Press Esc to close
Monday 26 September 2016
News updated at 2:47 AM IST
Weather
Max: 25.8°C
Min : 19.6°C
In Bengaluru
Generally cloudy

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
Prime Minister Narendra Modi during BJP's National Council Meeting at Kozhikode...

Prime Minister Narendra Modi during BJP's National Council Meeting at Kozhikode...

Cyclists take part Cyclothon 2016 held on world car free day in Gurgaon...

Cyclists take part Cyclothon 2016 held on world car free day in Gurgaon...

Artists practice Garba in Ahmedabad...

Artists practice Garba in Ahmedabad...

School students at 'Mother Walk' rally to commemorate the canonization of Mother Teresa in Kolkata

School students at 'Mother Walk' rally to commemorate the canonization of Mother Teresa in Kolkata

Maratha community members hold a protest rally demanding justice for Kopardi rape victim...

Maratha community members hold a protest rally demanding justice for Kopardi rape victim...

An aerial view of the flood hit Edupalaya village in Medak district of Telangana...

An aerial view of the flood hit Edupalaya village in Medak district of Telangana...

Indian and U.S. army soldiers take part in an Indo-US army joint combat exercise in Ranikhet...

Indian and U.S. army soldiers take part in an Indo-US army joint combat exercise in Ranikhet...

St Patrick Church celebrating 175th anniversary in Museum Road, Bengaluru...

St Patrick Church celebrating 175th anniversary in Museum Road, Bengaluru...

Army personnel arrive to help flood affected people in Hyderabad...

Army personnel arrive to help flood affected people in Hyderabad...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

Prime Minister Narendra Modi with BJP President Amit Shah wave to the crowd at public rally...

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