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A8 WORLD NEWS
Thursday 10 OcTOber 2019
EU sees hope in Brexit talks; Irish leader sees wide gaps

Associated Press economic ties binding the
BRUSSELS (AP) — Despite U.K. to the bloc while ensur-
having only days to bridge ing there is no hard border
wide divisions over Brexit, between EU member Ire-
the European Union main- land and the U.K.'s North-
tained a semblance of ern Ireland.
hope Wednesday that the Barnier said the U.K.'s ideas
acrimonious fight over Brit- were fundamentally flawed
ain's departure from the because they would mean
bloc could somehow still imposing customs checks
be settled amicably. on the island of Ireland,
Across the European Par- and because they gave
liament, voices resonated Northern Ireland's regional
with frustration that one of authority a veto on how to
the most important events proceed.
for both the EU and the U.K. "The proposal of the Brit-
in decades had turned into ish government as things
a tone-deaf dialogue only stand is not something we
three weeks ahead of Brit- can accept," he said.
ain's planned Oct. 31 de- Johnson's proposals
parture. crossed so many of the EU's
EU Commission President red lines, Barnier said, that
Jean-Claude Juncker said he would need to funda-
he was working together European Commission President Jean-Claude Juncker addresses European lawmakers at the Eu- mentally revamp his pro-
with EU Brexit negotiator Mi- ropean Parliament in Brussels, Wednesday, Oct. 9, 2019. posals — something the
chel Barnier on a last-gasp Associated Press British leader has said he
solution. will not do.
"Personally, I don't exclude his country out of the EU on Johnson needed to stop London," Juncker said. Irish Prime Minister Leo
a deal. Michel and myself Oct. 31 with or without a pouring all the blame on Johnson, who took office Varadkar said Ireland
are working on a deal," divorce deal. If Britain does the EU for the negotiat- in July after British lawmak- wanted a Brexit deal but
Juncker said. leave, it will be the first EU ing standstill. On Tuesday, ers rejected the Brexit deal "not at any cost."
He refused to be more spe- nation to exit the bloc, end- Johnson's Downing Street of his predecessor Theresa "It's going to be very difficult
cific but made clear that ing almost half a century office claimed EU intransi- May three times, delivered to secure an agreement by
Brexit talks between the of U.K. membership that gence had made it "essen- his own Brexit proposals to next week, quite frankly,"
two sides haven't come to brought economic and tially impossible" for the UK the bloc last week. Varadkar told Irish broad-
an irreparable standstill. diplomatic clout to both to leave with a deal. Britain is seeking to rene- caster RTE late Tuesday af-
British Prime Minister Boris sides. "We are not accepting this gotiate May's rejected di- ter a 40-minute phone call
Johnson has vowed to take For now, Juncker insisted blame game that started in vorce deal to loosen the with Johnson.q
In historic sale, Greek debt carries negative interest rate

By NICHOLAS PAPHITIS The expected purchases the country balanced its
Associated Press have driven government budget, cut spending, in-
ATHENS, Greece (AP) — bond prices up and yields, creased tax revenues and
More than a year after which move in the oppo- reformed the economy.
Greece exited its bailout site direction, down into Greece's borrowing costs
programs, investors made negative territory at times. have declined steadily this
history in the country Large swaths of the Euro- year but remain higher
Wednesday by buying its pean government bond than those of other Euro-
short-term debt at a nega- market trade in negative pean countries that went
tive yield, meaning they territory. Germany sold a through recent financial
volunteered at least in the- 30-year bond at a nega- rough patches, such as It-
ory to get less money back tive yield. aly, Spain, Cyprus and Por-
than they paid. With more negative yields tugal.
Greece's debt manage- on the debts of other coun- The improved economy
ment agency said it raised tries, Greece offers better and better budget execu-
487.5 million euros ($535 mil- Greece's Prime Minister Kyriakos Mitsotakis, left, speaks with the terms for those determined tion lower the perceived
lion) selling 13-week trea- European Council President Donald Tusk during their meeting at to buy short-term debt. risk for investors interested
sury bills for which the yield Maximos Mansion in Athens, Wednesday, Oct. 9, 2019. At the start of its financial in buying Greek debt, par-
was -0.02%. Prime Minister Associated Press crisis, in 2010, Greece was ticularly short-term. Never-
Kyriakos Mitsotakis said the locked out of bond markets theless, the country's credit
sale of bills with a negative small, appears daft. But and elsewhere in Europe as investors feared they rating is still well below in-
yield was a first for Greece.. many investors see govern- also result from European wouldn't get their money vestment grade.
"To put it simply, we're be- ment bonds as a safe place Central Bank monetary back. Bondholders were in Analyst Manos Chadzida-
ing paid to borrow money," to channel excess liquidity stimulus. The bank plans fact later forced to accept kis, the head of research at
Mitsotakis told his center- amid global instability and a new round of bond pur- large losses on their invest- Beta Securities, said the de-
right party's lawmakers. stock market turmoil; the chases, which would pump ments. cline in Greek yields would
Other European countries negative yield means they newly printed money From then until August 2018 benefit domestic corpo-
offer even measlier returns are willing to pay a fee for into the economy to sup- Greece survived on inter- rate borrowing costs, which
on their treasury bills. that safety. port stronger inflation and national bailouts that were rocketed during the finan-
Lending at a loss, however Negative rates in Greece growth. provided on the condition cial crisis.q