Greece’s EU lenders have been working on a plan to offer the country gradual debt relief on condition that it adopts additional reforms by 2022, the Agora weekly newspaper reported on Saturday.
They would initially allow lower interest rates and longer maturities on Greece’s 316 billion euro (US$352 billion) debt, the paper said.
At a later stage, there would be talks on linking debt payments to economic growth provided Athens implemented measures to be agreed with creditors by 2022, it added.
The plan has been discussed among officials from the European Commission, the euro zone’s rescue fund, the European Central Bank and the larger euro zone nations, the paper said.
The lenders have publicly spoken about granting debt relief to Greece on condition reforms are completed.
Asked about the report, Finnish Finance Minister Alexander Stubb said: “At this moment, we are not looking at debt relief, but at completing the third program’s first interim review.”
On Thursday, Jeroen Dijsselbloem, chairman of the eurozone finance ministers group, had said they were concerned with the quality of the reforms Greece had promised in return for its bailout.
Negotiations between the heads of the EU/IMF mission reviewing the country’s progress on a pensions overhaul, fiscal targets and the handling of bad loans took a break earlier this month.
It was unclear when the lenders would return in Athens. Without their positive first assessment of the reforms, Greece cannot start relief talks it is seeking to show austerity-weary Greeks their sacrifices are paying off.
Speaking after an EU summit that on Friday agreed a deal to help keep Britain in the bloc and tackle the region’s migration crisis, Greek Prime Minister Alexis Tsipras said all EU partners agreed the review needed to conclude as soon as possible.
Greek Finance Minister Euclid Tsakalotos on Saturday said that differences between the EU and the IMF over the bailout program were undermining government efforts to help the Greek economy recover after years of recession.
The IMF has said that it stands ready to support Greece only if the country’s EU partners granted it “significant” debt relief.
However, Europe has made clear that it wants conclusion of the review before launching debt relief talks.
The IMF’s director for Europe, Poul Thomsen, last week said that Greece would also need to implement extra measures worth about 9 billion euros to meet its fiscal targets by 2018.
“The whole pressure is on us. So, I can’t see how the IMF thinks its role as that of an “honest broker,” Tsakalotos said in an interview with weekly Realnews paper.
“Footdragging in the negotiations is hindering the government strategy to get out of the vicious circle of measures-recession-new measures,” he said.
In an interview with another Greek newspaper, Greek Economy Minister George Stathakis said the review could be wrapped up by the end of next month.
“The target for the Catholic Easter [March 27] is absolutely realistic,” he was quoted as saying in the weekly Ependysi. “I believe that there will be a deal.”
Softbank Group Corp plans to keep a stake in the chip designer Arm Ltd, even if it sells a partial interest to Nvidia Corp, the Nikkei reported. The companies are negotiating terms, the newspaper reported, citing sources. Softbank might take a stake in Nvidia after it buys Arm, the report said. Nvidia and Arm might also merge through a share swap, and Softbank would become a major shareholder in the combined company, it said. The two parties aim to reach a deal in the next few weeks, the sources said, asking not to be identified because the information is private. Nvidia is the
END TO SPECULATION: The hotel’s management contract has been extended, despite reports that it wanted to end its alliance with Hyatt Hotels over a deal with Riant Capital Singapore-based Hong Leong Hotel Development Ltd (豐隆大飯店股份) yesterday said it has extended a management contract to ensure the continued presence of the Grand Hyatt brand in Taipei, ending rumors that the two sides were parting ways. “We are pleased Hyatt is able to come to terms on the extension of the management contract of Grand Hyatt Taipei,” said Kwek Leng Beng (郭令明), executive chairman of City Developments Ltd (城市發展) and Millennium & Copthorne Hotels Ltd (千禧國敦酒店). Hong Leong Hotel Development is a subsidiary of Millennium, and both fall under the Hong Leong Group (豐隆集團). The Grand Hyatt Taipei (台北君悅大飯店), owned and built by
Gold surged to a fresh record on Friday, fueled by US dollar weakness and low interest rates, while silver headed for its best month since 1979. Spot bullion is up more than 10 percent this month, as US real yields lingered near record lows. While the ferocity of rallies in gold and silver cooled in the middle of the week, most market watchers predict there might be more gains ahead. Both metals have added about 30 percent this year, with gold and silver exchange-traded funds boosting holdings to a record, as concern about the fallout from the COVID-19 pandemic fuels demand for
MOVING FROM CHINA? The article did not name the company, but Foxconn, Wistron and Pegatron were among firms chosen for a production-linked incentive plan in India An Apple Inc vendor is looking at shifting six production lines to India from China, which could result in US$5 billion of iPhone exports from the South Asian nation, the Times of India reported, citing people familiar with the matter who it did not identify. The establishment of the facility would create about 55,000 jobs over about a year, the newspaper reported, not naming the Apple vendor. It would also cater to the domestic market and expand operations to include tablets and laptops, the newspaper reported. Samsung Electronics Co and Apple’s assembly partners are among 22 companies that have pledged 110 billion