Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

ECB offers Greek banks more cash

BBC News – ECB offers Greek banks extra €3.3bn emergency cash

Prime Minister Tsipras: “We are not in a hurry and we will not compromise”

On Tuesday, Greek Prime Minister Alexis Tsipras called for a vote in the Greek parliament on whether to scrap the austerity programme on Friday, the same day as the eurozone deadline.

“We will not succumb to psychological blackmail,” Mr Tsipras told parliament. “We are not in a hurry and we will not compromise.”

US investment bank JP Morgan claimed over the weekend that €2bn worth of deposits was flowing out of Greek banks each week. It estimated that if that were to remain the case, they would run out of cash to use as collateral against new loans within 14 weeks.

JP Morgan’s estimate is based on a calculation that a maximum of €108bn of deposits is left in Greek banks.

The most up-to-date figures from the Greek central bank show deposits dropped 2.4% month-on-month in December to €160.3bn from €164.3bn, marking the third consecutive monthly fall.

Please turn on JavaScript. Media requires JavaScript to play.

What would happen if Greece left the euro? Grexit explained – in 60 seconds

Dutch Finance Minister Jeroen Dijsselbloem, who is also chairing the Eurogroup meetings of eurozone finance ministers, warned on Monday night there were just days left for talks.

Mr Dijsselbloem said it was now “up to Greece” to decide if it wanted more funding or not.

Analysis: Theo Leggett, BBC business reporter:

The apparent deadlock in Brussels is hardly surprising, because the two sides have very different goals.

The Greek government wants to scrap the current bailout deal, because of the very painful programme of spending cuts and other austerity measures that come with it. Instead, it wants a bridging loan to help it meet its short term needs, while a new deal is hammered out. Having been elected on an anti-austerity ticket, it can’t afford to back down, or it will be accused of betraying Greek voters.

But other members of the eurozone, and Germany in particular, have a very different agenda. They want Greece to accept an extension to the current deal – with the rather uncertain promise of “flexibility” if it plays ball.

They don’t want to show any signs of weakness, because of the signal that could send to anti-austerity movements in countries such as Spain, Portugal or Cyprus.

It would also be politically toxic in Germany, where many voters dislike the idea that they are paying for Greece’s mistakes.

That doesn’t mean a compromise is impossible. It simply means any deal would have to be presented as both an end to the current austerity programme and a continuation of it. A political fudge, in other words – and Brussels has plenty of experience in putting those together. So a short-term solution is possible, but far from certain.

Key dates for Greece – and the eurozone

28 February – Current programme of loans ends

First quarter of 2015 – Greece’s funding needs estimated at €4.3bn by end of March

19-20 March – EU leaders’ summit

20 July – €3.5bn bonds held by the European Central Bank mature

20 August – €3.2bn bonds held by the European Central Bank mature

Greece has proposed a new bailout programme that involves a bridging loan to keep the country going for six months and help it repay €7bn (£5.2bn) of maturing bonds.

The second part of the plan would see the county’s debt refinanced. Part of this might be through “GDP bonds” – bonds carrying an interest rate linked to economic growth.

Greece also wants to see a reduction in the primary surplus target – the surplus the government must generate (excluding interest payments on debt) – from 3% to 1.49% of GDP.

In Greece last week, two opinion polls indicated that 79% of Greeks supported the government’s policies, and 74% believed its negotiating strategy would succeed.

More on This Story

Last night’s acrimonious breakdown of talks to refinance Greece presents Germany and other eurozone government’s with their toughest decision since the single currency’s creation in 1999.


Related Stories

Peston: Euro’s existential threat

17 FEBRUARY 2015,
BUSINESS

Hewitt: Greece’s dangerous game

17 FEBRUARY 2015,
EUROPE

US stocks at fresh highs on Greece

17 FEBRUARY 2015,
BUSINESS

Greek PM: ‘We will not compromise’ Watch

17 FEBRUARY 2015,
EUROPE

Greece’s race to find a eurozone deal Watch

17 FEBRUARY 2015,
EUROPE

The Grexit explained – in 60 seconds Watch

16 FEBRUARY 2015,
EUROPE

Profile: Yanis Varoufakis bailout foe

13 FEBRUARY 2015,
EUROPE

What are Greece’s options?

12 FEBRUARY 2015,
BUSINESS

What will happen if there’s no deal?

11 FEBRUARY 2015,
EUROPE

Greenspan predicts Greek euro exit

08 FEBRUARY 2015,
BUSINESS

What if Greece quits the euro?

18 FEBRUARY 2015,
BUSINESS

From other news sites

Bangladesh Daily Star Greece to submit loan request to euro zone, Germany resists 2 hrs ago

International Business Times UK Greece seeks six-month emergency loan extension 8 hrs ago

NDTV Profit Greece to Submit Loan Request to Eurozone, Germany Resists 10 hrs ago

IOL Greece set to submit loan extension request 10 hrs ago

Irish Times Greece confirms plan to submit loan extension request 10 hrs ago

About these results

Share this page

Delicious

Digg

Facebook

reddit

StumbleUpon

Email

Print

Fed ‘unlikely’ to raise rates soon

Officials at the Federal Reserve are unlikely to raise interest rates soon, the latest minutes from the bank’s January meeting have revealed.

Further fall in UK unemployment

Sony spins off video and audio units

Ukraine troops retreat from key town

Further fall in UK unemployment

Swiss raid HSBC’s Geneva office

UK police examine Chelsea fans video

Rise in Romania and Bulgaria workers

The men who made the world a cooler place to live


When were PMs banned from getting behind the wheel?


Do you have to work a five-day week to be the boss?


Using crime statistics to deduce the likely suspects


Shared


  1. 1: Chelsea fans in Paris Metro incident

  2. 2: Miffed bride marries wedding guest

  3. 3: Alien star invaded the Solar System

  4. 4: Limpet teeth set new strength record

  5. 5: Swiss raid HSBC’s Geneva office

Read


  1. 1:
    Chelsea fans Paris footage examined by UK police


  2. 2:
    EastEnders: Fire breaks out on Elstree set


  3. 3:
    EastEnders: Lucy Beale’s killer – the likely suspects


  4. 4:
    Angry Indian bride marries wedding guest


  5. 5:
    TV star Elliott Tittensor sued by injured plumber


  6. 6:
    What exactly is ‘game theory’?


  7. 7:
    The anonymous ‘hero’ of the M25


  8. 8:
    ECB offers Greek banks extra €3.3bn emergency cash


  9. 9:
    Boy, 16, charged after Tameside terror raid


  10. 10:
    Top bosses reveal their secrets for getting things done

Video/Audio


  1. 2: Video of Chelsea fans sparks outrage Watch

  2. 3: Prince Charles inside ‘super sewer’ Watch

  3. 4: Marathon runner crawls to finish line Watch

  4. 5: Lunar New Year: Sheep or goat? Watch

  5. 6: Chelsea fans’ racist abuse on Paris Metro Watch

  6. 7: ‘Smiles all round’ on duchess visit Watch

  7. 8: Records crash as US freeze continues Watch

  8. 9: Poroshenko meets Ukraine troops Watch

  9. 10: Russia’s new army – in 90 seconds Watch

Try our new site and tell us what you think.Learn moreTake me thereNo, thanks

Read the original here:
ECB offers Greek banks more cash

Comments are closed.