Business ETC uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Click here to find out more »
Dublin: 8 °C Thursday 20 June, 2013

EU leaders agree Greece needs to change its bailout plan – report

Reuters is quoting sources as saying that European leaders have agreed Greece needs to make changes – which could include debt restructuring – to its bailout plan.

Image: AP Photo/Petros Giannakouris

Published in full with permission from Business Insider

EU LEADERS HAVE concluded that Greece needs changes to its bailout programme that could include the restructuring of its debt, according to Reuters sources.

The decision, made by those in attendance at a secret Friday meeting exposed by Der Spiegel, is likely to include a reduction in Greece’s bailout interest rate and easing of austerity pressures on the country. Support for a debt restructuring in Greece also appears to be rising amongst European leaders. Such a move could hit banks throughout the eurozone, exposed to the country’s sovereign debt.

Further ratcheting up the pressure on the restructuring side, UK finance minister George Osbourne said Britain would not take part in another bailout because he didn’t think the first one worked at alleviating market pressure on the country.

Changes in the bailout will be yet again debated in a week’s time, at the Eurogroup meeting on May 16.

Read more on Business Insider >

Greece denies plan to leave eurozone and bring drachma back >

  • Share on Facebook
  • Email this article
  •  

Read next:

Comments (13 Comments)

  • Bring it on!! We’re next in line for a nice juicy hand out!!!!

    Reply
  • Its hardly a handout gary. If anything we are handing france and germany 90 billion of our hard earned so they dont have to shell out for their banks. Bailout me bollix, if you will pardon the language!

    Reply
  • Wait, the bailouts aren’t working? Who saw that coming!

    Reply
  • Noonan in Lederhosen, now thats a mental image I could have done without pre Sunday lunch.

    Reply
  • Watching the EU deal with the massive debts of the PIGS is like watching a car crash in slow motion and the efforts of the driver to brake and turn the wheel…before the inevitable happens. In the meantime Ireland economically is stalled…1st rule of economics any housewife will tell you, you cannot borrow to pay back borrowing when your husband the bread winner is out of work.

    Reply
  • ‘Michael Noonan’s crucial point is that this is a marathon, not a sprint,’ another inside source said

    So its a sport is it Noonan? While you are dithering and playing at being a politician people are worried sick about their homes, jobs, families and all of their futures. Make a move man and call the bluff just as the Greeks did.Then it will all be sorted and you can take off the lederhosen .

    Reply
  • We need to get out too

    Reply
  • Eh no Dave. There will be a burden share between all states and we will back on the pigs back, trust me.

    Reply
    • Ya that’s it alright Jean, sorry, Gary. Germany dictates everything that happens in every other euro state, interest rates, bailouts etc etc. Anyone who doesn’t see that quite frankly is an idiot. If I were a german citizen I would be aggrieved at bailing out other countries too, but just 2 points. 1. I would recognise as a german citizen that my banks had grown off the back of loaning to bubbles in other countries. That’s not the citizens fault in Ireland, that’s my banks fault for being imprudent. 2. I, mr german citizen, am not bailing out anyone more than myself, and, at a healthy profit. If Ireland goes wallop goodbye to the german bureaucratic single currency dream. I want it more than the Irish do, after all it benefits me alot more and it gives ten times more of a shite about me too.

      Reply
    • Burden share? Are you for real? They lend to us, they get back with sugar on top.

      Let’s not kid ourselves here. The only one with any burden is us. Meanwhile the french and germans and others get a free bank bail out with mine, and your, hard earned cash.

      Reply
    • Gary, id be delighted if what you say is true and a new deal emerges with some real FAULT sharing. Because that is what should happen. It wasnt a localised Irish problem, the continental banks got fat on the juicy Irish property market. Even the Germans make imprudent decisions!

      I’d love to trust you, but alas, past experience shows the needs of the citizen of this country come bottom of the pile.

      Reply
  • Idiots?

    Reply

Add New Comment