Tsipras and Merkel to Meet As Bankruptcy Looms

Greek Prime Minister Alexis Tsipras is due to meet German Chancellor Angela Merkel amid mounting concern that Athens is running out of money.

The two countries have been at odds over Greece’s efforts to renegotiate the terms of its international bailout.

It follows a pledge from the European Union (EU) to provide €2bn (£1.45bn) to Greece to ease what it called the country’s “humanitarian crisis”.

But Mrs Merkel said on Friday there would be no new money without reforms.

European Commission President Jean-Claude Juncker said the €2bn fund would be spent on growth and “social cohesion” in Greece.

“Humanitarian crisis, it has been called, and it is indeed a humanitarian crisis,” he said.
He said the EU would provide Greece with €2bn worth of development funds to boost economic growth, cut youth unemployment and help the poor.

Greek Prime Minister Alexis Tsipras welcomed the move, stressing a common need to tackle the humanitarian crisis.

via BBC

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Alfonso Esparza

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.
Alfonso Esparza