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August 08, 2018, 02:38:10 am suzytr says: Hello, any good churches in the Sacto, CA area, also looking in Reno NV, thanks in advance and God Bless you Smiley
January 29, 2018, 01:21:57 am Christian40 says: It will be interesting to see what happens this year Israel being 70 years as a modern nation may 14 2018
October 17, 2017, 01:25:20 am Christian40 says: It is good to type Mark is here again!  Smiley
October 16, 2017, 03:28:18 am Christian40 says: anyone else thinking that time is accelerating now? it seems im doing days in shorter time now is time being affected in some way?
September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
September 20, 2017, 04:32:32 am Christian40 says: "The most popular Hepatitis B vaccine is nothing short of a witch’s brew including aluminum, formaldehyde, yeast, amino acids, and soy. Aluminum is a known neurotoxin that destroys cellular metabolism and function. Hundreds of studies link to the ravaging effects of aluminum. The other proteins and formaldehyde serve to activate the immune system and open up the blood-brain barrier. This is NOT a good thing."
http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
September 19, 2017, 03:59:21 am Christian40 says: bbc international did a video about there street preaching they are good witnesses
September 14, 2017, 08:06:04 am Psalm 51:17 says: bro Mark Hunter on YT has some good, edifying stuff too.
September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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« Reply #360 on: March 12, 2013, 05:37:18 pm »

http://news.yahoo.com/greek-bailout-program-review-hits-162237278.html
3/12/13
Greek bailout program review hits snag

Greece: Debt inspectors delay meeting with PM after talks stall on tax arrears, state jobs


ATHENS, Greece (AP) -- Inspectors from Greece's rescue lenders delayed a meeting with the prime minister which had been scheduled for Tuesday after talks stalled over tax collection difficulties and promised reductions in public sector staff.  The talks between Prime Minister Antonis Samaras and the inspectors from the European Union, European Central Bank and International Monetary Fund — known as the Troika — were postponed by one day until Wednesday, following hours of negotiations involving members of his Cabinet.  "We are working to finalize as many issues as we can ... I don't think we'll get to all of them," Finance Minister Yannis Stournaras said.

Officials in the conservative-led government had aimed at resolving differences with the Troika ahead of a meeting of European Union leaders in Brussels on Thursday and Friday. Greece is due to receive its next bailout loan installment of €2.8 billion ($3.65 billion) later this month, but Finance Ministry officials say deficit-reduction talks have been held up by creditors' demands for faster implementation of programs for public sector staff cuts and tax arrears payments. The country has been surviving on rescue loans for nearly three years and is struggling to collect additional taxes levied on the recession-hit population as part of austerity measures imposed in return for the bailout money.

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« Reply #361 on: April 27, 2013, 06:42:39 pm »

Greece starts firing civil servants for first time in a century
http://www.csmonitor.com/World/Europe/2013/0426/Greece-starts-firing-civil-servants-for-first-time-in-a-century
The Greek government began its first mass-firing of public-sector workers in more than 100 years this week, part of an effort to lay off 180,000 by 2015 under Europe-imposed austerity.

By Nikolia Apostolou, Correspondent / April 26, 2013

Pushed by its European creditors amid its crippling economic crisis, Greece began this week to do something it hasn't done in more than 100 years: fire public-sector workers en masse.

Following weeks of tough negotiations with its lenders – the "troika" of the International Monetary Fund, the European Union, and the European Central Bank – the Greek government started laying off public-sector workers in an effort to implement the austerity that the troika has demanded. The first two civil servants were let go on Wednesday under a new law that speeds up the process – one, a policeman, for stealing debit cards, and the other for 110 days of unexcused absence.

The mass layoffs were announced last week in a televised address by the Greek prime minister himself, Antonis Samaras. Despite the massive unemployment in Greece, the goal of the government has become the laying off of 180,000 civil servants by 2015. “This is not a human sacrifice," said Prime Minister Samaras. “It’s an upgrading of the public sector and it’s one demand of Greek society.”

Samaras though, promised new positions to be created: “An equal number [of employees] will be hired on merit,” he added.

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« Reply #362 on: January 03, 2015, 03:00:18 pm »

http://www.reuters.com/article/2015/01/03/us-eurozone-greece-germany-idUSKBN0KC0HZ20150103
1/3/15
Germany believes euro zone could cope with Greece exit: report

(Reuters) - The German government believes that the euro zone would now be able to cope with a Greece exit if that proved to be necessary, Der Spiegel news magazine reported on Saturday, citing unnamed government sources.

Both Chancellor Angela Merkel and Finance Minister Wolfgang Schaeuble believe the euro zone has implemented enough reforms since the height of the regional crisis in 2012 to make a potential Greece exit manageable, Der Spiegel reported.

"The danger of contagion is limited because Portugal and Ireland are considered rehabilitated," the weekly news magazine quoted one government source saying.

In addition, the European Stability Mechanism (ESM), the euro zone's bailout fund, is an "effective" rescue mechanism and was now available, another source added. Major banks would be protected by the banking union.

The German government in Berlin could not be reached for comment.

It is still unclear how a euro zone member country could leave the euro and still remain in the European Union, but Der Spiegel quoted a "high-ranking currency expert" as saying that "resourceful lawyers" would be able to clarify.

According to the report, the German government considers a Greece exit almost unavoidable if the leftwing Syriza opposition party led by Alexis Tsipras wins an election set for Jan. 25.

The Greek election was called after lawmakers failed to elect a president last month. It pits Prime Minister Antonis Samaras' conservative New Democracy party, which imposed unpopular budget cuts under Greece's bailout deal, against Tsipras' Syriza, who want to cancel austerity measures and a chunk of Greek debt.

Opinion polls show Syriza is holding a lead over New Democracy, although its margin has narrowed to about three percentage points in the run-up to the vote.

