History of the article
Close
This article was published April 22, 2016 at 13:32 hours.
the last change is the April 22, 2016 at 17:44 hours.
the Eurogroup has mandated the President Jeroen Dijsselbloem to start the comparison with Greece on ‘ easing of the Greek debt. “Nothing contained in the package will be closed until the whole package will be closed,” he indicated the same Dijsselbloem.
At the meeting “there was a common view that a riprofilo the greek public debt is conceivable, feasible without a cut in the face value, without a haircut,” explained Christine Lagarde, director the international Monetary Fund. “Based on our analysis of the sustainability of the Greek debt – said Lagarde – you can operate using all existing devices”, in fact except for a haircut. For some time the IMF argues for a reduction in greek debt, defined unsustainable and on this point has clashed several times with European governments, especially with Germany. A compromise solution would therefore be a “reprofiling”, that is an extension of deadlines or grace periods, obtained in the past from Athens, which also in 2011 has also got a cut of 100 billion to its debt, held largely by banks and investment funds. Today, however, the Greek debt is almost all in the hands of governments and the ECB, which makes her relief in some ways more difficult.
Can a Eurogroup Thursday
According Dijsselbloem there are still conditions to close the negotiations with Greece for the disbursement of the next tranche of loans, next Thursday is very likely and the euro group should meet to ratify an agreement. Dijsselbloem said that it is establishing automatic mechanisms to launch ‘additional measures if necessary. ”
The package of ‘contingency’
The Eurogroup has decided that Greece must approve a “contingency package”, with new austerity measures, which will snap if Athens does not respect the budgetary targets set for 2015 and 2016. the greek government must now approve the package, and if there will be an agreement with creditors on all other measures, on Thursday there will be a meeting to unlock the new tranche of aid by 3.2 billion.
“The contingency package are measures to be implemented in the event that you do not reach the targets set. Must be based on objective factors indicating when taking measures, “he said Dijsselbloem. What measures and what the triggers will be decisions taken together with the greek Minister Tsakalotos, with whom “work constructively”. Tsakalotos to the press, however, has stated that “according to the Greek law it is impossible to legislate under conditions, one can not propose a vote by saying that you will do this or that if this or that happens in 2018 or 2019″. What is certain is that you continue to treat: there is tension between the delegations and this is considered proof that an agreement could really be close within a week.
The third package tranche rescue
last year, after the July 5 referendum called by the Prime Minister Tsipras that saw reject the agreement with creditors, Greece was on the brink of default and exit from ‘ euro. The worst was averted at the last minute thanks to an agreement that provides a third rescue package from 86 billion in exchange for measures on pensions and VAT. The new three-year aid program is subject, like its predecessors, to regular review by creditors and these days the negotiations are in the final phase for the disbursement of a new tranche.
© ALL RIGHTS RESERVED
Permalink
No comments:
Post a Comment