Greece Launches Effort to Get More Bailout Funds Released

May 5, 2015 Share Print 0

Greek ministers have launched a concerted effort to persuade European officials to release more bailout money as the government runs out of cash.

Finance Minister Yanis Varoufakis was meeting his French counterpart before heading for Brussels, while colleagues headed for the European Central Bank.

The EU and IMF will not release €7.2bn (£5.3bn; $8bn) until they are satisfied with Greek plans for economic reform.

The EU has now slashed its 2015 growth forecast for Greece from 2.5% to 0.5%.

The Greek government is desperate to reach a deal with its international creditors before a scheduled €1bn debt interest repayment to the IMF on 12 May, but the two sides have yet to agree on labour reforms and pensions.

Prime Minister Alexis Tsipras spoke to German Chancellor Angela Merkel over the phone on Monday night, but a Greek official said only that they had exchanged views on the relevant issues.

As his government pushed for a compromise, EU Economic Affairs Commissioner Pierre Moscovici said that “in light of the persistent uncertainty”, revising the forecast for Greece’s growth had been unavoidable.

via BBC

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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.