herald

Monday 11 December 2017

Merkel 'will not yield' on Greece

europe

GREECE has offered compromises ahead of today's emergency meeting of Eurozone finance ministers, but German Chancellor Angela Merkel (right) last night remained unyielding over terms of the country's bailout conditions.

Greek Finance Minister Yanis Varoufakis told politicians yesterday that his government won't allow the Greek budget to be derailed.

Mr Varoufakis said Greece will implement about 70pc of reforms already included in the current bailout deal.

Greek government bonds rose for the first time in five days on optimism there might be room to move toward an agreement that will help ensure the nation isn't left short of funds.

Any deal, however, would require an easing of Germany's stance in the stand-off between Greece and its creditors over conditions attached to its €240bn lifeline.

The yield on Greek 10-year bonds slipped to below 10pc by late afternoon yesterday. The Athens Stock Exchange Index rose as much as 6.8pc.

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