Tags: Greece | Bailout | Europe | Germany

Greece, Eurozone Creditors Near Breakthrough on Loan Deal

Friday, 20 Feb 2015 02:29 PM

Greece and its eurozone creditors were edging toward a deal Friday on the country's request for an extension to its loans that would keep the country from falling out of the euro bloc.

An official close to discussions, who spoke only on condition of anonymity because he wasn't authorized to comment publicly, says eurozone finance ministers sat down to thrash out a statement that would address Greece's request for an extension to its loan arrangement.

He said Friday that other details, such as the conditions, would be worked out in future meetings among the governments' technical experts.

Another official, who also could not be named, said a fresh draft agreement was being circulated among the eurozone finance ministers and a final statement "could be soon" reflecting changes requested by various members.

Pierre Moscovici, the EU's economic and finance commissioner, hinted that progress was being made at the discussions. "We're moving ahead, we're moving ahead, we're moving ahead," he tweeted.

The talk of an apparent breakthrough has helped the euro rally and U.S. stock markets to turn positive.

The meeting was delayed by 4 hours as the finance ministers worked in clusters where details of the statement were discussed.

Friday's developments come a day after Athens requested a six-month loan extension, which would allow Greece to pay its bills and avoid a potential exit from the euro.

The Greek government, effectively just a week away from having to fend for itself, has tried to show its creditors in the 19-country eurozone that its request for an extension is sincere and not just a ruse — a Trojan Horse, according to one official in Germany — to buy time.

Its proposals met with an array of initial reactions. While some countries said the proposals were a step in the right direction, others were more negative. In a major rebuff, Germany, perhaps the most influential creditor, had said the proposals, which included commitments to meet debt obligations and sustain a degree of budgetary discipline, failed to go far enough.


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Greece and its eurozone creditors were edging toward a deal Friday on the country's request for an extension to its loans that would keep the country from falling out of the euro bloc.
Greece, Bailout, Europe, Germany
334
2015-29-20
Friday, 20 Feb 2015 02:29 PM
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