Greece

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Greece under pressure, expected to reach deal with its creditors today

MADRID | The Corner | Markets seem optimistic about the deal between Greece and its creditors (a government spokesman said they aim to reach a compromise today), although analysts are still wondering whether there have been any advances in the negotiation. “At least the ECB decided to a slight increase in emergency funding (ELA) for Greek banks on Wednesday,” a Barclays’ Alberto Vigil said. “But we still don’t know which reforms the Greeks have agreed on.” The ECB had already raised the ELA available to Greek banks by 5 billion euros to about 65 billion seven days ago.

 

 

 


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Greek crisis: The ECB to take the reins

MADRID | By Ana Fuentes | The ECB will be the main actor in the Greek crisis today. The Governing Council of the Frankfurt-based institution is meeting not to discuss monetary policy but to decide whether it maintains the emergency liquidity assistance (ELA) to Greek banks, which is crucial so the country can stay in the euro club –something that, in spite of propaganda and short sellers, both Athens and Berlin desire.


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A bridge to a bailout?

MADRID | By Sean Duffy | The Greek Government is expected to apply for a bailout extension today, but it remains to be seen on whether or not Tsipras has been flexible enough to mollify the concerns of EU politicians.


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What led to the breakdown between Athens and Brussels?

BRUSSELS | By Alexandre MatoGreek authorities again rejected  a Eurogroup statement regarding the extension of its bailout programme. Brussels wants a continuation of the second bailout, but the Syriza goverment wants a 4-month bridge with new rules to be applied. The gulf between both sides has emerged as bigger than initially thought.

 



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Greece talks set to go to the wire

Madrid| JP Marin-Arrese| There is little chance that the Eurogroup will broker a way out of the Greek conundrum later today. As time runs out in the nail-biting tussle between Greece and its creditors, investors may start to lose their nerve. Even if they gauge that a potential Grexit would bring about limited damage for other partners, no one can exclude the possibility of turmoil erupting in the markets.


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Greece: Everybody be cool

ATHENS | By Yiannis Mouzakis via MacroPolisIt’s less than three weeks since the Greek government was elected and its Finance Minister Yanis Varoufakis has just taken part in his first Eurogroupan experience that some of his predecessors have described as traumatic. Yet, a surprisingly large number of people appear convinced that Greece is heading for a showdown with the eurozone and may be counting its last weeks in the single currency.



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The Greek government imbroglio

 

MADRID | JP Marín Arrese | The markets have shown utter dismay at the dim prospects of the euro zone striking a deal that would cut short uncertainties over the current Greek imbroglio. Tsipras seems ready to fight until the very end in a bid to undermine his European partners. As the Brussels bureaucracy works feverishly to broker an honourable truce, Tsipras appears increasingly reluctant to offer anything short of unconditional surrender. His blunt refusal of any rescue linked to the current conditions is eroding confidence in the Greek government’s political wisdom, its brand of refined brinkmanship seems unlikely to bring Athens to a less intractable stance.  A devastating crisis may loom ahead should the sides fail to yield ground in the current tug-of-war.

 



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1 million new jobs in Spain?

MADRID | Sean Duffy | Yesterday brought positive data on the housing front and on job creation, with Spanish bank BBVA prediciting the economy will reap considerable benefits from the falling oil price.