Debt Inspectors Reach Agreement with Greece
(ATHENS, Greece) — International debt inspectors have reached an agreement with Greece on the country’s economic reforms, including the firing of civil servants, paving the way for the debt-ridden country to receive the next installment of its bailout pot. The review by the International Monetary Fund, European Commission and European Central Bank is part of a regular process under which Greece receives installments of its multi-billion euro bailout if it meets certain conditions. Greece has been dependent on the rescue loans since 2010. In a joint statement Monday, the three institutions said recent steps taken by Greece suggest that targets for March “are likely to be met in the near future.” As a result, they said the eurozone could soon agree to disburse 2.8 billion euros ($3.7 billion) pending from last month. MORE: Cyprus Bailout Swells to $30 Billion
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Troika concludes Greek bailout review, next aid tranche soon: source
DUBLIN - An inspection team of international lenders has finished its review of Greece's reform progress, paving the way for another 10 billion euros aid payment, a source with knowledge of the talks said on Saturday.
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Reuters
Greece saw deposit inflows in March amid Cypriot crisis
ATHENS - Greek bank deposits rose by more than 1.5 billion euros in March despite a banking crisis in Cyprus that triggered fears of deposit outflows in other indebted southern European economies, the country's central bank chief said on Wednesday.
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Defensive move: Greek bank to buy local branches of troubled Cyprus banks
ATHENS/NICOSIA — Greece's Piraeus Bank struck a deal on Friday to take over the Greek branches of Cyprus's troubled banks in what a source close to the matter said involved the transfer of 17 billion euros of loans and 14 billion euros of deposits.Piraeus was chosen in a deal that helps to shield Greek banks from the island's crisis and allows Cyprus to shrink its bloated banking sector. The deal,...
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MSNBC
Cyprus Banking Crisis: The Endgame Begins
The ultimatum has been issued: The European Union is pressuring Cyprus to end its standoff over a proposed financial rescue package and agree to new terms very rapidly – or face bankruptcy. Cyprus is scrambling to respond with a revised plan that would shield small depositors, but it still needs to finalize details, and then win approval from the E.U. Two days after the Cyprus parliament overwhelmingly rejected the bailout, which would have taxed the deposits of all bank account holders, the E.U. hit the island with a one-two punch. The first blow was a brief, two-line announcement from the European Central Bank (ECB) that it would stop providing emergency liquidity assistance to Cypriot banks on Monday, March 25, unless the island nation agrees to a bailout deal with the E.U. and the International Monetary Fund before then. The announcement was a blunt attempt to force Cyprus’ hand, mainly because the tiny nation’s biggest banks have racked up heavy losses from soured loans to Greece ...
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