News / Europe

EU: Greece May Need More Eurozone Aid

European Union flag, left, alongside Greek flag, Parthenon temple in Athens, April 11, 2011 (file photo).
European Union flag, left, alongside Greek flag, Parthenon temple in Athens, April 11, 2011 (file photo).

Greek Prime Minister Lucas Papademos and Finance Minister Evengelos Venizelos have resumed talks on debt writedown with international private lenders.

Officials close to the talks told reporters that progress was made late Thursday during the talks, which they said focused on technical and legal issues.  Talks between the Greek officials and top bank negotiators, Charles Dallara and Jean Lemierre, are expected to continue Friday.

Several previous negotiating sessions have failed to resolve what interest rate the large financial institutions are willing to accept on the revised Greek bonds they hold. The lenders are pressing for a 4 percent rate, but European leaders are demanding 3.5 percent, to ease Greece's borrowing costs.

Earlier Thursday in Davos, Switzerland, the European Union's top economic official said that Greece's public creditors may have to deliver more financial aid to cut its staggering debt because a prospective deal with private lenders is not likely to be big enough.

EU economics commissioner Olli Rehn said Thursday in the Swiss resort town of Davos  that he expects the Athens government will reach a deal in the coming days with the private creditors to cut about $130 billion from the debt Greece owes them.

"We are preparing a package which will pave the way for a sustainable solution for Greece, and in that package, yes, on the basis of the revised debt sustainability analysis, there is likely to be some increased need of official sector funding, but not anything dramatic in this case,'' Rehn said.

But he suggested that the 17-nation bloc that uses the common euro currency and the European Central Bank may also have to add money to the debt relief effort aimed at helping financially troubled Greece regain its economic footing over the coming years. It is an idea that numerous European leaders have opposed.

European leaders are pressing Greece to reach a new debt deal with its private creditors that by 2020 would cut the country's financial obligations to 120 percent of the country's economic output. But the prospective debt relief package with the private lenders would not reach that mark, and perhaps leave a funding shortfall of as much as $19 billion.

Greece's European neighbors are demanding that it reach an agreement on the debt relief and impose more unpopular austerity measures before they will approve a new $169 billion bailout, the country's second in two years. Greece says that without the new funding, it will default on its financial obligations in March.

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

You May Like

EU Court Fines Poland for Hosting CIA 'Black Sites'

Ruling is first time a court has acknowledged suspects were held and tortured at the sites, under US program launched following the 9/11 terrorist attacks More

Migrant Issues Close to Home Spur Groups to Take Action

Groups placing water, food in the desert, or aiding detainees after release, have one common goal: no more deaths of migrants crossing illegally into the US More

Video At AIDS Conference, Prevention Pill Stirs Excitement

Truveda shows promise, spurring debate over access and other approaches More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Treatment for Childhood Epilepsy Heats up Medical Marijuana Debatei
X
Shelley Schlender
July 24, 2014 6:43 PM
In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Treatment for Childhood Epilepsy Heats up Medical Marijuana Debate

In the United States, marijuana is classed as an illegal drug by the federal government. But nearly half the states have legalized it, to some degree. Proponents say some strains of marijuana might have exceptional health benefits, for treating pain or inflammation in chronic conditions such as cancer, multiple sclerosis and epilepsy. Shelley Schlender reports on a strain of medical marijuana developed in Colorado that is reputed to reduce seizures in childhood epilepsy
Video

Video Airbus Adds Metal 3D Printed Parts to New Jets

By the end of this year, European aircraft manufacturing consortium Airbus plans to deliver the first of its new, extra-wide-body passenger jets, the A350-XWB. Among other technological innovations, the new plane will also incorporate metal parts made in a 3-D printer. VOA's George Putic has more.
Video

Video Death Toll From Israel-Gaza Conflict Surpasses 700

Gaza officials say a shelling hit a compound housing a United Nations-run school in the Gaza Strip, killing more than a dozen people, during an Israeli offensive in the area. Heavy fighting between the Israeli military and Hamas militants continued on Thursday, pushing up the death toll. So far, more than 730 Palestinians and 35 Israelis have been killed in the conflict. VOA's Scott Bobb has the latest from Jerusalem.
Video

Video AIDS Conference Welcomes Exciting Developments in HIV Treatment, Prevention

Significant strides have been made in recent years toward the treatment and prevention of HIV, the virus that causes AIDS. This year, at the International AIDS Conference, the AIDS community welcomed progress on a new pill that may prevent transmission of the deadly virus. VOA’s Anita Powell reports from Melbourne, Australia.
Video

Video Israel Targets Gaza Supply Tunnels

The Israeli military has launched a ground operation in Gaza to destroy the myriad tunnels that may have been used to smuggle weapons to Hamas. VOA's Zlatica Hoke reports that could mean more hardship for the people of Gaza, who obtain some of their essential supplies through these underground passages
Video

Video Researchers Target Low-Cost Avatar Technology

Scientists at the University of Southern California Institute for Creative Technologies say 3-dimensional representations could revolutionize social media. Elizabeth Lee has more from Los Angeles.
Video

Video IAEA: Iran Turns its Enriched Uranium Into Less Harmful Form

Iran has converted its stockpiles of enriched uranium into a less dangerous form that is more difficult to use for nuclear weapons, according to the United Nations’ Atomic Energy Agency. The move complies with an interim deal reached with Western powers on Iran's nuclear program last year, in exchange for easing of sanctions. Henry Ridgwell reports for VOA from London.
Video

Video In Cambodia, HIV Diagnosis Brings Deadly Shame

Although HIV/AIDS is now a treatable condition, a positive diagnosis is still a life altering experience. In Cambodia, people living with HIV are often disowned by friends, family and the community. This humiliation can be unbearable. We bring you one Cambodian woman’s struggle to overcome a life tragedy and her own HIV positive diagnosis.

AppleAndroid