ATHENS: Greek Prime Minister Alexis Tsipras on Friday said the country was “turning a page” after eurozone ministers declared its crisis over as they granted Athens debt relief under a bailout exit strategy.
The eurozone ministers’ agreement comes nearly a decade after Athens finances spun out of control, sparking three bailouts and threatening the country’s euro membership.
“Yesterday we reached a historic agreement on Greece’s debt with the Eurogroup,” Tsipras told the country’s president, Prokopis Pavlopoulos.
“We are turning a page,” he said, adding that Greece had to remain on the path of reform.
Following the eurozone ministers’ hard-fought agreement declared earlier Friday, Greece is slated to leave its third financial rescue since 2010 on August 20.
“The Greek crisis ends here tonight,” said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg.
The deal was expected to be an easy one, but last-minute resistance by Germany — Greece’s long bailout nemesis and biggest creditor — dragged the talks on for six hours.
The ministers agreed to extend maturities by 10 years on major parts of its total debt obligations, a mountain that has reached close to double the country’s annual economic output.
They also agreed to disburse €15 billion ($17.5 billion) to ease Greece’s exit from the rescue program.
This would leave Greece with a hefty €24 billion safety cushion, officials said.
“The agreed debt relief is bigger than we had expected,” Citi European Economics said in a note.
“In particular, the 10-year extension of the EFSF loans’ maturity and most importantly the grace period on interest payments is a significant development,” they added.
“The Greek government is happy with the agreement,” Greek Finance Minister Euclid Tsakalotos said after the talks.
But “to make this worthwhile we have to make sure that the Greek people must quickly see concrete results... they need to feel the change in their own pockets,” he added.
The eight-year crisis toppled four governments and shrank the economy by 25 percent. Unemployment soared and still hovers over 20 percent, sending thousands of young educated Greeks abroad.
Optimism is tempered by Greece’s remaining fiscal obligations, which will demand serious discipline, observers say.
“This is a very tight program. A surplus of 3.5 percent to 2022 and 2.2 percent (on average) to 2060 is not easy at all,” Kostas Boukas, asset management director at Beta Securities, told Athens 9,84 radio.
“We’ll have to see if the pledges will be kept, especially as they depend on international developments as well,” he said.
Under pressure from its creditors, Greece has already agreed to slash pensions again in 2019, and reduce the tax-free income threshold for millions of people in 2020.
Further cuts will be made to maintain the 3.5-percent surplus, if necessary.
“It would be a terrible mistake to cultivate illusions that the end of the bailout means a return to normality,” said pro-opposition daily Ta Nea.
“What follows is tough oversight which no other country has experienced in a post-bailout period,” the daily said.
The European Commission has already specified that Greece will remain under fiscal supervision until it repays 75 percent of its loans.
Athens has received €273.7 billion in assistance since 2010, enabling it to avoid punishing borrowing rates on debt markets.
The International Monetary Fund, led by the tough-talking Christine Lagarde, welcomed the debt relief, but cited reservations about Greece’s obligations over the long term.
“In the medium term analysis there is no doubt in our minds that Greece will be able to reaccess the markets,” Lagarde said after the talks.
“As far as the longer term is concerned we have concerns,” she added.
The reform-pushing IMF played an active role in the two first Greek bailouts, but took only an observer role in the third in the belief that Greece’s debt pile was unsustainable in the long term.
Greece ‘turning a page’ as eurozone declares crisis over
Greece ‘turning a page’ as eurozone declares crisis over
- The eurozone ministers’ agreement comes nearly a decade after Athens finances spun out of control, sparking three bailouts and threatening the country’s euro membership.
- EU Economic Affairs Commissioner Pierre Moscovici: “The Greek crisis ends here tonight.”
Iran ‘categorically’ denies envoy’s meeting with Musk
TEHRAN: Iran’s foreign ministry spokesman on Saturday “categorically” denied The New York Times report on Tehran’s ambassador to the United Nations meeting with US tech billionaire Elon Musk, state media reported.
