Sun Feb 19, 2017 | 12:13pm EST
Reuters
By Erik Kirschbaum | BERLIN
German Finance Minister Wolfgang Schaeuble denied on Sunday that he had said Greece would have to leave the euro zone if it failed to implement economic reforms.
Schaeuble said in an ARD television interview that Greece would not have problems if it implemented agreed reforms, but would if it fails to carry these out.
"I never made any ('Grexit') threats," Schaeuble told ARD's Bericht aus Berlin program just before the network played recent comments in which he said Greece was "not yet over the hill" and the "pressure needed to stay on" Greece or it "couldn't stay in the currency union".
Showing posts with label Austerity measures. Show all posts
Showing posts with label Austerity measures. Show all posts
Monday, February 20, 2017
Thursday, February 16, 2017
Swift deal on Greece needed to avert fresh uncertainty: EU's Dombrovskis
Thu Feb 16, 2017 | 4:45am EST
Reuters
There are costs in delaying agreement on Greece's bailout review, the European Commission's vice president responsible for the euro was quoted as saying on Thursday, and a solution needs to be found swiftly.
Inconclusive talks between Greece and its international creditors on economic reforms and debt relief have cast doubt over the future of Greece's 85 billion euro bailout program.
"There is a common understanding that time lost in reaching an agreement will have a cost for everyone," Valdis Dombrovskis told Greek news portal Euro2day.
Reuters
There are costs in delaying agreement on Greece's bailout review, the European Commission's vice president responsible for the euro was quoted as saying on Thursday, and a solution needs to be found swiftly.
Inconclusive talks between Greece and its international creditors on economic reforms and debt relief have cast doubt over the future of Greece's 85 billion euro bailout program.
"There is a common understanding that time lost in reaching an agreement will have a cost for everyone," Valdis Dombrovskis told Greek news portal Euro2day.
EU Sends Envoy to Salvage Greece Deal as February Date Looms
by Eleni Chrepa and Marcus Bensasson
15 February 2017, 2:00 π.μ.
Greece and its creditors are intensifying efforts to complete a stalled review of the nation’s bailout that would unlock much-needed aid before more than 6 billion euros ($6.3 billion) in obligations come due in July.
EU Commissioner for Economic Affairs Pierre Moscovici met with Greek Prime Minister Alexis Tsipras and Finance Minister Euclid Tsakalotos in Athens Wednesday to try to reconcile differences over what reforms are needed to stabilize the country’s economy. European rescue monitors had wanted a deal reached by Feb. 20 when euro-area finance ministers gather in Brussels.
Tuesday, February 14, 2017
Germany wants Greece in euro zone, IMF says no special deals
BUSINESS NEWS | Mon Feb 13, 2017 | 5:20pm EST
By Jan Strupczewski and Joseph Nasr | BRUSSELS/BERLIN
Germany on Monday voiced support for Greece to stay in the euro zone and the European Commission dispatched a senior official to Athens to persuade it to take on further reforms to salvage its bailout accord.
International Monetary Fund chief Christine Lagarde, meanwhile, remained firm that as a lender the IMF could not cut any special deals for the crisis-hit country, which has received three bailouts since 2010.
The moves came as the European Commission forecast a large jump in economic growth for Greece of 2.7 percent and 3.1 percent, respectively, this year and next.
Tuesday, February 7, 2017
IMF says Greece should meet lower fiscal surplus target
Mon Feb 6, 2017 | 9:36pm EST
Reuters
By David Lawder | WASHINGTON
The International Monetary Fund said on Monday that Greece's economy would only grow by just under 1.0 percent in the long run given the constraints of its bailout program, but should meet the fiscal surplus target preferred by most IMF directors.
In its annual review of Greece's economic policies, the IMF said most of its board directors favor a Greek fiscal surplus target of 1.5 percent of gross domestic product by 2018, while some directors favor the higher 3.5 percent target sought by Greece's European lender group.
Reuters
By David Lawder | WASHINGTON
The International Monetary Fund said on Monday that Greece's economy would only grow by just under 1.0 percent in the long run given the constraints of its bailout program, but should meet the fiscal surplus target preferred by most IMF directors.
In its annual review of Greece's economic policies, the IMF said most of its board directors favor a Greek fiscal surplus target of 1.5 percent of gross domestic product by 2018, while some directors favor the higher 3.5 percent target sought by Greece's European lender group.
