Greek focus for eurozone meeting

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23 January 2012 Last updated at 12:16 GMT The talks could be crucial to the future of the euro Eurozone finance ministers are to meet later, with the Greek debt crisis likely to dominate proceedings.

On the agenda will be what form Greek debt restructuring should take as part of a second bailout package for Athens.

It comes after negotiators for private creditors left Greece without a deal to write off some of the country's debts.

Separately, IMF boss Christine Lagarde has said the eurozone needs economic growth and bigger financial firewalls to resolve debt issues.

Deadline

The Institute of International Finance (IIF), which represents Greece's creditors, said a technical team would remain to work further on the details.

European leaders agreed in principle last year that private lenders would voluntarily write off 50% of their loans to Greece, but private creditors still need to agree to the terms of the deal.

A 130bn euro ($168bn; £108bn) rescue package from the EU and IMF is crucial if Greece is to meet its next debt repayment deadline in two months.

Without the second bailout Greece will not be able to pay back 14.5bn euros in maturing bonds in March.

If Greece defaults on its debts it could cause further economic havoc in the eurozone, and undermine the common currency.

'Solvency crisis'

Christine Lagarde met German Chancellor Angela Merkel in Berlin on Monday.

After the meeting, Ms Lagarde said that the eurozone needed a "larger firewall" to prevent the debt crisis spreading.

"Without it, countries like Italy and Spain that are fundamentally able to repay their debts could be forced into a solvency crisis by abnormal financing costs," she said.

She suggested "folding" money left in the eurozone's bailout fund, the European Financial Stability Facility, into the new European Stability Mechanism bailout fund, when the latter comes into force some time this year.

She also said the European Central Bank should "provide the necessary liquidity support to stabilise bank funding and sovereign debt markets."

And she repeated her view that "across-the-board, across-the continent, budgetary cuts will only add to recessionary pressures".

'Market wolf'

A leading Australian economic report warned on Monday of the wider global implications of a eurozone meltdown.

The quarterly Deloitte-Access Economics Business Outlook said it was "marginally" more likely the eurozone would manage to get through its current problems.

For the time being, the report said, the European Central Bank looked able to keep the "market wolf from the sovereign debt door" but that the region was bound for recession.

The euro hit its highest level in nearly three weeks against the dollar on Monday, at $1.2998 on hopes of positive signs from the finance ministers' meeting.

And the common currency was up 0.4% against the pound at 83.42 pence.

Source BBC

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New hitch to eurozone rescue plan

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25 October 2011 Last updated at 17:56 GMT The French and German leaders still have not agreed how to bolster the eurozone's bailout fund There has been another hiccup in the eurozone's plans to announce a final rescue deal in Brussels to try to end the turmoil in the euro area.

The Polish presidency of the EU has confirmed to the BBC that key meetings have been postponed.

The EU's 27 finance ministers and the 17-nation Eurogroup will not now meet on Wednesday, although a full emergency heads-of-government summit will happen.

This could mean a delay to final announcements on solutions.

The hitch could stall agreement about how to enlarge the European Financial Stability Facility (EFSF) rescue fund and secure larger write-offs of Greek debt, although there is no confirmation of this.

However, the BBC's Chris Morris in Brussels says the cancellation is being seen as largely procedural, since the full EU summit meant there was no need for the finance ministers to meet.

Meetings of economy and finance ministers - known as Ecofin - are traditionally held to to prepare measures for consideration by heads of state and government at a summit.

BBC business editor Robert Peston says it means Wednesday's summit will agree broad principles of eurozone rescue, but detail of measures will then need to be finalised by subsequent finance ministers' meetings and "presumably not published for a few days".

More talks

The full emergency summit and dinner involving the 17 eurozone nations afterwards will still go ahead as planned.

It is, however, understood that more political discussions are to take place.

The rescue plan has three key prongs, banks refinancing, boosting the EFSF's 440bn euro firepower (£385bn, $612bn) and cutting the amount lenders to Greece should expect to see repaid.

Agreement on that last point was made in July but the chairman of the eurozone finance ministers, Jean-Claude Juncker, said on Tuesday that private investors may need to take a 50% loss on Greek lending, rather than the 21% loss agreed then.

Meanwhile, the Italian government has been told it must come up with new austerity measures by Wednesday before any eurozone rescue measures can be signed off, something that its premier, Silvio Berlusconi, is struggling to get agreement for from his coalition government.