In an interview with state news agency IRNA, spokesman Esmaeil Baghaei was reported as “categorically denying such a meeting” and expressing “surprise at the coverage of the American media in this regard.”
The Times reported on Friday that Musk, who is a close ally of President-elect Donald Trump, met earlier this week with Iran’s ambassador to the UN, Amir Saeid Iravani.
It cited anonymous Iranian sources describing the encounter as “positive.”
Iranian newspapers, particularly those aligned with the reformist party that supports President Masoud Pezeshkian, largely described the meeting in positive terms before Baghaei’s statement.
In the weeks leading up to Trump’s re-election, Iranian officials have signalled a willingness to resolve issues with the West.
Iran and the United Stated cut diplomatic ties shortly after the 1979 Islamic revolution that toppled the US-backed shah of Iran, Mohammed Reza Pahlavi.
Since then, both countries have communicated through the Swiss embassy in Tehran and the Sultanate of Oman.
Indian private university opens first international campus in Dubai
- Indian FM inaugurated the Dubai campus of Symbiosis International University on Thursday
- Under national education policy, New Delhi wants to internationalize Indian education system
New Delhi: A private Indian university has opened its first international campus in Dubai this week, marking a growing education cooperation between New Delhi and Abu Dhabi.
Symbiosis International University is a private higher education institution based in the western Indian city of Pune with at least five other campuses operating across the country, offering undergraduate, postgraduate and doctorate-level programs.
It is considered one of the top private business schools in the South Asian country, ranking 13th in management in the Indian Ministry of Education’s National Institutional Ranking Framework.
SIU’s Dubai campus, which will offer management, technology and media and communications courses, was officially inaugurated on Thursday by Indian Foreign Minister S. Jaishankar and Sheikh Nahyan bin Mubarak, the UAE minister of tolerance and coexistence.
“I am sure that this campus will foster greater collaboration and research linkages between scholars of India and UAE, for mutual prosperity and global good,” Jaishankar said during the ceremony.
“(The) ceremony is not just an inauguration of a new campus; it is a celebration of the growing educational cooperation between our two countries. Right now, Indian curriculum and learning is being imparted through more than 100 International Indian Schools in UAE, benefitting more than 300,000 students.”
Under India’s National Education Policy 2020, New Delhi aims to internationalize the Indian education system, including by establishing campuses abroad.
Another top Indian school, the Indian Institute of Technology-Delhi, began its first undergraduate courses in September, after starting its teaching program in January with a master’s course in energy transition and sustainability.
Initially launched in September with more than 100 students, the SIU Dubai Campus is the first Indian university in Dubai to start operations with full accreditation and licensing from the UAE’s top education authorities, including the Ministry of Education.
“A university setting up a campus abroad is not just a bold step, but a concrete commitment to the goal of globalizing India. They certainly render an educational service, but even more, connect us to the world by strengthening our living bridges,” Jaishankar added as he addressed the students.
Dr. Vidya Yeravdekar, pro-chancellor of Symbiosis International University, said that the school’s establishment in Dubai was in line with the UAE’s education goals.
“Internationalization is central to the UAE’s educational vision,” Yeravdekar said on Friday.
“By opening our campus in Dubai, we are creating a gateway for students from around the world to engage in a truly global academic experience, where they can benefit from international faculty, real-world industry collaborations, and a curriculum that meets the needs of a changing world.”
Russia captures two villages in eastern Ukraine, defense ministry says, according to agencies
MOSCOW: Russian forces have captured the villages of Makarivka and Leninskoye in Ukraine’s Donetsk region, Russian news agencies reported on Saturday, citing the Russian Defense Ministry.
UN climate chief asks G20 leaders for boost as finance talks lag
- Negotiators at the COP29 conference in Baku struggle in their negotiations for a deal intended to scale up money to address the worsening impacts of global warming
BAKU: The UN’s climate chief called on leaders of the world’s biggest economies on Saturday to send a signal of support for global climate finance efforts when they meet in Rio de Janeiro next week. The plea, made in a letter to G20 leaders from UN Framework Convention on Climate Change Executive Secretary Simon Stiell, comes as negotiators at the COP29 conference in Baku struggle in their negotiations for a deal intended to scale up money to address the worsening impacts of global warming.