Wednesday, February 1, 2017
New loans for Greece depend on IMF participation: German Finance Ministry
Tue Jan 31, 2017 | 5:13am EST
Reuters
Further financial assistance for Greece depends on the successful completion of a review of its bailout program and the participation of the International Monetary Fund (IMF), a spokesman for the German Finance Ministry said on Tuesday.
"Further payments depend on the successful completion of the program's review and the participation of the IMF," the spokesman said.
Reuters
Further financial assistance for Greece depends on the successful completion of a review of its bailout program and the participation of the International Monetary Fund (IMF), a spokesman for the German Finance Ministry said on Tuesday.
"Further payments depend on the successful completion of the program's review and the participation of the IMF," the spokesman said.
Tuesday, January 31, 2017
IMF Warns Eurogroup Loan Measures Not Enough for Greek Debt
by Eleni Chrepa and Andrew Mayeda
28 January 2017, 4:07 μ.μ. EET
Bloomberg
Greece’s public debt and financing needs will prove “explosive” in decades to come unless Europe overhauls its bailout program to ease the load, the International Monetary Fund says in a draft report as the country seeks a fresh loan payout.
In the IMF’s baseline scenario, Greece’s government debt will reach 275 percent of its gross domestic product by 2060, when its financing needs will represent 62 percent of GDP, the report obtained by Bloomberg says. The government estimates public debt around 180 percent of GDP at present.
28 January 2017, 4:07 μ.μ. EET
Bloomberg
Greece’s public debt and financing needs will prove “explosive” in decades to come unless Europe overhauls its bailout program to ease the load, the International Monetary Fund says in a draft report as the country seeks a fresh loan payout.
In the IMF’s baseline scenario, Greece’s government debt will reach 275 percent of its gross domestic product by 2060, when its financing needs will represent 62 percent of GDP, the report obtained by Bloomberg says. The government estimates public debt around 180 percent of GDP at present.
Greek Markets Tumble as EU Holds Up Payment Amid IMF Doubts
by Sotiris Nikas and Nikos Chrysoloras
30 January 2017, 3:44 μ.μ.
Government said to admit most bailout actions still pending
IMF says reforms still needed, debt is highly unsustainable
Bloomberg
Greek stocks and bonds fell on Monday after the government in Athens failed to bridge differences with European creditors over the conditions attached to the country’s latest bailout review and the International Monetary Fund warned that its debt is on an unsustainable path.
Almost two-thirds of the actions creditors have demanded for the disbursement of the next tranche of emergency loans have yet to be completed, the government conceded in a memo discussed between Finance Minister Euclid Tsakalotos and bailout auditors last week in Brussels, a person familiar with the matter said.
This could be Greece’s last chance to save itself
Nasos Koukakis, special to CNBC.com
Friday, 27 Jan 2017 | 3:01 PM ET
CNBC
Despite decisive action proposed by the International Monetary Fund to ease Greece's financial burden, more turbulence lies ahead for the debt-ridden European nation, reveals the latest IMF report, which was delivered to the Fund's board members for consultation. CNBC has received the report through a close source to the IMF.
According to IMF deputy spokesman William Murray, the report will be discussed at the IMF's board meeting on Feb.6.
Third migrant dies in a week in harsh Greek camp conditions
Mon Jan 30, 2017 | 1:07pm EST
Reuters
By Karolina Tagaris | ATHENS
The third migrant to perish in a week was found dead in his tent on Monday on Greece's Lesbos island, raising alarm about the grim winter conditions in overcrowded camps that critics have denounced as deplorable.
The dead man is believed to be about 20 and from Pakistan, a police official on the island said. Another migrant who shared his tent was critically ill and taken to hospital.
The death at the island's Moria camp follows those of a 22-year-old Egyptian and a 46-year-old Syrian who shared a tent and died days apart. Greek media reported they had inhaled fumes from a heater, but authorities would not confirm or deny that.
Reuters
By Karolina Tagaris | ATHENS
The third migrant to perish in a week was found dead in his tent on Monday on Greece's Lesbos island, raising alarm about the grim winter conditions in overcrowded camps that critics have denounced as deplorable.
The dead man is believed to be about 20 and from Pakistan, a police official on the island said. Another migrant who shared his tent was critically ill and taken to hospital.