German Finance Minister Schaeuble has already warned Greece against straying from a path of economic reform, saying any new government would be held to the pledges made by the current Samaras government.
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« Reply #363 on: February 18, 2015, 06:48:39 am »

Greece Rejects Bailout Deal – Deadline To Avoid Financial Chaos In Europe Is March 1st

Europe is on the verge of a horrifying financial meltdown, and there are only a few short weeks left to avert total disaster.  On Monday, talks that were supposed to bring about yet another temporary “resolution” to the Greek debt crisis completely fell apart.  The new Greek government has entirely rejected the idea of a six month extension of the current bailout.  The Greeks want a new deal which would enable them to implement the promises that have been made to the voters.  But that is not going to fly with the Germans, among others.  They expect the Greeks to fulfill the obligations that were agreed to previously.  The two sides are not even in the same ballpark at this point, and things are starting to get very personal.  It is no secret that the new Greek government does not like the Germans, and the Germans are not particularly fond of the Greeks at this point.  But unless they can find a way to work out a deal, things could get quite messy very rapidly.  The Greek government has about three weeks of cash left, and any changes to the current bailout arrangement would have to be approved by parliaments all over Europe by March 1st.  And the stakes are incredibly high.  If there is no deal, we could see a Greek debt default, Greece could be forced to leave the eurozone and go back to the drachma, the euro could collapse to all time lows, all the banks all over Europe that are exposed to Greek government debt could be faced with absolutely massive losses, and the 26 trillion dollars in derivatives that are directly tied to the value of the euro could start to unravel.  In essence, if things go badly this could be enough to push us into a global financial crisis.

On Monday, eurozone officials tried to get the Greeks to extend the current bailout package for six months with the current austerity provisions in place.  Greek government officials responded by saying that “those who bring this back are wasting their time” and that those negotiating on behalf of the eurozone are being “unreasonable”…

    A Greek government official said that a draft text presented to eurozone finance ministers meeting in Brussels on Monday spoke of Greece extending its current bailout package and as such was “unreasonable” and would not be accepted.

    Without specifying who put forward the text to the meeting chaired by Dutch Finance Minister Jeroen Dijsselbloem, the official said: “Some people’s insistence on the Greek government implementing the bailout is unreasonable and cannot be accepted.”

Most observers have speculated that the new Greek government would give in to the demands of the rest of the eurozone when push came to shove.

But these new Greek politicians are a different breed.  They are not establishment lackeys.  Rather, they are very principled radicals, and they are not about to be pushed around.  I certainly do not agree with their politics, but I admire the fact that they are willing to stand up for what they believe.  That is a very rare thing these days.

On Monday, Greek finance minister Yanis Varoufakis shared the following in the New York Times…

    I am often asked: What if the only way you can secure funding is to cross your red lines and accept measures that you consider to be part of the problem, rather than of its solution? Faithful to the principle that I have no right to bluff, my answer is: The lines that we have presented as red will not be crossed.

Does that sound like a man that is going to back down to you?

Meanwhile, the other side continues to dig in as well.

Just consider the words of the German finance minister…

    Wolfgang Schaeuble, the German finance minister, accused the Greek government of “behaving irresponsibly” by threatening to tear up agreements made with the eurozone in return for access to the loans which are all that stand between Greece and financial collapse.

    “It seems like we have no results so far. I’m quite skeptical. The Greek government has not moved, apparently,” he said.

    “As long as the Greek government doesn’t want a program, I don’t have to think about options.”

Global financial markets are still acting as if they fully expect a deal to get done eventually.

I am not so sure.

And without a doubt, time is running short.  As I mentioned above, something has got to be finalized by March 1st.  The following comes from the Wall Street Journal…

    Any changes to the content or expiration date of Greece’s existing €240 billion ($273 billion) bailout have to be decided by Friday, to give national parliaments in Germany, Finland and the Netherlands enough time to approve them before the end of the month. Without such a deal, Greece will be on its own on March 1, cut loose from the rescue loans from the eurozone and the International Monetary Fund that have sustained it for almost five years.

So what happens if there is no deal and Greece is forced to leave the eurozone?

Below, I have shared an excerpt from an article that details what Capital Economics believes would happen in the event of a “Grexit”…

    The drachma would be back. The euro would be effectively abandoned, and Greece would return to the drachma, its previous currency (it might take a new name). The drachma would likely tumble in value against the euro as soon as it was issued, and how much the government could print quickly would be a big issue.
    It would have to be fast, with capital controls. There would be people trying to pull their money out of Greece’s banks en masse. The Greek government would have to make that illegal pretty quickly. The European Central Bank drew up Grexit plans in 2012, and might be dusting them off now.
    European life support for Greek banks would be withdrawn. Greek banks can currently access emergency liquidity assistance from the ECB, which would be removed if Greece left the euro.
    Likely unrest and disorder. Barclays expects that this sudden economic collapse would “aggravate social unrest”, and notes that historically similar moves have caused a 45-85% devaluation of the currency. Capital Economics suggests that the drop could be more mild, closer to 20%, and Oxford Economics says 30%.
    Greece would resume economic policymaking. Greece’s central bank would probably start doing its own QE programme, and the government would likely return to running deficits, no longer restrained by bailout rules (though investors would probably want large returns, given the risk of another default).
    Inflation would spike immediately, but both Capital Economics and Oxford Economics say that should be temporary. It might look a bit like Russia this year — with the new currency in freefall until it finds its level against the euro, prices inside Greece would rise at dramatic speed. The inflation might be temporary, however, because with unemployment above 20%, Greece has plenty of spare labour slack to produce more.

That certainly does not sound good.

And once Greece leaves, everyone would be wondering who is next, because there are quite a few other deeply financially troubled nations in the eurozone.

David Stockman believes that Spain is a prime candidate…

    In spite of the “recovery” in Spain, close to 24% are still unemployed. That statistic explains Pessimism in the Streets.

    The crisis is here to stay according to significant majority of Spaniards. The general perception is that the current situation in which the country is negative and far from getting better, can only stay stagnant or even worse.

    A Metroscopia poll published in El País makes it clear that the Spanish are unhappy with the current state of the country. Five out of six (83%) see the economic situation as “bad”, while more than half of the remaining perceive “regular”.

Right now, Europe is already teetering on the brink of an economic depression.

If this Greek debt crisis is not resolved, it could set in motion a chain of events which could start collapsing financial institutions all over Europe.

Yes, we have been here before and a deal has always emerged in the end.

