"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
Thursday, February 23, 2017
IMF Signals Greek Debt to Be Dealt With at End of Aid Program
by Birgit Jennen
22 February 2017, 8:41 μ.μ. EET
Bloomberg
IMF Managing Director Christine Lagarde signaled that Greek debt restructuring can wait and the country should focus on overhauling its economy for the duration of its latest bailout, which expires in 2018.
Labels:
Austerity measures,
Debt relief,
Greek Crisis,
Grexit,
SYRIZA
Greece Teeters Back to the Edge of the European Union
The bailout program has fallen far behind schedule and is on the verge of falling apart.
The Wall Street Journal
"It is inconsistent to attack the government both for not completing the review and for the measures needed to complete it."
By YANNIS PALAIOLOGOS
Feb. 21, 2017 4:07 p.m. ET
20 COMMENTS
Greece’s Prime Minister Alexis Tsipras has been in a defiant mood lately. Some say it’s just a ploy, others believe he’s sincere. Either way, he could be pushing his country back to the brink of Grexit.
Speaking to his party’s central committee earlier this month, the prime minister had harsh words for Wolfang Schäuble, speaking of the German finance minister’s “constant aggressiveness” against Greece and his “contemptuous remarks” toward the country.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Tuesday, February 21, 2017
Save Greece by Saving Its Economy First
By THE EDITORIAL BOARD
FEB. 21, 2017
The New York Times
With the Greek government set to run out of cash by the end of July, the country’s main creditors in Europe continue to demand harsh budget cuts as a condition for crucial loans. But after a decade of failing to save Greece, Germany and other European nations, along with the International Monetary Fund, ought to try a different approach, one that makes reviving the economy a priority.
Greece’s creditors appear willing to provide new loans to pay off debts coming due this year as long as the country commits to achieving a fiscal surplus of 3.5 percent of gross domestic product before interest payments by 2018. The I.M.F., more sensibly, has argued for a surplus of 1.5 percent. It also says that European officials should commit to reducing the Greek government’s debt, which is so huge that it equals about 180 percent of the country’s annual economic output. That debt relief could come in various forms, including giving the country more time to repay or reducing the amount owed.
Eurozone Agrees to Greece Talks in Exchange for Bailout Payments
By JAMES KANTER and NIKI KITSANTONISFEB. 20, 2017
The New York Times
BRUSSELS — Eurozone finance ministers agreed on Monday to begin negotiations in Athens as soon as next week over much-needed overhauls in exchange for bailout payments, with Greece appearing to win a reprieve from the crippling austerity that it has faced for years.
The agreement fell short of an all-encompassing deal, with key questions unresolved over the shape of the changes to Greece’s pensions, as well as its tax and labor rules. But it is a positive sign ahead of a meeting this week between Chancellor Angela Merkel of Germany and Christine Lagarde, the head of the International Monetary Fund, who have taken contrasting positions on debt relief toward Athens.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Monday, February 20, 2017
Greece needs 'far less' money than agreed in third bailout: ESM head
Mon Feb 20, 2017 | 3:20am EST
Reuters
Greece will need less in emergency loans from international lenders than originally agreed in its third bailout program due to a better-than-expected budgetary developments, the head of the euro zone bailout fund was reported on Monday as saying.
Klaus Regling told German newspaper Bild that at the end of Greece's money-for-reforms package in August 2018, the European Stability Mechanism (ESM) will "probably have paid out far less than the agreed maximum amount of 86 billion euros" because the Greek budget was developing better than expected.
Reuters
Greece will need less in emergency loans from international lenders than originally agreed in its third bailout program due to a better-than-expected budgetary developments, the head of the euro zone bailout fund was reported on Monday as saying.
Klaus Regling told German newspaper Bild that at the end of Greece's money-for-reforms package in August 2018, the European Stability Mechanism (ESM) will "probably have paid out far less than the agreed maximum amount of 86 billion euros" because the Greek budget was developing better than expected.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Schaeuble denies 'Grexit' threat, says Greece on right pathGre
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".
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".
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
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.
Labels:
Austerity measures,
Grexit,
IMF,
SYRIZA,
Third Memorandum
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.
Labels:
Austerity measures,
Euro,
European Union,
Germany,
Greek Crisis,
IMF
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.
Labels:
Austerity measures,
Debt crisis,
Grexit,
IMF,
Third Memorandum
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.
Labels:
Austerity measures,
Grexit,
IMF,
SYRIZA,
Third Memorandum
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.
Labels:
Austerity measures,
Grexit,
IMF,
SYRIZA,
Third Memorandum
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.
Labels:
Austerity measures,
Corruption,
Greece,
Immigration,
SYRIZA
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'".
Labels:
Austerity measures,
Grexit,
IMF,
SYRIZA,
Third Memorandum
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.
Labels:
Austerity measures,
Grexit,
IMF,
SYRIZA,
Third Memorandum
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.
Labels:
Austerity measures,
Debt crisis,
Greek Crisis,
Grexit,
Third Memorandum
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.
Labels:
Austerity measures,
Debt crisis,
Greek Crisis,
Grexit,
SYRIZA,
Third Memorandum
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