European Union

By Evgenia Tzortzi

The governing council of the European Central Bank is convening on Wednesday to discuss whether to extend the limit of the cash flow granted to Greek lenders via the emergency liquidity assistance (ELA) facility of the Bank of Greece.

Membership of the eurozone is irreversible and leaving the single currency is not foreseen in the European Union?s treaty, a top European Central Bank official said on Tuesday.

The European Court of Justice has delivered a ruling strengthening the European Central Bank's hand in intervening in financial markets - backing that could come in handy amid fears Greece will default on its debts and possibly leave the 19-country euro currency union.

The European Commission has given the green light to Bulgaria's last 2 operational programs in the 2014-2020 programming period, including "Environment" and "Regions in Growth."

All of Bulgaria's 7 operational programs in the 2014-2020 programming period have now been approved, with their total budget amounting to EUR 7.6 B, according to the EC pres office.

By Catherine Bosley

Former European Central Bank President Jean- Claude Trichet said Greece?s best option is to remain in the euro area because the Greek public would first to bear the brunt of an exit.

Eurozone members are discussing what might happen if Greece and its creditors fail to agree a reform-for-funds deal, European Commission Vice President Valdis Dombrovskis said on Tuesday.

Dombrovskis told a news conference in the Lithuanian capital Vilnius that the Greek debt talks were supposed to have been wrapped up at the end of April and that time was running out.

EU Regional Policy Commissioner Corina Cretu has expressed her appreciation for the work of Bulgarian authorities in view of the absorption rate of over 75% of EU funds for the 2007-2013 programming period.

Cretu shared her impressions after a Tuesday meeting with Bulgarian Prime Minister Boyko Borisov in Sofia.

By Sumanta Dey

There is an even chance of Greece defaulting on its debt payments, according to economists polled by Reuters, although the probability of it leaving the eurozone is still only one-in-three.

European officials seem to be discussing the possibility of holding an extraordinary summit on the Greek matter, if there is no result in Thursday’s Eurogroup, according to FT reporter Peter Spiegel.

By Ian Wishart

The European Union?s Economic Affairs Commissioner underscored the need for the EU to avoid Greece leaving the euro area after officials publicly raised the prospect of the debt-riddled nation exiting the currency bloc.