News / Europe

Greece Predicts It Will Reach New Funding Deal

A municipality worker shouts slogans in front of the parliament during a rally against new austerity measures in Athens, October 3, 2012.
A municipality worker shouts slogans in front of the parliament during a rally against new austerity measures in Athens, October 3, 2012.
VOA News
Greece's finance chief is predicting the country will reach an agreement with its international lenders by Monday to release another segment of bailout funds so Athens can meet its financial obligations.

Finance Minister Yannis Stournaras said Wednesday that "fairly large" differences remain between Greece and the European Union, the European Central Bank and the International Monetary Fund over the terms of Greece's $17-billion austerity plan to cut government spending.

Stournaras said he expects a compromise will be reached, though, in time for a meeting Monday of finance ministers from the 17-nation euro currency bloc. Greece's international creditors have been demanding that Athens adopt the new austerity plan before it will agree to hand the country another $40 billion in bailout aid.

The negotiations have lasted several weeks, with the lenders wary that the promised spending cuts will put Greece on a successful economic path. The austerity measures have sparked frequent street protests, some of them violent, by Greeks angered at the lenders' demands and the country's beleaguered economy.    

Even as Greece's debt crisis remains unresolved and the country heads into a sixth year of recession in 2013, Athens announced plans to invest in the construction of a Formula One race track.

The government said it will spend more than $37 million on the project in hopes it will attract Grand Prix races, boost tourism and create jobs.

Greek leaders have debated the project - set for a site on the Peloponnese peninsula - for years, facing opposition from local residents and environmentalists. The government also said it is investing in a solar panel factory and renovation of a luxury hotel on the island of Crete.

Some information for this report was provided by AP, AFP and Reuters.

You May Like

Obama: I Will Do 'Everything I Can' to Close Guantanamo

US president says prison continues 'to inspire jihadists and extremists around the world' More

Sierra Leone Educates on Safe Ebola Burials

Also, country is improving at rapid response to isolated outbreaks, but health workers need to be even faster, officials say More

Religion Aside, Christmas Gains Popularity in Communist Vietnam

Increasingly wealthy Vietnamese embrace holiday due to its non-religious glamor, commercial appeal More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Decision on Cuba Underscores Divisions Among Miami Cubansi
X
Sharon Behn
December 19, 2014 9:34 PM
For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video US Decision on Cuba Underscores Divisions Among Miami Cubans

For decades, older, more conservative Cubans have been gathering at Café Versailles on the corner of Calle Ocho to eat Cuban food and talk politics. After hearing of President Barack Obama’s decision, a number of them gathered in front of the café with posters to protest. VOA's Sharon Behn reports on the situation.
Video

Video Three Cities Bid for Future Obama Presidential Library

President Barack Obama still has two years left in his term in office, but the effort to establish his post-presidential library is already underway. The bid for the Obama Presidential Library is down to four locations in three states -- New York, Hawaii, and Illinois. As VOA’s Kane Farabaugh reports, each of them played an important part in the president’s life before he reached the White House.
Video

Video Cuba Deal is Major Victory for Pope’s Diplomatic Initiatives

Pope Francis played a key role in brokering the US-Cuba deal that was made public earlier this week. It is the most stunning success so far in a series of peacemaking efforts by the pontiff. VOA religion reporter Jerome Socolovsky has more.
Video

Video Fears of More Political Gridlock in 2015

2014 proved to be a difficult year politically for President Barack Obama and a very good year for the U.S. Republican Party. Republican gains in the November midterm elections gave them control of the Senate and House of Representatives for the next two years -- setting the stage for more confrontation and gridlock in the final two years of the Obama presidency. VOA National Correspondent Jim Malone has a preview from Washington.
Video

Video Sudan School Becomes Target of Aerial Attacks

The school dropout rate is at an all-time high in Sudan's South Kordofan state because many schools have been destroyed during the three-year civil war between the government and SPLA-N rebel forces. Adam Bailes visited Sudan's Nuba Mountains' region and reports many children are simply too scared to go to school
Video

Video VOA Reporter Tours Devastated Peshawar School

Islamist militants wearing military uniforms and strapped with explosives attacked a military run school Tuesday in the northwestern Pakistani city of Peshawar. At least 141 people were killed in the horrific attack, most of them young students. VOA reporter Ayaz Gul visited the devastated school and attended the funeral of the principal who courageously tried to save her students from the deadly attack.
Video

Video Nigerians Fleeing Boko Haram Languish in Camp Near Capital

In its five-year effort to impose Islamic law in northeastern Nigeria, the Boko Haram extremist group has killed thousands of people and forced hundreds of thousands to flee. Some of those who ran for their lives now live in squalor on the edges of the capital, Abuja. Chris Stein reports for VOA.
Video

Video Aceh Rebuilt Decade After Tsunami, But Scars Remain

On December 26, 2004 there was an earthquake in the Indian Ocean so powerful it caused the Earth’s axis to wobble a few centimeters. Onshore on the island of Sumatra, the resulting tsunami was devastating. A decade later, VOA Correspondent Steve Herman reports from Banda Aceh, Indonesia, where although there is little remaining evidence of the physical devastation, the psychological scars among survivors remain.

All About America

AppleAndroid