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

China Investigates Former Powerful Security Chief

Former security chief and member of Politburo Standing Committee, Zhou Yongkang, under investigation for suspected 'serious disciplinary violation' More

India, US Look to Reset Ties During Kerry Visit

This week's talks will be first high level interaction between two countries since Prime Minister Narendra Modi took charge More

Video Young African Leadership Program Renamed to Honor Mandela

YALI program, launched by President Obama in 2010, aims to build skills in business, entrepreneurship, public management and civic leadership More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid