Showing posts with label Austerity measures. Show all posts
Showing posts with label Austerity measures. Show all posts

Wednesday, June 21, 2017

Europe's Unserious Plan for Greece

The latest deal on debt won’t work, and everybody knows it.
By The Editors

21 Ιουνίου 2017, 9:00 π.μ. EEST


  • Grace periods come to an end. As interest rates creep up, Greece’s debt repayments will rise too. The perpetual primary surpluses creditors are demanding will squeeze the economy so hard that they’ll be self-defeating even in narrow fiscal terms.


Bloomberg

Monday, June 19, 2017

Greece’s Open Wound of Division

Nikos Konstandaras JUNE 16, 2017

The New York Times

ATHENS — Many Greeks were surprised when a mild-mannered former prime minister who tried to use unity and consensus to lead the country out of an economic and political impasse was seriously injured by a parcel bomb last month.

What followed was even worse: The attack was not greeted with unanimous condemnation, suggesting that Greece has a long way to go to heal divisions that were exacerbated by the economic crisis, that have shaped politics and that obstruct efforts to get Greece on its feet.

EU's Wieser-Hope Greece Can Tap Markets by Spring 2018: ORF

By REUTERSJUNE 17, 2017, 7:30 A.M. E.D.T.


The New York Times

VIENNA — Thomas Wieser, the EU official who runs preparations for Eurogroup meetings, hopes Greece will be able to tap international markets for money between autumn this year and spring 2018, he told ORF radio on Saturday.

Greece blocks EU statement on China human rights at U.N.

Sun Jun 18, 2017 | 5:43pm EDT

Reuters

By Robin Emmott and Angeliki Koutantou | BRUSSELS/ATHENS
Greece has blocked a European Union statement at the United Nations criticizing China's human rights record, a decision EU diplomats said undermined efforts to confront Beijing's crackdown on activists and dissidents.

The EU, which seeks to promote free speech and end capital punishment around the world, was due to make its statement last week at the U.N. Human Rights Council in Geneva, but failed to win the necessary agreement from all 28 EU states.

Friday, June 16, 2017

E.U. Reaches Debt Deal for Greece Worth 8.5 Billion Euros

By JAMES KANTER and NIKI KITSANTONISJUNE 15, 2017


LUXEMBOURG — European Union officials agreed on Thursday to unlock loans of 8.5 billion euros for Greece, to ensure it meets huge payments on its debt next month.

The deal, reached by eurozone finance ministers, will ensure that Greece can pay about €7 billion, or $7.9 billion, next month on its towering pile of loans. If Greece defaulted on its debt, it could set off an economic crisis, reviving fears about the future of the eurozone.

The agreement included formal participation by the International Monetary Fund, said Jeroen Dijsselbloem, the president of the Eurogroup of finance minsters.

Thursday, June 15, 2017

Greece to Get Some Cash-And Some Idea of Future Debt Relief

By REUTERSJUNE 15, 2017, 8:54 A.M. E.D.T.
 The New York Times

LUXEMBOURG — Greece's international lenders prepared on Thursday to unblock as much as 8.5 billion euros (7.44 billion pounds) in loans that Athens desperately needs next month to pay its bills, and to give some idea of what debt relief they may offer over the long-term.

The chairman of euro zone finance ministers Jeroen Dijsselbloem told reporters the size of the payment to Athens would be discussed during the meeting, since lenders agreed that Greece had pushed through all the requested reforms.

Tuesday, June 13, 2017

ECB Said to Be Unlikely to Include Greece in QE in Coming Months

by Alessandro Speciale
13 Ιουνίου 2017, 2:00 π.μ. EEST

Bloomberg

The European Central Bank is unlikely to include Greek bonds in its asset-purchase program for the foreseeable future, a person familiar with the matter said, as European creditors aren’t prepared to offer substantially easier repayment terms on bailout loans to improve the nation’s debt outlook.

Monday, June 12, 2017

Greece puts faith in France to solve bailout impasse


The Washington Post

By Derek Gatopoulos | AP June 12 at 8:43 AM
ATHENS, Greece — France’s finance minister says Greece is on course to reach a crucial funding deal with bailout lenders this week.

“A new crisis on the Greek issue must be calmly avoided,” Bruno Le Maire said after meeting Monday with Greek Prime Minister Alexis Tsipras.

The French minister traveled to Athens ahead of a meeting in Luxembourg on Thursday of finance ministers from countries using the euro currency.

Thursday, June 8, 2017

UPDATE 1-Greece targeting sub-5 percent yields for market return

Wed Jun 7, 2017 | 2:17pm EDT

Reuters

* Greece wants yields below 5 pct before debt market return

* ECB support would boost chances considerably

* Decisions will depend on outcome of Eurogroup meeting (Adds detail, background, quotes)

By Lefteris Papadimas and Marc Jones

Greece Calls on Europe to Offer Growth Incentives, Help Break Debt Impasse


By REUTERS
JUNE 7, 2017, 10:39 A.M. E.D.T.



The New York Times

ATHENS — Greece urged its European lenders on Wednesday to offer incentives that will boost growth and help break an impasse between the euro zone and the International Monetary Fund on the size of relief the country needs to make its debt sustainable.

During a meeting of euro zone finance ministers last month, Greece, its euro zone lenders and the IMF failed to agree on the debt relief measures to be implemented after its current bailout expires in 2018, mainly because of different growth assumptions. They are now aiming for a deal at a June 15 Eurogroup meeting.

Tuesday, June 6, 2017

Despite Economic Problems, Greece's Tourism Looking Good In 2017

JUN 5, 2017, 11:23 AM

Lea Lane ,   CONTRIBUTOR

Forbes

The past few years have been tough ones for the Greek economy and for its tourism industry. As a traveler who has written two guidebooks on Greece, I've felt sure that tourism there would eventually bounce back, but when?