“Next week’s summit must send crystal clear global signals,” Stiell said in the letter.
He said the signal should support an increase in grants and loans, along with debt relief, so vulnerable countries “are not hamstrung by debt servicing costs that make bolder climate actions all but impossible.”
Business leaders echoed Stiell’s plea, saying they were concerned about the “lack of progress and focus in Baku.”
“We call on governments, led by the G20, to meet the moment and deliver the policies for an accelerated shift from fossil fuels to a clean energy future, to unlock the essential private sector investment needed,” said a coalition of business groups, including the We Mean Business Coalition, United Nations Global Compact and the Brazilian Council for Sustainable Development, in a separate letter.
Success at this year’s UN climate summit hinges on whether countries can agree on a new finance target for richer countries, development lenders and the private sector to deliver each year. Developing countries need at least $1 trillion annually by the end of the decade to cope with climate change, economists told the UN talks.
But negotiators have made slow progress midway through the two-week conference. A draft text of the deal, which earlier this week was 33-pages long and comprised of dozens of wide-ranging options, had been pared down to 25 pages as of Saturday.
Sweden’s climate envoy, Mattias Frumerie, said the finance negotiations had not yet cracked the toughest issues: how big the target should be, or which countries should pay.
“The divisions we saw coming into the meeting are still there, which leaves quite a lot of work for ministers next week,” he said.
European negotiators have said large oil-producing nations including Saudi Arabia are also blocking discussions on how to take forward last year’s COP28 summit deal to transition the world away from fossil fuels.
Saudi Arabia’s government did not immediately respond to a request for comment. Progress on this issue has been dire so far, one European negotiator said.
Uganda’s energy minister, Ruth Nankabirwa, said her country’s priority was to leave COP29 with a deal on affordable financing for clean energy projects.
“When you look around and you don’t have the money, then we keep wondering whether we will ever walk the journey of a real energy transition,” she said.
Protesters’ biggest day expected at UN climate talks, where progress is slow
- Several experts have said $1 trillion a year or more is needed both to compensate for such damages and to pay for a clean-energy transition that most countries can’t afford on their own
BAKU: The United Nations climate talks neared the end of their first week on Saturday with negotiators still at work on how much wealthier nations will pay for developing countries to adapt to planetary warming. Meanwhile, activists planned actions on what is traditionally their biggest protest day during the two-week talks.
The demonstration in Baku, Azerbaijan is expected to be echoed at sites around the world in a global “day of action” for climate justice that’s become an annual event.
Negotiators at COP29, as the talks are known, will return to a hoped-for deal that might be worth hundreds of billions of dollars to poorer nations. Many are in the Global South and already suffering the costly impacts of weather disasters fueled by climate change. Several experts have said $1 trillion a year or more is needed both to compensate for such damages and to pay for a clean-energy transition that most countries can’t afford on their own.
Panama environment minister Juan Carlos Navarro told The Associated Press he is “not encouraged” by what he’s seeing at COP29 so far.
“What I see is a lot of talk and very little action,” he said, noting that Panama is among the group of countries least responsible for warming emissions but most vulnerable to the damage caused by climate change-fueled disasters. He added that financing was not a point of consensus at the COP16 biodiversity talks this year, which suggests to him that may be a sticking point at these talks as well.
“We must face these challenges with a true sense of urgency and sincerity,” he said. “We are dragging our feet as a planet.”
The talks came in for criticism on several fronts Friday. Two former top UN officials signed a letter that suggested the process needs to shift from negotiation to implementation. And others, including former US Vice President Al Gore, criticized the looming presence of the fossil fuel industry and fossil-fuel-reliant nations in the talks. One analysis found at least 1,770 people with fossil fuel ties on the attendees list for the Baku talks.
Progress may get a boost as many nations’ ministers, whose approval is necessary for whatever negotiators do, arrive in the second week.
