Eurozone

Greece is on the brink on catastrophe as it is running out of cash and the talks with its European partners have reached an impasse, The Economist says today in an article.

By John O'Donnell and Paul Carrel

The European Central Bank faces resistance from Germany to allowing any extra emergency lending for Greek banks, people familiar with the matter said, increasing pressure on Athens to sign up to an extended aid-for-reform program.

 Request sees bailout terms being set aside

Greece is set to submit Wednesday to the Eurogroup a request for a six-month extension to its loan agreement with its creditors, sources close to the negotiations between Athens and the eurozone told Kathimerini Tuesday.

By Yiannis Papadoyiannis

Wednesday?s meeting of the European Central Bank?s board is not expected to bring any nasty surprises for Greece in regard to the expected renewal of liquidity to Greek lenders via the Emergency Liquidity Assistance (ELA) mechanism of the Bank of Greece.

It was CNN's turn this week to wade into the furor circulating over Europe and whether the Greek side will finally reach a deal with its eurozone partners cum creditors.
According to the once trail-blazing Atlanta-based international news network, there was seven reasons why a so-called "Grexit would not be as cataclysmic as when it first "reared its head" in 2010 or 2012.

By Eleni Varvitsioti

BRUSSELS - According to sources close to the discussions between Greece and the eurozone, the Greek government will submit a request to its lender on Wednesday for its loan agreement to be extended.

Intensive talks between the Greek side and the institutions are continuing.

Greece?s bonds fell after talks between its newly elected government and euro-area finance ministers broke down without agreement on how to fund the nation when its bailout expires on February 28.

Brussels - According to sources close to the discussions between Greece and the eurozone, the Greek government will submit a request to its lender on Wednesday for its loan agreement to be extended.

Forget ISIS or the war zone in eastern Ukraine, most of Europe's mass media led this week with coverage of the increasingly acrimonious talks between the leftist Greek government and its eurozone creditors.

Greek lenders are urging central bank Governor Yannis Stournaras to seek additional emergency cash as deposit outflows accelerate, according to three people familiar with the situation.