Greece debt crisis News

Fears that Greece will exit the eurozone, a "Grexit", could revive if Greek authorities do not come up with "credible" reforms, notably on pensions, a senior IMF official said Thursday.

Greek Prime Minister Alexis Tsipras was Saturday battling a major revolt amongst members of his radical-left party who oppose the third huge bailout for the crisis-hit country.

Greece made a loan interest payment due Thursday to the International Monetary Fund, the institution said, avoiding another default as the debt-riddled country negotiates a third rescue plan.

Greek Prime Minister Alexis Tsipras and French President Francois Hollande agreed Thursday that Athens and its international creditors "can and must" reach a bailout deal after August 15.

Greek Finance Minister Euclid Tsakalotos expressed confidence Tuesday that Athens and its creditors will reach a deal on a new bailout in time for August 20, when a huge debt payment is due.

Greece's stock market will reopen on Monday after a five-week shutdown caused by capital controls, but local investors will face restrictions aimed at stemming capital flight.

Senior EU-IMF auditors has held their first meetings with Greek ministers to finalise a new three-year bailout as the Athens stock market prepares to reopen after being shut down for over a month by the debt crisis.

International creditors want Greece to enact a third wave of politically sensitive reforms before they will release any money to keep the near bankrupt country afloat under a third bailout they began negotiating on Monday.

Greek banks will reopen Monday after a three-week closure and withdrawal limits have been relaxed, but capital controls remain in place, a government decree said Saturday.

Gold fell to an eight-month low on Thursday after the U.S. Federal Reserve`s reiteration that interest rates were likely to rise this year pushed the dollar index to a seven-week high.

Eurozone ministers approved the launch of Greece bailout talks and the ECB boosted its cash lifeline to the crisis-hit country Thursday after lawmakers in Athens grudgingly passed a tough reform package demanded by creditors.

Spain`s Prime Minister Mariano Rajoy said Wednesday he will submit the eurozone deal on Greece`s debts to parliament to ensure support for his country`s multi-billion dollar contribution.

Obama reiterated that it is in everyone's interest that Greece and its creditors reach a mutually-acceptable agreement, the statement said.

Greek Finance Minister Yanis Varoufakis accused Athens' creditors of "terrorism" in an interview published on Saturday, a day before Greeks vote in a high- stakes referendum on their bailout.

No matter the solution found for Greece`s debt crisis, fixing problems in Greek tax structures, foreign investment flows and export activity must take place for the economy to start growing again.

The EU and IMF heaped pressure on Greece Thursday, warning of the perilous state of the country`s finances, days ahead of a controversial referendum that could determine its future in the eurozone.

Greece`s radical left government suggested it would resign if it fails to get its way in a make-or-break referendum Sunday that could decide the country`s financial future.

Large IT companies in India are likely to see a marginal 1-2 percent earnings impact from the economic crisis in Greece due to their exposure to Europe, while their direct revenue exposure to Greece is "practically zero", a research report said today.

Greece was being "blackmailed", he said, quashing talk that he might delay the vote, call it off or urge Greeks to vote yes.

European leaders Monday pleaded with Greek voters to back hotly disputed bailout proposals in a crunch referendum or face leaving the euro as bank closures left many in Greece scrambling to find cash.