Shares in Asia dipped on Tuesday after talks between Greece and its
creditors broke down, setting the stage for some volatility ahead of the
Chinese New Year holidays that start this week.
Talks between Greece and euro zone finance ministers over the country's debt broke down on Monday when Athens rejected a proposal to request a six-month extension of its international bailout as "unacceptable".
The unexpectedly rapid collapse raised doubts about Greece's future in the single currency area after a new leftist-led government vowed to scrap the 240 billion euro bailout, reverse austerity policies and end cooperation with EU/IMF inspectors.
Dutch Finance Minister Jeroen Dijsselbloem, who chaired the meeting, said Athens had until Friday to request an extension, otherwise the bailout would expire at the end of the month.
Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.
Greece's Finance Minister Yiannis Varoufakis said Monday that he was ready to sign a document drafted by the European Commission, which outlined a deal between Greece and its partners.
However, Varoufakis said, Eurogroup President Jeroen Dijsselbloem presented him with another document, which referred to past policies and was vague in key issues such as "flexibility", which he could not accept.
Read more Click here / www.trade4x.net
Talks between Greece and euro zone finance ministers over the country's debt broke down on Monday when Athens rejected a proposal to request a six-month extension of its international bailout as "unacceptable".
The unexpectedly rapid collapse raised doubts about Greece's future in the single currency area after a new leftist-led government vowed to scrap the 240 billion euro bailout, reverse austerity policies and end cooperation with EU/IMF inspectors.
Dutch Finance Minister Jeroen Dijsselbloem, who chaired the meeting, said Athens had until Friday to request an extension, otherwise the bailout would expire at the end of the month.
Greece’s current €240 billion bailout is due to expire on February 28 and the new Greek government does not want it extended, fuelling fears over a conflict with its creditors which could trigger the country’s exit from the euro zone.
Greece's Finance Minister Yiannis Varoufakis said Monday that he was ready to sign a document drafted by the European Commission, which outlined a deal between Greece and its partners.
However, Varoufakis said, Eurogroup President Jeroen Dijsselbloem presented him with another document, which referred to past policies and was vague in key issues such as "flexibility", which he could not accept.
Read more Click here / www.trade4x.net
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