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.”
Greenland ice melted much faster than average in May heatwave: scientists
- The Arctic region is on the frontline of global warming, heating up four times faster than the rest of the planet since 1979
- In Greenland, the higher temperatures coupled with heavy rainfall can have numerous consequences on nature
The Arctic region is on the frontline of global warming, heating up four times faster than the rest of the planet since 1979, according to a 2022 study in scientific journal Nature.
“The melting rate of the Greenland ice sheet by, from a preliminary analysis, a factor of 17... means the Greenland ice sheet contribution to sea level rise is higher than it would have otherwise been without this heat wave,” one of the authors of the report, Friederike Otto, told reporters.
“Without climate change this would have been impossible,” said Otto, an associate professor in climate science at the Imperial College London.
The data from the May 15-21, 2025 heatwave was compared to the average ice melt for the same week during the period 1980-2010.
In Iceland, the temperature exceeded 26 degrees Celsius (79 Fahrenheit) on May 15, unprecedented for that time of year on the subarctic island.
“Temperatures over Iceland as observed this May are record-breaking, more than 13 degrees Celsius hotter than the 1991-2020 average May daily maximum temperatures,” the WWA said.
In May, 94 percent of Iceland’s weather stations registered record temperatures, according to the country’s meteorological institute.
In eastern Greenland, the hottest day during the heatwave was about 3.9C warmer compared to the preindustrial climate, the WWA said.
“While a heatwave that is around 20 degrees Celsius might not sound like an extreme event from the experience of most people around the world, it is a really big deal for this part of the world,” Otto said.
“It affects the whole world massively,” she said.
According to the WWA, the record highs observed in Iceland and Greenland this May could reoccur every 100 years.
For Greenland’s indigenous communities, the warmer temperatures and melting ice affect their ability to hunt on the ice, posing a threat to their livelihood and traditional way of life.
The changes also affect infrastructure in the two countries.
“In Greenland and Iceland, infrastructure is built for cold weather, meaning during a heatwave ice melt can lead to flooding and damage roads and infrastructure,” the WWA said.
In Greenland, the higher temperatures coupled with heavy rainfall can have numerous consequences on nature.
In 2022, higher temperatures caused the permafrost to thaw, releasing iron and other metals into numerous Arctic lakes, it said.
Health and hygiene can also be affected, as rural Greenlandic households often lack sewage systems.
Filipino players ready to defend women’s esports title at World Cup in Riyadh
- 4 Philippine teams to compete in Mobile Legends: Bang Bang category
- Largest esports festival, 2025 World Cup features $70m in prize money
MANILA: Philippine competitors are preparing for next month’s Esports World Cup in Saudi Arabia, where they aim to defend a title in an all-female tournament of one of the most popular mobile multiplayer strategy games.
Set to take place in Riyadh from July 7 to Aug. 24, the upcoming Esports World Cup will be the globe’s largest esports festival, featuring $70 million in prize money, and 25 professional tournaments.
The event is a part of Saudi Arabia’s broader Vision 2030 strategy to diversify the economy — also by investing heavily in sports and tourism.
Four Philippine teams will be competing in the championship’s MLBB category.
MLBB, or Mobile Legends: Bang Bang, is a free-to-play multiplayer online battle arena game by Chinese developer Moonton. It is one of the world’s most popular mobile esports games, especially in Southeast Asia, Latin America, and the Middle East.
Keith Medrano, who leads Moonton’s public relations in the Philippines and the region, told Arab News: “Both men’s and women’s rep teams are representing the Philippines in the Mobile Legends: Bang Bang Mid-Season Cup and Mobile Legends: Bang Bang Women’s Invitational.”
He added: “We were given two slots per category, so two slots for the men’s and two slots for the women’s.
“We are actually the defending champions of the Women’s Invitational. So, it’s really important ... to defend our title as the strongest country in MLBB sports gaming for women.”
Duane “Kelra” Pillas, a player from the Onic Philippines team, told sports reporters on Tuesday that they would also try to reclaim the MSC title which Filipino players last held in 2022.
“In the upcoming EWC, we will make sure that one of us will win,” Pillas said.
“We are really preparing to get the MSC again since the Philippines has not been able to get it for several years.”
Filipino players have emerged as strong contenders in mobile esports in recent years — a discipline most popular in Southeast Asia and where they are seen to have their best title hopes at the upcoming Riyadh event.
“In the eSports World Cup, there are different esport titles. They’re all different — it’s like a multisport event,” said Marlon Marcelo, executive director of the Philippine Esports Organization.
“For now, we have a strong chance in Mobile Legends — both in the men’s and women’s category. That’s where our money’s at.”
He also observed an increasing popularity of esports among women, who just a few months after the Riyadh World Cup will be competing at the 2025 Southeast Asian Games.
“We have a strong chance in the women’s category,” he said. “It’s heating up.”
‘No one can stop’ Duterte impeachment trial: Philippine House prosecutors
- Vice President Sara Duterte was impeached in early February
- A guilty verdict would see her removed from office and permanently barred from politics
MANILA: House of Representatives prosecutors said Wednesday that Philippine Vice President Sara Duterte’s impeachment trial could not be stopped despite the Senate sending the case back to them hours after convening as a court.
Prosecutors told an afternoon press briefing their case had complied strictly with the constitution, adding they would seek clarification over what they called “confusing” Senate orders.
Duterte was impeached in early February on charges of graft, corruption and an alleged assassination plot against former ally and running mate President Ferdinand Marcos.
A guilty verdict would see her removed from office and permanently barred from politics.
“No one can stop this anymore, because jurisdiction has been acquired already by the impeachment court,” said Congresswoman Gerville Luistro, pointing to the Senate’s issuing of a summons for Duterte late Wednesday night.
