The creditors of Greece have agreed on a package of reforms that Athens will have to be implemented over the next three years, so to unlock the next aid package. The anticipation comes from the German FAZ, however, it points out that, once again, the most difficult hurdle to overcome is made up of Berlin, while Finland already threatens the intention not to participate in any case the third bailout.
The Memorandum of Understanding will now be discussed with the greek government over the weekend and already late in the afternoon the Minister of Finance greek, Euclid Tsakalotos, and the Economy, George Stathakis, met in Greek capital officials of the EU Commission, the IMF, the ECB and the fund EFSM.
The government greek, remembers the German newspaper, has already put on the agenda the discussion a new round of reforms, to be voted by 14 August: This is the cutting defense spending and subsidies for the agricultural sector, but it is possible that the new measures contained in the draft of 27 pages on which creditors would find the agreement, they can pass the scrutiny of Government and Parliament in Athens. According to FAZ, if the Greek economic ministers and creditors should reach an understanding, in fact, the memorandum could be signed on Tuesday to allow Parliament greek to vote by Thursday.
The file then arrive on the table of the Eurogroup presumably, Friday, August 14, while the Bundestag would meet in special session on 17 and 18 August to decide whether to accept the plan or ask further stakes. That’s the point to be solved, because in Faz, Berlin would still at the window, preferring a more cautious attitude, a negotiated longer and, pending the release of the third aid package, a bridge loan.
“We have run out of patience,” Do you know Meanwhile Foreign Minister Finnish Timo Soini, explaining that Helsinki could stay out. “If we vote against the agreement will start the emergency procedure, and the package will be implemented in spite of us,” he recalled, referring to a clause that allows agreements without there being full unanimity.
According to EU treaties that regulate the functioning of the fund ESM, in fact, the possible negative vote of a country could be circumvented with the start of fact an emergency procedure, which provides for the green light to a qualified majority of 85% of participants bottom. Greece, however, appears to have now in any case a better chance of reaching an agreement within the next week, in time to receive a first tranche of 3.2 billion with which to repay the ECB on August 20.
“The negotiations progressing well “and” there is reason to be optimistic, “a source close to the file after the conference call for Friday night’s Economic and Financial Committee, the body that brings together the Sherpas of the EU governments, the ECB and the European Commission and that in version 19 prepare the work of the Eurogroup. But it is the same source, after rumors leaked by Berlin, curb the enthusiasm: “the option of a bridge loan that allows a few days of negotiations in more is still on the table.”
Prime Minister Alexis Tsipras would accelerate in the face of an economy in free fall: the controls on capital movements, which remain standing despite the reopening of the banks in fact are crippling Greek companies. Ministry of Finance of Germany, led by Wolfgang Schaeuble, who has evoked several times the solution of ‘Grexit’, invitations to come to have no hurry.
Berlin wants some stakes: the budgetary targets, the The talks today between Tsakalotos and technical teams of the ‘troika in Athens. Privatization, on which Berlin wants clarity: the goal of 50 billion sales of public assets is deemed unattainable by many leading economists. Athens would lever that fund to recapitalize its banks, but the ECB comes a clear signal that the high road instead recapitalize through the European rescue fund. And then contrasts remain on liberalization and tax to the agricultural sector.
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