Rome, June 20, 2015 – Five years of crisis that led to Athens several times on the edge. are those experienced by the end of 2009 to date by Greece in its negotiations with Europe . Here is a chronology up grueling confrontation today between Athens and creditors, through the resounding electoral victory of Alexis Tsipras last January.
2009, BUBBLE BURSTS, DISCOVERED ACCOUNTS rigged: the socialist Pasok party wins the election. There are differences between the estimates of the outgoing government and the reality of public finances: the deficit / GDP ratio is 12%, twice the expected. At the end of December came the first sacrifices of the Papandreou government: a three-year plan of reorganization.
2010, GREECE IF YOU BECOME INTERNATIONAL: The agencies are starting to cut the rating. The rates go up quickly. The IMF decided to send a mission to Athens in view of a possible loan. A few days after Brussels decided to settle permanently in a technical Eurostat board of the statistical greek. They spread fears of a debt crisis for all the peripheral countries of the Eurozone. The Eurozone is launching an aid program that provides loans with bilateral assistance from the Fund.
May 2, 2010, THE TURNING POINT OF AID: Athens announces a shock therapy to 30 billion, nearly one seventh of the country’s GDP and the Eurogroup gives the green light to the mechanism financial support of 110 billion euro.
2011 DRAMA ATHENS: The situation does not improve: Moody’s, S & amp; P’s and Fitch cut the rating further. The government is forced to further cut to 6.5 billion euro. But not enough: a new austerity plan imposed cuts to 28 billion euro by 2015. Only then will the EU gives green light to further tranche of aid. July 25, 2011, Moody’s gives for sure the default. In September, the government is launching a further maneuver.
GET THE TROIKA: The country is the police from EU, ECB and IMF. Europe activates the bailout fund for Greece providing additional oxygen loss. But the crisis is screwed. Unemployment soars, the GDP sinks. Outbreak of street protests that flows into guerrilla in central Athens. Papandreou resigns planning elections for spring 2012.
2012, AID BUT STILL TAKE HAIRCUT: The Eurogroup gives green light to new aid for 130 billion postponing a default otherwise inevitable. In March the holders of Greek debt are seen to reduce the nominal value of the securities of 50%, with an extension of the maturity.
GROWING anti-Europeanism: From 2012 to lead Greece’s Antonis Samaras, Nea Democratia. The government report is cooperation with the EU, but that of the people of anti-Europeanism is greek and rejecting the Troika. The country is on its last legs. Grow the extreme wings of the political right Golden Dawn, Syriza left, both contrary to pay the debt.
2015 WINS Tsipras, THE CHALLENGE TO EU: Alexis Tsipras is the new hero of Greek politics and like David Goliath challenge now. Go on a tour to Europe to convince Brussels and Frankfurt to redefine the greek debt and wipe out the austerity policy of the Troika. At the same time the world got to know the new finance minister greek, Yanis Varoufakis.
February 4, for the new Greek executive gets a cold shower before: the ECB cut Greece by direct loans to banks, forced to finance themselves with emergency liquidity (Ela) .
April , Greece leads Europe with a new list of reforms, more detailed, but the effort is not enough to unlock aid. Eurogroup of that month fly rags with Varoufakis accused, according to the reconstructions of the vertices, to be “an amateur and a time waster.”
May 13 , Eurostat certifies that the country has fallen back into recession in the first quarter. The creditors are pressing for cuts in at least three billion by the year.
4 June , Athens inform the IMF that it intends to merge the four payments in June in a single payment, which expires on June 30, for a total of 1.6 billion.
June 13, the EU Commission President, Jean Claude Juncker, said that the agreement Athens-creditors must be closed before the reopening of markets. It will not happen. No agreement also the Eurogroup on 18 June. It convened a summit for 22, but there is already talk of a subsequent meeting. Meanwhile, banks are likely the crash, with deposits on the run. The ECB provides additional emergency funds just needed to cope with the situation.
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