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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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Dutchman to be new Eurogroup head

Category : World News

The Dutch Finance Minister Jeroen Dijsselbloem is elected the new head of the Eurogroup, replacing the outgoing Jean-Claude Juncker.

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Eurogroup’s Juncker to step down

Category : World News

The head of the Eurogroup, the Luxembourg Prime Minister Jean-Claude Juncker, is to step down at the end of the year.

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Eurozone crisis: Greek hopes for leniency over austerity set back

Category : Business

Eurogroup leader Jean-Claude Juncker insists Greece must further cut spending and enforce meaningful structural reforms

Greece’s hopes of being granted more time to hit the targets imposed by its international creditors have received a setback when EU leaders refused to make a decision until next month.

German chancellor Angela Merkel and Luxembourg prime minister Jean-Claude Juncker both warned that Greece’s future depended on the verdict of its troika of lenders, who will announce in September whether Athens is meeting the terms of its existing bailout programme.

Juncker warned that Greece must cut spending and enforce meaningful structural reforms in return for ongoing aid.

“The ball is in the Greek court – in fact this is the last chance and Greek citizens have to know this,” said Juncker, after discussing the crisis with Greek prime minister Antonis Samaras in Athens.

Samaras had earlier ratcheted up the pressure on eurozone leaders by warning that the country was “bleeding”.

He used an interview with Bild, the German tabloid, to plead for Greece to be given two more years to bring its borrowings under control.

“We have to crank up growth because that decreases the financial gaps. All we want is a bit of ‘air to breathe’ to get the economy running and to increase state income,” Samaras told Bild.

Merkel, who will host Samaras in Berlin later this week, also refused to be bounced into a quick decision. “We won’t find solutions on Friday,” she said during a trip to Moldova.

Greek officials say that a two-year extension would not require a formal third bailout. The estimated €20bn cost could be funded by tapping an International Monetary Fund loan facility, more short-term debt, and by postponing debt repayments, they say.

Economists, though, warn that such a delay would not resolve Greece’s woes.

“Greece remains trapped in a self-defeating cycle of ongoing austerity and economic depression that make it unlikely that it will be able to repay its debt unless there is major further debt relief from its international lenders,” said Martin Koehring of the Economist Intelligence Unit.

The eurocrisis was also blamed for a slump in Japanese exports last month, pushing Japan into its biggest July trade deficit ever. That data, and fears that the eurocrisis could worsen, hit shares across Europe with the FTSE 100 falling 1.4%, or 83 points, to 5774.

Eurozone crisis: Angela Merkel ally says ‘no room for Greece concessions’

Category : Business

Conditions of Greek aid programme must be adhered to, insists Germany’s Volker Kauder ahead of eurozone talks

As Greece’s leftwing prime minister, Antonis Samaras, prepared to meet eurozone leaders this week for the first time since taking office, a senior ally of German chancellor Angela Merkel has insisted there is no room for concessions to Greece on the conditions of its aid programme and no appetite for a third rescue package.

“The Greeks must stick to what they agreed to,” Volker Kauder, the parliamentary leader of Merkel’s conservative bloc, told the weekly Der Spiegel. “There is no more latitude, either on the timeframe or the matter itself, because that would again be a breach of agreements. It is just that which led to this crisis.”

He said Greek bankruptcy would be expensive for Germany, “but agreements must be kept to”.

With Greece in its fifth consecutive year of recession, and social and political discontent rising, Samaras is keen to soften the impact of budget cuts imposed by its lenders and is expected to propose a two-year extension to debt-reduction targets.

Having recovered from eye surgery that has prevented him travelling since June, Samaras will fly to Berlin and Paris to meet Merkel and the French president, François Hollande. Earlier in the week, he will meet the eurozone chief, Jean-Claude Juncker.

The German finance minister, Wolfgang Schäuble, said on Saturday there were limits to the aid that could be granted to Greece and the crisis-stricken country should not expect a third bailout. “It is not responsible to throw money into a bottomless pit,” he said.

But Greece found some support from Juncker, who insisted Greece would not leave the euro unless it “totally refused” to fulfil any of its reform targets. “It will not happen, unless Greece were to violate all requirements and not to stick to any agreement,” he told Austria’s Tiroler Tageszeitung newspaper.

“In case of such total refusal by Greece with regards to budget consolidation and structural reform, one would have to look into the question.”

Juncker said he expected Greece to double its efforts to fulfil its reform targets.

Juncker, who has said a Greek exit from the eurozone would be manageable, added: “Yes, I did say an exit would be manageable. What I meant is that it is technically manageable, but politically it is not manageable and it would be linked to unforeseeable risks.”

Asked what technically manageable meant, he said: “It means that the Greeks would have to reintroduce their own currency. It would take extreme preparation. But the longer we talk about this, the more people get the hypothesis in their heads that work is being done on this. We are not working on this.”

There is a clause in Greece’s €130bn (£102.3bn) bailout deal that says the deficit adjustment period could be extended if its recession is deeper than expected.

The German foreign minister, Guido Westerwelle, said his government would not consider easing the reforms agreed with Athens “in their substance” and called on the Greeks to “take the German government’s position very seriously”, according to the Tagesspiegel am Sonntag newspaper.

Meanwhile the head of Germany’s main industry group told Germany’s Wirtschaftswoche on Saturday that if Greece did not stick to the conditions imposed upon it by the European Union and the International Monetary Fund, “there would no longer be a place for Greece in the euro zone”.

Hans-Peter Keitel, president of the BDI, which had previously insisted Greece remain in the euro zone at all costs, told the business magazine: “The country lacks substantial requisites such as a functioning administration and the express will to get itself out of the crisis.”But European Energy Commissioner Guenther Oettinger said the euro zone should keep Greece on board if at all possible and warned against the unforeseeable consequences of a Greek exit”If we can’t keep a country with 3 percent of Europe’s total debt in the euro zone, nobody will trust us to be able to solve the big problems,” he was quoted as saying in Germany’s Frankfurter Allgemeine Sonntagszeitung.

The former German foreign minister Joschka Fischer also warned against a Greek exit: “If Italy and Spain were to get infected, that would be the end of the euro. Politicians would lose control because the markets would decide on that,” he told Bild am Sonntag.

Eurogroup head Jean-Claude Juncker tells Der Spiegel that Germany’s Constitutional Court has until September to decide whether the eurozone ESM rescue fund is constitutional, as that’s when eurozone ministers are due to meet to discuss Greece’s…

Category : Stocks

Eurogroup head Jean-Claude Juncker tells Der Spiegel that Germany’s Constitutional Court has until September to decide whether the eurozone ESM rescue fund is constitutional, as that’s when eurozone ministers are due to meet to discuss Greece’s request for more time to meet its bailout requirements. Juncker, unsurprisingly, expresses confidence that the judges will approve the ESM. 1 comment!

Visit link: Eurogroup head Jean-Claude Juncker tells Der Spiegel that Germany’s Constitutional Court has until September to decide whether the eurozone ESM rescue fund is constitutional, as that’s when eurozone ministers are due to meet to discuss Greece’s…

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