by Sotiris Nikas
20 Απριλίου 2017, 10:19 π.μ. EEST
Bloomberg
Greece achieved a 2016 primary surplus almost seven times higher than its bailout target, but the International Monetary Fund is skeptical the country can sustain that performance.
The Hellenic Statistical Authority is set on Friday to unveil data on last year’s primary surplus, which Eurostat is expected to validate on Monday. The surplus will be close to 4 percent of gross domestic product, according to a finance ministry official who asked not to be identified in line with policy. The bailout target was for a primary surplus of 0.5 percent of GDP.
"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
Friday, April 21, 2017
Greece attains primary surplus of 3.9 pct of GDP in 2016- stats service
Fri Apr 21, 2017 | 5:24am EDT
Reuters
Greece improved its public finances last year, achieving a general government surplus of 0.7 percent of gross domestic product compared to a 5.9 percent of GDP deficit in 2015, the country's statistics agency ELSTAT said on Friday.
Reuters
Greece improved its public finances last year, achieving a general government surplus of 0.7 percent of gross domestic product compared to a 5.9 percent of GDP deficit in 2015, the country's statistics agency ELSTAT said on Friday.
Monday, April 10, 2017
Greek PM says debt relief is a condition for more austerity
Sun Apr 9, 2017 | 6:53am EDT
Reuters
By Renee Maltezou and George Georgiopoulos | ATHENS
Greece will implement additional austerity measures agreed with its official creditors on condition of further debt relief that will enable the country to be included in the ECB's bond buying scheme, Prime Minister Alexis Tsipras said on Sunday.
Athens struck a deal with its international creditors at Friday's meeting of euro zone finance ministers in Malta on key elements of a reform package that could unlock bailout funds for the country to help it repay maturing debt in July.
"Medium-term debt relief measures, able to include us in (the ECB's) quantitative easing, and a fiscal path that will not be unattainable, is the condition for us to implement the measures we decided," Tsipras told his leftist Syriza party's central committee.
Reuters
By Renee Maltezou and George Georgiopoulos | ATHENS
Greece will implement additional austerity measures agreed with its official creditors on condition of further debt relief that will enable the country to be included in the ECB's bond buying scheme, Prime Minister Alexis Tsipras said on Sunday.
Athens struck a deal with its international creditors at Friday's meeting of euro zone finance ministers in Malta on key elements of a reform package that could unlock bailout funds for the country to help it repay maturing debt in July.
"Medium-term debt relief measures, able to include us in (the ECB's) quantitative easing, and a fiscal path that will not be unattainable, is the condition for us to implement the measures we decided," Tsipras told his leftist Syriza party's central committee.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Thursday, April 6, 2017
EU, Greece seek bailout deal by Friday
Wed Apr 5, 2017 | 8:57am EDT
Reuters
By Renee Maltezou and Jan Strupczewski | ATHENS/BRUSSELS
Greece and its international lenders remained at odds in talks to release fresh bailout loans to Athens on Wednesday as Prime Minister Alexis Tsipras said a deal was needed this week and accused creditors of 'playing games' and causing delays.
Talks between Greece, the European Union and International Monetary Fund have stuttered for months due to differences over Greece's fiscal progress, labor and energy market reforms, rekindling worries of a new crisis in Europe.
Reuters
By Renee Maltezou and Jan Strupczewski | ATHENS/BRUSSELS
Greece and its international lenders remained at odds in talks to release fresh bailout loans to Athens on Wednesday as Prime Minister Alexis Tsipras said a deal was needed this week and accused creditors of 'playing games' and causing delays.
Talks between Greece, the European Union and International Monetary Fund have stuttered for months due to differences over Greece's fiscal progress, labor and energy market reforms, rekindling worries of a new crisis in Europe.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Wednesday, March 29, 2017
'Grexit' is back
Business Insider UK
Jim Edwards, Business Insider UK
Mar. 23, 2017, 12:16 PM
Greece's banks lost about €4 billion in bank deposits since the turn of the year as Greeks fear a return of capital controls that ban them from making cash withdrawals over set limits. Separately, the country looks as if it is tipping back into recession — GDP shrank by 1.2% in Q4 2016.
Does this story sound familiar?
It should. A collapsing economy followed by a run on the banks were the signal events of the Greek debt crisis that began in 2009 and never really ended.
So now people are asking — again — whether Greece might be forced out of the eurozone:
Jim Edwards, Business Insider UK
Mar. 23, 2017, 12:16 PM
Greece's banks lost about €4 billion in bank deposits since the turn of the year as Greeks fear a return of capital controls that ban them from making cash withdrawals over set limits. Separately, the country looks as if it is tipping back into recession — GDP shrank by 1.2% in Q4 2016.
Does this story sound familiar?
It should. A collapsing economy followed by a run on the banks were the signal events of the Greek debt crisis that began in 2009 and never really ended.
