WORLD
Athens will start official talks with European officials and the IMF to clarify details on the deal which, at an estimated 45 billion euros in the first year, would be the largest such bailout ever attempted.
Greece will decide within weeks on whether or not to activate a European Union and International Monetary Fund aid mechanism, prime minister George Papandreou told Newsweek.
Athens will start official talks with European officials and the IMF on Monday to clarify details on the deal which, at an estimated 45 billion euros in the first year, would be the largest such bailout ever attempted if Greece asks for it.
"We will have to make a decision about whether we activate this mechanism in the next few weeks," he was quoted as saying in the magazine''s April 16 issue.
"We haven't taken an official decision yet. All we're saying is let's prepare so that if we have to push the button, it''s ready."
Investors are increasingly certain Athens will tap the aid after a bid by euro zone leaders to flesh out its details last week failed to rein in a spike in borrowing costs that are complicating Greece''s attempts to cut its budget deficit.
The yield on Greek 10-year bonds closed at 7.4 percent on Friday, three percentage points over pre-crisis levels. It pushed the difference in yields between 10-year Greek debt and euro zone benchmark German bonds up 15 basis points to 426, close to last week''s euro era record of 463.
Papandreou said the aid package was not a bailout and it would give Greece breathing space to move ahead with the necessary reforms.
"It gives us the room to manoeuvre to make the necessary changes to make our economy a viable one," he said.
He also said he thought Greece would have no difficulty borrowing on global markets next month, when Greece must refinance 11 million euros of debt in May.
The first test will be the sale of 1.5 billion euros in short term debt on April 20. The same day, officials will travel to the United States to gauge appetite for a dollar-denominated bond, although so far markets say interest has been lukewarm.
"We will not default," Papandreou said. "The problem is the cost of borrowing, and how long we can sustain that. I don''t see a problem even in May, but that doesn''t mean that we have closed the option of using this mechanism."
Jake Paul vs Mike Tyson: What is the prize money for this iconic fight?
Tara Sutaria REACTS amid dating rumours with Arunoday Singh: 'To be in love…'
CEO Kunal Shah to compete with Zerodha, Groww? CRED's subsidiary applies for stock broking license
Delhi air pollution: CM Atishi announces staggered working hours for govt workers amid 'severe' AQI
CBSE Date sheet 2025 to be released at...; when and how to check class 10, 12 timetable
This is world's most expensive nail polish costs more than 3 Mercedes, it's price is...
This Indian favourite has made it to the list of "50 best bean dishes" in the world
UPPSC prelims 2024 exam date announced, examination to happen in two shifts, check details here
SA vs IND: Arshdeep Singh eyes Yuzvendra Chahal's all-time India record in T20Is
Isha Ambani stuns in Giorgio Armani suit at Tira store launch in Mumbai
Mukesh Ambani's SUPERHIT affordable packs for Jio users: Get 10 GB data for just Rs...
'We have redone...': Shraddha Kapoor's Naagin to go on floors in 2025, producer reveals new details
'Those whom no one cares for, Modi worships them': PM Modi in Bihar rally
Congress targets PM Modi's Jamui visit, asks why hasn't Bihar been granted special category status
What is GRAP Stage 3, action plan implemented in Delhi-NCR to combat air pollution?
Sri Lanka Elections 2024: President Anura Dissanayake's party wins majority in general election
Haryana govt has implemented sub classification of Scheduled Castes for job quota
New Zealand’s youngest MP performs ‘haka’, rips up copy of bill in parliament, watch viral video
Amid Champions Trophy row, India emerges top contender to host 2025 tournament if…
Amitabh Bachchan does amazing Taekwondo move on KBC 16 sets, fans wonder if he is really 82
Shillong Teer Results November 15, 2024: Check updates on winning numbers
Boxing legend Mike Tyson slaps YouTuber Jake Paul during final staredown, watch viral video
7 companies led by Mukesh Ambani, Nita Ambani's daughter Isha Ambani
Shahid Afridi's BIG appeal to BCCI amid Champions Trophy crisis, says. 'If countries once...'
Donald Trump picks anti-vaccine activist Robert F Kennedy Jr as US Health Secretary
Manipur violence: AFSPA reimposed in 6 police station areas including troubled Jiribam
Delhi Air Pollution: Delhi-NCR engulfed in thick smog, AQI in 'severe' category
Is Elon Musk buying McDonald's after Donald Trump's win? Here's what we know so far
Jake Paul vs Mike Tyson live streaming: When and where to watch much-anticipated fight
US takes immigration issue 'incredibly seriously': State Dept amid visa delays
Guru Nanak Jayanti 2024: Are banks closed or open today? Check state-wise list here
Beaver moon 2024 today: All you need to know about 2024's last supermoon
Anil Ambani's Reliance Infra posts Rs 4082 crore profit in 3 months, market cap climbs to Rs...
Meet Prerna Singh, daughter of autorickshaw driver, who cracked NEET-UG, her score was...
Meet woman, who cracked UPSC exam while doing full time job, secured AIR 3, now she is...
Viral video: Little girl wins heart with adorable dance to Janhvi Kapoor’s 'chuttamalle' song, watch
IND vs SA, 4th T20I Dream11 prediction: Fantasy cricket tips for India vs South Africa match
IND vs SA, 4th T20I: Predicted playing XIs, live streaming details, weather and pitch report
Delhi: All primary schools closed, classes shifted to online mode due to rising pollution levels
BIG trouble for Anil Ambani, criminal charges against his Rs 14422 crore company over...
Bhool Bhulaiyaa 3 producer calls Singham Again team 'unfair' after the box office win
From Play to Pay, Gaming Is Big Business And A Genuine Professional Prospect