Greece Wins Pledge for Debt Relief as IMF Bows to Euro Plan - by Ian Wishart, Corina Ruhe, Nikos Chrysoloras

Greece’s creditors reached a preliminary accord to ease the country’s debt burden but left the important details to be hammered out after Germany’s federal election next year.

At a meeting of euro-area finance ministers in Brussels that ended early Wednesday, and paved the way for a 10.3 billion-euro ($11.5 billion) aid payout, the International Monetary Fund retreated from its hard-line stance for concrete and generous measures on Greece’s debt, allowing creditors to announce a “breakthrough” despite giving no figures or real commitments.

"It seems very much like an agreement of convenience more than anything else,” Peter Rosenstreich, head of market strategy at Swissquote Bank told Bloomberg TV. “Greece needed the money now -- they were already behind on payments. Europe really needed to show a stable hand” before the June 23 referendum on whether the U.K. should stay in the European Union, he said.

Read more: Greece Wins Pledge for Debt Relief as IMF Bows to Euro Plan - Bloomberg

Greece & lenders agree on bailout terms with European Commission and IMF

On Tuesday, the Greek Finance Ministry said its government and the international creditors managed to agree on the two major issues – a new privatization fund that will accumulate state assets worth around €50 billion over the next 30 years and the game plan to tackle the problem of overdue loans totaling €90 billion.

Negotiations on the technical agreement will conclude later on Tuesday. European Commission President Jean-Claude Juncker will speak with French President Francois Hollande and German Chancellor Angela Merkel later today, FT reports.

Earlier, it was reported that the two sides had agreed on a target for 2015 of a primary budget deficit of 0.25 percent of GDP, moving to a primary surplus in 2016 of 0.5 percent of GDP. In 2017, the primary surplus target is 1.75 percent, rising to 3.5 percent in 2018, ANA news agency reported.

On Tuesday, the Greek Finance Ministry said its government and the international creditors managed to agree on the two major issues – a new privatization fund that will accumulate state assets worth around €50 billion over the next 30 years and the game plan to tackle the problem of overdue loans totaling €90 billion.

Negotiations on the technical agreement will conclude later on Tuesday. European Commission President Jean-Claude Juncker will speak with French President Francois Hollande and German Chancellor Angela Merkel later today, FT reports.

Earlier, it was reported that the two sides had agreed on a target for 2015 of a primary budget deficit of 0.25 percent of GDP, moving to a primary surplus in 2016 of 0.5 percent of GDP. In 2017, the primary surplus target is 1.75 percent, rising to 3.5 percent in 2018, ANA news agency reported.

Read more: Greece & lenders agree on bailout terms – European Commission — RT Business

Turkey offers Ukraine $50 mln loan: Ukraine's Poroshenko - by Natalia Zinets; Writing by Alessandra Prentice

Turkey has offered a $50 million loan to Ukraine to help cover its budget deficit, Ukrainian President Petro Poroshenko said in a joint press conference with Turkish counterpart Tayyip Erdogan.

"I'm grateful to Erdogan for the decision to offer a loan of $50 million towards covering the budget deficit," Poroshenko said following a one-on-one meeting with Erdogan, who was on an official visit to the Ukrainian capital.

Turkey also offered Ukraine $10 million in humanitarian assistance, Poroshenko said.

Read more: Turkey offers Ukraine $50 mln loan: Ukraine's Poroshenko - Yahoo News

Ukraine ratifies 610 million euro EU loan agreed in 2013

Ukraine's parliament ratified an agreement on Tuesday to accept a 610 million euro ($840 million) loan from the European Union, agreed in February 2013 but never ratified under deposed pro-Russian president Viktor Yanukovich.

Read more: Ukraine ratifies 610 million euro EU loan agreed in 2013 - Yahoo Finance