Wed Jan 11, 2017 | 2:47am EST
Jan 11 Greece wants to keep a majority stake in its gas grid operator DESFA and sell only a small holding to investors after a previous plan to sell a 66 percent stake collapsed, a Greek newspaper reported on Wednesday.
Under its privatisation programme, a key part of its international bailout, Greece and its biggest oil refiner Hellenic Petroleum had agreed to sell the DESFA stake to Azerbaijan's SOCAR for 400 million euros ($422 million).
"Ό,τι η ψυχή επιθυμεί, αυτό και πιστεύει." Δημοσθένης (Whatever the soul wishes, thats what it believes, Demosthenes)
Showing posts with label Austerity measures. Show all posts
Showing posts with label Austerity measures. Show all posts
Wednesday, January 11, 2017
Friday, January 6, 2017
Greece Heads Into Another Economic Crisis: Time To Finally Exit The European Union?
JAN 5, 2017 @ 06:00 AM 15,499 VIEWS
Fortune
Doug Bandow , CONTRIBUTOR
I write about international politics, economics, and development.
Opinions expressed by Forbes Contributors are their own.
ATHENS, GREECE—Constitution Square has been uncommonly quiet. When looking at the parliament building from my hotel window last month all I could see were cars and pedestrians. The crowds of demonstrators, so common in recent years as the Euro crisis enveloped one of Europe’s poorer states, were absent.
But maybe not for long. Athens and its creditors are at loggerheads again.
When I spoke with the Defense and Foreign Ministers in early December, the conversations focused on Turkey’s crisis, negotiations to reunify Cyprus, and security cooperation with America. The first was beyond Greece’s control. The second has been a political football for more than four decades. The third has been a positive constant for years, with the current left-wing Syriza Party government as friendly to the U.S. as any right-leaning administration.
Fortune
Doug Bandow , CONTRIBUTOR
I write about international politics, economics, and development.
Opinions expressed by Forbes Contributors are their own.
ATHENS, GREECE—Constitution Square has been uncommonly quiet. When looking at the parliament building from my hotel window last month all I could see were cars and pedestrians. The crowds of demonstrators, so common in recent years as the Euro crisis enveloped one of Europe’s poorer states, were absent.
But maybe not for long. Athens and its creditors are at loggerheads again.
When I spoke with the Defense and Foreign Ministers in early December, the conversations focused on Turkey’s crisis, negotiations to reunify Cyprus, and security cooperation with America. The first was beyond Greece’s control. The second has been a political football for more than four decades. The third has been a positive constant for years, with the current left-wing Syriza Party government as friendly to the U.S. as any right-leaning administration.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Wednesday, January 4, 2017
How Greece’s Troubled Economy Could Turn Around in 2017
Nicholas Economides
Updated: Jan 03, 2017 8:48 PM UTC
Fortune
Violating the terms of its bailout program, the Greek government recently announced that it will distribute a sizeable “Christmas gift” to Greek pensioners even though this requires additional borrowing from the EU since the Greek budget is not balanced and Greece cannot borrow from money markets. The move has prompted the EU finance ministers to freeze implementation of debt restructuring. Greece is at the brink again.
Updated: Jan 03, 2017 8:48 PM UTC
Fortune
Violating the terms of its bailout program, the Greek government recently announced that it will distribute a sizeable “Christmas gift” to Greek pensioners even though this requires additional borrowing from the EU since the Greek budget is not balanced and Greece cannot borrow from money markets. The move has prompted the EU finance ministers to freeze implementation of debt restructuring. Greece is at the brink again.
Labels:
Austerity measures,
Economy,
Grexit,
Growth,
SYRIZA,
Third Memorandum
Thursday, December 22, 2016
Greece’s New Year of Living Dangerously
Tsipras is antagonizing creditors again, setting the stage for a new bailout showdown and an election.
The Wall Street Journal
By YANNIS PALAIOLOGOS
Dec. 21, 2016 3:05 p.m. ET
4 COMMENTS
If last year was the year of upheaval and survival for Alexis Tsipras, this year has been the year of the slow grind. As we near the end of 2016, Mr. Tsipras finds himself squeezed—by Germany and the International Monetary Fund, by Turkey and the refugee crisis, by his false promises and collapsing popularity—to the point of political extinction.
