News / Europe

Euro Finance Chiefs Weigh Greek Debt Relief

Germany's Finance Minister Wolfgang Schaeuble talks to the media before attending a eurozone finance ministers meeting in Luxembourg, June 21, 2012. Germany's Finance Minister Wolfgang Schaeuble talks to the media before attending a eurozone finance ministers meeting in Luxembourg, June 21, 2012.
x
Germany's Finance Minister Wolfgang Schaeuble talks to the media before attending a eurozone finance ministers meeting in Luxembourg, June 21, 2012.
Germany's Finance Minister Wolfgang Schaeuble talks to the media before attending a eurozone finance ministers meeting in Luxembourg, June 21, 2012.
VOA News
Eurozone Finance chiefs are weighing whether to ease the terms of Greece's latest bailout.

Meeting in Luxembourg, finance ministers from Germany, the Netherlands and Finland are likely to balk at easing austerity measures Athens pledged to adopt earlier this year when it secured a $168 billion EU rescue package.  It was Greece's second bailout in two years.

Some European officials acknowledge Greece will need more leeway to advance its economy, now in the fifth year of a recession.

The new coalition government in Athens says its goal is to boost the country's economic growth and revise the bailout terms, but not so much as to jeopardize Greek membership in the 17-nation eurozone.

An adviser to Greek Prime Minister Antonis Samaras says the government wants to adhere to the basic loan agreement.

"As Mr. Samaras has expressed and described quite explicitly and in great length, we would like to alter the memorandum by extending the implementation period and replacing some of the austerity measures with growth measures," said Tsomocos Dimitris.  "And having said that, definitely we would like to obey and abide by the goals and the objectives of the loan agreement."

The ultimate decision on Greek debt relief is likely to rest with the eurozone heads of state, who meet next week in Brussels.

Spain is set to discuss the planned $125 billion rescue of Spanish banks, which euro leaders preliminarily approved two weeks ago.  Financial analysts fear that Madrid could eventually follow Greece, Ireland and Portugal in needing a bailout.

Spain again sold bonds to investors on Thursday, but its borrowing costs more than doubled from a comparable sale in March.

Meanwhile, a new survey showed European manufacturing is continuing to contract, down to its lowest point in three years.

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

You May Like

India PM Modi's Party Distances Itself From Religious Conversions

BJP under fire for being slow to rein in hardline affiliate groups allegedly trying to promote Hindu-dominant agenda by luring Muslims and Christians to convert More

Anti-Whaling Group Found in Contempt of Court

Radical environmentalists who threw acid and smoke bombs at Japanese whalers in the waters off Antarctica continue their campaign to disrupt Japan's annual whale hunt More

UN's Ban Urges End to Discrimination Against Ebola Workers

Ban was speaking in Guinea on the second day of a whistle-stop tour aimed at thanking healthcare workers of the countries at the heart of the epidemic 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