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This article was published on July 9, 2015 at 14:36.
The last change is the July 9, 2015 at 23:02.
ATHENS – Spiragli by European leaders on the debt restructuring plan in exchange for greek greek of reforms 13 billion that the Eurogroup has received in the evening, which will now be examined by the European institutions (EU, ECB and ESM). Plan reforms greek already tomorrow (Friday) will be submitted to Parliament in Athens for a first green light that shows the desire for reform in the country. The “priority actions” will be voted by the assembly and the intention of the premier Tsipras should achieve the widest possible majority to send a signal of unity to the creditors.
The opening on the debt came from Donald Tusk, former Prime Minister of Poland and considered close to Chancellor Angela Merkel, who said he was available to the hypothesis of a “reasonable” debt relief greek. One possibility that seemed far too openly opposed by several states, including Germany.
“I hope that today we will receive concrete proposals from Athens and realistic – said Tusk – If this happens, will be used in parallel proposals by creditors. The realistic proposal by Greece will have to find a bank in equally realistic proposal on debt sustainability by creditors. Only then we will have a win-win situation. ”
If there is a statement in favor of the “restructuring” of the debt claimed by the Greeks and the IMF close enough. “We have always said – had argued yesterday Christine Lagarde – that the program should rest on two legs: reforms and debt restructuring. Our position has not changed. ” But we must agree upon what it means debt restructuring: Tusk fact did not specify whether its openness involves a simple extension of maturities and / or a further cut in interest rates – already granted to Greece in November 2012 – or a real and just cut (“haircut”) with a nominal value of debt greek, the latter situation opposed by several countries.
Even Wolfgang Schaeuble shows signs of openness in terms of the debt, even in the most minor, that is, through an extension of maturities or the grace period or a cut in interest rates . The German Finance Minister has admitted that only a haircut would ensure full debt sustainability greek but, he said, is not possible because in violation of the treaties.
At this point, everything will depend on what will come in practice by the Greeks. The stalemate in the negotiations over the last five months has increased the cost of the necessary maneuver in Athens in order to access the third rescue. Now there is talk of 13 billion euro of spending cuts and new tax revenues: the value of this new reform plan that the premier Tsipras to be presented by last night to international creditors, as reported by the daily Kathimerini, and that tomorrow (Friday ) will be subjected to a first vote of the Hellenic Parliament to demonstrate the will reform the country. The plan would then have a higher consistency than previously assumed, because of the deterioration of the Greek economy, which came back into recession. According to Kathimerini, the measures for 8 billion euro that Greece had budgeted for 2015 and 2016 will be increased by 2 billion euro per year, for a total of 12 billion in two years. For Eikos, the government greek estimate for year recession equal to about 3%, compared with the expected growth of 0.5%, frustrated by months of uncertainty and for nearly two weeks of measures for the control of capital. Il Sole 24 ore had collected estimates a loss of 2% even in case of victory of the yes.
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