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Greece is given a life-line after marathon talks in Brussels

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1 year ago

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http://www.euronews.com/ Euro finance ministers and the International Monetary Fund have reached a deal on an urgently needed bailout for near-bankrupt Greece.

After 12 hours of talks they agreed on a raft of measures to reduce Greek debt by 40 billion euros to 124 per cent of GDP by 2020.

Eurogroup President Jean Claude Juncker said: “This is not just about money. This is the promise of a better future for the Greek people and for the EU area as a whole. I admit however that it has been a very difficult deal. It required very significant efforts by each and every stake holder.”

The agreement opens the way for a major aid instalment of up to 44 billion euros which ministers will formally approve on December 13

Reporting for euronews, James Franey said: “Greece will get its next slice of bailout cash in three instalments, but only if it ploughs on with agreed reforms. In particular the troika of international lenders wants to see changes to the Greek tax system if that money is to be released.”

The debt reduction measures include cutting the interest rate on loans to Athens and returning 11 billion euros in profits from ECB purchases of Greek government bonds. Once a buy-back of Greek debt has occurred the IMF will pay its one-third share of the bailout.

“Certainly we wanted to make sure that Greece was back on track and was producing the actions necessary to that effect,” explained IMF Managing Director Christine Lagarde. “The second thing the IMF wanted to make sure was that Euro partners were themselves taking the necessary actions to bring Greek debt on a sustainable path.”

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Flower power: botanical art takes root at Saatchi Gallery

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2 days ago

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October 10, 2026

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From flowers in the Andes Mountains to microfungi. A new exhibition at London’s Saatchi Gallery is showcasing some of the world’s most fascinating flora.

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Telecoms, a market in consolidation

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3 days ago

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October 9, 2026

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Telecoms seems to have a guaranteed future ahead of it, an essential cornerstone 21st century industry employing hundreds of thousands, yet it is an industry in flux in Europe, one of its most competitive markets, where a host of household names jostle for position and some grand old industrial empires and upstart brands square off to grab sales. The prizes are huge, and the game is on.

French number one mobile operator Orange intends to be still standing when the dust settles. Today it is a 41…
READ MORE : http://www.euronews.com/2014/10/07/telecoms-a-market-in-consolidation

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How to make Nikkei scallops with Clay chef Jolbi Huacho

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3 days ago

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October 9, 2026

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Clay Dubai chef Jolbi Huacho explains the history of Nikkei cuisine, while we share how to make scallops Nikkei-style

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When baking is an art form: bespoke cakes with UAE chef Nadia Parekh

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4 days ago

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October 8, 2026

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Chef Nadia Parekh explains the importance of texture, colour and composition when creating one of her bespoke cakes.

READ MORE : https://www.euronews.com/2020/11/06/when-baking-is-an-art-form-bespoke-cakes-with-uae-chef-nadia-parekh

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…we will have to abandon coastal cities like New York, New Orleans, Rotterdam and Hamburg.

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5 days ago

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October 7, 2026

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Professor Anders Levermann explains why rising sea levels caused by climate change pose such a risk.

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