EU bailout — the sequel: Greece faces loan default

The European Union is racing to draft a second bailout package for Greece to release vital loans next month and avert the risk of the euro zone country defaulting, EU officials said yesterday.

“I am quite optimistic,” the chairman of euro zone finance ministers, Jean-Claude Juncker, said after discussing further aid for Athens with French President Nicolas Sarkozy.

A total restructuring of Greece’s massive debt was not an option, he said, leaving the door open to some tweaking of Greece’s debt profile that might involve the private sector.

Greece’s conservative opposition meanwhile demanded lower taxes as a condition for reaching a political consensus with the Socialist government on further austerity measures, which Brussels says is essential to secure any further assistance.

Moves to plug a looming funding gap for 2012 and 2013 were accelerated after the International Monetary Fund said last week it would withhold the next batch of aid due on June 29 unless the EU guarantees to meet Athens’ funding needs for next year.

Senior EU officials held unannounced emergency talks with the Greek government over the weekend, an EU source said.

Greece took a $158 billion rescue package from the EU and IMF last May, but has since fallen short of its deficit-reduction goals, raising the risk of default on its 327 billion euro debt — 150 percent of its economic output. 



News
Entertainment
Sports
Lifestyle
Local

FDNY debuts new fire simulator for blazes at…

The New York City Fire Department christened its newest, state-of-the-art, custom-built simulator at its training academy on Randall's Island Tuesday.

Local

Bronx cop saves baby who stopped breathing

A Bronx police officer is credited with saving the life of a 2-month-old baby who stopped breathing Tuesday morning. Police Officer Johnny Castillo, 38, was…

Local

Brewer celebrates Women's Equality Day with voter pledge

Manhattan Borough President Gale Brewer celebrated Women’s Equality Day Tuesday by pledging to register at least five women voters before the Oct. 10 deadline. Brewer…

Local

NYPD looking for lewd D train rider

The NYPD is enlisting the public’s help to find a man they say performed a lewd act on the D train Saturday evening. The incident…

Television

'Pretty Little Liars' recap: Season 5, Episode 12,…

If you've wondered whether Ali and Bethany knew each other, you got an answer tonight: Yes, and in a very tangled way. But many lingering…

Entertainment

Cymbals Eat Guitars Have Everything to 'LOSE'

At its most basic level, a rock band can be thought of as a family, a group of people selflessly devoted to a cause. When…

Entertainment

"Bachelor in Paradise" recap: Episode 4, 'Week Four'

Some things are hard to watch in a “Human Centipede” sort of way. Other things in an “American History X” sort of way. Does “Bachelor…

Movies

Fall Movie Preview: 10 films to see this…

Despite being awards season, the next four months bring a glut of remakes, rehashes and sequels. Here are 10 that should be better worth your time.

College

When are 2014 college football playoffs? (Schedule, date,…

When and where are 2014 college football playoffs? A look at the schedule, date, TV, time for the semi-finals at championship game.

NFL

Dimitri Patterson suspended only for rest of preseason…

Dimitri Patterson ended up getting just a slap on the wrist.

Sports

Eugenie Bouchard excited for 'rowdy' fans at US…

Eugenie Bouchard is sure to endear herself to New York's tennis faithful as she tries to win her first grand slam title across the next two weeks.

MLB

MLB Power Rankings: Angels and A's still at…

MLB Power Rankings: Angels and A's still at top, Nationals climb

Wellbeing

Who is having the most orgasms?

  Single lesbians report having orgasms more often than heterosexual women but both gay and straight men still come out on top of the climax…

Home

Jonathan Adler shares his tips for a great…

Jonathan Adler took a break from boogie boarding at his beach house to tell us how to keep that Labor Day party festive.

Travel

Most popular Labor Day weekend destinations

Priceline.com released its Top 20 destinations for the end of summer, including Labor Day weekend. If you’re heading to any of these spots, expect a…

Wellbeing

Working your way to type 2 diabetes: Job…

When it comes to type 2 diabetes, a stressful job can be as risky for your health as a bad diet and no exercise. A…