The Wall Street Journal
By YANNIS PALAIOLOGOS
Dec. 21, 2016 3:05 p.m. ET
4 COMMENTS
If last year was the year of upheaval and survival for Alexis Tsipras, this year has been the year of the slow grind. As we near the end of 2016, Mr. Tsipras finds himself squeezed—by Germany and the International Monetary Fund, by Turkey and the refugee crisis, by his false promises and collapsing popularity—to the point of political extinction.
Labels:
Austerity measures,
Greek Crisis,
SYRIZA,
Third Memorandum
Euro zone lenders confident on quick solution on Greek debt spat: source
Wed Dec 21, 2016 | 1:57pm EST
Reuters
Greece's euro zone lenders are confident a solution can be found shortly on reactivating short-term debt relief measures that were suspended after Athens decided to make an unexpected payout to poor pensioners, a euro zone source said on Wednesday.
Lenders said last week they were suspending a deal clinched earlier this month to offer Greece short-term debt relief after leftist Prime Minister Alexis Tsipras said he would grant low-income pensioners a pre-Christmas payout.
Reuters
Greece's euro zone lenders are confident a solution can be found shortly on reactivating short-term debt relief measures that were suspended after Athens decided to make an unexpected payout to poor pensioners, a euro zone source said on Wednesday.
Lenders said last week they were suspending a deal clinched earlier this month to offer Greece short-term debt relief after leftist Prime Minister Alexis Tsipras said he would grant low-income pensioners a pre-Christmas payout.
Labels:
Austerity measures,
Greek Crisis,
SYRIZA,
Third Memorandum
Tuesday, December 20, 2016
German Finance Minister tells paper euro zone will fall apart if don't follow rules
Tue Dec 20, 2016 | 4:52am EST
Reuters
German Finance Minister Wolfgang Schaeuble, asked about Greece's plans to pay pensioners a Christmas bonus while it is in the midst of a bailout program, told Die Zeit paper that the euro zone would fall apart if countries did not stick to the rules.
Reuters
German Finance Minister Wolfgang Schaeuble, asked about Greece's plans to pay pensioners a Christmas bonus while it is in the midst of a bailout program, told Die Zeit paper that the euro zone would fall apart if countries did not stick to the rules.
Political Risks Leave Euro-Pound Analysts Most Divided on Record
by Anooja Debnath and Charlotte Ryan
20 - 12 - 2016, 9:54 π.μ. EET
Bloomberg
For analysts trying to plot the course of the pound against the euro in 2017, the key decision is judging which side of the English Channel will see greater political turbulence.
Strategists are trying to pinpoint whether the U.K.’s exit process from the European Union or the rise of populism in the rest of Europe carries the bigger risk. The dichotomy is evident in Bloomberg’s survey of currency analysts, where the range between the highest and lowest year-end forecasts for euro-sterling is the widest going into a new year since at least 2006.
20 - 12 - 2016, 9:54 π.μ. EET
Bloomberg
For analysts trying to plot the course of the pound against the euro in 2017, the key decision is judging which side of the English Channel will see greater political turbulence.
Strategists are trying to pinpoint whether the U.K.’s exit process from the European Union or the rise of populism in the rest of Europe carries the bigger risk. The dichotomy is evident in Bloomberg’s survey of currency analysts, where the range between the highest and lowest year-end forecasts for euro-sterling is the widest going into a new year since at least 2006.
Labels:
Austerity measures,
Brexit,
European debt crisis,
Grexit,
Politics,
Populism
Greece’s Long Winter
An early election would signal how much reform voters will support.
The Wall Street Journal
Dec. 19, 2016 7:11 p.m. ET
1 COMMENTS
Europe has a packed election schedule for 2017, and it’s set to grow more crowded if Greece holds another vote. The snap parliamentary poll that looks increasingly likely won’t solve the country’s economic problems, but at least the exercise would have the virtue of clarifying for Greeks and the rest of the eurozone how much reform Athens will be able to undertake.
