IMF Blinks On Greek Debt Relief

The IMF, which has contributed financially to Greece's first two bailouts but not the third, has wanted more information about what debt relief Greece may get before it gets more involved in the current program.

Moscovici said he hoped enough progress will emerge at the meeting of the so-called Eurogroup to prevent Greek Prime Minister Alexis Tsipras from calling a summit of eurozone leaders to discuss debt relief for his country.

Debt relief "will be implemented at the end of the programme, conditional on its successful implementation" in 2018, said Dijsselbloem, who is also Dutch finance minister.

Payment of the latest tranche of Greece's 86-billion euro ($97-billion) bailout, agreed in 2015, has been held up for months by a row over its needs for debt relief which has pitted bailout-weary Germany against the International Monetary Fund (IMF).

He singled out the Greek people for their "intense efforts and resolve" over the past few years of the country's bailout era when successive governments had to enact drastic spending cuts and tax increases in return for the money needed to avoid bankruptcy and a possible exit from the euro currency.

As a consolation, in a compromise negotiated by France, Greece won a certain amount of clarity from the eurozone on debt relief, including an agreement to link debt repayments to Greek growth.

"It's a very constructive decision that will help Greece, also on the global market, to gradually get more credibility", Luxembourg Finance Minister Pierre Gramegna said after the meeting. Schaeuble said on Tuesday he was confident that Greece would reach a deal with lenders this week.

"If further measures are necessary at the end of the program we can take them", he said.

Greek Prime Minister Alexis Tsipras has welcomed a decision by the country's global lenders to approve the disbursement of 8.5 billion euros in bailout loans and to detail medium-term debt relief measures following talks in Luxembourg.

Shadow of the Tomb Raider concept art teases Lara's next adventure
The leaked artwork is apparently from TAKEOFF Creative , a marketing studio that has a history working with Square Enix . Shadow of the Tomb Raider has not been officially announced and does not a release window at this time.

European Union officials have said Greece shouldn't rely on participating in the ECB's quantitative easing program given that it was never a certainty and have pointed out that very few of its bonds are eligible for inclusion.

Speaking after a meeting of the eurozone's 19 finance ministers, Euclid Tsakalots said the country can "look forward with much greater confidence".

"We recognize that we did not want the ideal to be the enemy of the good", he said.

Member states also agreed to a possible extension of average weighted maturities and the deferral of interest payments on some Greek bailout loans by as much as 15 years.

After three bailouts, Greece's debt now stands at a staggering 180 percent of annual output, by far the biggest national debt pile in Europe.

Greece has been demanding debt relief from its creditors, saying it can never get its economy growing again without some help.

"I would like to announce my intention to propose to the IMF's Executive Board the approval in principle of a new International Monetary Fund stand-by arrangement (program) for Greece", IMF head Christine Lagarde announced. Last month he said everything pointed to stronger growth in Greece.

On Thursday, more than 2,000 older Greeks marched through Athens to demonstrate against cuts to monthly pensions.

"We can't live on 300 euros ($334)!" they chanted, with some waving sticks.

Related News:

  • Mosque attack being treated as terrorism

    But in the past decade, the mosque has transformed its image, with its leadership outspoken in advocating interfaith harmony. A man has died and eight people have been injured after a van ploughed into pedestrians near a north London mosque.

    Police Arrest Man Amid Angry Crowds After Finsbury Park Incident

    On May 22, a suicide bomber killed 22 people at a concert by American pop singer Ariana Grande in Manchester in northern England. Firefighters were able to knock the flames down quickly and stayed on the scene for better than two hours.

    Hunter Greene: Getting to know No. 2 overall baseball draft pick

    It's worth noting however that past year they didn't take any high school pitchers until the 11th round leading off Day 3. Falvey said the Twins' choice came down to the waning minutes and the decision to pass on Greene was "really tough".
  • Russia Investigation Now Includes Jared Kushner

    Russia Investigation Now Includes Jared Kushner

    The president complained the probe is unfair and wondered why his defeated Democratic opponent wasn't getting the same scrutiny. The latest media reports say the obstruction of justice investigation began just days after Mr Trump fired Mr Comey on 9 May.
    Arsenal swoop to land former Liverpool backroom supremo

    Arsenal swoop to land former Liverpool backroom supremo

    Arsene Wenger is believed to be a big fan and is said to have "hand-picked" Burgess for the role . AFL.com.au has contacted Port Adelaide for comment.

    Trump not under investigation in Russia probe, his lawyer says

    Last week, Trump sent a tweet referring to being the victim of a "witch hunt". The statement comes even though Trump himself has suggested that he is.
  • It´s very confusing - Santos bemused by VAR after Portugal draw

    Fernando Santos does count with a very talented squad with the attack being the focal point of the team . Cedric Soares' 86th-minute shot was deflected in, but Hector Moreno snatched a point in the 91st minute.

