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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared Obama backers show signs of disappointment 1:04am EDT UPDATE 1-New US $100 note aims to deter counterfeiters 2:39pm EDT Paulson reassures on Goldman role | Video 11:01am EDT GM firmly on road to viability: Treasury 1:59pm EDT Senate panel OKs bank swap ban in overhaul effort 3:38pm EDT RPT-Ex-Goldman employee surfaces in SEC complaint 8:01am EDT Workers missing after blast, fire hit oil rig 3:32pm EDT Arizona passes tough illegal immigration law 19 Apr 2010 European skies open but airline schedules scrambled | Video 11:25am EDT Apple seeks return of lost iPhone prototype 20 Apr 2010 Obama backers show signs of disappointment 1:04am EDT Everest "death zone" set for a spring clean up 19 Apr 2010 Drug could stop spinal injuries, researchers say 3:31pm EDT Diabetes drug tied to reduced breast cancer risk 1:14pm EDT Democrats haunted by corporate ties 9:33am EDT Third of U.S. teens with phones text 100 times a day 20 Apr 2010 Obama: No abortion litmus test for high court pick 2:00pm EDT GM firmly on road to viability: Treasury 1:59pm EDT Chrysler posts $4 billion of losses since bankruptcy 9:18am EDT Added sugar increases heart risks: study 20 Apr 2010 Pictures Editor's choice A selection of our best photos from the past 24 hours. Slideshow Greek debt costs soar at start of EU/IMF talks Michael Winfrey and Lefteris Papadimas ATHENS Wed Apr 21, 2010 1:56pm EDT Related News Euro falls broadly as Greek debt worries mount 4:34pm EDT FOREX-Euro falls broadly as Greek debt worries escalate 12:31pm EDT Greek debt hammered as EU/IMF aid talks get under way 11:05am EDT Greece faces tight timeline before May debt crunch 9:00am EDT UPDATE 1-Greece says to agree joint text with IMF, EU by May 15 8:49am EDT International Monetary Fund (IMF) and European Union officials leave Greece's Finance ministry in Athens April 21, 2010. Credit: Reuters/Yiorgos Karahalis ATHENS (Reuters) - Greece started talks to hammer out details of a potential European and International Monetary Fund aid deal on Wednesday but investors dumped Greek assets and the package faced heated resistance at home and abroad. World Struggling to convince markets that Greece can slash its budget deficit and avoid default, the socialist government is racing to raise 10 billion euros next month, with markets focusing on an 8.5 billion euro bond that falls due on May 19. Greece is still pushing to finance its debt through market issuance but economists are increasingly convinced it will have to tap the package, and the IMF said the crisis could spread into other euro members if left unchecked. But a lack of clarity over whether funds would come in time continued to worry market players and produced a series of strong denials that Greece would be allowed to default. Investors were impatient, however, driving the yield on the 10-year bond to 8.4 percent, the highest since at least 1998, on a flattening yield curve, a signal of growing doubt over the country's solvency. The plan also drew fire from workers in Athens and lawmakers in Germany, where voters are deeply opposed to helping chronic offender Greece ahead of an election next month. Greek Finance Minister George Papaconstantinou started meetings with a mission of mid-level advisers from the IMF, European Commission, and the European Central Bank. He said the talks, which are meant to outline a three-year economic policy plan -- would last two weeks and a text of the program would be decided by May 15 at the latest. "The mechanism will be activated and operate, if Greece asks for it, based on the joint text ... this is the process we have chosen," Papaconstantinou told a news conference. Asked if Greece could seek aid before that, he said: "Theoretically, Greece could do it even tomorrow." Economists and Greek media have speculated the government could trigger the parachute as soon as this weekend, when Papaconstantinou attends the IMF's annual meeting in Washington. In Germany, where Angela Merkel's government risks losing its majority in the upper house in a May 9 vote, Finance Minister Wolfgang Schaeuble said the government expected Athens to make a formal request for the aid, a source told Reuters. Schaeuble told a parliamentary committee Greece could not be allowed to default on its debt as this would have incalculable consequences. "That would bring the stability of the euro into question," he said. But a rift appeared in the euro zone leaders' plans for quickly delivering aid when Germany's opposition Social Democrats said they opposed "fast-track" approval for