But this time is different.  This time very idealistic radicals are running things in Greece, and the “old guard” in Europe has no intention of giving in to them.

So let’s watch and see how this game of “chicken” plays out.

I have a feeling that it is not going to end well.

http://theeconomiccollapseblog.com/archives/greece-rejects-bailout-deal-deadline-avoid-financial-chaos-europe-march-1st
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« Reply #364 on: February 20, 2015, 09:58:31 am »

It’s Germany vs. Greece, And The Very Survival Of The Eurozone Is At Stake

Is this the beginning of the end for the eurozone?  On Thursday, Germany rejected a Greek request for a six-month loan extension.  The Germans insisted that the Greek proposal did not require the Greeks to adhere to the austerity restrictions which previous agreements had forced upon them.  But Greek voters have already very clearly rejected the status quo, and the new Greek government has stated unequivocally that it will not be bound by the current bailout arrangement.  So can Germany and Greece find some sort of compromise that will be acceptable to both of them?  It certainly does not help that some Greek politicians have been comparing the current German government to the Nazis, and the Germans have fired back with some very nasty comments about the Greeks.  Unfortunately for both of them, time is running out.  The Greek government will run out of money in just a couple of weeks, and without a deal there is a very good chance that Greece will be forced to leave the euro.  In fact, this week Commerzbank AG increased the probability of a “Grexit” to 50 percent.  And if Greece does leave the eurozone, it could spark a full blown European financial crisis which would be absolutely catastrophic.

What the Greeks want right now is a six month loan extension which would give them much more economic flexibility than under the current agreement.  Unfortunately for the Greeks, Germany has rejected this proposal…

    Germany rejected a Greek proposal for a six-month extension to its euro zone loan agreement on Thursday, saying it was “not a substantial solution” because it did not commit Athens to stick to the conditions of its international bailout.

    Berlin’s stance set the scene for tough talks at a crucial meeting of euro zone finance ministers on Friday when Greece’s new leftist-led government, racing to avoid running out of money within weeks, will face pressure to make further concessions.

    As the biggest creditor and EU paymaster, Germany has the clout to block a deal and cast Greece adrift without a financial lifeline, potentially pushing it toward the euro zone exit.

Even though Germany is already saying no to this deal, Greece is still hoping that the Eurogroup will accept the deal that it has proposed…

    “The Greek government submitted a letter to the Eurogroup asking for a six-month extension of the loan agreement. Tomorrow’s Eurogroup has only two options: either to accept or reject the Greek request,” a government  official said. “It will then be clear who wants to find a solution and who doesn’t.” Earlier on Thursday, the German finance ministry rejected Athens’ request for an extension by saying it fell short of the conditions set out earlier this week by the euro zone.

At this point, the odds of a deal going through don’t look good.

But there is always next week.  It is possible that something could still happen.

However, if there is no deal and Greece is forced out of the euro, the consequences for Greece and for the rest of the eurozone could be quite dramatic.

The following is how the Independent summarized what could happen to Greece…

    An immediate financial crisis and a new, deep, recession. Without external financial support the country would have to default on its debts and, probably, start printing its own currency again in order to pay civil servants. Its banks would also lose access to funding from the European Central Bank.

    To prevent these institutions collapsing Athens would have impose controls on the movement of money out of the country. The international value of the new Greek currency would inevitably be much lower than the euro. That would mean an instant drop in living standards for Greeks as import prices spike. And if Greeks have foreign debts which they have to pay back in euros they will also be instantly worse off. There could be a cascade of defaults.

That doesn’t sound pretty at all.

The most frightening part for those that have money in Greek banks would be the capital controls that would be imposed.  People would have to deal with strict restrictions on how much money they could take out of their accounts and on how much money they could take out of the country.

In anticipation of this happening, people are already pulling money out of Greek banks at a staggering pace…

    In the midst of the dramatic showdown in Brussels between the new Greek government and its European creditors, many Greek depositors—spooked by the prospect of a Greek default or, worse, an exit from the euro zone and a possible return to the drachma—have been pulling euros out of the nation’s banks in record amounts over the last few days.

    The Bank of Greece and the European Central Bank won’t report official cash outflows for January until the end of the month. But sources in the Greek banking sector have told Greek newspapers that as much as 25 billion euros (US $28.4 billion) have left Greek banks since the end of December. According to the same sources, an estimated 900 million euros flowed out of Greek banks on Tuesday alone, the day after the talks broke up in Brussels, sparking fears that measures will be taken to stem the outflow. On Thursday, by mid-afternoon, deposits had shrunk by about 680 million euros (US $77.3 million).

    “If outflows reach 1 billion euros, capital controls might need to be imposed,” said Thanasis Koukakis, a financial editor for Estia a conservative daily, and To Vima, an influential Sunday newspaper.

And if we do indeed witness a “Grexit”, the rest of Europe would be deeply affected as well.

The following is how the Independent summarized what could happen to the rest of the continent…

    There would probably be some financial contagion as financial investors wake up to the fact that euro membership is not irreversible. There could a “flight to safety” as depositors pull euros out of other potentially vulnerable eurozone members such as Portugal, Spain or Italy to avoid taking a hit. European company share prices could also fall sharply if investors panic and divert their cash into the government bonds of states such as Germany and Finland.

    The question is how severe this contagion would be. The continent’s politicians and regulators seem to think the impact would be relatively small, saying that Europe’s banks have reduced their cross-border exposure to Greece and that general confidence in the future of the eurozone is much stronger than it was a few years ago. But others think this is too complacent. The truth is that no one knows for sure.

To be honest, I think that the rest of the eurozone is being far too complacent about what Greece leaving would mean.

There are all kinds of implications that most people are not even discussing yet.

For example, just consider what a “Grexit” would mean for the European interbank payment system known as Target2.  The following comes from an article by Ambrose Evans-Pritchard…

    In normal times, Target2 adjustments are routine and self-correcting. They occur automatically as money is shifted around the currency bloc. The US Federal Reserve has a similar internal system to square books across regions. They turn nuclear if monetary union breaks up.

    The Target2 “debts” owed by Greece’s central bank to the ECB jumped to €49bn in December as capital flight accelerated on fears of a Syriza victory. They may have reached €65bn or €70bn by now.

