News / Europe

Greece Sells Bonds to Avoid Default Friday

Public sector employees demonstrate in central Athens on November 13, 2012 against expected layoffsPublic sector employees demonstrate in central Athens on November 13, 2012 against expected layoffs
x
Public sector employees demonstrate in central Athens on November 13, 2012 against expected layoffs
Public sector employees demonstrate in central Athens on November 13, 2012 against expected layoffs
VOA News
Cash-strapped Greece has raised the money it needs to help it avoid a default later this week, but says it still urgently needs more bailout funds in the coming days.

The Athens government sold more than $5 billion in bonds Tuesday, which coupled with other cash will allow it to pay off more than $6 billion in financial obligations it owes on Friday.

Greece has adopted another round of austerity measures demanded by its international lenders in an effort to secure another $40 billion segment of its second bailout in the last two years.
 
Greek Finance Minister Yannis Stournaras warned the European Parliament that Greece has its financial limits and that if the new bailout money is not forthcoming soon there is a "very high" risk the country would default on future debt payments.

Finance ministers in the 17-nation euro currency bloc have yet to release the money, but French Finance Minister Pierre Moscovici says the funds could be disbursed to Greece by the end of November.

"The message we gave is a positive message to Greece.  Greece is making great efforts to respect its engagements. It adopted a package of reforms, as well as the budget for 2013.  All of that was voted on the 7th of November and on Sunday the Troika gave it a positive assessment.  It's a preliminary analysis that will have to be confirmed in the next few days, but we wanted to salute this effort," Moscovici said.

The finance ministers approved a plan to give Greece an extra two years - to 2016 - to cut its debt.  But the country's economy is in dire straits, with more than a quarter of its workers unemployed.  Greece is headed to a sixth year of recession in 2013.

European leaders say they want Greece to stay in the eurozone.  Economic analyst Robert Halver of the Baader Bank said the possibility of a Greek departure from the currency bloc has come - and gone.

"It is a political consideration to keep Greece in the eurozone, and if they would leave now - even if it would make economic sense - it would be harmful for certain politicians.  We also know that the euro crisis would then pick up again because it would almost be a joke to let the Greeks leave now.  It would have made a lot more sense to make that move two years ago before sacrificing all stability criteria," Halver said.

You May Like

Hong Kong Democracy Calls Spread to Macau

Macau and Hong Kong are China’s two 'special administrative regions' which gives them a measure of autonomy More

After Nearly 2 Years, Pistorius Remains Elusive

Reporter Anita Powell reflects on her experience covering the Olympic athlete's murder trial More

Kenyan Coastal Town Struggles With Deadly June Attacks

Three months after al-Shabab militants allegedly attacked their town, some Mpeketoni residents are still bitter, question who was really behind the assaults More

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Obama to Ramp Up Anti-Ebola Efforts in Africai
X
Luis Ramirez
September 15, 2014 11:01 PM
President Barack Obama on Tuesday will unveil his plan to ramp up efforts against the spread of the Ebola virus in Africa. VOA White House Correspondent Luis Ramirez reports.
Video

Video Obama to Ramp Up Anti-Ebola Efforts in Africa

President Barack Obama on Tuesday will unveil his plan to ramp up efforts against the spread of the Ebola virus in Africa. VOA White House Correspondent Luis Ramirez reports.
Video

Video West Trades Accusations Over Ransoms

As world leaders try to forge a common response to the threat posed by Islamic State militants in Iraq and Syria, there is simmering tension over differing policies on paying ransoms. In the past month, the jihadist group has beheaded two Americans and one Briton. Both countries refuse to pay ransom money. As Henry Ridgwell reports for VOA from London, there is uncertainty in the approach of some other European nations.
Video

Video Scotland Independence Bid Stokes Global Interest

The people of Scotland are preparing to vote on whether to become independent and break away from the rest of Britain, in a referendum being watched carefully in many other countries. Some see it as a risky experiment; while others hope a successful vote for independence might energize their own separatist demands. Foreign immigrants to Scotland have a front row seat for the vote. VOA’s Henry Ridgwell spoke to some of them in Edinburgh.
Video

Video Washington DC Mural Artists Help Beautify City

Like many cities, Washington has a graffiti problem. Buildings and homes, especially in low-income neighborhoods, are often targets of illegal artwork. But as we hear from VOA’s Julie Taboh, officials in the nation's capital have come up with an innovative program that uses the talents of local artists to beautify the city.
Video

Video US Muslim Leaders Condemn Islamic State

Leaders of America's Muslim community are condemning the violent extremism of the Islamic State group in Iraq and Syria. The U.S. Muslim leaders say militants are exploiting their faith in a failed effort to justify violent extremism. VOA correspondent Meredith Buel reports.
Video

Video Americans' Reaction Mixed on Obama Strategy for Islamic State Militants

President Barack Obama’s televised speech on how the United States plans to “degrade and destroy” the group known as the Islamic State reached a prime-time audience of millions. And it came as Americans appear more willing to embrace a bolder, tougher approach to foreign policy. VOA producer Katherine Gypson and reporter Jeff Seldin have this report from Washington.
Video

Video Authorities Allege LA Fashion Industry-Cartel Ties

U.S. officials say they have broken up crime rings that funneled tens of millions of dollars from Mexican drug cartels through fashion businesses in Los Angeles. Mike O'Sullivan reports that authorities announced nine arrests, as 1,000 law enforcement agents fanned out through the city on Wednesday.
Video

Video Bedouin Woman Runs Successful Business in Palestinian City

A Bedouin woman is breaking social taboos by running a successful vacation resort in the Palestinian town of Jericho. Bedouins are a sub-group of Arabs known for their semi-nomadic lifestyle. Zlatica Hoke says the resort in the West Bank's Jordan Valley is a model of success for women in the region.


Carnage and mayhem are part of daily life in northern Nigeria, the result of a terror campaign by the Islamist group Boko Haram. Fears are growing that Nigeria’s government may not know how to counter it, and may be making things worse. More

AppleAndroid