the deal in parliament. GATHERING AID French Finance Minister Christine Lagarde said Paris could mobilize 3.9 billion euros this fiscal year, part of the 6.3 billion it has pledged of the 30 billion from euro zone states. "The aid will take the framework of bilateral loans," Lagarde told reporters. She added that the French aid for Greece would have a 5 percent interest charge at three-year maturity. German Economy Minister Rainer Bruederle said the IMF part of the package could amount to 12 billion euros ($16.13 billion). Greece has yet to ask for the aid which, if activated, would be the largest such bailout ever attempted. The prospect of aid has raised anxiety among Greeks already hit by public sector wage cuts, a pension freeze and tax hikes that the government imposed last month to cut this year's budget deficit by one third to 8.7 percent of gross domestic product. Hundreds of dockworkers blocked passenger vessels at Greece's largest port, Piraeus, on Wednesday to protest at the austerity measures. About half a million Greek civil servants are planning another 24-hour strike on Thursday. "Our strike was a necessity due to the government's fierce attack on our pensions, our employment rights and our income," said George Perros, a leading member of union PAME. The IMF also warned about the broader risk from continued market turmoil over Greece. "The main risk is that, if unchecked, market concerns about sovereign liquidity and solvency in Greece could turn into a full-blown sovereign debt crisis, leading to some contagion," the IMF said in its World Economic Outlook. It also cut its 2010 forecast for Greece on Wednesday, to -2 percent, from -0.1 percent previously, and said the economy of 11 million would contract 1.1 percent in 2011. SOLVENCY Market doubts persist whether Greece can complete the administrative measures necessary to tap the aid and receive it before it has to redeem the 8.5 billion euro bond on May 19. The worries have shaken the euro currency and pummeled Greek assets, with the premium investors demand to buy Greek bonds over German benchmarks hitting 524 basis points on Tuesday, around 10 times higher than pre-crisis levels. Investors also wonder whether Athens will be able to tackle the 177 billion euros in debt coming due over the next 5 years, with high debt maintenance costs and a shrinking economy potentially forcing Greece to default or restructure its debt. Papaconstantinou rejected the idea on Wednesday, saying: "Rumors about restructuring of debt are nonsense." Other countries in the euro zone's periphery have also been hit by the Greek crisis. On Wednesday, the yield spread for 10-year Portuguese bonds over German Bunds widened to 162 basis points from 155 bps at Tuesday's settlement. Quentin Fitzsimmons, head of government bonds at Threadneedle, said investors could start targeting other euro zone peripheral states if it looked like Greek default was possible. "Although a lot of uncertainty remains, we have to believe the Europeans can agree that stability of the region ultimately trumps the interests of individual nation states," he said. "Whether this belief is strong enough to shut your eyes and buy is another issue, at this moment, it seems the answer is a resounding 'no'." (Editing by Stephen Nisbet) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. More from Reuters European skies open but airline schedules scrambled FRANKFURT (Reuters) - Europe's skies were open for business on Wednesday but, with so many planes having been grounded by the volcanic ash from Iceland, it could take days or even weeks to clear the backlog. | Video Greek debt costs soar at start of EU/IMF talks Iran denounces U.S. "nuclear threats," to hold drill 50 years on, Brazil's utopian capital faces reality Police battle Bosnians protesting IMF-imposed cuts | Video Pope promises "action" on sexual abuse crisis » More Top News Goldman's fearsome litigator Richard Klapper is no pushover. Over his 30-year career, he has repeatedly -- and successfully -- represented the interests of big banks. Full Article France mulls Goldman probe Video: Comparing other similar cases Felix Salmon: The Paulson letter Ex-Goldman trader appears in complaint Goldman Sachs Drawing the battle lines It's the Democrats versus Wall Street and Republicans against Big Government in the run-up to the midterm elections. Which stance will resonate with voters? Full Article Democrats haunted by Wall Street ties Are Obama backers disappointed? Financial reform and GOP's dilemma Politics © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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