    A Greek default – unavoidable in a Grexit scenario – would crystallize these losses. The German people would discover instantly that a large sum of money committed without their knowledge and without a vote in the Bundestag had vanished.

Ouch.

And in a previous article, I discussed some of the other things that are at stake…

    If there is no deal, we could see a Greek debt default, Greece could be forced to leave the eurozone and go back to the drachma, the euro could collapse to all time lows, all the banks all over Europe that are exposed to Greek government debt could be faced with absolutely massive losses, and the 26 trillion dollars in derivatives that are directly tied to the value of the euro could start to unravel.  In essence, if things go badly this could be enough to push us into a global financial crisis.

At the end of the day, there are essentially only two choices for Europe…

#1) Find a way to make a deal, which would maybe keep the current financial house of cards together for another six months.

#2) A horrifying European financial crisis starting almost immediately.

In the long-term, nothing is going to stop the economic horror which is coming to Europe, and once it starts it is going to drag down the entire planet.

http://theeconomiccollapseblog.com/archives/germany-vs-greece-survival-eurozone-stake
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« Reply #365 on: March 12, 2015, 05:45:09 am »

This is getting interesting, especially with the guy running Greece

Greece threatens to seize German property, Berlin refuses to pay WWII reparations.

Germany says it won’t pay Greece World War 2 reparations after Greek PM Alexis Tsipras said Berlin is using legal tricks to avoid paying compensation. Germany says it’s honored its obligations, while Greece says it may start seizing German property.

Germany once again dismissed Greek demands to pay reparations for the 1941-44 Nazi occupation of Greece.

"It is our firm belief that questions of reparations and compensation have been legally and politically resolved," said Steffen Seibert, the spokesman for German Chancellor Angela Merkel.

"We should concentrate on current issues and, hopefully, what will be a good future," Reuters reported him as saying.

A spokesman for the finance ministry said there was no point in holding talks with the Greek government concerning the issue of reparations. The spokesman also added that the demands from Athens were just trying to distract attention away from the serious financial problems the country is facing.

 With Germany refusing to budge from its position concerning the payment of war reparations, Greece’s Justice Minister said Wednesday that Athens could start seizing German assets.

Nikos Paraskevopoulos said he was “ready to approve” a Greek Supreme Court ruling in 2000 that would allow the appropriation of assets belonging to Germany’s archaeological school and the Goethe Institute. Proceeds from the property would be used to compensate the relatives of 218 civilians who were massacred by Nazi troops in a village in central Greece in June 1944.

"The law states that the minister must give the order for the Supreme Court ruling to be carried out.... I am ready to give that order," Paraskevopoulos told Antenna TV, AFP reported.

 On Wednesday, Berlin rejected the renewed demands.

"It is our firm belief that questions of reparations and compensation have been legally and politically resolved," said Steffen Seibert, the spokesman for German Chancellor Angela Merkel.

A spokesman for the finance ministry also said there was no reason to hold talks with Athens about reparations and called the demands a distraction from actual financial issues facing Greece.

The issue of war reparations dating from the 1941-44 Nazi occupation of Greece is likely to increase already heightened tensions between Athens and Berlin. The two countries are already squabbling over Greek demands to renegotiate the terms of a €240 billion ($260 billion) bailout. However, with Germany showing few signs of leniency, the new left-wing Syriza government has decided to raise the issue of war reparations again with Berlin.

rest: http://rt.com/news/239593-germany-greece-war-reparations/
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« Reply #366 on: April 03, 2015, 05:41:50 am »

Greece draws up drachma plans, prepares to miss IMF payment
'We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,' says senior Greek official

 Greece is drawing up drastic plans to nationalise the country's banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands.

Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.

Greece no longer has enough money to pay the IMF €458m on April 9 and also to cover payments for salaries and social security on April 14, unless the eurozone agrees to disburse the next tranche of its interim bail-out deal in time.

“We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,” said a senior official.

“We may have to go into a silent arrears process with the IMF. This will cause a furore in the markets and means that the clock will start to tick much faster,” the source told The Telegraph.

Syriza’s radical-Left government would prefer to confine its dispute to EU creditors but the first payments to come due are owed to the IMF. While the party does not wish to trigger a formal IMF default, it increasingly views a slide into pre-default arrears as a necessary escalation in its showdown with Brussels and Frankfurt.

The view in Athens is that the EU creditor powers have yet to grasp that the political landscape has changed dramatically since the election of Syriza in January and that they will have to make real concessions if they wish to prevent a disastrous rupture of monetary union, an outcome they have ruled out repeatedly as unthinkable.

rest: http://www.telegraph.co.uk/finance/economics/11513341/Greece-draws-up-drachma-plans-prepares-to-miss-IMF-payment.html
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« Reply #367 on: April 20, 2015, 07:43:53 pm »

Greek banks ‘close to collapse’ as debt soars

Greek debt costs leapt yesterday as the French central bank warned that the banking sector in Athens is on the verge of collapse. The euro fell 0.6 per cent to $1.074 after International Monetary Fund and G20 meetings in Washington held out little progress on the prospect of Greece satisfying creditors to unlock €7.2 billion in financial aid by the end of the month.

rest: http://www.thetimes.co.uk/tto/business/markets/europe/article4417577.ece
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« Reply #368 on: June 14, 2015, 07:47:33 pm »

http://finance.yahoo.com/news/greeks-seek-debt-relief-eu-104038752.html
Greece and creditors fail in 'last attempt' to reach deal
6/14/15

BRUSSELS/ATHENS (Reuters) - Talks on ending a deadlock between Greece and its international creditors broke up in failure on Sunday, with European leaders venting their frustration as Athens stumbled closer toward a debt default that threatens its future in the euro.

European Union officials blamed the collapse on Athens, saying it had failed to offer anything new to secure the funding it needs to repay 1.6 billion euros ($1.8 billion) to the International Monetary Fund by the end of this month.

Greece retorted it was still ready to talk, but that EU and IMF officials had said they were not authorized to negotiate further. Athens insists it will never give in to demands for more pension and wage cuts.

"This is very disappointing and sad. It was a last attempt to bridge our differences but the gap is too large. One can discuss a gap, but this is an ocean," said a person who was close to the talks.

Both sides acknowledged the talks had lasted less than an hour, although even here accounts differed: Greece put the length at 45 minutes, EU officials at half an hour.

Following what it called this "last attempt" at a solution, the EU's executive Commission said euro zone finance ministers would now tackle the issue when they meet on Thursday.

With no technical deal apparently possible, the ministers are likely to have to make difficult political decisions on Greece's membership of the currency bloc.

Failure to keep Greece in the euro, after years of arduous negotiations and two emergency bailouts totaling 240 billion euros, would send it lurching into the unknown and mark a historic blow to the EU's most ambitious project.

Last Friday, Greek Prime Minister Alexis Tsipras had indicated he would accept painful compromises on demands for austerity and reform in return for debt relief.

But the Commission said after the talks, which also involved the European Central Bank, that "the Greek proposals remain incomplete".

"While some progress was made, the talks did not succeed as there remains a significant gap between the plans of the Greek authorities and the joint requirements of Commission, ECB and IMF," it said. These amounted to up to 2 billion euros a year in permanent budget savings.

EU officials said Athens had moved closer to the lenders on the size of Greece's primary surplus - the budget balance before its debt repayments - but had not said how it intended to achieve this. Otherwise the Greek delegation, led by Deputy Prime Minister Yannis Dragasakis, had offered nothing new, they added.

Dragasakis said the Greek delegation remained ready to resume talks but blamed European lenders for insisting on pension cuts and value-added tax hikes to close the projected budget gap.

CONFRONTATIONAL LINE

European leaders have piled pressure on Tsipras to offer major concessions in the search for a deal with the EU and IMF as the country faces a debt default in just over two weeks.

The talks' failure followed signs of an increasingly confrontational line by Greece's European Union partners. The toughest language came not from Greece's long-standing conservative critics but from German Social Democrat chief Sigmar Gabriel, who until recently had been regarded as sympathetic, at least by Berlin standards.

He wrote in Bild newspaper that he wanted to keep Greece in the euro. "But not only is time running out but so too is patience across Europe. Everywhere in Europe, the sentiment is growing that enough is enough," said Gabriel, who is vice-chancellor in Angela Merkel's grand coalition government.

"The shadow of an exit of Greece from the euro zone takes on ever clearer shape," he said. "Repeated apparently final attempts to reach a deal are starting to make the whole process look ridiculous. There is an ever greater number of people who feel as if the Greek government is giving them the run-around."

Germany's Frankfurter Allgemeine Sonntagszeitung reported European Commission President Jean-Claude Juncker, also reputed to have been more sympathetic to Greek views, warned Tsipras about the risk of "Grexit" - a Greek exit from the euro - when they met last week.

Tsipras says imposing yet more austerity on a country whose economy has shrunk by a quarter in recent years is futile, and will only deepen the suffering of Greeks whose living standards have already dived while unemployment soared.

"REGIME CHANGE"

U.S.-based economic analyst Jacob Funk Kirkegaard cast doubt on the Athens government's longevity. He said Europe seemed to be giving up on trying to coax Tsipras toward the political center, opting for confrontation that might lead to "a new more realistic government".

"It is increasingly obvious he is not even a closet centrist but largely seems to agree with the left wing of his party. The euro area thus has no real choice but to seek regime change in Athens," he said on the website of the Peterson Institute for International Economics.

Tsipras still seems to have some support in his quest for debt relief. A person familiar with the negotiations told Reuters that discussions were under way on the issue.

Athens faces immediate problems in repaying debts as the EU and IMF have not paid any money from Greece's bailout programs since the middle of last year. On top of the IMF loan, it must also repay 6.7 billion euros when Greek bonds held by the ECB fall due in July and August.

Even if this short-term hump can be overcome, Greece still faces the daunting prospect of eventually repaying the bailout loans, something that will hang over its enfeebled economy for decades unless a relief deal is achieved.
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« Reply #369 on: June 28, 2015, 06:41:29 am »

More than a third of Greek ATMs run dry for a while on Saturday

More than a third of automated teller machines across Greece ran out of cash on Saturday before they were replenished as Greeks pulled out money on fears their country was set to crash out of the euro, three banking sources said.

Anxious Greeks lined up outside ATMs after Prime Minister Alexis Tsipras made a surprise call for a referendum on austerity terms demanded by lenders, throwing talks with lenders in disarray and putting Greece on the verge of a default.

About 35 percent of the ATM network - some 2,000 out of the 5,500 ATMs across Greece - ran out of euro banknotes at one point during the day and were being replenished, the bankers said. Banks were working in coordination with the central bank to keep the network fed with cash, they said.

Replenishing ATMs usually takes one to two hours per ATM, leading to the long lines, one banking source said.

Around 600 million euros was withdrawn from the banking system on Saturday, one senior banker at one of Greece's four big lenders told Reuters. A second banker estimated the outflow at more than 500 million euros.

Though that was below the level of over 1 billion euros seen on some days over the past two weeks, the figure was almost exclusively from ATM withdrawals, where the average daily limit of cash that can be taken out is 600 to 700 euros, bankers said.

"Demand for cash is definitely higher than what you see on a normal Saturday," one of the bankers said.

"This does not mean that there are lines everywhere but we are trying to keep ATMs fed with banknotes."

Minutes after Tsipras's address to the nation, small lines could be seen at some ATMs in Athens. In addition to lines at various ATMs across the country on Saturday, a line of about 40 people could be seen at an ATM inside the Greek parliament.

Greece's government has insisted that banks will reopen as normal on Monday and denied the country will have to impose capital controls to prevent the banks collapsing.

The banks depend on emergency liquidity from the European Central Bank to stay open, and senior government officials held talks with the ECB chief Mario Draghi on Saturday to ensure continued support to banks amid the crisis.

https://ca.news.yahoo.com/more-third-greek-atms-run-dry-while-saturday-185023923--sector.html
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« Reply #370 on: June 28, 2015, 04:19:00 pm »

This isnt good....

