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Benedicte Gravrand, Opalesque Geneva:

The race on Greece is on as time seems to be running out. On Tuesday, Greece reportedly failed to reach an initial deal with the European Union (EU) and the International Monetary Fund (IMF) to release aid after the creditors dismissed a package of reforms from Athens as ideas rather than a concrete plan. On Wednesday, the ECB‘s Governing Council approved an increase in the emergency funds (Emergency Liquidity Assistance) available to Greek lenders that was smaller than the amount granted last week. Meanwhile, Greek Finance Minister Yanis Varoufakis met with officials from bond fund manager Pimco, who expressed interest in Greek Treasury bill auctions and bonds.

While Greek Prime Minister Alexis Tsipras is locked in negotiations with creditors over the terms of the country's €240 billion ($339 billion) bailout, the ECB (European Central Bank) is completing its first month of purchases in its €1.1 trillion debt-purchase program. The euro lost 11% since the start of the year, reports The Age, and its decline "is the wors......................

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