Breathing space

The Bank of England governor, Mervyn King, cast doubt on whether eurozone area leaders would be able to find solutions: "Even on July 21 there was a package which they held out as being the solution to it. The underlying problems hadn't changed at all and they won't change."

Speaking before the House of Commons treasury committee, he said at best the leaders might gain a breathing space.

Sir Mervyn also said he was not sure that his own measures to help the UK's economy in the form of another £75bn of Quantitative Easing would provide a solution to the country's own economic problems: But Sir Mervyn said: "I can't guarantee that it means that bank lending will rise, but what I do believe is that it won't fall as far as it might otherwise have done.

"I think the action will make a difference to the amount of lending, but it certainly doesn't guarantee that lending to the real economy is positive."

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Aktien bis auf die Eurozone Rettung Hoffnung

27 September 2011 are the main story, last updated at 15: 07 date 14: 43 GMT-GMTMarket IndexCurrent ValueTrendVariation VariationGlobal % shares read you risen further heavy grows the hope that a comprehensive package to solve the eurozone debt crisis agrees the eurozone heads of State and Government and the International Monetary Fund (IMF).

The optimism is followed by discussions at the G20 and IMF sessions at the weekend.

A number of ideas were discussed according to reports, including the promotion of the size of the eurozone bailout Fund.

Under the direction of banks, Germany's Dax index was 4.9%, French CAC 4.4% of the UK FTSE 3.4% and the Dow Jones 2%.

Earlier, Asian shares also rose, with Japanese Nikkei index up 2.8%.

Strengthening of the banks?

The increased optimism comes despite officials of the European Union stressed that no great plan of action was agreed at the weekend.

Investors focused instead on what reportedly was strengthening the large European banks, taken by all defaults debt obligations could, should proposed at the meetings, which also did.

Another reported proposal is a possible 50%-Abschreibung of the Greek government debt.

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the optimistic the tip on hopes that we see have taken European politicians control could further have with the current situation in the coming weeks. "But there still a lot concerns are"

end of Deutsche finance quote Keith Bowman Hargreaves Lansdown however late on Monday Minister Wolfgang Schäuble to the proposal, which the eurozone up bailout funds that could doubt European facility for financial stability.

He said: "We give it the tools when needed ready." "Then we use it effectively, but we have no intention of increasing its volume."

On Thursday, Germany are to vote approval proposals in July extending the powers of the EFSF, to buy the bonds of the highly indebted countries and credit are available to both Governments would allow under enabled banks.

Bank shares were among the riser cards of the largest in Europe. In France, the BNP Paribas to 12.7%, Société Générale was 11.7%, Natixis Crédit Agricole, and 9.5% 9.3%.

In Germany, Deutsche Bank, Commerzbank and 11% had increased by 10.8%. In the UK, Barclays was 6.9%.

The eurozone debt crisis affecting the world economy also as feared facilitates increased oil prices on the extent.

US light crude rose $2.25 by $1.45 to $105.39 to $82.49 per barrel, while Brent crude added.

The spot price of gold rose by 2.5% to $1.672, but analysts said this was by the dollars in value, so that the previous metal somewhat cheaper for holders of other currencies.

Meanwhile strengthened euro against dollar, rising to $1.3628 of $1.3523 on Monday.

Keith Bowman, market analyst at financial services group Hargreaves Lansdown, warned that the rise in share prices to be short-lived.

He said "The optimistic the top get with the current situation have taken on hopes that we could see, European politicians in the handle in the coming weeks".

"But there is still a lot of concern." "Investors remain on the success of the measures planned skeptical, to solve the eurozone credit crisis."

Greek discussions Greek Prime Minister George Papandreou - whose country has concern been debt - in the heart of the eurozone will talks with German Chancellor Angela Merkel later Tuesday keep, his country when cut to discuss budget deficit.

Previously, he has a speech, German entrepreneur, urging to help his country from the current crisis.

He said that German Finance would be no investment in the last error, but in the future.

Mr Papandreou comes meeting with Mrs Merkel, as policy makers decide whether it will release the last tranche of the Greek bailout funds.

The European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) should in Athens this week Greece progress in cutting its debt.

Together will decide whether the last tranche must release the bailout funds, that the Greek Government to pay their bills.

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