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Bailouts

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  • NEW YORK, April 27- The euro scaled a three-weak peak against the dollar on Monday, on optimism about Greece's prospects after the government reshuffled its bailout negotiating team as the cash-strapped country seeks to avoid a default. Greece looks set to run out of funds in the coming weeks. "There was probably a view that Varoufakis was an obstacle to...

  • *Greece reshuffles bailout negotiating team. NEW YORK, April 27- The euro climbed to three-weak peaks against the dollar on Monday, on optimism about Greece's prospects after the government reshuffled its bailout negotiating team to forge a deal with lenders about more aid for the cash-strapped country and avoid a default. Greece looks set to run out of funds in...

  • ATHENS, Greece— Greece reshuffled its bailout negotiating team on Monday following fierce criticism of its finance minister, meeting with market applause as investors hoped it will facilitate a deal to save the country from bankruptcy. Tsakalotos is close to Prime Minister Alexis Tsipras and has often accompanied Varoufakis on trips to European capitals...

  • Greece's Yanis Varoufakis was rebuked for failing to come up with a list of economic reforms, which are needed so Greece can get money it needs to stay solvent and avoid a potential exit from the euro. Just two months ago, Greece secured an agreement from the eurozone to get the remaining money in its bailout fund— 7.2 billion euros— but only if it came up with mutually...

  • LAGOS, April 24- Nigeria's central bank ordered banks on Friday to crack down on borrowers with non-performing loans in a move aimed at avoiding a repeat of a 2009 industry bailout that cost the government $4 billion. A sharp drop in the global price of oil, Nigeria's main export, has triggered a currency crisis in Africa's largest economy and strained...

  • Greece: No reform, no cash   Friday, 24 Apr 2015 | 11:00 AM ET
    Greece: No reform, no cash

    Kerry Craig, market strategist at JP Morgan Asset Management, says that for the Eurogroup, it's all about Greece coming up with a "credible" reform plan.

  • *Eurogroup urges Greece to speed up reform deal for cash. RIGA, April 24- Euro zone finance ministers delivered a stark warning to Greece on Friday that its leftist government will get no more aid until it agrees a complete economic reform plan, as Athens lurches closer to bankruptcy. He also said a remaining 7.2 billion euros in frozen bailout funds would no longer...

  • Not enough pressure on Greece: Piccoli   Friday, 24 Apr 2015 | 4:40 AM ET
    Not enough pressure on Greece: Piccoli

    Can we put money on Greece delivering soon? Wolfango Piccoli, managing director at Teneo Intelligence, doesn't think so.

  • RIGA, Latvia— Greece remains at loggerheads with its European creditors on an economic reform program required to unlock bailout loans the country will need to avoid defaulting in coming months and crashing out of the euro. Just two months ago, Greece secured an agreement from the eurozone to get the remaining money in its bailout fund— 7.2 billion euros— but only...

  • Will Greece and Eurogroup ever agree?   Thursday, 23 Apr 2015 | 11:00 AM ET
    Will Greece and Eurogroup ever agree?

    Bob McKee, chief economist at Independent Strategy, says there's still no real agreement being reached between the Eurogroup and Greek officials, with the Eurogroup seeming pretty "cynical."

  • BRUSSELS/ BERLIN, April 23- German Chancellor Angela Merkel was expected to press Greek Prime Minister Alexis Tsipras on Thursday to move faster to agree detailed economic reforms crucial to unlock international bailout funds before Athens runs out of cash. The conservative German leader was due to meet the leftist Greek premier just before an emergency...

  • Greece's shifting bailout deadlines fuel uncertainty Thursday, 23 Apr 2015 | 4:10 AM ET

    Global financial officials gathered in Washington D.C. last week said Greece remains one of the biggest risks to the world economy even though the 19- country eurozone has done a lot over the past five years to insulate itself. For weeks the meeting in Riga was expected to be the one when Greece's immediate financial future would be sorted out.

  • WASHINGTON, April 22- The U.S. government was "punitive" in its bailout of American International Group Inc in 2008, a lawyer for the company's former chief executive argued during closing arguments of a trial that may impact how much flexibility regulators will have when they respond to future financial crises. Former AIG Chief Executive Maurice "Hank"...

  • Germany: 'Very limited expectations' of Greece deal Friday Wednesday, 22 Apr 2015 | 11:13 AM ET

    ATHENS, Greece— Chances are low that a meeting of eurozone finance ministers on Friday will produce a deal that might unblock urgently needed bailout funds for Greece, Germany said Wednesday. In return for a four-month extension of the bailout that has kept Greece afloat since 2010, Athens had pledged in February to produce a comprehensive package of reforms...

  • The complicated 'Grexit' conundrum   Wednesday, 22 Apr 2015 | 11:00 AM ET
    The complicated 'Grexit' conundrum

    What would really happen to Greece if it left the euro zone? Christian Keller, economist at Barclays, shares his thoughts on the "complicated" matter.

  • ATHENS/ BRUSSELS, April 22- Greece can scrape together enough cash to meet its payment obligations until June, euro zone and Greek officials said on Wednesday, playing down fears of an imminent default as hopes receded of a deal with its creditors to release fresh aid. Greece has received two international bailouts worth 240 billion euros since 2010 but its...

  • EU gives Ukraine $267 million in low interest loans Tuesday, 21 Apr 2015 | 11:05 AM ET

    BRUSSELS— The European Union has given Ukraine 250 million euros in low interest loans as part of a package to help revive the country's lackluster economy. Ukraine received major bailout loans from the International Monetary Fund, European Union and the U.S. last year, but has been requesting more with no clear end in sight to its economic problems.

  • Armed with new law, Ukraine targets its shadowy banks Monday, 20 Apr 2015 | 10:07 AM ET

    KIEV, April 20- For the first time in its post-Soviet history, Ukraine now has a law to prosecute bank owners who use their lenders as little more than personal piggy banks. Under pressure from the IMF, which has agreed a $17.5 billion bailout for Ukraine in exchange for reforms, Kiev plans to use the new banking law to start cleaning up an over-populated and corrupt...

  • LONDON, April 19- The threat posed by Greece beyond its borders may have diminished but efforts to agree an economic reform programme to free up bailout funds and avert default will capture world attention this week. Euro zone finance ministers meet in the Latvian capital Riga on Friday with both sides saying time is running short to keep Greece afloat.

  • Is Greece spiralling out of control?   Friday, 17 Apr 2015 | 11:00 AM ET
    Is Greece spiralling out of control?

    Peter Rosenstreich, chief FX analyst at Swissquote Bank, says the negotiations between creditors and Greece may not end well.