Greece and the EU

Latest business news about Greece and the European Union.

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IMF releases EUR 3.2 bn aid payment to Greece — 16 January 2013, 22:41 CET

The International Monetary Fund said Wednesday it would release 3.2 billion euros in aid to Greece that had been frozen for months amid fears about the country's ability to surmount its debt crisis.

Greek banks regain access to ECB funding — 16 January 2013, 19:49 CET

A number of Greek banks have regained access to regular European Central Bank funding following Athens' implementation of a bank recapitalisation plan, the ECB said on Wednesday.

Greek parliament to approve tax change under rescue terms — 11 January 2013, 13:00 CET

Greece's parliament was expected late on Friday to approve a new tax bill, part of the latest batch of fiscal reforms tied to the country's next slice of EU loans.

Greece to enact reforms tied to EU loans — 04 January 2013, 17:23 CET

Greece must enact a new batch of fiscal reforms in time to earn its next slice of EU loans later this month, Finance Minister Yannis Stournaras said on Friday.

Greece set to return to growth in 2014: ECB official — 21 December 2012, 17:08 CET

The Greek economy is likely to start growing again in 2014, a top European Central Bank official said in a newspaper interview released on Friday.

Greece's Eurobank posts one-billion-euro loss over nine months — 20 December 2012, 10:18 CET

Greece's third-largest lender Eurobank on Thursday reported a net loss of 1.095 billion euros over the first nine months of 2012, after writing off six billion euros to help the country reduce its sovereign debt.

Greece says to receive full EU-IMF loan payment by Wednesday — 18 December 2012, 11:35 CET

Greece will receive all of a long-awaited 34.3-billion-euro loan tranche from the EU and the IMF by Wednesday, a Greek official said on Tuesday, hours after an initial payment was carried out.

Task Force for Greece — 17 December 2012, 23:19 CET

The Task Force for Greece, launched by President Barroso in July 2011 to provide technical assistance, has publishes its third progress report. The Task Force, which has personnel in both Athens and Brussels, identifies and coordinates the technical assistance that Greece needs to help it deliver on its commitments in the context of its economic adjustment programme, and to accelerate the absorption of EU funds. Assistance focuses on measures to enhance competitiveness, growth and employment.

Greece 'back on its feet', sacrifices 'not in vain': Samaras — 13 December 2012, 16:39 CET

Prime Minister Antonis Samaras warmly welcomed the EU's release Thursday of long-awaited rescue funds for Athens, saying "Greece is back on its feet. The sacrifices of the Greek people have not been in vain."

IMF head Lagarde says Fund to mull Greek aid in 2013 — 13 December 2012, 16:39 CET

IMF head Christine Lagarde welcomed on Thursday the eurozone's approval of support for a Greek debt buy-back programme, and said that the IMF should now complete a review of its own aid for Greece early next year.

Eurozone finally releases rescue funds for Greece — 13 December 2012, 12:38 CET

Much-needed rescue funds for Athens "will be flowing to Greece as early as next week," the head of the Eurogroup Jean-Claude Juncker said on Thursday.

Merkel praises EU bank deal, urges payment to Athens — 13 December 2012, 12:02 CET

German Chancellor Angela Merkel on Thursday praised a new EU accord to create a supervisor to oversee banks across the eurozone and urged the release of urgently needed funds for Greece.

Merkel praises EU bank deal, urges payment to Athens — 13 December 2012, 10:47 CET

German Chancellor Angela Merkel Thursday praised a new EU accord to create a supervisor to oversee banks across the eurozone and urged the release of urgently needed funds for Greece.

Germany, France praise Greek buy-back despite cost — 12 December 2012, 16:33 CET

Germany and France signalled on Wednesday that a Greek debt buy-back passed a critical bailout test, saying it was "satisfactory" even though it will cost more than expected.

Greece has EUR 31.9 bn debt buy-back offers, needs more EU money — 12 December 2012, 11:57 CET

Greece said on Wednesday it had attracted offers worth 31.9 billion euros ($41.2 billion) under a debt buy-back scheme tied to the release of EU-IMF bailout funds needed to avert bankruptcy.

Greece borrows at steady rates as buy-back ends — 11 December 2012, 21:14 CET

Greece raised 4.387 billion euros at little-changed interest rates on Tuesday with a special bond issue to pay immediate bills amid indications a vital debt buy-back scheme had succeeded, exceeding the target.

Greek bond buyback a success: reports — 09 December 2012, 00:24 CET

A Greek operation to buy back some of the country's huge debt at reduced prices to access additional EU-IMF financial aid has met the 30-billion-euro target set by the authorities, news reports said on Saturday.

Greek bond buyback concludes — 08 December 2012, 01:01 CET

A Greek operation to buy back some of the country's massive debt at reduced prices to qualify for more EU-IMF financial aid concluded on Friday as scheduled, the debt management agency PDMA said.

Greek bond buyback to conclude Friday — 07 December 2012, 17:05 CET

A Greek operation to buy back a chunk of the country's massive debt at reduced prices as a condition for further EU-IMF loans will conclude on Friday as scheduled, a finance ministry source said.

S&P cuts Greece rating to 'selective default' — 05 December 2012, 23:48 CET

Standard & Poor's cut Greece's already junk-level debt rating to "selective default" Wednesday after the country launched an operation to buy back debt at a big discount.

EU clears extra two years for Greek deficit target — 04 December 2012, 22:45 CET

The European Union cleared on Tuesday an extra two years for Greece to bring its public deficit within formal EU limits, the latest piece of an Athens bailout jigsaw puzzle.

Greece begins bond buyback as eurozone ministers meet — 03 December 2012, 13:30 CET

Greece launched on Monday an operation to buy back debt at a big discount, a vital part of its repackaged rescue plan as eurozone ministers were to hold talks on bailouts and banks.

Eurozone-IMF deal buys more time for Greece — 27 November 2012, 16:07 CET

The eurozone and IMF saved Greece from bankruptcy with a re-drawn rescue on Tuesday which Greek leaders said marked a new beginning for their people.

From buy-back to write-off: plans to slash Greece's debts — 27 November 2012, 11:57 CET

Before, they were just ideas on how governments that bailed out Greece could sell losses to sceptical voters. Now, concrete ways to slash Greece's long-term debt burden without being seen to offer a third bailout are formally on the table.

EU ministers agree significant debt relief deal for Greece — 27 November 2012, 11:38 CET

Greece won breathing space Tuesday with long-frozen eurozone loans to restart from December and a first clear admission that a chunk of the country's debt burden will need to be written off down the line.