on promises to end austerity policies, has dragged its feet on accepting unpopular reforms promised by a previous government under the country's EU/IMF bailout programme. Tsipras, who has taken personal charge of the negotiations, told parliament in Athens: "I am confident that we will soon have a happy ending and that despite the difficulties... we will carry out the agreement which will be concluded soon in Europe." The leftist leader said his government was "doing whatever it should in order to reach ... an honest and mutually beneficial agreement with our partners", but gave no indication of yielding on the lenders' core demands for painful reforms. More »

  • EU looking to Asia to spur investment fund Fri, May 8, 2015

    By Lisa Jucca HONG KONG (Reuters) - The European Union is seeking Asian capital for a multi-billion euro investment plan it hopes will create more than a million jobs and revive growth. Through the creation of the European Fund for Strategic Investment, presented in Hong Kong on Thursday during its first roadshow outside Europe, the EU seeks to inject 315 billion euros (229 billion pounds) into a range of long-term projects from broadband infrastructure to green energy. Despite the problems posed by the Greek crisis and low growth, some Asian investors signalled an appetite for Europe. "Asia right now is flush with liquidity and European companies are a bargain. More »

  • France says Greek bailout talks headed in right direction
    France says Greek bailout talks headed in right direction Thu, May 7, 2015

    France says talks between Greece and its bailout creditors are going the right way and hopes that Monday's eurozone meeting will see the sides narrow their differences enough to have a deal "within ... More »

  • Greek PM Tsipras, Russia's Putin hold talks on phone Thu, May 7, 2015

    ATHENS (Reuters) - Greek Prime Minister Alexis Tsipras and Russian President Vlamidir Putin held talks by phone on Thursday, Tsipras's office said in a statement, without giving any further details. Russia has been speculated as a potential source of funding for Greece if it fails to reach a deal with EU and IMF lenders, but Athens has denied plans to turn to Moscow for help. Athens is fast running out of money but a deal with European lenders has proved elusive so far. (Reporting by Karolina Tagaris, editing by Deepa Babington) More »

  • Asian shares down as Wall St. tumbles on poor data
    Asian shares down as Wall St. tumbles on poor data Thu, May 7, 2015

    Tokyo stocks fell 1.23% on May 7, 2015, after a three-day holiday More »