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Greece in lethargy of recession

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Greece and its international lenders made clear progress towards bridging differences over its fiscal path in coming years, moving closer to a deal that would secure new loan disbursements and save the country from default.

“We made substantial progress today and are close to common ground for the (lenders’) mission to return to Athens the coming week,”  Jeroen Dijsselbloem said on Friday.

Greek Finance Minister Euclid Tsakalotos met with the chairman of euro zone finance ministers Jeroen Dijsselbloem and top officials from the European Central Bank, the euro zone bailout fund, the European Commission and the International Monetary Fund to break a two-month deadlock in talks.

“We can’t undertake a debt haircut for a member of the European single currency, it’s ruled out by the Lisbon Treaty,” – said Gemran Finance minister Wolfgang Schaeuble said on broadcaster ARD. “For that, Greece would have to exit the currency area.”

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