The death at the island's Moria camp follows those of a 22-year-old Egyptian and a 46-year-old Syrian who shared a tent and died days apart. Greek media reported they had inhaled fumes from a heater, but authorities would not confirm or deny that.
Germany says expects IMF to participate in Greece's bailout
Mon Jan 30, 2017 | 8:28am EST
Reuters
Germany believes the International Monetary Fund will participate in Greece's bailout and it is too early to start thinking about other arrangements should the IMF bow out, a spokesman for the German finance ministry said on Monday.
The IMF said around two years ago that it would take part in Greece's aid package, the spokesman said at a regular government news conference, and added: "Nothing has changed about that and it's much too early to think about 'what if'".
Reuters
Germany believes the International Monetary Fund will participate in Greece's bailout and it is too early to start thinking about other arrangements should the IMF bow out, a spokesman for the German finance ministry said on Monday.
The IMF said around two years ago that it would take part in Greece's aid package, the spokesman said at a regular government news conference, and added: "Nothing has changed about that and it's much too early to think about 'what if'".
Friday, January 27, 2017
Greece and Creditors Fail to Make Progress on Bailout Deal
Eurozone finance ministers met in Brussels as a possibly troublesome election season looms in Europe
The Wall Street Journal
By VIKTORIA DENDRINOU and NEKTARIA STAMOULI
Updated Jan. 26, 2017 4:00 p.m. ET
BRUSSELS—Greece and its creditors failed to resolve their differences Thursday during talks held in hopes of finding a solution for the country’s deadlocked bailout before Europe’s coming election season dominates the Continent’s agenda.
A meeting of eurozone finance ministers here didn’t reach a breakthrough that would clear the way for the conclusion of negotiations on the current review of Greece’s aid package of as much as €86 billion. But there is pressure to get a deal by February, because after that, a series of elections in the Netherlands, France, Germany and possibly Italy could distract attention and reduce governments’ interest in making any unpopular concessions on Greece.
Thursday, January 26, 2017
Greece Bailout Deadline Looms Ahead of Busy EU Election Schedule
by Eleni Chrepa and Nikos Chrysoloras
26 Ιανουαρίου 2017, 2:00 π.μ. EET
Bloomberg
Greece has less than a month to iron out disagreements with its creditors over how to move forward with a rescue package that has been keeping the country afloat since 2010.
Euro-area finance ministers meeting in Brussels on Thursday will discuss how to complete a stalled bailout review, assure the involvement of the International Monetary Fund and unlock additional financial aid. A deal must be struck by the end of February, before as many as five European nations hold elections that will make negotiations politically difficult, according to an EU official familiar with the talks.
Wednesday, January 25, 2017
Greece’s Tsipras Insists on ‘Not One Euro More’ of Austerity
by Marcus Bensasson
25 January 2017, 11:40 π.μ. EET 25 Ιανουαρίου 2017, 12:59 μ.μ. EET
Greek Prime Minister Alexis Tsipras dug in against creditor demands for more pension cuts and tax increases before a meeting of euro-area finance ministers to unblock the country’s bailout review.
“There is no way we are going to legislate even one euro more than what was agreed in the bailout,” Tsipras said in an interview with Efimerida ton Syntakton, to mark the two-year anniversary since he was elected on an anti-austerity platform. “The demand to legislate more measures, and contingent ones, no less, is alien not just to the Greek Constitution but to democratic norms.”
Wednesday, January 11, 2017
Desperate Eurozone to borrow BILLIONS to fund Greece rescue amid fears of crash
THE eurozone's bailout fund is borrowing tens of billions so it can fund a rescue plan for Greece, amid fears the country's debt crisis could once again send shockwaves through the bloc.
By LANA CLEMENTS
PUBLISHED: 13:53, Tue, Jan 10, 2017 | UPDATED: 17:48, Tue, Jan 10, 2017
Express
The Luxembourg agency responsible for doling out rescue money - the European Stability Mechanism (ESM) - is turning to markets to raise the extra cash needed for the Greek debt relief programme.
The ESM is now issuing €57billion (£49.5bn) in long-term bonds - up 14 per cent from original plans - to cover the bail-out programme.
Greece wants to sell smaller stake in gas grid operator - paper
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).
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).
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.
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.
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.
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.
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