Creditors Put Greece Reform Efforts Under the Microscope

 European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
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Creditors Put Greece Reform Efforts Under the Microscope

 European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou
European Stability Mechanism Managing Director Klaus Regling attends a news conference at the Ministry of Finance in Nicosia, Cyprus November 2, 2017. REUTERS/Yiannis Kourtoglou

Greece's international creditors will begin a new round of intense scrutiny of reform efforts on Monday. The German Press Agency (DPA) learned from departments in the Greek Ministry of Finance that the auditors will first look into the development of state finances.

A Greek Finance Ministry official and one of the negotiators said the first review of the current situation in Greece was expected to take place on December 4 during a session of the eurogroup. Financial newspapers in the Greek capital Athens said Sunday that the auditors are expected to finish their work in January at earliest estimate.

Greece is currently benefiting from the third aid program, amounting to 86 billion euros, and ends in August 2018. Greece has resorted to rescue programs since 2010 to protect itself from financial collapse. Greece hoped that by the end of the third program, the confidence of the financial markets would be restored.

While the European Rescue Mechanism (ESM) expects that Greece will not fully finish the current aid program.

“We are pleased that the amount of the loan for Greece may remain significantly below the ESM programme’s limit of 86 billion euros,” ESM chief Klaus Regling told Handelsblatt.

Un-used funds could be used to repay loans to other creditors, Regling added.



Trump Touts ‘Done’ Deal with Beijing on Rare Earths, Chinese Students

In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
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Trump Touts ‘Done’ Deal with Beijing on Rare Earths, Chinese Students

In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)
In this photo released by Xinhua News Agency, Chinese Vice Premier He Lifeng, right, shakes hands with US Treasury Secretary Scott Bessent before their meeting to discuss China-US trade, in London, Monday, June 9, 2025. (Xinhua via AP)

US President Donald Trump touted ties with China as "excellent" on Wednesday, saying the superpowers reached a deal after two days of talks aimed at preserving a truce in their damaging trade war.  

Trump said on his Truth Social platform that China would supply rare earth minerals and magnets -- vital elements for American industries -- while Washington would allow Chinese students to remain in US universities.  

His post came after top United States and Chinese negotiators announced a "framework" agreement late Tuesday following two days of marathon talks in London. 

"Our deal with China is done," Trump wrote, adding that the agreement was still "subject to final approval with President Xi (Jinping) and me." 

"President XI and I are going to work closely together to open up China to American Trade," he said in a second post. "This would be a great WIN for both countries!!!"  

US stock markets showed little enthusiasm despite Trump's statements, but major indexes edged higher in early trading.  

- 'Candid' talks -  

US Treasury Secretary Scott Bessent said Wednesday that it was possible to rebalance economic relations with China if Beijing proved a "reliable partner in trade negotiations."  

"If China will course-correct by upholding its end of the initial trade agreement we outlined in Geneva, and I believe after our talks in London they will, then the rebalancing of the world's two largest economies is possible," Bessent told lawmakers at the House Ways and Means Committee.  

The two sides agreed to reduce their tit-for-tat, triple-digit tariffs during talks in Geneva last month, but cracks appeared in the detente after Trump accused China of violating the deal.  

Washington was concerned at slower supplies of rare earths after Beijing in early April began requiring domestic exporters to apply for a license -- widely seen as a response to US tariffs.  

Rare earths are used in everything from electric vehicles to hard drives, wind turbines and missiles.  

US Commerce Secretary Howard Lutnick said in London on Tuesday that US measures imposed when rare earths "were not coming" would likely be relaxed once Beijing moved forward with more license approvals.  

On Truth Social, Trump said China will supply "full magnets, and any necessary rare earths" up front.  

Washington has infuriated Beijing by vowing to revoke the visas of Chinese students, a major source of revenue for US universities.  

On Wednesday, Trump said: "We will provide to China what was agreed to, including Chinese students using our colleges and universities."  

The US president also said that the United States applies 55 percent tariffs on Chinese goods -- a combination of his 30 percent additional levies this year and the rough average of pre-existing duties, a White House official said.  

He said Beijing charges 10 percent duties on US goods.  

The rates are the same as those that were previously agreed in the truce, which temporarily brought US tariffs down from 145 percent and those imposed by China from 125 percent.  

In a Chinese state media readout of the talks released Wednesday, Vice Premier He Lifeng, who headed Beijing's team in London, stressed the need for the two sides to strengthen cooperation in future dialogue.  

"As a next step, the two sides should... continuously enhance consensus, reduce misunderstandings and strengthen cooperation," He said, according to state broadcaster CCTV.  

Speaking to reporters in London, China International Trade Representative Li Chenggang earlier said: "Our communication has been very professional, rational, in-depth and candid."