OLLI REHN: “"It seems that Greece is likely to miss the target this year, next year and concrete measures agreed to so far are going a long way to meet all the fiscal targets. As I said, it is essential now that we will assess the measures, we will review the figures."
Olli Rehn says it is too early to tell if Greece will be able to meet its deficit reduction targets. European finance ministers put off a decision on whether to provide an eleven billion dollar loan to Greece that is part of a rescue plan agreed to last year.
The Greek debt crisis has already severely hurt the French-Belgian bank Dexia. The bank has lost more than four hundred million dollars because of Greek debt. But those losses could increase if Greece fails to pay on its debts in the coming months.
Dexia is one of Belgium’s biggest lenders. Now French and Belgian officials are discussing how to split the bank up and create a so called “bad bank” that would hold its worst assets.
Dexia is not alone. Two big banks in France, BNP Paribas and Societe Generale, have reported losses of more than one billion dollars.
On Thursday, the European Central Bank said it would offer new emergency loans to Europe’s banks to help them deal with losses from Greek debt.
And that's the VOA Special English Economics Report. Find more business news along with transcripts and MP3s of our reportsat voaspecialenglish.com. I'm Mario Ritter.
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2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25
2013-11-25