Just in:
Emirati Aid Reaches Ukraine as Food Shortages Bite // No running of govt from jail, says Delhi Lt Governor // Ingdan Announces 2023 Annual Results // New Nylon Constant Torque Hinge From Southco Provides Position Control In A Compact Package // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Global Audience to Witness Thrill of Dubai World Cup // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // French Leaders Gather for Interfaith Iftar Dinner // Aid is at the core of Israel, Palestine struggle to control post-war Gaza // Andertoons by Mark Anderson for Fri, 29 Mar 2024 // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Sunshine’s Debut Features Leave Tech World Scratching Its Head // CABSAT 2024 Ushers in 30 Years of Media Innovation // German Job Market Resilience Bodes Well for Economic Recovery //
HomeChannelsBusinessGreece sees final solution on debt crisis amid euro uncertainty

Greece sees final solution on debt crisis amid euro uncertainty

1480872926

ADVERTISEMENT

ATHENS Political uncertainty in Europe has created fresh momentum for a “comprehensive and permanent” solution to the Greek debt crisis before the year ends, a government spokesman said on Sunday.

Euro zone finance ministers will meet in Brussels on Monday to discuss short-term debt relief for Greece, and Germany’s Wolfgang Schaeuble said it must implement reforms instead of hoping for further debt forgiveness.

Greece remained optimistic for a final debt deal, however, just as Italians are voting on a constitutional referendum on Sunday and a victory for the opposition ‘No’ camp may push the euro zone towards fresh crisis.

“Everyone realizes that Europe cannot stand a rekindling of the Greek crisis, when there are issues with Italy and amid a pre-election period in many European countries,” Dimitris Tzanakopoulos told Athens 9,84 radio.

“The general uncertainty which prevails in Europe – which is both political and financial – creates … a momentum for a comprehensive and permanent solution for the Greek issue.”

Athens has received three international bailouts since 2010 and its debt, at about 180 percent of GDP, is still the highest in the euro zone.

Talks between Athens and its official creditors as part of a bailout review have hit a snag on labor reforms including reviving collective bargaining on minimum wage and mass layoffs, in a country where unemployment stands at 23 percent.

Differences also remain over a projected fiscal gap in 2018, when Greece’s program ends, and on energy reforms.

The EU and the International Monetary Fund are at odds over the country’s fiscal targets after 2018. The IMF, which has yet to decide if it will participate in Greece’s bailout program, says the target is unrealistic unless Athens is granted significant debt relief and adopts more austerity measures now.

“We’ve made clear that there is no chance we’ll accept what the IMF demands on (austerity) measures and labor reforms,” Tzanakopoulos said, calling on EU partners to support Greece.

Germany, Europe’s paymaster, wants the IMF to join the program but says Greece does not need further debt relief.

Finance minister Schaeuble urged Athens to implement reforms: “If Greece wants to stay in the euro, there is no way around it – in fact completely regardless of the debt level,” he told Bild am Sonntag in an interview on Sunday.

Tzanakopoulos said targets beyond 2018 could be discussed after medium- and long-term debt relief measures were outlined. A second Eurogroup meeting could seal the deal, he said.

The latest deadlock has sparked talk of early elections in Greece. The government has dismissed the rumors.

(Reporting by Renee Maltezou; Editing by Clelia Oziel)

Reuters

ADVERTISEMENT

ADVERTISEMENT
Just in:
CABSAT 2024 Ushers in 30 Years of Media Innovation // Ingdan Announces 2023 Annual Results // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Saudi Arabia Unveils Green Financing Tool to Achieve Net-Zero Goals // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // French Leaders Gather for Interfaith Iftar Dinner // Emirati Aid Reaches Ukraine as Food Shortages Bite // US reiterates concern over Kejriwal arrest, Cong accounts // German Job Market Resilience Bodes Well for Economic Recovery // Andertoons by Mark Anderson for Fri, 29 Mar 2024 // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Aid is at the core of Israel, Palestine struggle to control post-war Gaza // A Tightrope Saudi Walk Towards Net-Zero // First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // TUMI Hosts Global Launch Event in Singapore to Unveil Women’s Asra Collection and Announce Global Ambassador, Mun Ka Young // Global Audience to Witness Thrill of Dubai World Cup // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community //