    FIFA Confederations Cup Opening Ceremony Starts in Russia's St. Petersburg

    Host Russia were clearly the better side as they missed a handful of chances, but the three points was all that matters. Ipswich's Tommy Smith was then on hand to keep Russian Federation at bay as the defender cleared Dmitry Poloz's effort.
    Sony's 'Venom' Will Be in the Same Universe as 'Spider-Man: Homecoming'

    Sony's 'Venom' Will Be in the Same Universe as 'Spider-Man: Homecoming'

    As of now, the logical way to go is to continue the partnership between Sony and Marvel. Also, it's very possible that Sony just doesn't know exactly what they're doing yet.
  • Trump's personal attorney says president not under any investigation

    Deputy Attorney-General Rod Rosenstein has replaced Attorney-General Jeff Sessions as head of the Russia-Trump probe. Rubio sits on the Senate Intelligence Committee, which is conducting its own probe into Russian election meddling.

    May says security Cabinet to meet after crash

    Police earlier said a vehicle had struck several pedestrians early Monday morning and one person had been arrested. The Metropolitan Police said that one man was pronounced dead at the scene and ten others were injured.

    Durant joins Jordan and Shaq for a slice of NBA Finals history

    Steph Curry celebrated winning the National Basketball Association championship for the second time in three years in some style. Curry, Kevin Durant and their teammates are determined to build a dynasty together - and they might just be well on their way.


Most liked

London van incident is 'potential terrorist attack': PM
Muslims now are observing Ramadan , during which they fast from dawn to dusk and engage in intense prayer and feast at sundown. A group of Muslim men were praying on the pavement nearby. "I just hope they did", witness Cynthia Vanzella wrote on Twitter .

Angry Trump decries witch hunt against him
Schiff said he wants the White House to acknowledge the tapes or make clear there are no tapes and "it was an idle threat". Angus King of ME , an independent who caucuses with the Democrats.

Eid al-Fitr day in Kyrgyzstan to be chozen soon
All adult Muslims are required to fast unless they are suffering from an illness, travelling, elderly, pregnant or breastfeeding. This was when the archangel Gabriel revealed to Muhammed the beginnings of what would later become the Quran.

Philly and Boston swap top 5 picks
Discussing whether Danny Ainge was right matters less than trying to figure out what Danny Ainge is doing next. Despite the draft being four days away, there were still not many reports on where the Sixers were leaning.

Stocks march on as Fed rate hike looms, dollar steady
Previously, Head of the Central Bank of Azerbaijan (CBA) Elman Rustamov said that increase in the key interest rate of the U.S. Inflation is expected to remain below 2 percent in the near term but reaches targeted 2 percent over the medium term.

All to play for as round three begins at Erin Hills
Three players are a shot back - Jamie Lovemark (69), first-round leader Rickie Fowler (73) and J.B. For the first time in a major, the top three players in the world all failed to make the cut.

Congressional Baseball Game Ticket Sales Topped Half The MLB
The shooting at a republican congressional baseball practice in Alexandria, Virginia is hitting a southern IL congressman hard. Steve Scalise's condition when he arrived at the hospital was "as critical as it could be".

Banned Building Materials Suspected in London Fire: UK
Police said Saturday that 30 people had been confirmed dead since the fire, while another 28 remain missing and are presumed dead. He said the government is carrying out an "urgent inspection" of other tower blocks in Britain to assess safety.

ISIS claims responsibility for Melbourne siege that left two dead
He was jailed in 2012 over a violent burglary in Melbourne , where he was found to have repeatedly struck a woman and her father. He was recognized as a refugee under Australia's humanitarian migration program and later became a citizen.

A 'number' of casualties after vehicle strikes pedestrians in London
A later tweet said: "We have sent a number of ambulance crews, advance paramedics and specialist responses teams to the scene". The van driver was arrested after being detained by members of the public at the scene following the collision at 00:20 BST.

'Outraged' Cristiano Ronaldo puts Manchester United on red alert
Paris Saint Germain are big-time admirers of Ronaldo as they have tried luring him to the Parc des Princes from Madrid severally. The 26-year-old told the official website of the Confederations Cup: "It goes without saying that he's a great player".

Donald Trump's lawyer contradicts President's claim that he is under investigation
Attorney Jay Sekulow spoke with Jake Tapper on CNN to attempt to clear up any miscommunication caused by Trump's tweet . He sits on the Senate Intelligence Committee, which is conducting its own probe into Russian election meddling.

Van rams pedestrians near London mosque
During that event, a vehicle killed multiple pedestrians before attackers entered a nearby restaurant and began stabbing people. Muslims now are observing Ramadan, during which they fast from dawn to dusk and engage in intense prayer and feast at sundown.

'A Number of Casualties' After Incident in London, 1 Arrested: UK Police
Rahman said he and another man wrestled the suspect to the ground and held him down for 20 to 30 minutes before police arrived. The Financial Times spoke to one witness who said the driver "looked happy" and was waving to onlookers as he was arrested.

Irish PM holds separate talks with leaders of Northern Ireland parties
The DUP have a deadline of June 29 to get a deal done with Sinn Fein in order to restore order in Stormont. Mrs Foster said that she hopes that talks on a Tory-DUP arrangement will conclude as soon as possible.