Greece imposes capital controls, banks to remain shut

ATHENS, Greece (AP) - Greece's five-year financial crisis took its most dramatic turn to date Sunday, with the prime minister announcing Greek banks would remain shut indefinitely and restrictions would be imposed on cash withdrawals. The decision came on the recommendation of the Bank of Greece, Prime Minister Alexis Tsipras said during a televised address to the nation. He didn't immediately say what types of capital controls would be imposed.

http://hosted.ap.org/dynamic/stories/E/EU_GREECE_BAILOUT?SITE=7219&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2015-06-28-15-20-02
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« Reply #371 on: June 29, 2015, 07:38:50 am »

And So It Begins – Greek Banks Get Shut Down For A Week And A ‘Grexit’ Is Now Probable

Is this the beginning of the end for the eurozone?  For years, European officials have been trying to “fix Greece”, but nothing has worked.  Now a worst case scenario is rapidly unfolding, and a “Grexit” has become more likely than not.  On Sunday, the European Central Bank announced that it was not going to provide any more emergency support for Greek banks.  But that was the only thing keeping them alive.  In order to prevent total chaos, Greek banks have been shut down for at least a week.  ATMs are still open, but it is being reported that daily withdrawals will be limited to 60 euros.  Of course nobody knows for sure if or when the banks will reopen after this “bank holiday” is over, so needless to say average Greek citizens are pretty freaked out right about now.  In addition, the stock market in Greece is not going to open on Monday either.  This is what a national financial meltdown looks like, and the nightmare that has been unleashed in Greece will soon start spreading to much of the rest of Europe.

This reminds me so much of what happened in Cyprus.  Up until the very last minute, politicians were promising everyone that their money was perfectly safe, and then the hammer was brought down.

The exact same pattern is playing out in Greece.  For example, just check out what one very prominent Greek politician said on television on Saturday…

    “Citizens should not be scared, there is no blackmail,” Panos Kammenos, head of the government’s coalition ally, told local television. “The banks won’t shut, the ATMs will (have cash). All this is exaggeration,” he said.

One day later, the banks did get shut down and ATMs all over the country started running out of cash.  The following comes from CNBC…

    Despite a tweet from Greek Finance Minister Yanis Varoufakis that his government “opposed the very concept” of any controls, Greek Prime Minister Alexis Tsipras said later Sunday that he had forced the country’s central bank to recommend a bank holiday and capital controls.

    The Athens stock exchange will also be closed as the government tries to manage the financial fallout of the disagreement with the European Union and the International Monetary Fund. Greece’s banks, kept afloat by emergency funding from the European Central Bank, are on the front line as Athens moves towards defaulting on a 1.6 billion euros payment due to the International Monetary Fund on Tuesday.

So what is the moral of this story?

Never trust politicians – especially when a major financial crisis is looming.

All over Greece, people are taking photos of very long lines at the ATMs that actually do still have some cash.  Here are just a couple of examples…

Of course those that were smart enough to see this coming took their money out of the banks long ago.  And even as late as last week, people were pulling more than a billion euros out of the banks every single day.  Without direct intervention by the European Central Bank, most Greek banks would have totally collapsed by now…

    Customers have been withdrawing money in vast quantities ever since Syriza came to power, fearing that if Greece is thrown out of the single currency their euro savings will be converted into drachma – likely to be worth far less.

    In the last week, the sums being taken out have risen to well over one billion euros a day, moved either to foreign banks or stashed in notes under mattresses.

    It has been a slow and steady run on Greece’s banks which is now speeding up – for the finish line may well be in sight. Until now, the country’s banks have been kept afloat by €88 billion in loans from the European Central Bank.

So now that the banks are shut down, what happens next?

Needless to say, economic activity in Greece is going to come to a grinding halt.  In addition, very few foreigners are going to want to travel to Greece or deal with Greece financially until this crisis is resolved somehow…

    An extended bank shutdown and tough capital controls will likely wreak further havoc on the Greek economy by scaring away tourists and chilling commercial activity.

    And with Greece unable to borrow from financial markets, and apparently unwilling to strike a deal with the only institutions prepared to lend it money, it will find itself sliding rapidly towards exit from the euro.

When the Greek banks finally do reopen, which of them will still be solvent?

Will some of them need “bail-ins”?

Will account holders be forced to take “haircuts” like we saw in Cyprus?

For the moment, what we do know is that the banks will all be shut down until at least July 6th.  Greek Prime Minister Alexis Tsipras has called for a national referendum to be held on July 5th.  The Greek people will get a chance to vote on whether or not the latest creditor proposals should be accepted.  But the funny thing is that Tsipras and the rest of Syriza are already encouraging the Greek people to vote no…

    Greece’s parliament has voted in favor of Prime Minister Alexis Tsipras’ motion to hold a referendum on the country’s creditor proposals for reforms in exchange for loans, the Associated Press reported. Tsipras and his coalition government have urged people to vote against the deal, throwing into question the country’s financial future.

    The vote is to be held next Sunday, July 5. It has raised the question of whether Greece can remain in Europe’s joint currency, the euro.

So why hold a referendum if you just want everyone to vote no?

It is because Tsipras does not want to solely shoulder the blame for what comes next.  A “no vote” would essentially be a vote to leave the euro and go back to the drachma.  The following comes from the Daily Mail…

    Should Greeks vote against the new bailout, most economists believe Greece will be forced to quit the single currency and return to the drachma. The country could even eventually be forced out of the EU, though Greek politicians have long argued a Grexit would not be the automatic result of default.

    However, next week’s referendum is likely to be billed as, in effect, an in-out vote on the euro.

If Greece does default and ends up leaving the euro, the short-term economic consequences for Greece will be catastrophic.

But the rest of Europe will feel a tremendous amount of pain as well.  In fact, we are already getting a sneak peek at coming attractions.  As we approach Monday morning in Europe, Asian stocks are crashing big time, and European futures are absolutely cratering.  It should be very interesting to see how Monday plays out.

In addition, the euro is already way down in early trading.  If Greece does ultimately leave the euro, the value of the euro is going to plunge like a rock.  As I have warned repeatedly, the euro is heading for parity with the U.S. dollar, and at some point it will drop below parity.

