Greece and its euro zone partners engaged in brinkmanship on Monday, with leftist Prime Minister Alexis Tsipras insisting his country would not extend its reform-linked bailout and Germany saying it would get no more money without such a program.
Tags: Alexis Tsipras
Greece, confident as EU meeting looms, sticks to no-austerity pledge
Greece said on Sunday it was confident of reaching agreement in negotiations with its euro zone partners but reiterated it would not accept harsh austerity strings in any debt pact.
Eyes of the world on Greece
The coming week will go a long way to dictating whether Greece remains in the euro zone. A meeting of euro zone finance ministers on Monday is tasked with producing a deal that will keep Greece solvent and which is acceptable to both sides.
U.S. Treasury's Lew supports Greece-EU talks, hopes for deal
United States Treasury Secretary Jack Lew called Greek Prime Minister Alexis Tsipras on Friday to express support for a favourable outcome in Greece's negotiations with its euro zone partners, Tsipras' office said in a statement on Friday.
German growth stunner cheers markets
A forecast-smashing growth reading from Germany sent stock markets higher and low-rated bond yields lower on Friday, putting global equities on track for a second straight week of gains.
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Group of 20 finance officials look likely to reject a proposal to set countries specific investment targets to spur a global economy which appears increasingly reliant on the United States for growth.
The Obama administration is pushing euro zone leaders to compromise more with Greece's new government as fears grow that a protracted budget stand-off could damage the global economy, the Financial Times reported on Sunday.
If Greece is forced out of the euro zone, other countries will inevitably follow and the currency bloc will collapse, Greek Finance Minister Yanis Varoufakis said on Sunday, in comments which drew a rebuke from Italy.
European stocks dipped and low-rated bond yields rose on Monday after dismal Chinese trade data and signs of increasingly fraught relations between Greece and its international creditors kept investors cautious.
Leftist Prime Minister Alexis Tsipras laid out plans on Sunday to dismantle Greece's "cruel" austerity program, ruling out any extension of its international bailout and setting himself on a collision course with his European partners.
Greece said on Saturday it had no short-term cash problem and that it will hand its European Union partners a comprehensive plan next week for managing the transition to a new debt deal.
Greece's new leftist-led government, isolated in the euro zone and under pressure from the European Central Bank, said on Friday it wanted no more bailout money with strings attached from the European Union and International Monetary Fund.
Greek borrowing costs leapt and bank shares were hit hard on Thursday after the European Central Bank abruptly pulled the plug on its funding for the country's financial sector in what Athens labelled an act of coercion.
Greece has started negotiations with the International Monetary Fund over a plan to swap its sovereign debt for growth-linked bonds, Finance Minister Yanis Varoufakis said in an interview published on Wednesday.
