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The European Central Bank is likely to announce it will make a “small” capital increase earlier this week, Reuters is reporting — a move that would be “hugely influential” in determining the future of Greece in the eurozone.
The news comes as Greece’s parliament has set the date for a referendum on the country’s bailout terms Friday, effectively ending talks on how the country can improve its financial health.
The IMF is set to discuss in the coming days with Greek officials the viability of Greece following the country exiting Greece’s €86 billion ($97 billion) bailout program, according to European Parliament Vice-President Bruno Le Maire.
Greece is owed €130 billion from the bailout, which the country had to make in the wake of the financial crisis, and the ECB has already said it does not expect a further Greek liquidity injection in the coming months.
On Tuesday, finance minister Yanis Varoufakis issued a statement indicating an ECB board meeting is scheduled for Wednesday with the IMF president Christine Lagarde and ECB president Mario Draghi.
“It’s clear to everyone that this is not the end. This is the beginning,” Varoufakis said in the statement.
On Sunday, Greece’s government had already hinted it was prepared to negotiate for more financial assistance — suggesting Berlin had little option but to agree terms that were acceptable to Athens.
Greece has not been able to pay its bills, the latest of which were submitted to the ECB in May, and it needs more money. Greece has made several proposals and held numerous meetings since last Friday to try and resolve the financing problems, but with no agreement on how to pay them.
Greek stocks began trading in a rout on Monday with some analysts speculating the crisis may be nearing an end, as European governments scramble to find a new deal to prevent Greece’s exit from the eurozone, which would force countries with weaker economies, like Germany, to exit the euro.
We need to know about an additional $400M in taxpayer funds to finance the $5 trillion U.S. healthcare gap the public has no idea exists.
We need to know what the actual U.S. healthcare gap is.
We need to know how many millions of Americans have been losing their health care as a result of ObamaCare, and it is more than
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