So now people are asking — again — whether Greece might be forced out of the eurozone:
Labels:
Austerity measures,
Capital Controls,
Grexit,
SYRIZA,
Third Memorandum
UPDATE 1-Lenders do not confirm preliminary deal on Greek bailout
Reuters
Wed Mar 29, 2017 | 7:03am EDT
Greece's lenders on Wednesday could not confirm what sources said was a preliminary deal on open issues of the country's bailout and said possible debt relief measures will be decided only at the end of the financial aid programme, contrary to Athens' will.
Negotiations between Greece, the European Union and the International Monetary Fund - which has yet to decide if it will participate in Greece's current bailout - have dragged on for months, rekindling fears of a new financial crisis in the euro zone.
Labels:
Austerity measures,
IMF,
SYRIZA,
Third Memorandum,
Troika
Wednesday, March 22, 2017
Greece, creditors stepping up talks as debt deadline looms
The Washington Post
By Associated Press March 20
BRUSSELS — Greece and its international creditors are stepping up talks on issues holding up the release of more loans to keep the country’s debt-wracked economy afloat.
Eurogroup chairman Jeroen Dijsselbloem said finance ministers from the 19 nations that used the shared euro currency agreed Monday on more talks “intensified in the coming days here in Brussels.”
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Tuesday, March 21, 2017
Lenders and Greece 'wide apart' on bailout review: euro zone official
Thu Mar 16, 2017 | 12:44pm EDT
Reuters
By Francesco Guarascio and Lefteris Papadimas | BRUSSELS/ATHENS
Greece and its international creditors remain divided over the terms of a review of the country's bailout program, a senior euro zone official said on Thursday, a gap that will prevent Athens from getting fresh financial support.
Reuters
By Francesco Guarascio and Lefteris Papadimas | BRUSSELS/ATHENS
Greece and its international creditors remain divided over the terms of a review of the country's bailout program, a senior euro zone official said on Thursday, a gap that will prevent Athens from getting fresh financial support.
Labels:
Austerity measures,
Greek Crisis,
Grexit,
SYRIZA,
Third Memorandum
EU Pressures Greece to Resolve Issues as New Debt Crisis Looms
by Nikos Chrysoloras , Corina Ruhe , and Rainer Buergin
March 20, 2017, 2:00 AM GMT+2 March 20, 2017, 8:29 PM GMT+2
Bloomberg
Further delay would hurt investor, consumer confidence
Eurogroup reiterates calls for Greece to meet loan clauses
March 20, 2017, 2:00 AM GMT+2 March 20, 2017, 8:29 PM GMT+2
Bloomberg
Further delay would hurt investor, consumer confidence
Eurogroup reiterates calls for Greece to meet loan clauses
Labels:
Austerity measures,
Greek Crisis,
Grexit,
SYRIZA,
Third Memorandum
Wednesday, March 15, 2017
IMF Said to Move Toward Greek Bailout Loan in Merkel Boost
by Rainer Buergin and Birgit Jennen
10 March 2017, 5:46 μ.μ.
The International Monetary Fund is moving toward rejoining Greece’s bailout, according to people familiar with the discussions, suggesting it will meet a condition set by Germany and other euro-area nations for continued aid.
In a shift that may help break the impasse over its participation, the IMF is ready to offer Greece a smaller loan than the last one provided five years ago, two people said, making it easier for the fund to justify its involvement to its shareholder countries. The amount under discussion is $3 billion to $6 billion, one of the people said, compared with a 29 billion-euro ($31 billion) IMF credit line under Greece’s second bailout in 2012.
10 March 2017, 5:46 μ.μ.
The International Monetary Fund is moving toward rejoining Greece’s bailout, according to people familiar with the discussions, suggesting it will meet a condition set by Germany and other euro-area nations for continued aid.
In a shift that may help break the impasse over its participation, the IMF is ready to offer Greece a smaller loan than the last one provided five years ago, two people said, making it easier for the fund to justify its involvement to its shareholder countries. The amount under discussion is $3 billion to $6 billion, one of the people said, compared with a 29 billion-euro ($31 billion) IMF credit line under Greece’s second bailout in 2012.
Labels:
Austerity measures,
Grexit,
SYRIZA,
Third Memorandum
Monday, March 13, 2017
How does jailing the statisticians fix Greece’s financial crisis? It doesn’t.
By Anbar Aizenman, Anisha Chinwalla and Benjamin A.T. Graham
March 13 at 5:00 AM
The Washington Post
The Greek government’s ongoing attempts to imprison Andreas Georgiou will reshape the Greek economy — in ways that may last for decades. Georgiou is a statistician who’s been accused by the government of inflating data on the size of the Greek deficit. He’s awaiting trial — for telling the truth about the Greek economy.
