Europe Government

  • 2015-06-03 10:09

    By Jack Duffy

    PARIS (MNI) - France's President Francois Hollande said Wednesday that a deal with Greece could be reached very soon.

    Hollande, who participated in an emergency summit on Greece in Berlin on Monday night, said in a Paris speech that a deal with Athens could be a matter of "just a few days or hours."

    Hollande said the key question in the negotiations was not to stifle growth in Greece by demanding too much but also not ask for too little either.

    --MNI Paris Bureau; tel: +33 1-42-71-55-41; email:

    [TOPICS: M$E$$$,M$F$$$,M$X$$$,M$Y$$$,MFF$$$,MFX$$$,MGX$$$]

  • 2015-06-03 07:42

    By Jack Duffy

    PARIS (MNI) - Italy's Finance Minister Pier Carlo Padoan said Wednesday he was confident that a deal would be reached on additional bailout aid for Greece but that the Eurozone was robust enough to weather any shocks.

    "We will have a deal on Greece, I am fully confident," Padoan told journalists on the sidelines of meetings at the Organization for Economic Cooperation and Development in Paris.

    But he said Italy was "fully sheltered from any external shock and the euro area is much stronger today than two years ago when the euro crisis was at its peak."

    He said the Eurozone had instruments to deal with emergency situations that it lacked two years ago and that Italy and other countries were in much stronger financial shape.

    He said the European

  • 2015-06-03 07:01

    --European Commission says no final deal expected tonight

    PARIS/BRUSSELS(MNI) - Top Eurozone officials said Wednesday they were positive about the possibility of reaching a deal on financing for Greece, though the European Commission said there would be no final outcome before the end of the day.

    "We do not expect any final outcome tonight.

  • 2015-06-03 05:23

    By Jack Duffy

    PARIS (MNI) - Dutch Prime Minister Mark Rutte said Wednesday that a planned offer by European institutions to Greece over new bailout aid does not amount to a negotiation.

    "There is no negotiating," Rutte told journalists on the sidelines of meetings at the Organization for Economic Cooperation and Development in Paris.

    "What we have to do is to make clear to Alexis Tsipras and his new government that we respect that there is a new government but they have to respect that Greece as a country has made certain agreements with the European union and they have to live up to those agreements."

    Greece's bailout lenders have agreed on a joint rescue plan that they will present to Athens on Wednesday.

  • 2015-06-03 05:00

    --Unemployment Falls to 11.1% From Revised 11.2% March

    PARIS (MNI) - The Eurozone's unemployment rate fell to the lowest level in more than three years in April as decline in the number of jobless accelerated amid slightly faster growth, Eurostat said Wednesday.

    The jobless rate fell to 11.1% in April from a revised 11.2% in March, the lowest level since March 2012 and below the 11.2% median estimate of economists surveyed by MNI. A total of 17.846 million people were registered as unemployed in April, down from 17.976 million in March and 18.011 million in February.

    Eurozone GDP growth picked up to 0.4% in the first quarter from 0.3% in the final quarter of 2014 and economists expect a steady, or slightly slower pace in Q2.

  • 2015-06-03 04:30

    --U.S.' First-Quarter Performance Largely to Blame

    WASHINGTON (MNI) - In its latest Economic Outlook, the OECD gave the global economy a paltry B- grade thanks largely to the dismal first-quarter performance of U.S. GDP.

    In a briefing for North American media, OECD Chief Economist Catherine Mann put the bleak U.S. and global outputs in historical perspective.

    "The U.S. economy was so significantly lower than our expectations and it presented such a poor performance that the global economy was worse in the first quarter of 2015 compared to any other quarter since the financial crisis," Mann said.

    According to Mann, the OECD projects a 3.8% global growth rate by 2016.

  • 2015-06-02 05:56

    --Tsipras reiterates Greek plan realistic, detailed, must be respected

    ATHENS (MNI) - Greece's Prime Minister, Alexis Tsipras said Tuesday that his government has submitted a detailed and realistic plan to their creditors and expressed his hope that EU political leadership will be equally realistic and respectful, so a deal can be reached soon.

    Tsipras noted that Greece is the one responsible to submit proposals to the creditors and the process was not the other way round.

  • 2015-06-02 02:53

    By Jack Duffy

    PARIS (MNI) - Negotiations between Greece and its international creditors are making progress but further advances are needed on both sides to reach a deal, European economic and monetary affairs chief Pierre Moscovici said Tuesday.

    Speaking on France Inter radio, Moscovici said "the discussions are beginning to bear fruit. In the coming days we have to find a solution. I think we are on the way to do this but further efforts are needed on both sides.

    Moscovici said concrete progress has been made on issues like changes to Greece's value added tax regime, reforms to the public administration and the creation of an independent tax agency.

  • 2015-05-29 09:52

    By Steven Arons

    DRESDEN(MNI) - US Treasury Secretary Jack Lew issued a strong appeal to his European counterparts Friday to find a quick solution to the ongoing Greek crisis, warning that failure to do so risked a default or a Greek exit from the Eurozone and possible damage to the global economy.

    Speaking at the press conference of the US delegation after the conclusion of the G-7 summit in Dresden, Lew called on both sides of the negotiation table to make concessions.

    "At some point, there won't be the ability for Greece to pay its bills and that will be the moment when, if it comes, there will be an accident," Lew said. "If you want to avoid that, the sooner the better."

    "Waiting until a day or two before whatever the next deadline is is just a way of courting a

  • 2015-05-29 09:39

    -- ECB Weidmann Says G-7 To Monitor Financial Stability Risks

    DRESDEN(MNI) - German Finance Minister Wolfgang Schaeuble on Friday sought to tone down the noisy debate around negotiations with Greece and a potential Greek default.

    At a press conference concluding the G-7 Summit in Dresden, Schaeuble said Greece had only taken up a "few minutes" of the official discussions, starkly contradicting comments made by US U.S. Treasury Secretary Jack Lew, who said there had been "quite a number of conversations" both during the formal meetings and on the margins.

    "You should not draw any conclusion from the fact that, against some expectation from media, we stuck to our agenda and Greece is not on the agenda," Schaeuble said.