Greece Default Update

The leftist government of Greece tweaked its economic program one week ahead of high-risk global talks with hardly a sign of a forthcoming agreement with international creditors.

Several days prior to the meeting of EU ministers, the Greek cabinet met to discuss details of the crucial policy speech by Prime Minister Alexis Tsiaris.

The speech outlines his legislative agenda and is expected to be watched furtively worldwide.

The cabinet considers a "stop-gap program" until June to meet urgent needs of its citizens affected by said austerity measures, according to government sources.

Greeks reportedly want their government to strengthen the economy, create a national reform program for fair taxation, combat tax evasion and corruption, and make public administration highly effective.

The government vowed to finish off austerity and possibly reduce the huge debt of the nation and sought temporary subsidy from its partners in the EU.

The Euro region’s part of the nation’s large financial arrears (240 billion euro) will run out at the end of February and Athens is seeking a quick deal or likely extension.

Credit rating agencies said Greece is headed towards default of its loans which can bring about its exodus from the EU.

Germany expects Greece to present a plan for debt repayment and economic reforms during the meeting of euro area finance ministers.

Greece will likewise be at the forefront of G20 finance ministers’ discussion in Istanbul on Sunday.

Greece is qualified for another trance of 7.2 billion euro in loans as part of the bailout plan that was formulated in 2010.

Under the proposed covenant, Greece is asking for 1.9 billion euro (in terms of profits) by the ECB and consent to issue supplementary short-term debt.