Euclid Tsakalotos

Greece: Bailout lenders agree to scrap 2019 budget cuts

Greek officials say lenders have agreed to scrap a major round of government funding cuts planned for next year after the country outperformed budget targets set to help protect public finances.

Prime Minister Alexis Tsipras said the government received "very positive news from Brussels" on Thursday, when bailout creditor representatives met to discuss Greeces draft 2019 budget.

Italy volatility has made it harder for Greece to sell bonds, Tsakalotos says

Volatility in Italian government debt has made it harder for Greece to return to bond markets, Greek Finance Minister Euclid Tsakalotos told Reuters, but said he is comfortable with waiting for the right time to raise funds.

A recent selloff in Italian government debt has pushed up the borrowing costs of other Southern European countries, including Greece.

IMF revises medium-term growth rate downward

The International Monetary Fund has upwardly revised its short-term forecasts while lowering its medium-term forecasts for Greek growth in its October 2018 World Economic Outlook, which will be published on Tuesday in the context of its annual meeting in Bali, Indonesia this week. Finance Minister Euclid Tsakalotos will also be present at the event.

Greek finance minister says sour loans at banks 'totally manageable'

Greece's finance minister said on Thursday the challenge of wrestling down non performing loans at the country's commercial banks was 'totally manageable'.

Euclid Tsakalotos told lawmakers all Greek banks had reached and exceeded targets set on reducing their stockpile of bad loans. [Reuters]

ADEDY protesters barge into Finance Ministry in Athens

About 30 members of Greece's civil servants' union (ADEDY) protesting government plans to abolish the benefits and status of arduous and unhealthy professions on Wednesday stormed the Finance Ministry in Athens demanding that they meet with Finance Minister Euclid Tsakalotos to discuss the issue.

Earlier on Wednesday unionists held a rally outside the State General Accounting Office.

Tax-free ceiling cut up in the air too

After the claim to negotiating the prevention of pension cuts, Finance Minister Euclid Tsakalotos stated on Wednesday in Parliament that the government will also seek to avert the reduction of the tax-free ceiling from January 2020, in an effort to cancel the entire agreement with its creditors voted by the House just a year ago.

Tsipras's last card

Alexis Tsipras started out like a rock star in the eyes of the European and American left. He was seen as being at the vanguard in the so-called battle against austerity.