Friday

16th Nov 2018

Greece hopes for bailout deal this week

  • Finland and Germany remain sceptical about a quick deal (Photo: consillium)

The Greek government hopes negotiations for a new bailout will be concluded this week, with eurozone finance ministers possibly endorsing the plan as soon as Friday (14 August).

Greece needs the up-to €86 billion bailout before next Thursday (20 August), when it has to repay €3.2 billion to the European Central Bank (ECB).

Read and decide

Join EUobserver today

Support quality EU news

Get instant access to all articles — and 18 year's of archives. 30 days free trial.

... or join as a group

Talks between Greek finance and economy ministers, Euclid Tsakalotos and George Stathakis, and representatives of Greece's creditors, the EU, the ECB and the International Monetary Fund (IMF), were held all weekend.

Economic reforms, budget cuts, and prior actions - the measures to be taken before the first aid payment is disbursed - were discussed, according to the Wall Street Journal and Reuters news agency.

"Efforts are being made to conclude the negotiations, the horizon is by Monday night or early Tuesday", a Greek official was quoted as saying by Kathimerini newspaper.

If talks are concluded, the Greek parliament could be called back from its summer recess to vote on a two-article bill comprised of the memorandum of understanding signed with the creditors and of a list of prior actions to take.

As for the reforms voted on 15 and 22 July as a condition to start the bailout negotiations, Greek prime minister Alexis Tsipras will have rely on opposition parties to gather a majority.

As rebels from Tsipras' own Syriza party continue to oppose the conditions of the bailout deal, Nikos Pappas, a minister without portfolio, warned on Sunday that Syriza would not allow "a party within a party".

“If some of our lawmakers decide to withdraw their confidence towards to government, the rift that was created in the last votes in parliament will be unavoidably turned into a void,” Pappas said in an interview to Real News newspaper, once again fuelling speculations over a snap election after the summer.

Meanwhile, doubts remain over the commitment of some eurozone countries to reach a bailout deal.

Media reports said over the weekend that German finance minister Wolfgang Schaeuble favoured new bridge financing for Greece instead of the three-year bailout under discussion.

Such a delay to a full-blown bailout would give the creditors more time to press Greece to pass structural reforms demanded by Germany.

"Better in-depth than in a haste", Schaeuble's deputy Jens Spahn tweeted on Friday.

In Finland, foreign affairs minister and leader of the eurosceptic True Finns Timo Soini, said the bailout plan would not work and hinted that his country might stay out.

"We're really out of patience. Our government has a very tight policy on this. We will not accept increasing Finland's liabilities, or cuts in Greece's debts", Soini said in an interview.

Doubts emerge on IMF participation in Greek bailout

The IMF has indicated it won't take part in a third bailout for Greece unless a deal is reached on debt relief. Meanwhile the Greek PM has a called a September party congress on the bailout.

Deal reached on new Greek bailout

The Greek government says it has agreed terms with creditors on a third aid programme. But questions remain over the amount of the bailout and IMF participation.

Italy defiant on budget on eve of EU deadline

Italy would be committing economic "suicide" if it fell in line with EU rules, its deputy leader has said, in a sign that Rome has little intention of bowing to pressure ahead of Tuesday's budget deadline.

News in Brief

  1. US warns EU banks and firms against trading with Iran
  2. Merkel urged Romania not to move embassy to Jerusalem
  3. Protesters call for Czech leader to step down
  4. Former German chancellor labelled 'enemy' of Ukraine
  5. French lead opposition to Brexit deal on fisheries
  6. Private accounts of Danske Bank employees investigated
  7. UK's May defends Brexit deal to MPs, after ministers resign
  8. Brexit MP calls for 'no confidence' vote on May

Stakeholder

An open China brings opportunities to Europe

Some 60 years ago, the first major World Fair after World War II was held in Brussels. Sixty years on, China International Import Expo (CIIE), the first world expo dedicated to expanding imports, will open in Shanghai, China.

Stakeholders' Highlights

  1. NORDIC COUNCIL OF MINISTERSTheresa May: “We will not be turning our backs on the Nordic region”
  2. International Partnership for Human RightsOpen letter to Emmanuel Macron ahead of Uzbek president's visit
  3. International Partnership for Human RightsRaising key human rights concerns during visit of Turkmenistan's foreign minister
  4. NORDIC COUNCIL OF MINISTERSState of the Nordic Region presented in Brussels
  5. NORDIC COUNCIL OF MINISTERSThe vital bioeconomy. New issue of “Sustainable Growth the Nordic Way” out now
  6. NORDIC COUNCIL OF MINISTERSThe Nordic gender effect goes international
  7. NORDIC COUNCIL OF MINISTERSPaula Lehtomaki from Finland elected as the Council's first female Secretary General
  8. NORDIC COUNCIL OF MINISTERSNordic design sets the stage at COP24, running a competition for sustainable chairs.
  9. Counter BalanceIn Kenya, a motorway funded by the European Investment Bank runs over roadside dwellers
  10. ACCACompany Law Package: Making the Best of Digital and Cross Border Mobility,
  11. International Partnership for Human RightsCivil Society Worried About Shortcomings in EU-Kyrgyzstan Human Rights Dialogue
  12. UNESDAThe European Soft Drinks Industry Supports over 1.7 Million Jobs

Latest News

  1. Brexit dominates EU affairs This WEEK
  2. How the EU commission got tunnel vision on self-driving cars
  3. No-confidence calls against May put Brexit deal in doubt
  4. Key points of the Brexit deal (if it ever comes into effect)
  5. Romania heaps scorn on 'revolting' EU criticism
  6. US steps in to clean up Cyprus
  7. 'Decisive progress' on Brexit as British cabinet backs deal
  8. Asylum for Macedonia's ex-PM puts Orban on spot

Join EUobserver

Support quality EU news

Join us