- The Latest Greece seeks 535B euros in new bailout package
He said Russia has no interest in “throwing kindling onto this fire,” and wants to see a quick resolution acceptable to all sides.Russia, he said, is interested in a “strong, functioning, economically growing European Union.Any idea that Moscow is rubbing its hands over the crisis European partners is wrong, he added.“It is a distortion of our position and our interests,” he said.Relations between the European Union and Russia are at a low ebb as both sides have exchanged sanctions over the crisis in Ukraine.There has been talk in recent weeks that Russia may help Greece out financially but that has been dismissed by the Kremlin.___12:50 p.m.European markets are posting solid gains amid hopes Greece will finalize a plan of reforms and following a rebound in Asia.Among major indexes, Germany’s DAX was up 1.4 percent while France’s CAC 40 rose 1.6 percent. The euro, however, was down 0.4 percent at $1.1035. The Athens stock market remained closed, alongside the banks.The Greek government has until the end of the day to submit a plan of economic measures it will take in exchange for a new three-year program of loans. The creditors will review the measures before European leaders convene Sunday to decide on Greece’s fate. “Signs of unhappiness at the proposed deal could easily reverse the good feeling … but for now markets just appear to be pleased that negotiations are underway once again,” said Chris Beauchamp, senior market analyst at IG.___11:15 a.m.A German member of the European Central Bank’s governing council says Greek banks should not get more emergency credit from the central bank unless a bailout deal is struck.Jens Weidmann said in a speech Thursday it’s up to eurozone governments and Greek leaders themselves to rescue Greece.Weidmann said the central bank “has no mandate to safeguard the solvency of banks and governments.”The ECB capped emergency credit to Greek banks amid doubt whether the country will win further rescue loans from other countries. The banks closed and limited ATM withdrawals because they had no other way to replace deposit flight.Weidmann said he welcomed the fact that central bank credit “is no longer being used to finance capital flight caused by the Greek government.”___10:45 a.m.EU Economics Commissioner Pierre Moscovici is hopeful that a new Greek bailout deal is possible, in exchange for “concrete, complete” reform proposals from Greece’s government. Sponsored Stories Mesa family survives lightning strike to home Top Stories ___3:35 p.m.The eurozone’s 19 finance ministers are set to meet on Saturday to assess Greek proposals to secure another financial bailout, which would ease the pressure on the country’s economy and avoid its potential exit from the euro.The afternoon meeting in Brussels will also prepare the ground for Sunday’s summit of the 19 eurozone leaders, which will be followed by one of the wider European Union, which will involve all 28 leaders, officials said.Sunday has the feel of being a make-or-break date for Greece. Without a deal, Greece could effectively be left to its own devices by Monday morning. And that could mean the collapse of its banks and the return of the country’s ancient currency, the drachma.In the run-up to the weekend meetings, the mood music surrounding Greece appears to be getting more positive. Markets certainly think so, with the Stoxx 50 index of leading European shares up 2.1 percent Thursday.___3:10 p.m.Irish Finance Minister Michael Noonan thinks it’s probable that Greece can strike a third bailout deal with European partners this weekend.He credits Athens’ switch of finance minister for improving the negotiating mood and repairing trust. Here’s how to repair and patch damaged drywall Moscovici said Thursday on France-Inter radio that Thursday is “a decisive day” for Europe, as Greece’s creditors await a detailed economic reform plan from Greek Prime Minister Alexis Tsipras’ government before a midnight deadline.Moscovici said, “I have the sense that the dialogue is established, or restored, and that there is a way out.” Failure to reach a deal could be the first step toward Greece leaving the shared euro currency.Greece requested a new three-year rescue from its European partners Wednesday. International creditors disagree over whether to award the country debt relief. Moscovici said that is not currently under discussion.Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Parents, stop beating yourself up New Valley school lets students pick career-path academies Another New Democracy lawmaker Kostas Hatzidakis said the overwhelming majority of Greeks want to stay in the EU and the eurozone.Greece faces a midnight deadline — Brussels time — to send euro partners detailed economic reform proposals that will accompany any bailout loans. On Wednesday, Greece submitted a request for a three-year bailout.European leaders meet Sunday in Brussels to decide whether the Greek government has done enough to get the bailout. Without the money, it faces bankruptcy and falling out of the euro.___5:45 p.m.German Finance Minister Wolfgang Schaeuble says the possibility of some kind of debt relief for Greece will be discussed over coming days but he doesn’t see much room for maneuver.Germany is ruling out an outright debt cut, arguing that it would be illegal under European treaties. It’s also resisted calls for any debt relief for Greece unless the country undertakes serious economic reforms.The International Monetary Fund has argued that Greece’s debt needs restructuring, if not by a so-called haircut then through other means, such as lengthening the time the country has to pay its debts.At a conference in Frankfurt, Schaeuble noted that a private-sector debt restructuring was carried out in 2012, which went further than IMF proposals at the time.