Georgiou has been acquitted in four trials since 2011, most recently in December. Greek politicians are still pushing the case, which is now at the Greek Supreme Court. Georgiou appears to be a convenient scapegoat for Greek politicians trying to avoid blame for their country’s ongoing financial crisis.
March 13 at 5:00 AM
The Washington Post
The Greek government’s ongoing attempts to imprison Andreas Georgiou will reshape the Greek economy — in ways that may last for decades. Georgiou is a statistician who’s been accused by the government of inflating data on the size of the Greek deficit. He’s awaiting trial — for telling the truth about the Greek economy.
Georgiou has been acquitted in four trials since 2011, most recently in December. Greek politicians are still pushing the case, which is now at the Greek Supreme Court. Georgiou appears to be a convenient scapegoat for Greek politicians trying to avoid blame for their country’s ongoing financial crisis.
Labels:
Austerity measures,
Greek Crisis,
Grexit,
SYRIZA,
Third Memorandum
Monday, March 6, 2017
The Time Has Come To Cut Greece Loose
06/03/2017 00:48
Dr Ioannis Glinavos
Senior Lecturer in Law at the University of Westminster
The beginning of March saw Athens grudgingly welcome back the “Troika” inspectors. After months of haggling over Greece’s progress towards the goals of its bailout programme and following non-stop negotiations since January 2015, we are back where we started, the creditor inspectors are allowed in to investigate. However, something is different this time. Greece’s cash-for-reforms deal is coming apart while at the same time relationships between its creditors are breaking down. We now face a situation where Greece, the IMF and the Eurozone are operating at cross purposes. It is legitimate to ask therefore whether 2017 will be the year when this all stops. Is Greece still worth saving?
Dr Ioannis Glinavos
Senior Lecturer in Law at the University of Westminster
The beginning of March saw Athens grudgingly welcome back the “Troika” inspectors. After months of haggling over Greece’s progress towards the goals of its bailout programme and following non-stop negotiations since January 2015, we are back where we started, the creditor inspectors are allowed in to investigate. However, something is different this time. Greece’s cash-for-reforms deal is coming apart while at the same time relationships between its creditors are breaking down. We now face a situation where Greece, the IMF and the Eurozone are operating at cross purposes. It is legitimate to ask therefore whether 2017 will be the year when this all stops. Is Greece still worth saving?
Labels:
Austerity measures,
Euro,
Grexit,
SYRIZA,
Third Memorandum
Greece's fiscal targets should be eased to help growth, central bank chief says
Sat Mar 4, 2017 | 9:17am EST
Reuters
Greece's international lenders should lower the country's fiscal targets from 2021 onwards to help boost its growth potential, central bank governor Yannis Stournaras said on Saturday.
Stournaras told an economic forum in Delphi that primary surplus targets - excluding debt servicing costs - should be lowered to 2 percent of gross domestic product (GDP) from 2021 onwards from 3.5 percent that is now envisaged.
Reuters
Greece's international lenders should lower the country's fiscal targets from 2021 onwards to help boost its growth potential, central bank governor Yannis Stournaras said on Saturday.
Stournaras told an economic forum in Delphi that primary surplus targets - excluding debt servicing costs - should be lowered to 2 percent of gross domestic product (GDP) from 2021 onwards from 3.5 percent that is now envisaged.
Labels:
Austerity measures,
Grexit,
IMF,
Primary surplus,
SYRIZA,
Third Memorandum
Tuesday, February 28, 2017
Greece Said to Expect Revised Bailout Proposal for Tuesday Talks
by Sotiris Nikas
28 February 2017, 4:03 π.μ. EET
Bloomberg
Greece’s auditors are pulling together a list of policies the country needs to implement to unlock additional bailout funds as they prepare for the resumption of talks with Athens on Tuesday, two people familiar with the matter said.
Greece has asked European lenders for a draft Supplemental Memorandum of Understanding and the International Monetary Fund for a Memorandum of Economic and Financial Policies as it braces for details of creditor demands, the people said, declining to be identified as negotiations between the two sides aren’t public. The government expects an accord in March or early April, but the scale of pending issues raises concerns they may be politically hard to sell at home, they said.
Labels:
Austerity measures,
Greek Crisis,
Grexit,
SYRIZA,
Third Memorandum
Friday, February 24, 2017
Half of Germans against debt relief for Greece, survey shows
Fri Feb 24, 2017 | 4:05am EST
Reuters
Around half of Germans are against granting debt relief to Greece and around three in 10 want the debt-laden country to quit the euro zone, a survey showed on Friday.
Reuters
Around half of Germans are against granting debt relief to Greece and around three in 10 want the debt-laden country to quit the euro zone, a survey showed on Friday.
Labels:
Austerity measures,
Debt relief,
Germany,
Grexit,
SYRIZA
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
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