Eurozone crisis

Greece is set to ask for a brief extension to its current bailout and is discussing the possibility of the International Monetary Fund maintaining a prominent role in whatever program will follow, Kathimerini understands.

Greece’s second-largest lender by assets, Piraeus Bank, on Tuesday reported a loss in the third quarter after booking over 2 billion euros in charges for bad loans. Piraeus reported a net loss of 1.56 billion euros in the quarter, compared to a loss of 277 million euros in the year earlier period.

Greek government’s spokesman Sofia Voultepsi said that a meeting between representatives of the coalition and troika in Paris on Tuesday and Wednesday represent the “last phase” of negotiations between the two sides.

“The important thing is that a decision has been taken to get the process moving again,” Voultepsi told Vima FM.

Government officials were seeking ways to bridge a rift with the country’s international creditors over the weekend after the budget for 2015 was submitted to Parliament without the troika’s approval.

Greece and the troika are not expected to break the deadlock in their negotiations over the next few days, sources told Kathimerini after another day of tension-filled talks between the two sides.

A conference call between Greek officials and the troika has not produced an agreement between the two sides, Kathimerini understands.

The four-hour call started Thursday night and ended around 3 a.m. on Friday.

 KEPE says GDP could grow by up to 20 pct in the next six years

The Greek economy may be rebounding, but there are still risks that could derail this recovery, according to three separate studies published on Thursday by the Center of Planning and Economic Research (KEPE), BNP Paribas and the Economist.

The International Monetary Fund said Nov. 20 it had approved a new stand-by loan for Serbia worth around one billion euros ($1.25 billion) to help it achieve economic reforms.
      

Greece’s bonds fell on Tuesday on reports talks are deadlocked over the nation’s next aid disbursement.

Greek 10-year yields rose the most in more than two weeks as the government and its international creditors remained deadlocked over a final round of measures required to release the last tranche of the country’s bailout, two people familiar with the negotiations said.

A European Union official with knowledge of Greece’s negotiations with the troika has told Kathimerini that there are still substantial differences to be resolved between the two sides before inspectors can return to Athens.