Greece Expects to Continue Receiving Bailout Funds

October 16, 2012 Share Print 0

Greece will conclude austerity talks with its lenders to continue receiving the bailout funds it needs, Prime Minister Antonis Samaras said on Monday, but officials said the talks would most likely not be finished by Thursday’s EU summit.

“Greece will soon get the next tranche. Its economy needs liquidity like a desert needs rain,” Samaras told a conference in Athens.

But Finance Minister Yannis Stournaras told reporters negotiators would most likely miss a target to complete the talks by Thursday, when a European Union summit takes place.

A senior finance ministry official later confirmed the two sides would not finish negotiations by Thursday, and would resume talks after the summit.

“We won’t have a deal on all issues by the summit. There are too many issues pending,” the official told reporters after late-night talks between Stournaras and Greece’s lenders.

via CNBC

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Alfonso Esparza

Senior Currency Analyst at Market Pulse

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.