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Greek stocks slide after debt deal hopes dashed

Tuesday, May 23, 2017 - 01:37

Greek shares slid more than 2 percent in early Tuesday trade and government bond yields rose after euro zone finance ministers failed to agree on debt relief for Greece with the International Monetary Fund and did not release new loans to Athens. Sonia Legg reports.

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Disappointment again for Greeks. Not only did euro zone finance ministers fail to reach an agreement on debt relief - they didn't even approve the next instalment of bailout money. With loans maturing in July it's getting close to the wire. (SOUNDBITE) (Greek) ATHENS RESIDENT, ATHANASION SOTIROPOULOS, A PENSIONER, SAYING: "I expected this. They have taken all our money and instead of restructuring our debt and uniting Europe, they're all looking to see who's the most powerful." (SOUNDBITE) (Greek) ATHENS RESIDENT, MARIA, SAYING: "I feel disgusted. I don't expect anything, I have no hope and I believe everything the government says is a lie." Finance ministers insist they're close to an agreement on both issues and expect to make more progress at their June meeting. But there's still a circle to square when it comes to IMF involvement. The Fund insists it won't take part until the euro zone gets real about the state of the Greek economy. Germany, though, says Greece still hasn't done enough to justify debt relief. (SOUNDBITE) (English) CMC MARKETS ANALYST, MICHAEL HEWSON, SAYING: "With the elections coming up in September. I see no probability whatsoever that the Germans will agree to that. I also see no probability that the IMF will agree to get involved without that." Many Greeks see it as another kick in the teeth. They say they've kept their side of the bargain by approving some very unpopular new pension and tax cuts. (SOUNDBITE) (English) CMC MARKETS ANALYST, MICHAEL HEWSON, SAYING: "Greece has basically met all the requirements laid out by it by its creditors and the creditors are still reluctant to consider debt relief at some point. There will come a breaking point." For some in Greece that's already been reached.

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Greek stocks slide after debt deal hopes dashed

Tuesday, May 23, 2017 - 01:37