Greece news in Urdu Hindi. Greece made a request for a new loan. The debt to IMF is due and the country is near bankruptcy. They have made a request for 3 year loan from the bailout fund. But they haven’t provided any serious plans about how they are going to improve the country’s finances. The government only claimed that they would work on their pension and tax policies but no clear picture was provided. It’s said that the proposal would be provided on Thursday. They also did not state how much loan they would require.
Until the proposal is decided it cannot be said with certainty whether Greece would meet the demands to secure a new deal or not. If a deal is not finalized Greece may fall out of euro-zone and end up bankrupt.
Mr. Tsripras, in his speech at the European Parliament, said that they are willing to come to an agreement with their creditors. But he also insisted that debt relief should be a part of the deal. He stated that this was a European problem.
The major issue between Greece and its creditors is Greece’s overloaded pension system. Before granting another loan the creditors want to be ensured that Greece can improve its financial system and is capable of managing another loan. These are not massive differences but they have created a rift between both parties. Each is unwilling to trust the other.
Angela Merkel, the chancellor of Germany is against providing any more loan to Greece until they provide a financial plan which is accepted by the creditors. Greek banks remain closed and they are near bankruptcy. European Central Bank has decided to provide funds so that the Greek banks can merely survive. The banks have been surviving on loans from the European Central Bank for months now.
The Central Bank of Europe had decided to remain neutral throughout the dialogue and it wasn’t going to increase or decrease the amount of loan it provided to Greece. However, the governor of bank of France, Christian Noyer said that until there is an agreement between the creditors and Greece the Central Bank will have to stop providing loans. If the Central Bank doesn’t provide support the Greece will go bankrupt.