The Wall Street Journal
Dec. 19, 2016 7:11 p.m. ET
1 COMMENTS
Europe has a packed election schedule for 2017, and it’s set to grow more crowded if Greece holds another vote. The snap parliamentary poll that looks increasingly likely won’t solve the country’s economic problems, but at least the exercise would have the virtue of clarifying for Greeks and the rest of the eurozone how much reform Athens will be able to undertake.
Friday, December 16, 2016
France puts weight behind Greece in debt dispute
The Washington Post
By Associated Press December 15 at 9:06 AM
BRUSSELS — French President Francois Hollande has come to the defense of Greece after European creditors pulled a recently announced debt relief package for the country.
Hollande said ahead of Thursday’s summit of European Union leaders that “it is out of the question to ask for further additional efforts from Greece or prevent them from taking a number of sovereign measures that respect the commitments” that Greece previously took.
Labels:
Austerity measures,
Debt crisis,
France,
Greek Crisis,
Third Memorandum
Greece Pushes Forward With Measures Opposed by Creditors
Eurozone froze debt-relief offer over plans for pensioner benefit and suspension of sales-tax rise
The Wall Street Journal
By MARCUS WALKER and NEKTARIA STAMOULI
Updated Dec. 15, 2016 1:12 p.m. ET
ATHENS—Greece refused to back down in its rapidly escalating conflict with creditors, as lawmakers on Thursday passed measures to loosen the purse strings in a move that has angered Germany.
The fiscal largess, including a Christmas bonus for 1.6 million low-income pensioners and the suspension of a sales-tax increase on Aegean islands that have received refugees, led the eurozone to freeze debt-relief measures for Greece on Wednesday. Eurozone officials have criticized Athens for breaking promises to consult creditors before making any fiscal moves that could affect Greece’s bailout goals.
The Wall Street Journal
By MARCUS WALKER and NEKTARIA STAMOULI
Updated Dec. 15, 2016 1:12 p.m. ET
ATHENS—Greece refused to back down in its rapidly escalating conflict with creditors, as lawmakers on Thursday passed measures to loosen the purse strings in a move that has angered Germany.
The fiscal largess, including a Christmas bonus for 1.6 million low-income pensioners and the suspension of a sales-tax increase on Aegean islands that have received refugees, led the eurozone to freeze debt-relief measures for Greece on Wednesday. Eurozone officials have criticized Athens for breaking promises to consult creditors before making any fiscal moves that could affect Greece’s bailout goals.
Thursday, December 15, 2016
Eurozone Suspends Short-Term Debt Relief for Greece Amid Growing Friction
Move comes in response to Tsipras’s surprise fiscal gifts for pensioners and other Greeks, which creditors say run afoul of Athens’s bailout commitments
The Wall Street Journal
By VIKTORIA DENDRINOU
Dec. 14, 2016 12:18 p.m. ET
BRUSSELS—Greece’s European creditors suspended proposed debt-relief measures for the country after the Greek government surprised them by announcing it would boost welfare benefits for low-income pensioners, a sign of escalating tensions over the country’s bailout.
The moves come as Athens and its international creditors—which include the eurozone and the International Monetary Fund—are struggling to conclude their latest review of the country’s rescue plan of as much as €86 billion ($92 billion) in loans.
The Wall Street Journal
By VIKTORIA DENDRINOU
Dec. 14, 2016 12:18 p.m. ET
BRUSSELS—Greece’s European creditors suspended proposed debt-relief measures for the country after the Greek government surprised them by announcing it would boost welfare benefits for low-income pensioners, a sign of escalating tensions over the country’s bailout.
The moves come as Athens and its international creditors—which include the eurozone and the International Monetary Fund—are struggling to conclude their latest review of the country’s rescue plan of as much as €86 billion ($92 billion) in loans.
Labels:
Austerity measures,
Debt crisis,
Greek Crisis,
Grexit,
SYRIZA
Wednesday, December 14, 2016
Greece Heads Toward New Crisis in Debt Saga as Support for Tsipras Slumps
The ruling Syriza party is considering calling snap elections in 2017, as it loses hope of winning concessions on debt relief or austerity from Greece’s creditors
The Wall Street Journal
By NEKTARIA STAMOULI and MARCUS WALKER
Dec. 12, 2016 1:48 p.m. ET
36 COMMENTS
ATHENS—Greece’s crisis is approaching a potential breaking point after a year of relative calm, as a government with declining political stamina confronts creditors’ unyielding demands.