News is good: The Greek National Tourism Organization (GNTO) announced that it expects a record-breaking 30 million international visitors to Greece for 2017. This represents a growth rate of 7%, or an additional 2 million additional visitors over the previous year. 900,000 U.S. travelers are expected to visit the country this year.

Friday, June 2, 2017

Τα προβλήματα με την ελάφρυνση του χρέους

Μιράντα Ξαφά
Huffington Post

Μετά την κατ' αρχήν αποδοχή από την κυβέρνηση των μέτρων που ζητούν οι δανειστές για να κλείσει η δεύτερη αξιολόγηση, μόλις ψηφιστούν τα μέτρα προβλέπεται να ανοίξει η συζήτηση για το χρέος. Παρά το γεγονός ότι το θέμα αυτό συζητείται παρασκηνιακά μεταξύ Ευρωπαίων και ΔΝΤ εδώ και μήνες, λύση που να είναι πολιτικά αποδεκτή από όλους τους εμπλεκόμενους στη  διαπραγμάτευση δεν θα είναι εύκολο να βρεθεί. Μία πρόσφατη μελέτη τριών επιφανών οικονομολόγων εξηγεί γιατί.

Greece Seeks Debt Clarity as Creditors Resist Concessions

by Alessandro Speciale  and Viktoria Dendrinou
31 Μαΐου 2017, 6:27 μ.μ. EEST 1 Ιουνίου 2017, 1:12 μ.μ. EEST

Bloomberg

Greece may not be offered a substantially improved debt-relief package when euro-area finance ministers discuss its bailout in Luxembourg next month, officials directly involved in the negotiations said.

Euro-zone creditors are unlikely to commit to further details of measures beyond the extension of maturities in rescue loans that they discussed last week, the officials said, asking not to be named because the ongoing talks are private. Such a deal on its own might still not be enough to convince the European Central Bank to start buying Greek bonds, they said.

Ending Greece’s Perpetual Debt Crisis

By THE EDITORIAL BOARD
JUNE 1, 2017

The New York Times

For nearly a decade, Greece has struggled under suffocating debt, which now totals more than 300 billion euros ($338 billion), or nearly double its annual economic output. Waves of austerity measures to satisfy creditors have inflicted great suffering: More than a quarter of Greeks are unemployed, and vital services, like health care and transportation, are running as bare-bones operations. The economy is in recession, and there is virtually no way Greece can dig itself out of such a deep hole.

Wednesday, May 31, 2017

Greece denies report it may opt out of receiving more bailout money

Tue May 30, 2017 | 10:34am EDT

Reuters

By Renee Maltezou | ATHENS
Greece on Tuesday denied a German newspaper report it could refuse receipt of bailout loans needed to make a July debt repayment if its lenders fail to offer clear debt relief terms, despite it having passed more reforms.

Monday, May 29, 2017

Greek Creditors, IMF Seek to Bridge Split Over Debt Relief

by Viktoria Dendrinou  and Rainer Buergin
21 Μαΐου 2017, 4:11 μ.μ. EEST 22 Μαΐου 2017, 7:16 μ.μ. EEST

Bloomberg

Euro-area finance ministers gathered in Brussels on Monday, seeking a compromise with the International Monetary Fund on debt relief for Greece that could signal the final act in the seven-year-old drama for the continent’s most indebted state.

The IMF is reluctant to participate in a bailout unless the euro area ensures the country’s 315 billion-euro ($355 billion) debt load is sustainable. Some nations like Germany that are resisting a change to Greece’s debt profile won’t release any new funds until the Washington-based fund joins the program. Athens needs the new aid installment before it has to repay about 7 billion euros to lenders in July.

Friday, May 26, 2017

Ex-Premier of Greece Is Hurt When Bomb Explodes in His Car

By NIKI KITSANTONISMAY 25, 2017

The New York Times

ATHENS — A bomb exploded on Thursday in a car carrying Lucas Papademos, a former prime minister of Greece, through central Athens, the police said. Mr. Papademos, 69, was injured in the explosion, along with the driver and another person in the car.

A government spokesman, Dimitris Tzanakopoulos, said Thursday evening that the three were in “stable condition, are conscious and are undergoing all the necessary medical tests.”

Thursday, May 25, 2017

Debt relief or a fourth financial assistance programme for Greece?

The Eurogroup faces a difficult choice on Greece — implementing a debt reduction plan drastic enough to make a return to market borrowing possible, or agreeing to a fourth financial assistance programme and continuing to fund Greece at the preferential lending rate.
BY: ZSOLT DARVAS DATE: MAY 22, 2017

Bruegel

No Greek debt relief needed if primary surplus above 3 percent/GDP for 20 years: paper

Wed May 24, 2017 | 9:24am EDT

Reuters

By Gernot Heller | BERLIN
Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed.

The paper, obtained by Reuters, was prepared for euro zone finance ministers and International Monetary Fund talks last Monday, which ended without an agreement due to diverging IMF and euro zone assumptions on future Greek growth and surpluses.

Wednesday, May 24, 2017

New deadline for Greece set after another stalemate

By Pan Pylas | AP May 23 at 8:26 AM

The Washington Post

BRUSSELS — Hopes for a breakthrough in negotiations for cash-strapped Greece were dashed again and another deadline was set.

Greece once again failed to get approval from its European creditors to receive the next batch of bailout loans that it needs to meet a debt repayment hump this summer. It also failed to secure an agreement on the sort of debt relief measures it can expect to get when its current bailout program ends next year.