And once Greece is out, everyone is going to be speculating who the “next Greece” will be.  Expect bond yields for Italy, Spain, Portugal and France to go skyrocketing.

Just a couple of days ago, I issued a red alert for the second half of 2016.  We are entering a period of time when the global financial system is beginning to unravel.  Most people still have a tremendous amount of faith in the system and assume that those running it are fully capable of keeping it from collapsing.  In fact, many have accused me of being crazy for suggesting that the global financial system is in imminent danger of imploding.

A very wise man once said that “pride goeth before destruction”.  Our arrogance and our blind faith in the fundamentally flawed systems that we have established will contribute greatly to our undoing.

Events are starting to accelerate greatly now, and it is just a matter of time before we see who was right and who was wrong.

http://theeconomiccollapseblog.com/archives/and-so-it-begins-greek-banks-get-shut-down-for-a-week-and-a-grexit-is-now-probable
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« Reply #372 on: June 30, 2015, 04:24:20 pm »

http://news.yahoo.com/latest-markets-edgy-greek-imf-payment-looms-072344112--finance.html
6/30/15
The Latest: Fitch downgrades Greece further into junk status

11.30 p.m.

Greece has suffered its second sovereign downgrade in as many days, as its bailout program was due to expire after five years.

Fitch ratings agency has slashed the country's rating further in junk status, from CCC to CC — following a similar action Monday by Standard & Poor's. The rating is one notch above the level where Fitch says default is inevitable.

Fitch said: "The breakdown of the negotiations between the Greek government and its creditors has significantly increased the risk that Greece will not be able to honour its debt obligations in the coming months, including bonds held by the private sector."
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« Reply #373 on: June 30, 2015, 06:14:14 pm »

Breaking news: Greece is first advanced nation to formally default to IMF

http://news.yahoo.com/anti-austerity-protests-greece-bank-shutdown-bites-054743775--sector.html?clear-cache
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« Reply #374 on: July 05, 2015, 03:24:55 pm »

https://ca.finance.yahoo.com/news/greece-votes-referendum-future-euro-doubt-042002265--sector.html
7/5/15
Greeks defy Europe with overwhelming referendum 'No'

By Karolina Tagaris and Lefteris Papadimas
ATHENS (Reuters) - Greeks voted overwhelmingly on Sunday to reject terms of a bailout, risking financial ruin in a show of defiance that could splinter Europe.

With nearly half of the votes counted, official figures showed 61 percent of Greeks rejecting the bailout offer. An official interior ministry projection confirmed the figure as close to the expected final tally.

The astonishingly strong victory by the 'No' camp overturned opinion polls that had predicted an outcome too close to call. It leaves Greece in uncharted waters: risking financial and political isolation within the euro zone and a banking collapse if creditors refuse further aid.

But for millions of Greeks the outcome was an angry message to creditors that Greece can longer accept repeated rounds of austerity that, in five years, had left one in four without a job. Prime Minister Alexis Tsipras has denounced the price paid for aid as "blackmail" and a national "humiliation".

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« Reply #375 on: July 07, 2015, 01:43:28 pm »

http://www.bbc.com/news/business-33420473
ECB tightens squeeze on Greek banks
7/6/15

More bad news for Greece this evening, and again it is from the European Central Bank.

It has told Greek banks they have to lodge more collateral or assets with the Bank of Greece as security against the €89bn of emergency lending or ELA (emergency liquidity assistance) provided to the banks.

What does this mean?

Well it reduces the spare cash-raising capacity of the banks from €17-20bn to between €5-7bn. Or so I am told, by well-placed sources.

Now in one sense this is academic, because the ECB has also announced that the freeze on the total amount of ELA it will allow the Bank of Greece to do, which was announced on June 26 - and forced the Greek government to close the banks - will stay in place.

Or to put it another way, the tap of additional central bank support for the banks remains firmly turned off.

But I understand that one of the Big Four Greek banks has already almost run out of cash. So the ECB statement means that bank has no ability to replenish its dwindling cash stocks.

In other words, the ECB has brought forward the fateful moment when the Greek banking system ceases to function in any meaningful way, for want of cash.

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« Reply #376 on: August 20, 2015, 04:17:19 pm »

http://www.reuters.com/article/2015/08/20/us-eurozone-greece-resignation-idUSKCN0QP1Q820150820
8/20/15
Tsipras resigns, paving way for snap Greek election

Prime Minister Alexis Tsipras resigned on Thursday, hoping to strengthen his hold on power in snap elections after seven months in office in which he fought Greece's creditors for a better bailout deal but had to cave in.

Tsipras submitted his resignation to President Prokopis Pavlopoulos and asked for the earliest possible election date.

Government officials said the aim was to hold the election on Sept. 20, with Tsipras seeking to crush a rebellion in his leftist Syriza party and seal public support for the bailout program, Greece's third since 2010, that he negotiated.

"I will go the president of the republic shortly to submit my resignation, as well as the resignation of my government," Tsipras said in a televised address before he met Pavlopoulos.

Faced with a near collapse of the Greek financial system which threatened the country's future in the euro, Tsipras was forced to accept the creditors' demands for yet more austerity and economic reform - the very policies he had promised to scrap when he was elected in January.

"I want to be honest with you. We did not achieve the agreement we expected before the January elections," he told the Greek people.

"I feel the deep ethical and political responsibility to put to your judgment all I have done, successes and failures."

His decision deepens political uncertainty on the day Greece began receiving funds under its 86 billion-euro ($96 billion) bailout program, five years after a previous government took the first bailout from the euro zone and IMF.

But a snap election should allow Tsipras to capitalize on his popularity with voters before the toughest parts of the latest program - including further pension cuts, more value-added tax increases and a "solidarity" tax on incomes - begin to bite. This may allow him to return to power in a stronger position without anti-bailout rebels in Syriza to slow him down.
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« Reply #377 on: August 22, 2015, 06:57:49 am »

Shockwaves In Greece As Alexis Tsipras Set To Resign As Prime Minister Today

Greece’s firebrand Prime Minister Alexis Tsipras is set to resign today – clearing the way for early elections next month.

