The International Monetary Fund has relaxed its debt-cutting target for Greece and only a 10 billion euro ($13 billion) gap remains to be filled for a vital aid installment to be paid, Greece's finance minister said on Friday. But other sources involved in talks between euro zone finance ministers and the IMF cautioned that the
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European shares rose and the single currency hit a three-week high on Friday after progress was reported in talks to help Greece manage its huge debt and secure much needed aid payments. The International Monetary Fund (IMF) and the European Union are at odds on setting a target for Greece's debt by 2020, and the
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Signs across Athens advertise property for rent or sale. One in three shops has closed. At those still open for business, turnover has slumped. So it is one of the mysteries of Greece's economic depression that prices of some things – milk and the new iPhone, for example – are among the highest in Europe.
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International lenders have agreed new steps to cut Greece's debt pile further but it still has to fill a 10 billion euro ($13 billion) gap to gain the IMF's approval for its next tranche of aid, a senior Greek government official said on Friday. The International Monetary Fund has agreed to deem the country's debt
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Cyprus Government negotiations with Troika (EC, ECB, IMF) for a rescue package were concluded at about 20.00 on Thursday, CNA sources say. Central Bank Governor Panicos Demetriades and Senior Central Bank official Spyros Stavrinakis are said to have played a catalytic role in order for the agreement to be reached, the same sources say. The
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Cyprus is close to agreeing a bailout package with the European Union and International Monetary Fund, President Demetris Christofias said on Thursday after the latest round of talks, despite saying a day earlier that he was "shocked" that the public debt adn bailout needs could reach 17.5 bln euros. The island sought financial aid, expected
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Britain's top share index reached a 3-week high on Thursday after gaining for a fourth straight session, driven by strength in commodity stocks after a return to growth in China's manufacturing sector. However, trading volume was thin with U.S. markets shut for the Thanksgiving public holiday. The Chinese HSBC Flash Manufacturing PMI rose to 50.4
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To understand why milk costs more in Greek shops than anywhere else in the European Union, Stathis Aravanis's farm is a good place to start. Tall elm trees screen the 4 hectares (10 acres) of land that Aravanis farms outside the small town of Orchomenos in central Greece, not far from the ancient city of
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Lewis Hamilton has told his McLaren Formula One team to expect him back despite his move to Mercedes next season – but only for dinner. The 2008 world champion will say an emotional farewell to the team that gave him his F1 debut in 2007, and has backed him since he was in his early
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A former senior trader at UBS , sacked for failing to prevent colleague Kweku Adoboli from perpetrating the biggest fraud in British history, has set up a gambling website. In a decision likely to be seized upon by critics who say traders have often made casino-style bets, John Hughes started his gambling firm even though
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