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
National

Woman dies when run over by bus at…

A woman at the Burning Man arts and culture festival in the Nevada desert died on Thursday when she was run over by a bus carrying participants.

National

Texas parents sue day care center for duct…

By Marice RichterDALLAS (Reuters) - A Texas couple has filed a lawsuit against the owners of a Fort Worth-area day care center seeking $1 million…

National

Santa Fe city council votes to decriminalize marijuana

By Joseph KolbALBUQUERQUE N.M. (Reuters) - Santa Fe on Wednesday became the latest U.S. city to decriminalize small amounts of marijuana, with lawmakers in the…

International

Egypt queries Mursi over documents "leaked" to Al…

CAIRO (Reuters) - Egypt is investigating jailed ex-president Mohamed Mursi in connection with documents that judicial investigators say were leaked to the Qatar-based Al Jazeera…

Going Out

'Friends' coffeehouse Central Perk coming to NYC —…

"Friends" is coming back for a one-off special: "The One with the Free Coffee." Warner Bros. is bringing a pop-up replica of Central Perk, the…

Movies

Interview: 'As Above, So Below' directors: 5 ways…

The fraternal directors of the found footage horror "As Above, So Below" dish on the best ways to frighten the bejesus out of audiences.

Movies

Criterion's new Jacques Demy box mixes the light…

Jacques Demy, the most effervescent of French New Wave filmmakers, gets a Criterion box all to himself, with classics like "The Umbrellas of Cherbourg."

Entertainment

Comedian Joan Rivers, 81, rushed to New York…

NEW YORK (Reuters) - Acerbic comedian and fashion critic Joan Rivers was rushed to Mount Sinai Hospital in New York on Thursday after she reportedly…

NFL

3 things we learned in the Giants preseason…

The final score didn’t matter — a 16-13 win by the Giants — but it would’ve been nice to finally see Big Blue’s new-look offense get on track.

NFL

NFL Power Rankings: Seahawks, Broncos, Patriots, 49ers start…

NFL Power Rankings: Seahawks, Broncos, Patriots start at top

U.S. Soccer

5 facts about new England captain Wayne Rooney

Manchester United striker Wayne Rooney was named as the new England captain by coach Roy Hodgson on Thursday.

NFL

Jets vs. Eagles: 3 things to watch

A win on Thursday night at the Eagles would give the Jets a 3-1 record and just their second winning preseason under head coach Rex Ryan.

Style

Trend: White hot on the 2014 Emmy's red…

White was one of the big trends on the Emmy's red carpet.

Food

Recipe: Samuel Adams beer-marinated grilled shrimp

Summer calls for two things: a cold beer and light food. Sam Adams' Latitude 48 IPA fairly bursts with citrus notes, making it an ideal marinade…

Wellbeing

4 healthy ingredient swaps to make your meals…

When it comes to eating well, everyone knows they could be doing better. But cooking in an apartment on a busy schedule is a recipe…

Wellbeing

Heart trumps brain when it comes to movies…

When you need a good cry, do you reach for the movie that’s “based on a true story”? Science says you’re giving your brain far…