Even as disheartened Greeks queued up in front of ATMs over the weekend in an attempt to extract their cash, European leaders on Monday urged them to vote 'yes' in the upcoming referendum on the bailout, stressing that it was in the country's interest that it remains in the euro area.
Greece closed its banks and imposed capital controls on Monday in order to avoid a financial collapse as the failure of debt talks with the EU makes it difficult to honor the payment due on June 30. The banks will remain closed until July 6 and introduced a limit of 60 euro on daily cash withdrawals from cash machines after the European Central Bank froze its funding for Greek banks.
UN Secretary-General Ban Ki-moon has urged the authorities of Burundi to consider the postponing of the elections scheduled for July 15.
"Deeply concerned over the prevailing political and security environment in Burundi, the Secretary-General appeals to the Burundian authorities to seriously consider...
Previewing what he hopes will be the last round of United Nations-backed political talks on Libya, the UN envoy for the country said Friday the fact that all the participants in the dialogue have accepted a fourth draft proposal as the basis for a final political solution is "extremely encouraging" that...
Greece's creditors have proposed a five-month extension of its current bailout programme if the government agrees to a set of reforms, reports said citing officials and leaked documents. The country's massive EUR 240 billion bailout will be extended till the end of November, when a total EUR 12 billion aid will be offered.
Despite the ongoing brinkmanship and the toxic mix of missed deadlines and myriad proposals, Eurozone is clinging to the hope that Greece will stay in the single currency bloc as a meeting of the region's finance ministers is underway where deal plans from both sides are vying for their attention.
Greece and its creditors are holding crucial talks in Brussels on Wednesday to reach an agreement over new reform proposals to be presented for approval at a meeting of Eurozone finance ministers later in the day that could unlock financial aid for the country and help it avoid a default and an eventual exit from the euro.
Fresh reform proposals submitted by Greece on Monday are being scrutinized by the country's creditors to weigh the scope for reaching an agreement in the Eurogroup meeting set for Wednesday, while 'Grexit' worries refuse to die down as voices of dissent are heard in Athens even from within the ruling party, over more concessions being offered.
Hopes of an agreement between Greece and its creditors later this week have increased after Athens submitted a revised economic reform proposal early Monday to which the Eurogroup have responded with optimism, suggesting that an end to a five-month long deadlock over releasing bailout aid to the cash-strapped country may be near.
New proposals submitted by Greece were seen a 'positive step' in the path to reaching a deal with creditors and work will start immediately with the aim of reaching a final agreement later in the week, Eurogroup President Jeroen Dijsselbloem said Monday.
In the press conference following the extra...
Greece and its creditors are sticking to their guns as they enter the final act of the drama surrounding the bailout negotiations, but optimism concerning materialization of a deal prevails even as the economic situation rapidly deteriorates. In some relief for Greece, the European Central Bank raised the the emergency liquidity assistance for Greek banks by EUR 3.3 billion on Friday.
The calendar for democratic elections in Burundi can only be determined by successfully establishing conditions for people to freely express their choice, said the United Nations expert on transitional justice. In an open statement published Friday, Pablo de Greiff called for the full attention of the...
Danish Prime Minister Helle Thorning-Schmidt has conceded defeat in parliamentary elections, as her center-left coalition was beaten by opposition parties.
Schmidt, Denmark's first female prime minister, said she will resign as Prime Minister and leader of the Social Democratic party on Friday.
Failure to reach an agreement with creditors can put Greece on the 'painful' path of an exit from the euro and spark an uncontrollable crisis, Greece's central bank warned. "The conclusion of a new agreement with our partners is of the utmost importance to fend off the immediate risks to the economy, reduce uncertainty and ensure a sustainable growth outlook for Greece," the Bank of Greece said.
The UN Special Representative for Libya has presented the draft of a proposed political agreement, and said he was "full of hope that this draft represents a fair and reasonable way forward that can guide the country's democratic and political transition until the adoption of a permanent constitution."