Alexis Tsipras, who only became Prime Minister in January, is expected to make a televised state address to the nation this evening. It comes after the hard-line Syriza chief lost his majority in Parliament after a rebellion by hardliners in his own party who oppose the bailout agreement struck with international lenders last month.

Mr. Tsipras met senior party officials and ministers to discuss the his next move and had been expected to call a confidence motion to shore up his position. But the hard-left Greek leader has called snap elections for September 20 instead, in a move designed to give him the authority to implement the bailout programme’s tough measures.

Earlier today, Greece made a crucial €3.2billion debt repayment using newly released bailout funds as a senior minister argued for rapid elections following a rebellion in the ruling party. The repayment to the European Central Bank marked another step for Greece away from near financial collapse, but Prime Minister Alexis Tsipras must now tackle a political crisis after rebels robbed his government of its parliamentary majority.

Athens repaid the debt using money from the first instalment of its new bailout after the programme cleared its final hurdle on Wednesday night, with the ESM European bailout fund approving the €86 billion ($96 billion) deal.

‘The payment was made, the funds are on their way,’ said an official. Greece came close to the economic abyss and exit from the eurozone in late June as Tsipras tried to extract concessions which the bloc’s finance ministers refused to grant.

Tsipras backed down last month, accepting terms that are so onerous that the hard left wing of his Syriza party refused to back the bailout in parliament last Friday and is threatening to break away. Energy Minister Panos Skourletis, a close Tsipras adviser, said the split had to be dealt with. ‘The political landscape must clear up. We need to know whether the government has or does not have a majority,’ he told state TV channel ERT.

Tsipras got the bailout through parliament only with the support of opposition parties, who said they did so merely to save the nation from financial ruin. The prime minister has talked about calling a Syriza congress to resolve differences.

But, expressing his personal opinion, Skourletis said Tsipras should move faster. ‘I would say elections first, then the party congress,’ he said.  Tsipras is mulling whether to call a vote of confidence in his government after a big rebellion among his radical left Syriza party over the bailout.
who-is-alexis-tsipras-could-he-be-antichrist-666-mark-beast-greece-one-world-government

Alexis Tsipras as the Antichrist? Pope Francis as the False Prophet? It certainly is pretty interesting, wouldn’t you say?

The government had to close the banks at the end of June for three weeks as panicked savers pulled out billions and imposed capital controls strictly limiting withdrawals from the banking system.

While these have since been eased, they remain in force, hurting businesses and raising the risk that unemployment will rise from its current 25 per cent. Tsipras, who came to power only in January, has remained silent over the election issue.  source

http://www.nowtheendbegins.com/blog/?p=34947
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« Reply #378 on: September 20, 2015, 02:37:13 pm »

Update: Alexis Tsipras wins Greek vote by clear 33-35 percent, according to exit polls - @AFP
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« Reply #379 on: February 13, 2016, 11:31:49 am »

https://www.rt.com/news/332332-greece-farmers-protest-athens/
‘Greeks will have to become migrants’: 10,000 farmers protest EU-imposed reforms in Athens
Published time: 13 Feb, 2016 04:27

Edited time: 13 Feb, 2016 04:36

Thousands of Greek farmers set up a protest camp in central Athens to speak out against tax and pension reforms required by the EU and the International Monetary Fund (IMF). Earlier, hundreds clashed with police at the Agriculture Ministry.

The protesting farmers, who have come from across the country, were joined by worker unionists on Syntagma Square. Police estimated that around 10,000 demonstrators were in attendance. The mass then carried flags in a procession that was led by 20 tractors honking their horns.

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« Reply #380 on: December 06, 2016, 07:08:12 am »

http://www.reuters.com/article/us-eurozone-greece-eurogroup-idUSKBN13T0ZN
Euro zone grants Greece short-term debt relief; no deal with IMF
12/5/16

Euro zone finance ministers agreed on Monday some debt relief for Greece but were divided on reforms it must undertake to reach fiscal targets, leaving it unclear if the International Monetary Fund will join the Greek bailout program.

The 19 ministers of the currency bloc gathered in Brussels to discuss how far Greece has advanced with reforms needed for the release of the next tranches of loans in the up-to 86 billion euros ($92 billion) rescue program.

They also wanted to convince the IMF to participate in the plan, the third one for Greece since 2010. The IMF says it can only do so if this will be the last bailout for Athens, and that would entail either debt relief or more reforms by Greece.

Ministers agreed to grant Greece short-term debt relief measures, to be applied before 2018, that could reduce the country's debt to gross domestic product ratio by around 20 percentage points in 2060.

But they did not agree with Athens how to implement various reforms, in particular an overhaul of labor market rules that would make it easier to fire workers.

Greek Finance Minister Euclid Tsakalotos said on leaving the meeting that calls for reforms had to take into account the political situation in the country, where Prime Minister Alexis Tsipras is increasingly unpopular after applying a range of austerity measures agreed with EU creditors.

The ministers also left open for now how long after 2018 they want Greece to maintain a primary fiscal surplus of 3.5 percent, a factor considered crucial by the IMF.

"We agreed the primary surplus (which excludes debt-servicing payments) goes up to 3.5 percent of GDP in 2018 and beyond for the medium term," the chairman of the meeting, Jeroen Dijsselbloem, told a news conference.

But he said ministers' views on the length of "medium term" ranged from three to 10 years, and they would seek a compromise on that only in 2018.

Talks to more substantially reduce Greek debt - at about 180 percent of GDP the highest in the euro zone - through an extension of maturities would not be held until 2018 either.

WINNING OVER THE IMF

The IMF believes that with the current set of reforms agreed with Athens, Greece will only reach a primary surplus of 1.5 percent of GDP in 2018 and, in consequence, the euro zone should grant Athens relief or demand more reforms.

By the end of the year, IMF staff were expected to recommend whether the Fund should join the latest bailout on the basis of a debt sustainability analysis, to be carried out after Greek reforms were agreed.

But Dijsselbloem said a deal on Greek reforms was now unlikely before the end of the year, effectively postponing the IMF decision.

Austria's Finance Minister Hans Jorg Schelling said the IMF would decide in the first quarter of next year whether to participate.
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