Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Apparent beheading of Steven Sotloff sees more calls for #IsisMediaBlackout

Read more

AFRICA NEWS

Lesotho Coup: Exiled Prime Minister vows to return home after fleeing

Read more

DEBATE

Child Migrants In America: What to do about the wave of unaccompanied minors? (Part Two)

Read more

DEBATE

Child Migrants In America: What to do about the wave of unaccompanied minors?

Read more

THE INTERVIEW

Abbas Araghchi, Iranian deputy foreign minister

Read more

THE OBSERVERS

More of this year's best Observers stories

Read more

FOCUS

When water becomes a weapon of war

Read more

ENCORE!

Eve Ensler: 'In The Body Of The World'

Read more

THE INTERVIEW

Ed Husain, Author of 'The Islamist'

Read more

  • IS video purports to show beheading of second US journalist

    Read more

  • Could France sell the Mona Lisa to pay off its debts?

    Read more

  • Video: Bodies ‘left behind’ as Ukraine forces flee rebel assault

    Read more

  • Trust and 'bio-disaster units' needed to fight Ebola

    Read more

  • France vows crackdown on unemployment benefit ‘abusers’

    Read more

  • Julie Gayet wins privacy case against French glossy Closer

    Read more

  • Germany blocks popular car pick-up service Uber

    Read more

  • Several UN peacekeepers killed in Mali explosion

    Read more

  • NATO plans new 'spearhead' force to counter Russia

    Read more

  • French clubs left behind as others spend big

    Read more

  • Britain drops arrest warrant for ill boy’s parents

    Read more

  • When water becomes a weapon of war

    Read more

  • Arab media strike back at IS Islamists – with cartoons

    Read more

  • US military targets Somalia's al Shabaab Islamist group

    Read more

  • Eve Ensler: 'In The Body Of The World'

    Read more

  • Boko Haram Islamists seize northeast Nigerian town

    Read more

  • Is Carla Bruni against a political comeback for Sarkozy?

    Read more

  • Monaco’s Falcao leaves Ligue 1 for Man Utd

    Read more

Europe

Greece angry after EU ministers fail to reach rescue deal

Text by FRANCE 24

Latest update : 2012-11-21

Greece's PM Antonis Samaras said the future of his country was in the balance after EU finance chiefs failed to reach a deal that would allow creditors to hand over the next batch of rescue loans to the debt-ridden country.

Greece has reacted with dismay to the European Union’s failure to agree to release vital rescue loan funds for the debt-ridden country, with the prime minister warning it was not just Greece’s future that hangs in the balance.

The delay prolongs uncertainty over the future of Greece, which faces a messy default that would threaten the entire euro currency used by 17 EU nations.

Prime Minister Antonis Samaras stressed that Greece has done what its creditors from the EU and International Monetary Fund required. “Our partners, along with the IMF, also must do what they have committed to doing,” he said.

He said that “it is not just the future of our country, but the stability of the entire eurozone” that depend on the success of negotiations in coming days.

France's Finance Minister Pierre Moscovici offered Samaras some hope, saying ministers were only a 'whisker' away from reaching an agreement.

Jean-Claude Juncker, chairman of the meeting of finance ministers from the 17 countries that use the euro, said the talks, which lasted nearly 12 hours, will reconvene on Monday.

It was the second consecutive meeting at which the ministers failed to agree on a deal, highlighting the depth of their divisions over how to handle Greece’s huge debt problem without reaching more deeply into the pockets of their own taxpayers.

Juncker, however, said he was optimistic that a deal could be reached.
“We are very close to a result. We see no major stumbling block,” he said. "There are technical issues and calculations to be made in coming days".

But Christine Lagarde, the managing director of the International Monetary Fund, which gives Greece bailout loans alongside the eurozone, sounded a more cautious note, saying only “we have narrowed the positions.”

Investors reacted by selling the euro, which dropped from above $1.2810 to $1.2755 within a half hour. Stock markets in Asia surrendered early gains.

There has been disagreement among the ministers and the IMF on how to make Athens’ debt manageable.

The eurozone ministers are in favour of giving Greece an extra two years, to 2022, to bring its debt down to 120 percent of gross domestic product from the 176 percent forecast for this year. The IMF has resisted such an extension.

Agreement on this issue is needed for the group of creditors to pay Greece the next batch of its rescue loans, expected to amount to €44.6 billion ($57 billion).

Greece the needs the money to avoid bankruptcy.

(FRANCE 24 with wires)
 

Date created : 2012-11-21

  • GREECE

    Greece passes austerity bill amid violent protests

    Read more

  • Spain

    Spanish unions call for anti-austerity strike

    Read more

  • GREECE

    Merkel pledges support for Greece on Athens visit

    Read more

COMMENT(S)