Press Esc to close
Friday 25 July 2014
News updated at 3:47 PM IST
Weather
Max: 28.5°C
Min : 19.8°C
In Bangalore
Sunny day

Progress seen in Greek austerity talks

Athens, October 6, 2012, Reuters:

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
India's Sanjita Khumukcham completes a lift during the 48-kg women's weightlifting event...

India's Sanjita Khumukcham completes a lift during the 48-kg women's weightlifting event...

Sachin Tendulkar speaks at the launch of the campaign “Shuddh Paani, Swastha Bharat” to curb...

Sachin Tendulkar speaks at the launch of the campaign “Shuddh Paani, Swastha Bharat” to curb...

Kajol with her mother actress Tanuja at a seminar on breast cancer in Pune...

Kajol with her mother actress Tanuja at a seminar on breast cancer in Pune...

Hironori Kanayama, President & CEO 0f Honda Cars India Ltd. and Yoshiyuki Matsumoto...

Hironori Kanayama, President & CEO 0f Honda Cars India Ltd. and Yoshiyuki Matsumoto...

School students wades through a flooded street after heavy rains in Ahmedabad...

School students wades through a flooded street after heavy rains in Ahmedabad...

Aishwarya Rai Bachchan at a promotional event in Glasgow on Wednesday...

Aishwarya Rai Bachchan at a promotional event in Glasgow on Wednesday...

Monsoon clouds over Taj Mahal in Agra...

Monsoon clouds over Taj Mahal in Agra...

A over view of fireworks that gallored the sky at Celtic Park during the opening ceremony...

A over view of fireworks that gallored the sky at Celtic Park during the opening ceremony...

A  man rows his boat on a river in Buthidaung...

A man rows his boat on a river in Buthidaung...

A worker sorts coffee berries at a factory in Kienjege, Nairobi...

A worker sorts coffee berries at a factory in Kienjege, Nairobi...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bangalore - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523