Scrolling news:

Iraq: US seeks verification of ‘Islamic State’ beheading of journalist James Foley

Japan: Torrential rains unleash deadly landslide killing a dozen people in Hiroshima

Palestine: Three Palestinians killed, incl 3 year-old child, in Israeli airstrikes on Gaza City

Palestine: Dozens Palestinians abducted by Israeli forces in West Bank, Jerusalem

Palestine: Israeli army demolishes cave housing family near Bethlehem

Palestine: Several Palestinians kidnapped by Israeli forces in West Bank, Israeli settlers attack cars

Palestine: Israel bombs Gaza, withdraws negotiators from Cairo

Pakistan: 18 suspected militants killed in fresh NWA, Khyber airstrikes

US: Ferguson curfew lifted, Obama appeals for restraint

Iraq: Obama says Mosul Dam retaken from extremists with US help

Palestine: Palestinian female detainee denied family visits since her arrest in 2012

Palestine: Nine Palestinians kidnapped by Israeli soldiers from West Bank, Jerusalem

Palestine: Israeli army detonates two homes in Hebron, seals one with concrete blocs

Palestine: Six Palestinians kidnapped by Israeli forces in West Bank

Syria: Airstrikes kill 31 terrorists in Raqqa city

Palestine: Body recovered in Shujaiyya a month after ‘massacre’ by Israel

Palestine: Hamas says Israel stalling on agreement as Gaza death toll hits 2016

US: Curfew imposed for second night in Ferguson, Missouri

Palestine: Palestinian arrested filming Israeli settlers throwing stones in W Bank

Israel: 5 of 64 Israeli soldiers killed in Gaza invasion were killed by ‘Friendly Fire’

Bundesbank expecting new bailout for Greece

12th Aug 2013

Germany’s central bank is expecting a new bailout for Greece by early 2014, according to a news magazine report. So far there has been no coment from the Bundesbank.

A report to be published in this week’s edition of Der Spiegel news magazine quotes an internal document from the Bundesbank to Germany’s finance ministry and the International Monetary Fund (IMF).

The report says the Bundesbank used the document to call to attention “considerable doubts” as to the ability of the Greek government to implement reforms required by international lenders. It also quotes the Bundesbank as citing “political restraints” in the recent approval of the payment of a 5.7-billion-euro ($7.6 billion) tranche of an existing bailout for Greece.

In the document, the bank predicts that European governments “will certainly agree a new aid program for Greece” by early 2014 at the latest. The central bank also described the risks of the current rescue program for Athens as “unusually high” and the performance of the Greek government as “hardly satisfying.”

The report could rekindle a debate in Germany about whether Chancellor Angela Merkel has deliberately played down the prospects of further help for Greece before a September 22 election in which recent opinion polls suggest she is likely win a third term. Merkel and her finance minister, Wolfgang Schäuble, have said repeatedly that the rescue remains on track, rejecting the suggestion that Greece could require extra aid or debt relief.

Opposition figures, notably the Social Democrat’s challenger for Merkel’s job, Peer Steinbrück, have accused her of covering up the risks that German taxpayers will have to fund further eurozone bailouts.

The required cuts

Greece has already received two bailouts from the European Union and IMF totaling 240 billion euros, with 90 percent of those funds already paid out to Athens. It is to receive the rest of the funds by the end of 2014.

Last week, Greece’s statistics office announced that unemployment had reached a record 27.6 per cent in May. The EU and IMF insist that Greece – now in its sixth year of recession – continue to make harsh cuts in exchange for the multibillion-euro payments.

mkg/pfd (AFP, Reuters, dpa, AP)


Leave a Comment

What is 5 + 9 ?
Please leave these two fields as-is:
IMPORTANT! To be able to proceed, you need to solve the following simple math (so we know that you are a human) :-)

The Muslim News Awards for Excellence event is to acknowledge British Muslim and non-Muslim contributions to society. Over 850 people from diverse background, Muslim and non-Muslim, attended the gala dinner.

Latest Tweets

The Muslim News


Awards for Excellence

Read more