“There will be no... withdrawal (of the impeachment case) by the House. That is not allowed by the constitution.”
Tuesday night’s 18-5 Senate vote ordered the House to certify it had not violated the constitution by hearing three impeachment complaints before the one that ultimately went to a vote.
The constitution bars subjecting anyone to multiple impeachment proceedings within the same year.
But House member Ysabel Maria Zamora said the final impeachment complaint had “consolidated all the articles” of the first three into one.
A second order to guarantee the case would move forward after new House members take their seats on June 30 was “impossible” to fulfil as they could not speak for a future Congress, prosecutors said.
Outside the Senate, several hundred protesters gathered Wednesday, shouting slogans and pounding on the gates as they called for the body to follow through with the impeachment trial.
The Senate’s vote to remand was as much a matter of “political survival” as anything, lawyer and former senator Leila de Lima said Wednesday.
De Lima, who warned more than a week ago the Senate could move to kill the impeachment, said the specter of a still-powerful Duterte was likely on lawmakers’ minds.
“Loyalty, friendship, political survival. Maybe they are thinking the Dutertes are very much around even if the patriarch (ex-president Rodrigo Duterte) is in The Hague,” she said.
The elder Duterte has been imprisoned since March when he was arrested and transferred to the International Criminal Court to face charges tied to his deadly drug war.
His daughter has been widely mooted as a presidential candidate in 2028 should she survive the impeachment process.
Senators “were trying to protect their political ambitions,” agreed Congresswoman France Castro, who endorsed an early impeachment complaint against the vice president.
Asked at Wednesday’s press briefing if he believed the Senate was deliberately delaying the trial, Congressman Keith Flores said the answer was clear.
“I cannot speak for everyone but for me, yes.”
Russians struggle with ‘crazy’ prices
- Russia’s three-year-long military offensive on Ukraine has caused inflation to surge at home
- Western sanctions have disrupted supply chains and dozens of consumer brands have left the country
MOSCOW: Russian pensioner Roman Paltievich stared at the prices for apricots, tomatoes and watermelons stacked high on stalls at a Moscow market – foods that he now struggles to fit into his budget.
“The prices are crazy,” lamented the 84-year-old, who said he can no longer afford cherries – or even potatoes, a staple that is now three times more expensive than a year ago.
Russia’s three-year-long military offensive on Ukraine has caused inflation to surge at home, a thorn in the side for the Kremlin, which strives to shield Russians from the fallout of its campaign.
Western sanctions have disrupted supply chains and dozens of consumer brands have left the country, while inflation is now running above 10 percent.
Meanwhile, deep labor shortages caused by massive recruitment by the army and arms manufacturers, have seen both salaries and prices jump higher.
Russia’s Central Bank last week cut interest rates from a two-decade high, saying inflation – including food prices – was starting to come under control.
But for many hard-pressed Russians, it does not feel that way.
Paltievich’s wife, Tatyana, stood next to him clutching a small punnet of strawberries – a precious treat for her grandchildren that set her back 400 rubles ($5).
“We survived 1991, so now we’re not afraid of anything,” she said defiantly, in reference to the collapse of the Soviet Union and the economic chaos that followed.
Many of those navigating the aisles at Moscow’s Preobrazhensky market were also worried about high prices.
“I came here to buy chicken for my granddaughter. It’s more expensive in the supermarkets, so I don’t buy there anymore,” Nikolai Kucherov, a 62-year-old freelance artist said.
“I had to forget about traveling. For the past three or four years, I’ve only been thinking about filling up the fridge,” he said.
The Kremlin has hailed Russia’s economic performance since it ordered its troops into Ukraine in February 2022.
A huge surge in spending on the military has helped Moscow defy predictions that sanctions would collapse the Russian economy.
Engineer Konstantin Zelenkov, 38, is one of those who have benefited from rising wages amid the government spending boom.
“Some things are becoming more expensive but salaries are rising too, so it’s staying roughly the same,” he said.
Central bank chief Elvira Nabiullina has also pointed to rising wages and on Friday said inflation was starting to moderate, though it remains well above the institution’s four percent target.
“The high interest rate has led to a significant slowdown in inflation,” she told reporters.
Overall “the rate of increase in food prices has slowed,” she added.
But even Russian President Vladimir Putin was forced recently to address fears over a potato shortage that sent prices for the staple soaring.
For many across Russia, price rises feel never-ending.
“Starting even with bread, everything is getting more and more expensive,” Irina Yakovleva, 68, said.
“We just have to limit ourselves,” she added.
Finland summons Russian diplomat after suspected airspace violation
- The incident comes only weeks after a similar incident, which was also followed by a summoning of Russia’s diplomatic representative
HELSINKI: Finland on Wednesday summoned Russia’s charge d’affaires for talks, a day after a Russian military aircraft was suspected of violating Finnish airspace, the foreign ministry said.
Finland’s defense ministry said on Tuesday that it believed a Russian military aircraft had violated Finnish airspace off the coast of Porvoo, east of the capital Helsinki.
The foreign ministry said it would provide more details after the talks.
The incident came only weeks after a similar incident, which was also followed by a summoning of Russia’s diplomatic representative.
Finland, which joined NATO in 2023 after Moscow’s fully-fledged invasion of Ukraine a year earlier, shares a 1,340-kilometer (830-mile) border with Russia.
“An investigation into the alleged violation of airspace was launched immediately,” Defense Minister Antti Hakkanen said of Tuesday’s incident, adding that the coast guard would head the inquiry.
Moscow has repeatedly warned Finland of possible repercussions over its decision to join NATO, amid heightened tensions.
Hakkanen said in mid-May that Finland was “closely monitoring and assessing Russia’s activities and intentions.”
He was commenting after the New York Times published satellite images appearing to show an expansion of Russian military infrastructure near the border.
