– That of Greece is a delicate situation. In addition to asking a debt restructuring, the government of Alexis Tsipras, took office only a few weeks, the European Union demand more time to implement part of the reforms envisaged in the Memorandum signed in exchange of international financial assistance. For its part, Brussels claims compliance with the agreements agreed. The two meetings between the finance ministers of the euro zone (the last of which took place on Monday, February 16) have not so far produced satisfactory results.
Athens rejected, in fact, the information advanced by the Eurogroup. During the last summit, finance ministers of the euro zone have proposed the extension of the current financial assistance program, which expires February 28 next. In return, and in addition to ensuring adequate primary surplus, the government would have to agree with greek European partners and international future reforms of tax policy, giving up their autonomy even with respect to possible privatization, reforms of the labor market, the financial sector and of the pension system.
Several distant and government demands that greek, as well as being willing to give up the last tranche of the troika (7.2 billion euro), has already abandoned the idea to request cancellation of the debt and the Memorandum (ie the set of reforms to be implemented in exchange of international financial assistance): the new executive Hellenic is available to implement only 70% of the required reforms.
In addition to offering a bridge loan for a few months, Athens sought the annulment of the financial assistance program, the issuance of new government bonds to six months for about 8 billion and a “swap” of debt held by the European Central Bank and the European Union (ie the transformation of loans with securities with a longer maturity and with returns indexed to the GDP more the Greek economy grows, the more would increase the amounts due to creditors) .
The parts are separated by an unbridgeable distance, at least for the moment. A new meeting, useful to try at least to reduce it, could take place Friday, February 20th. However, the time available is less and less of Athens: as noted, on February 28 will end the plan of financial assistance, the extent of which may be requested by Greece no later than Thursday, 19. Meanwhile, some institutions (see International Monetary Fund) have already announced – if there were no progress on reforms – the intention to block payments.
They are extremely delicate days for Greece, whose exit from the euro zone – although denied by most parts (our Economy Minister Pier Carlo Padoan called it out of the question, for example) – would create costs for the European partners. In some cases even understated. According to a study by Barclays, our country would have much more to lose than 30000000000-40000000000 hypothesized to date: 61.2 billion euro (3.1% of GDP).
Italy, says Barclays, is exposed for 10 billion of bilateral loans, to 27.2 billion through the bailout fund and 4.8 per share as part of the operation Securities Markets Programme of 2012, with which the European Central Bank bought government bonds. Ben 19.2 are liabilities arising from Target 2, the compensation system of payments between banks coordinated national dall’Eurotower.
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