Greece Crisis: No Sign Of Deal At Loan Talks

Written By Unknown on Jumat, 20 Februari 2015 | 22.56

An emergency meeting of eurozone finance ministers to discuss the Greek bailout crisis has been delayed as frantic negotiations continue on a possible loan deal.

The country wants an extension on its funding for six months to be agreed in Brussels but has rejected strict austerity conditions, which Germany has insisted must remain.

Talks between finance ministers have been delayed by at least 90 minutes as officials scramble to make progress behind the scenes.

As he arriving for the meeting, Greek finance minister Yanis Varoufakis said he hoped to see "white smoke" by the end of the day - an apparent reference to success on the election of a new Pope.

However, a member of the Greek team, Elena Panaritis, told Sky News it was clear creditors wanted Greece to bleed and politics had got in the way of economics.

It has been suggested there is now 80% agreement on the Greek plan - which Germany had previously dismissed as a "Trojan horse, intending to get bridge financing and in substance putting an end to the current programme".

Greek prime minister Alexis Tsipras told Reuters on Friday he was "certain" his government's request would be accepted despite Berlin's objections and called for a "historic political decision" to seal a deal.

He insisted his nation had done "everything possible".

His anti-austerity government is seeking a compromise as it runs the risk of running out of cash and defaulting on its debts without agreement by the end of the month.

Such a scenario could force it to leave the single currency.

Greece has ruled out the prospect of any deal under the terms of its previous rescue, citing its mandate from the Greek people who swept the anti-austerity Syriza party to power last month.

The formal Greek request pledged to honour all Greek debts and not take unilateral action that would undermine agreed fiscal targets.

The government blames the conditions attached to its €240bn (£178bn) bailout of hampering the country's recovery and leading to a deterioration of living standards.

Unemployment remains at more than 25%.

On Monday, the government rejected a eurozone plan to extend its current bailout commitments, describing it as absurd.


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