The ruling left-wing Syriza party, grappling with slumping popularity, is considering the option of calling snap elections in 2017, as it loses hope of winning concessions on debt relief or austerity from the eurozone and International Monetary Fund.
No decision for elections has been made, said Greek officials, who added that they would review the state of negotiations in January, after pressing creditors again to show more flexibility.
The Wall Street Journal
By NEKTARIA STAMOULI and MARCUS WALKER
Dec. 12, 2016 1:48 p.m. ET
36 COMMENTS
ATHENS—Greece’s crisis is approaching a potential breaking point after a year of relative calm, as a government with declining political stamina confronts creditors’ unyielding demands.
The ruling left-wing Syriza party, grappling with slumping popularity, is considering the option of calling snap elections in 2017, as it loses hope of winning concessions on debt relief or austerity from the eurozone and International Monetary Fund.
No decision for elections has been made, said Greek officials, who added that they would review the state of negotiations in January, after pressing creditors again to show more flexibility.
Labels:
Austerity measures,
Greek Crisis,
IMF,
SYRIZA,
Third Memorandum,
Troika
Tuesday, December 13, 2016
The IMF is Not Asking Greece for More Austerity
Posted on December 12, 2016 by iMFdirect
By Maurice Obstfeld and Poul M. Thomsen
Versions in عربي (Arabic); Français (French); Deutsch (German); ελληνικά (Greek); and Español (Spanish)
Greece is once again in the headlines as discussions for the second review of its European Stability Mechanism (ESM) program are gaining pace. Unfortunately, the discussions have also spurred some misinformation about the role and the views of the IMF. Above all, the IMF is being criticized for demanding more fiscal austerity, in particular for making this a condition for urgently needed debt relief. This is not true, and clarifications are in order.
Labels:
Austerity measures,
Greek Crisis,
IMF,
SYRIZA,
Third Memorandum
Monday, December 12, 2016
Greece Needs Fiscal Breathing Room
We’ve exceeded our targets and ended up with a surplus. The wise thing to do would be to give it back to the citizens.
The Wall Street journal
By FRANCISCOS KOUTENTAKIS
Dec. 12, 2016 3:17 p.m. ET
0 COMMENTS
This will be the second year in a row that Greece has beaten its primary fiscal targets. In contrast to the pessimistic projections of its creditors, Greece’s authorities have proved themselves capable of delivering on the country’s promises.
The Wall Street journal
By FRANCISCOS KOUTENTAKIS
Dec. 12, 2016 3:17 p.m. ET
0 COMMENTS
This will be the second year in a row that Greece has beaten its primary fiscal targets. In contrast to the pessimistic projections of its creditors, Greece’s authorities have proved themselves capable of delivering on the country’s promises.
Friday, December 9, 2016
Prime Minister Announces Handouts as Strike Cripples Greece
By THE ASSOCIATED PRESSDEC. 8, 2016, 3:21 P.M. E.S.T.
The New York Times
ATHENS, Greece — As thousands of Greeks protested against government spending cuts during a general strike that crippled the country Thursday, struggling Prime Minister Alexis Tsipras announced one-off measures to ease the burden on pensioners and island residents.
Tsipras said the government would distribute a total of 617 million euros this Christmas to some 1.6 million low-income pensioners, replacing a holiday bonus scrapped by Greece's bailout creditors.
In a nationally televised address, Tsipras said the cash would come from a larger-than-expected surplus in Greece's primary budget, which excludes the cost of servicing the country's crippling debt.
Tsipras has seen his popularity plummet after a series of income cuts and tax hikes demanded by creditors. His left-wing Syriza party trails the main opposition conservatives by more than 10 percentage points in opinion polls.
The New York Times
ATHENS, Greece — As thousands of Greeks protested against government spending cuts during a general strike that crippled the country Thursday, struggling Prime Minister Alexis Tsipras announced one-off measures to ease the burden on pensioners and island residents.
