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[28 Sep 2011 | No Comment | ]

Finance Minister Jun Azumi says he won’t rule out Japan sharing some of the burden related to a bailout scheme for Greece, provided that Europe mapped out a rational plan that could ease market jitters.
Speaking days after meetings of the International Monetary Fund and G20 that were dominated by discussion of Europe’s sovereign debt problems, Mr Azumi urged each country to make efforts to implement what was agreed at a European summit on July 21.
“Each country should respond to the rescue plan by winning approval from their parliaments, and if …

Money Matters »

[18 Jul 2011 | No Comment | ]

THE 17 Eurozone countries want to impose a tax on banks to involve the private sector in paying for the rescue of indebted Greece, according to German daily Die Welt.
The tax would target even banks ‘not directly involved in Greece’, the newspaper wrote on Monday, citing highly-placed diplomatic sources involved in the talks.
The plan also envisages that the private banking sector will ‘contribute to the repurchase of Greek bonds,’ it wrote, without giving further details.
Eurozone countries are set to meet in Brussels on Thursday for an emergency summit to stop …

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[12 Jul 2011 | No Comment | ]

Euro zone finance ministers promised cheaper loans, longer maturities and a more flexible rescue fund on Monday to help Greece and other EU debtors in a bid to stop financial contagion engulfing Italy and Spain.
After talks following another day of turmoil on financial markets, ministers from the 17 countries that share the European currency vowed to safeguard stability in the euro area and promised new measures shortly, but set no deadline.
“Ministers stand ready to adopt further measures that will improve the euro area’s systemic capacity to resist contagion risk, including …

Business News & Advice »

[2 Jul 2011 | No Comment | ]

The International Monetary Fund welcomed the Greek parliament’s passage of a tough austerity plan designed to shore up its finances and avert a debt default that could shake the euro zone.
IMF spokeswoman Caroline Atkinson said the move would “pave the way” for the release of more funds to Athens from the 110 billion euro ($149 billion) European Union-IMF rescue package for the country.
“The recent passage of the relevant legislation in Greece’s parliament will bolster Greece’s efforts to implement its economic reform program,” Atkinson said in a statement.
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“This …

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[14 Jun 2011 | No Comment | ]

Greece has been branded with the world’s lowest credit rating by Standard & Poor’s, which said the nation is “increasingly likely” to face a debt restructuring and the first sovereign default in the euro area’s history.
The move to CCC from B reflects “our view that there is a significantly higher likelihood of one or more defaults,” S&P said in a statement yesterday. “Risks for the implementation of Greece’s EU/IMF borrowing program are rising, given Greece’s increased financing needs and ongoing internal political disagreements surrounding the policy conditions required.”
Greece’s government, which …

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[13 Apr 2011 | No Comment | ]

European authorities and the International Monetary Fund believe Ireland and Greece can sustain their debts while it is up to Portugal whether it joins them in seeking help, the head of Europe’s rescue fund said.
Fears that Ireland will not be able to shoulder the burden of one of the world’s most costliest bank bailouts have overshadowed the government’s pledge to recapitalise its financial system by 24 billion euros and draw a line under its woes.
Klaus Regling, head of the European Financial Stability Facility, said last week that there were risks …

Business News & Advice »

[6 Mar 2011 | No Comment | ]

CHINA will double to about US$10 billion (S$12.7 billion) the size of a fund offering cheap loans to Greek shipowners, Greece’s Maritime Affairs minister said on Saturday.
China agreed in October to set up a US$5 billion fund to help Greek shipowners buy Chinese-made vessels.
Greeks control a big part of the world’s commercial fleet and many of their vessels are built in shipyards in the Far East.
‘It is extremely positive that we have doubled this amount to about 10 billion dollars,’ Mr Diamantidis was quoted as saying in an interview to …