Press Esc to close
Tuesday 25 July 2017
News updated at 2:16 AM IST

Progress seen in Greek austerity talks

Athens, October 6, 2012, Reuters: 22:02 IST
Greece will continue talks with international lenders next week on new austerity measures for the debt-ridden country to clinch its next loan tranche, the finance minister said on Saturday, with both sides saying progress had been made.

Negotiators had been pushing for a deal before a meeting of Euro Zone finance ministers on Monday, but Greece said it would settle for a statement acknowledging that talks were advancing.

"We will continue next week as well," Finance Minister Yannis Stournaras told reporters following talks in Athens with Greece's troika of creditors -- the European Union, European Central Bank and International Monetary Fund.

"We hope there will be a positive presentation from the troika, the IMF, EU and ECB, at the eurogroup," he said. "We're trying to reach a compromise that will be in the interests of the economy and the poor."

Five consecutive years of recession have driven unemployment to record levels, gutted household incomes and led to repeated bouts of protest and unrest on the streets of the Greek capital.

New protests are expected on Tuesday when German Chancellor Angela Merkel will make her first visit to Greece since the euro zone debt crisis erupted in late 2009.

The trip represents a show of support for the government of conservative Prime Minister Antonis Samaras and an apparent signal of the determination of Europe's most powerful leader to keep Greece within the euro.

Earlier on Saturday, a senior Greek government official said the sides will need another two weeks to agree on a pact on almost 12 billion euros of new savings to secure the next tranche of some 31.5 billion euros in urgently needed loans for the country.

Without it, Greece says it will run out of money at the end of November.

Go to Top

Photo Gallery
The Jewish bagel served with a twist in funky colours at the ongoing International Food Festival...

The Jewish bagel served with a twist in funky colours at the ongoing International Food Festival...

Dark clouds seen over the Parliament house during the ongoing monsoon session in New Delhi...

Dark clouds seen over the Parliament house during the ongoing monsoon session in New Delhi...

Congress MPs Sushmita Dev, K Suresh and Gaurav Gogoi after they were suspended by the Speaker...

Congress MPs Sushmita Dev, K Suresh and Gaurav Gogoi after they were suspended by the Speaker...

Bolylywood actress Kajol and South Star Dhanush during the promotional press conference....

Bolylywood actress Kajol and South Star Dhanush during the promotional press conference....

Union Minister for Finance and Corporate Affairs Arun Jaitley with MoS Santosh Gangwar...

Union Minister for Finance and Corporate Affairs Arun Jaitley with MoS Santosh Gangwar...

MNS Party Workers protest against Chinese products at Airoli over ongoing rift between Indian...

MNS Party Workers protest against Chinese products at Airoli over ongoing rift between Indian...

School girls carry water to pour on Lord Shiva in Bhubaneswar on Monday...

School girls carry water to pour on Lord Shiva in Bhubaneswar on Monday...

Bollywood actors Arjun Kapoor, Ileana D'Cruz and Athiya Shetty during the promotion...

Bollywood actors Arjun Kapoor, Ileana D'Cruz and Athiya Shetty during the promotion...

Fire fighters dousing a fire that broke out at Lok Nayak Bhawan in New Delhi on Monday...

Fire fighters dousing a fire that broke out at Lok Nayak Bhawan in New Delhi on Monday...

National Disaster Response Force (NDRF) men rescuing a villager from a flood-hit area in Morbi...

National Disaster Response Force (NDRF) men rescuing a villager from a flood-hit area in Morbi...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.