Tsipras said the government would distribute a total of 617 million euros this Christmas to some 1.6 million low-income pensioners, replacing a holiday bonus scrapped by Greece's bailout creditors.
In a nationally televised address, Tsipras said the cash would come from a larger-than-expected surplus in Greece's primary budget, which excludes the cost of servicing the country's crippling debt.
Tsipras has seen his popularity plummet after a series of income cuts and tax hikes demanded by creditors. His left-wing Syriza party trails the main opposition conservatives by more than 10 percentage points in opinion polls.
Labels:
Austerity measures,
Germany,
Greek Crisis,
Grexit,
SYRIZA,
Troika
Βερολίνο: "Οι εξαγγελίες Τσίπρα δεν συζητήθηκαν στο Eurogroup"
Άγνοια των παροχών Τσίπρα είχε το γερμανικό υπουργείο Οικονομικών και το Eurogroup. Ως επικοινωνιακή φυγή προς τα εμπρός λόγω των εσωπολιτικών πιέσεων βλέπουν γερμανοί αρθρογράφοι τις χριστουγεννιάτικες παροχές του.
deutsche welle
Ούτε το γερμανικό υπουργείο των Οικονομικών, αλλά ούτε και το Eurogroup γνώριζε για τις χθεσινοβραδινές εξαγγελίες του έλληνα πρωθυπουργού σχετικά με τις παροχές προς τους χαμηλοσυνταξιούχους και το πάγωμα του ΦΠΑ στα νησιά των Αιγαίου με μεγάλη προσφυγική ροή. Σε ερώτησηπου απηύθυνε η Deutsche Welle προς την εκπρόσωπο του γερμανικού υπουργείου Οικονομικών, εάν είχε γνώση των εξαγγελιών Τσίπρα το υπουργείο της, η Φρεντερίκε φον Τιζενχάουζεν μας απάντησε ως εξής: «Όχι, το θέμα δεν συζητήθηκε ούτε και στο Eurogroup της περασμένης Δευτέρας. Αλλά είναι υπόθεση των θεσμών να αξιολογούν τέτοιου είδους μέτρα».
Ο γερμανικός τύπος κάνει αναφορά στο αιφνιδιαστικό, όπως το χαρακτηρίζει, διάγγελμα του έλληνα πρωθυπουργού προς τον ελληνικό λαό με παροχές προς τους συνταξιούχους και τους κατοίκους νησιών με πολλούς πρόσφυγες. Ορισμένοι αρθρογράφοι εκφράζουν έκπληξη για αυτήν την κίνηση του κ. Τσίπρα σε μια κρίσιμη περίοδο έντονων αντιπαραθέσεων και αγώνα δρόμου προκειμένου να κλείσει η δεύτερη αξιολόγηση.
deutsche welle
Ούτε το γερμανικό υπουργείο των Οικονομικών, αλλά ούτε και το Eurogroup γνώριζε για τις χθεσινοβραδινές εξαγγελίες του έλληνα πρωθυπουργού σχετικά με τις παροχές προς τους χαμηλοσυνταξιούχους και το πάγωμα του ΦΠΑ στα νησιά των Αιγαίου με μεγάλη προσφυγική ροή. Σε ερώτησηπου απηύθυνε η Deutsche Welle προς την εκπρόσωπο του γερμανικού υπουργείου Οικονομικών, εάν είχε γνώση των εξαγγελιών Τσίπρα το υπουργείο της, η Φρεντερίκε φον Τιζενχάουζεν μας απάντησε ως εξής: «Όχι, το θέμα δεν συζητήθηκε ούτε και στο Eurogroup της περασμένης Δευτέρας. Αλλά είναι υπόθεση των θεσμών να αξιολογούν τέτοιου είδους μέτρα».
Ο γερμανικός τύπος κάνει αναφορά στο αιφνιδιαστικό, όπως το χαρακτηρίζει, διάγγελμα του έλληνα πρωθυπουργού προς τον ελληνικό λαό με παροχές προς τους συνταξιούχους και τους κατοίκους νησιών με πολλούς πρόσφυγες. Ορισμένοι αρθρογράφοι εκφράζουν έκπληξη για αυτήν την κίνηση του κ. Τσίπρα σε μια κρίσιμη περίοδο έντονων αντιπαραθέσεων και αγώνα δρόμου προκειμένου να κλείσει η δεύτερη αξιολόγηση.
