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ATHENS Greece has extended the deadline for its banks to report already-delayed financial results to December 21, according to a finance ministry decree published on Friday by a financial website. The government had postponed the deadline to October 31 and then to the end of November, pending their recapitalization from the European Union and the International Monetary Fund. “The deadline to publish listed banks’ financial results for the third quarter of 2012… is extended to December 21,” said the decree published by the www.taxheaven.gr website. The new reporting date comes after a December 13 deadline to complete a debt buy […]

The International Monetary Fund will not disburse Greece’s next bailout tranche until the country completes a voluntary buy back of its debt, an IMF spokesman said on Thursday. Eurogroup finance ministers and the IMF agreed earlier this week to conduct the buy back as part of measures to make Greece’s debt sustainable and release urgently needed loans that help the near-bankrupt economy stay afloat. “The (IMF) managing director (Christine Lagarde) said once progress has been made on specifying and delivering on the commitments agreed, in particular the implementation of debt buy backs, she would be in a position to recommend […]

Municipal workers clashes with riot police during a demonstration against the presence of a German deputy labour minister Hans-Joachim Fuchtel, in Thessaloniki on November 15, 2012. Riot police guard the Parliament building during a demonstration against austerity measures as Greek deputies consider a budget vote on November 11, 2012. A portrait of German Chancellor Angela Merkel is roped and hung outside the Greek Parliament during a protest against austerity measures in Athens on November 11, 2012. Protesters demonstrate outside the Greek parliament against the new austerity measures in Athens on November 11, 2012. Greek Prime minister Antonis Samaras (R) votes […]

BIELEFELD Euro zone governments and the International Monetary Fund (IMF) are making headway in settling a row over how to make Greece’s debt manageable, Eurogroup President Jean-Claude Juncker said on Saturday. “I expect us to go the rest of the distance with the IMF,” Juncker told Reuters on the sidelines of an event in north-western Germany. “We are working intensively on a compromise with the IMF on Greece and are making progress,” he said, adding it remained to be seen how much the differences had been narrowed by Tuesday’s meeting of euro zone finance ministers and the IMF. The dispute […]

BIELEFELD Euro zone governments and the International Monetary Fund (IMF) are making progress in solving their row over how to make Greece’s debt manageable, Eurogroup President Jean-Claude Juncker told Reuters on Saturday. “I expect us to go the rest of the distance with the IMF,” Juncker said on the sidelines of a speech in north-western Germany. “We are working intensively on a compromise with the IMF on Greece and are making progress,” he told Reuters, adding it remained to be seen how much the differences had been narrowed by Tuesday when a meeting of European finance ministers takes place. (Reporting By Madeline Chambers)

BIELEFELD Eurogroup President Jean-Claude Juncker took aim at Austria, Germany and the southern German state of Bavaria on Saturday for suggesting that a Greek exit from the euro zone was looming. “Threats in the Austrian, German or Bavarian language that Greece will soon leave the euro zone do not do Greece any good,” he said in a speech in the north-western town of Bielefeld. “We must show solidarity with Greece and watch our words.” He also reiterated that Greece’s main problem was not its debt but its lagging competitiveness and that countries had to tackle their budgets even if it […]

MANILA The head of the International Monetary Fund, Christine Lagarde, will cut short a visit to Asia to attend a crucial Eurogroup meeting in Brussels next week amid divisions with European leaders over how Greece can reduce its debts. “The managing director will participate in the eurogroup meeting on November 20 as she usually does and that will mean shortening her current trip to Asia,” IMF spokesman Gerry Rice said on Thursday. Disagreement over how to shrink Greece’s debt unexpectedly flared into the open last week during a news conference in Brussels when Jean-Claude Juncker, who chairs the eurogroup of […]

BERLIN Germany wants to bundle three tranches of aid to Greece into one payment of more than 44 billion euros, German newspaper Bild said on Tuesday, citing German government sources. A German finance ministry spokeswoman, asked to comment on the Bild report, said no final decision had yet been made on next loan payments to Greece. Bild said the payment would comprise the 31.3 billion euros dating from the second quarter that Greece hopes to receive soon to avert bankruptcy along with further tranches of 5 billion euros and 8.3 billion euros for the third and fourth quarters. Earlier on […]

BRUSSELS A clash between Greece’s international lenders over how the stricken country where the euro zone debt crisis began can bring its debts down to a sustainable level reignited fears on Tuesday that the crisis could flare up anew. Euro zone finance ministers suggested that Athens should be given until 2022 to lower its debt/GDP ratio to 120 percent but International Monetary Fund chief Christine Lagarde insisted the existing target of 2020 should remain. “We clearly have different views. What matters at the end of the day is the sustainability of Greek debt so that country can be back on […]

MADRID European stock markets opened lower on Tuesday, tracking losses in Asia as shares of heavyweight Vodafone Group PLC tumbled over 3% after it swung to a loss. Worries over Greece and the U.S. fiscal cliff also weighed on sentiment, with losses building for U.S. stock futures. The Stoxx Europe 600 index fell 0.4% to 266.36, with utilities also weighing heavily as E.ON AG slid nearly 8% after also swinging to a loss. The German DAX 30 index fell 0.6% to 7,125.91, the French CAC 40 index fell 0.6% to 3,392.83 and the FTSE 100 index lost 0.5% to trade […]

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