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This article was published on February 15, 2015 at 10:09.
The last change is the February 15, 2015 at 17:29.
It’s a weekend of technical discussions between Greece and its creditors in a desperate attempt to avoid the new meeting tomorrow of finance ministers of the euro zone proves another failure, after that of last Wednesday.
The economic and financial situation, a sharp worsening in recent weeks, is not playing in favor of the new government of Alexis Tsipras that made the end of the Memorandum of adjustment Troika its workhorse election.
For over two weeks, the tug of war between Athens and Brussels is holding bench. The new greek government does not want to submit to a Memorandum of Economic Adjustment negotiated with its international creditors. At the same time however, he needs fresh money quickly, as they approach in spring demanding financial reimbursement. On the other side, the euro zone countries are ready to offer new lines of credit to Greece, but ask for a legal framework.
On behalf of the government greek and the Eurogroup, the representatives of the European Commission , the European Central Bank and the International Monetary Fund have spent the day yesterday here in Brussels by comparing the Memorandum of adjustment, due later this month, with the program of the new government led by Syriza, the radical left party that has won the elections of January 25. New talks should also be held today, on the eve of the Eurogroup tomorrow.
“We want to understand if you are among the measures envisaged by Athens and those set by Brussels overlays on which we can work to finalize a deal,” he explained Yesterday a member Community. Stated another European official: “It is an exchange of views, rather than a real negotiation.” Between this evening and tomorrow morning, representatives of the three institutions – the so-called Troika that the new government does not want to hear the name – will inform the dire ctors of the Treasures of the euro zone.
A clenched teeth, negotiators for the European side admit that the attempt is to find a solution that will allow the government to save face Tsipras and creditors to be reassured about the presence of a framework. In other words, to complete the Memorandum of adjustment, without actually abandon him to his fate. Chancellor Angela Merkel said Thursday night that the extension of the Memorandum, in one way or another, was his preferred option.
The problem is that even last night Greek representatives appeared adamant. “If there is no part of their request for an extension of the Memorandum or otherwise availability.The to discuss some legal framework, I do not see how we can find an agreement,” he noted yesterday, a senior European. Many here in Brussels noticed by Tsipras and members of the new government much ideology and little realism.
The game is influenced by the time factor and the economic situation. At the end of the current month expires Memorandum. Without an agreement on 28 February, the legal vacuum and political risks creating great financial uncertainty. Some countries – such as Germany, the Netherlands, Finland and Estonia – have to seek parliamentary approval to approve extensions or new memorandum. In the absence of an agreement tomorrow Eurogroup, the time likely to be very close, just as the new greek government has to deal with a worsening economy that can not remain indifferent.
Thursday, data on revenue tax in January showed a hole of a billion euro compared with forecasts (a gap of 23%). Friday, came the announcement of an economic contraction in the fourth quarter of 2014, after nine months of growth. According to JP Morgan, the outflows from bank deposits was the beginning of 2015 to 21 billion euro. The government assures Tsipras had no urgent need of fresh mone y. “We do not want new loans, we need time, not money to make reforms,” the premier said greek in an interview with the German weekly Stern.
He commented yesterday the high European head: “I fear that liquidity available is falling faster than expected. “
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