Labels:
Austerity measures,
Germany,
Grexit,
Politics,
SYRIZA,
Third Memorandum
Greece, Not Italy, Still Poses Biggest Challenge to Eurozone
A crisis in one country only becomes a crisis for the whole eurozone when a collective European response is required, Simon Nixon writes
The Wall Street Journal
By SIMON NIXON
Dec. 7, 2016 3:27 p.m. ET
4 COMMENTS
Not for the first time this year, the doom-mongers have been confounded. The Italian referendum over the weekend resulted in a resounding defeat for Prime Minister Matteo Renzi, who promptly announced his resignation. Yet the sky didn’t fall in, the euro dipped and then rallied, and Italian bonds and bank stocks barely budged. Other European assets were also largely unmoved.
The Wall Street Journal
By SIMON NIXON
Dec. 7, 2016 3:27 p.m. ET
4 COMMENTS
Not for the first time this year, the doom-mongers have been confounded. The Italian referendum over the weekend resulted in a resounding defeat for Prime Minister Matteo Renzi, who promptly announced his resignation. Yet the sky didn’t fall in, the euro dipped and then rallied, and Italian bonds and bank stocks barely budged. Other European assets were also largely unmoved.
Labels:
Austerity measures,
Brexit,
Grexit,
Italy,
Referendum,
SYRIZA,
Third Memorandum
Wednesday, December 7, 2016
Give Greece Credit, Even Just for Treading Water
25DEC 6, 2016 1:23 AM EST
By
Mark Gilbert
Bloomberg
Here are two things I'll bet most people don't know about Greece. The country's just-appointed minister of economy and development, Dimitri Papadimitriou, was lured away from his position as head of the Levy Economics Institute at Bard College in America. He's not a member of the ruling Syriza party. And the man appointed secretary general for public revenue in January is Giorgos Pitsillis, a professional tax lawyer. He's not a party member, either.
Labels:
Austerity measures,
Economy,
Greek Crisis,
Politics,
SYRIZA,
Third Memorandum
Europe's Still Dithering Over Greece
Bloomberg
Editorial Board
DEC 7, 2016 12:30 AM EST
This week, the European Union’s finance ministers granted some new debt relief to Greece. The new “short-term” measures are better than nothing -- but they’re less than a convincing solution to a problem that has dragged on far too long.
The deal, sketched out and agreed to in principle earlier this year, should help the Greek government convince voters to keep accepting much-needed domestic reform. That’s good. It isn’t enough, though, to put the country’s debts and budget plans on a sustainable footing. That’s why the International Monetary Fund, whose support will be necessary to achieve that larger goal, isn’t yet on board. After years of muddling through, the issue still isn’t resolved.
Labels:
Austerity measures,
Debt crisis,
Eurogroup,
Greek Crisis,
IMF,
SYRIZA,
Third Memorandum
EU Offers Greece Near-Term Debt Relief, Demands More Reforms
by Nikos Chrysoloras , Corina Ruhe , and Jonathan Stearns
December 5, 2016 — 2:59 PM EST December 5, 2016 — 4:12 PM EST
Regling says steps may cut debt by 20 percentage points of GDP
Debt measures ‘very promising,’ says Greece’s Tsakalotos
Euro-area finance ministers agreed to measures that will help ease Greece’s debt burden, while insisting that the government of Prime Minister Alexis Tsipras adopt “serious” reforms that will ensure the nation maintains a proper fiscal record after the end of its current bailout.
Finance ministers from the currency bloc meeting in Brussels clinched steps that could cumulatively reduce Greece’s debt by 20 percentage points relative to gross domestic product through 2060, Klaus Regling, managing director of the European Stability Mechanism, said Monday. The measures include easing the repayment schedule of bailout loans, waiving a coupon penalty that would amount to about 200 million euros ($215 million) and swapping debt to mitigate interest rate risk.
Labels:
Austerity measures,
Debt crisis,
Greek Crisis,
IMF,
SYRIZA
Subscribe to:
Posts (Atom)