Greece: “We can not pay all debts.” Tension with the EU. And … – Il Sole 24 Ore

Greece: "We can not pay all debts." Tension with the EU. And … – Il Sole 24 Ore

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This article was published on 27 January 2015 to 15:15 hours.
The last modified on 27 January 2015 to 23:06 hours.

The new government Tsipras insists: we are not in a position to pay all the debts. It pushes investors to exit the Athens Stock Exchange. It was another day of heavy red for the Greek list: the general index came to yield 6% and then “go back” to -3.7%, with banking stocks in clear difficulty (Eurobank -20%, Alpha and Piraeus -19% -18%), even though they have recovered some of the losses and closed at -12 percent. Like yesterday under pressure even government bonds: the yield on ten-year Greek salt of about 40 basis points, with the yield at 9.21 percent. In two days the Athens Stock Exchange has therefore lost 7 percent.

In the early afternoon was announced the list of cabinet ministers. For Finance is Yannis Varoufakis, an economist who has never hidden his opposition to the recipes of the European Union to end the crisis, while Yannis Dragasakis, also a member of Syriza, the radical left Hellenic, will be deputy prime minister with responsibility for negotiations with the EU. Two appointments, unexpected moves of the first concrete neo-ministers, are viewed with skepticism by the markets.

Yaroufakis (Economics): the euro must be reformed
Fueling market jitters are the first official positions of government officials Tsipras. “The euro needs to be reformed. It was not designed to support a major financial crisis. The result is that Italy is suffering, not o nly because of the crisis, “he told Sky TG24 the new minister of the economy greek Yanis Yaroufakis. While the deputy minister with responsibility for international economic relations of Euclid Tsakalotos SYRIZA, the BBC said: “Nobody believes the greek debt is sustainable, no economist may think that we can pay all that debt. It is impossible. ” Thesis shared by the vast majority of economists but that in the mouth of a member of a government that has a debt of 240 billion with other countries sounds like “revolutionary”.

The aid program Troika expires at the end of February
Instant replication of Angela Merkel, who is said to be contrary to the surprise and can request to cut debt by Tsipras: until 2022, recalls the Chancellor, Athens must not begin to pay interest on loans. The participants refer to a meeting of the parliamentary CDU / CSU. But Merkel wants to wait until Tsipras, as is his right, make proposals.

The aid program troika expires in late February: has yet to be disbursed the last tranche from 7 billion but there was agreement with the Government Samaras on new cuts sought by the EU and IMF. Negotiation made even more difficult now that the Executive is led by the “Odd Couple” SYRIZA-Independent Greeks. The Treasury greek year must repay € 10 billion of debt owed to the IMF and the EU.

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