Lunes, 23 Octubre, 2017

Germany 'confident' on deal to release funds to Greece

Malita Javier | 19 Junio, 2017, 16:35

"We feel that after this Eurogroup (agreement) there is a much greater clarity for both the Greek people and for financial markets", Greek Finance Minister Euclid Tsakalotos said. "With unity and determination we move forward [to achieve] fair growth and heal the wounds of the crisis", Tsipras said in a tweet after midnight.

Athens all week insisted it would veto the deal, furious that the latest disbursement from its third bailout since 2010 could come without firm debt relief commitments after it delivered on tough reforms.

The issue of debt relief for Greece has sharply divided its worldwide creditors, the European Union and the global Monetary Fund, for months in the latest round of talks.

"It is also important to note that AIP supports the IMF's long-held principle that any new program with Greece should be predicated on the "two legs" of policy reforms combined with debt relief".

"There won't be a figure that rolls out", said Jeroen Dijsselbloem, the Dutch finance minister who is the Eurogroup president.

BPCL cancels petrol pump license of Lalu's minister son Tej Pratap
The notice had asked Tej to explain violation of a couple of norms in getting allotment of the petrol pump. The complaint said that Tej Pratap had acquired the petrol pump by furnishing "wrong" information.

European creditors promised some form of debt relief if the Greek government pushed through reforms linked to the country's latest bailout program.

Germany, Europe's largest economy, is the biggest contributor to the rescue and its government has stipulated that in order for more money to be released to Greece, the International Monetary Fund must join the bailout.

Greece's main opposition party, the centre-right New Democracy party (ND), which is affiliated to the EPP, said Tsipras had cornered himself by pushing for a debt agreement and that he had only imposed more austerity without taking anything back.

However, Christine Lagarde, the IMF's managing director, said enough progress had been made at Thursday's meeting for her to go to the executive board to get the stand-by facility, which will be less than $2 billion.Lagarde, the IMF's managing director, said enough progress had been made at Thursday's meeting for her to go to the executive board to get the stand-by facility, which will be less than $2 billion. It needs the money to meet roughly 7 billion euros ($7.8 billion) in debt repayments in July that it will struggle to meet from its own resources. "The € 8.5 billion will cover the big service payment due in July and domestic clearance arrears within the next few months", said Regling, to add that excluding debt service payments, he is confident that Greece will be able to build up cash buffer.

Schaeuble also said previous agreements to consider reducing the burden of Greece's debt repayments if the country complies with all conditions remained "the framework" for talks.

Indian shares end higher; bank stocks rise
In terms of the broader markets, the BSE mid-cap and small-cap indices underperformed the Sensex. Vinod Nair , Head of Research, Geojit Financial Services Ltd for your perusal.

Greece avoided another potential brush with bankruptcy Thursday after striking a deal with European creditors to tide it over for the rest of the year and gained assurances that its repayment burden will be eased when it finally can stand on its own after almost a decade on financial life support.

Visit MarketWatch.com for more information on this news.

In Athens, some 1,500 pensioners gathered to protest more than a dozen rounds of pension cuts since bailout-induced austerity was enforced seven years ago.

"We can't live on 300 euros ($334)!" they chanted, with some waving sticks.

Russia warns US not to hit Syrian government troops - Ifax
All countries should respect Syria's sovereignty and territorial integrity, Russian Foreign Minister Sergey Lavrov said on Monday. The minister said Moscow calls on Washington to ensure coordination in the work on Syria and respect the country's sovereignty.

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