Tense talks between Greece and its international lenders went into limbo without an agreement on a number of reforms.
Greece’s international lenders want the government to come up with a plan to deal with bad loans for both corporate and household debt.
The European Central Bank will put tight controls on plan to buy up junk bonds from Greece and Cyprus to free liquidity to banks.
So many Greeks crippled by austerity measures haven’t been able to pay even their electric bills that the rate is growing at 30 percent a year.
European Central Bank (ECB) president Mario Draghi revealed that he will push for the ECB to buy “junk”-reated Greek and Cypriot loans in an effort […]
The likely last review of Greece’s progress on delayed economic reforms by international lenders is underway amid a tense political climate.
With the government touting a coming recovery, Greece’s unemployment rate is still 27 percent, not far off record rates.
With 80 billion euros in bad loans hindering a recovery, Greece’s coalition government will offer debtors up to 10 years to pay.
The visit by Greece’s lenders will puncture any hopes of an early exit from austerity and bailout memorandums, SYRIZA said.
Finance Minister Gikas Hardouvelis will head Greece’s negotiations with envoys from international lenders who are returning to check the books.