Business insider
Pavel Ramírez, Business Insider España Aug. 23, 2018, 6:14 AM
Eight years and three bailouts later, Greece is seeing light at the end of what has been a very long tunnel: the European Stability Mechanism (ESM) announced last week that Greece had "successfully" emerged from the three-year financial assistance programme agreed between Athens and its international creditors in 2015.
Over three years, the country had to fork out €61.9 billion to finance economic recovery and bank recapitalisation. The ESM reported that the remaining €24.1 billion available under the programme's maximum threshold of €86 billion wasn't needed.
While things are looking up for Greece, its economic data still looks far from ideal and there are major challenges still facing Athens.
Showing posts with label Third Memorandum. Show all posts
Showing posts with label Third Memorandum. Show all posts
Tuesday, September 11, 2018
Bailout Over, Greece Returning to Stormy Markets
Wall Street Journal
Tsipras is promising some relief from austerity measures while sticking to budget disciplineBy Nektaria Stamouli
Updated Sept. 9, 2018 5:11 p.m. ET
THESSALONIKI, Greece—Greek Prime Minister Alexis Tsipras unveiled his post-bailout economic policy over the weekend, promising some relief from austerity measures while sticking to budget discipline.
His difficulty is that Greece has weaned itself from bailout loans just as bond markets are becoming more volatile again after years of calm.
Greece doesn’t need to borrow from bond markets immediately, thanks to a large cash buffer built up at the end of its eurozone-led bailout. But the country needs to rebuild investor confidence in its bonds if it is to stand on its own feet financially in coming years and avoid turning to emergency loans from Germany and other eurozone governments.
Tsipras is promising some relief from austerity measures while sticking to budget disciplineBy Nektaria Stamouli
Updated Sept. 9, 2018 5:11 p.m. ET
THESSALONIKI, Greece—Greek Prime Minister Alexis Tsipras unveiled his post-bailout economic policy over the weekend, promising some relief from austerity measures while sticking to budget discipline.
His difficulty is that Greece has weaned itself from bailout loans just as bond markets are becoming more volatile again after years of calm.
Greece doesn’t need to borrow from bond markets immediately, thanks to a large cash buffer built up at the end of its eurozone-led bailout. But the country needs to rebuild investor confidence in its bonds if it is to stand on its own feet financially in coming years and avoid turning to emergency loans from Germany and other eurozone governments.
Wednesday, May 2, 2018
RPT-UPDATE 2-Euro zone discusses Greece after bailout, debt relief decisions in June
APRIL 27, 2018 / 7:04 PM / 5 DAYS AGO
Reuters Staff
5 MIN READ
(Repeats to fix technical glitch)
* Greece to return to financing on Aug. 20
* Greece to implement final batch of reforms
* Eurozone to review progress in May
By Jan Strupczewski and Francesco Guarascio
SOFIA, April 27 (Reuters) - Euro zone finance ministers will decide in June on further debt relief measures for Greece and the size of a final disbursement of loans to keep the country liquid after it exits from eight years of international bailouts, officials said on Friday.
Greece’s government bond yields hit a 2-1/2 month low on the news.
Reuters Staff
5 MIN READ
(Repeats to fix technical glitch)
* Greece to return to financing on Aug. 20
* Greece to implement final batch of reforms
* Eurozone to review progress in May
By Jan Strupczewski and Francesco Guarascio
SOFIA, April 27 (Reuters) - Euro zone finance ministers will decide in June on further debt relief measures for Greece and the size of a final disbursement of loans to keep the country liquid after it exits from eight years of international bailouts, officials said on Friday.
Greece’s government bond yields hit a 2-1/2 month low on the news.
Monday, April 16, 2018
Tsipras Fights on All Fronts as Greece Back in the Spotlight
By Elena Chrepa
16 Απριλίου 2018, 8:00 π.μ. EEST Updated on 16 Απριλίου 2018, 3:20 μ.μ. EEST
Economy remains priority in the final race to bailout exit...
...But concerns rising on Turkey, Macedonia, looming election
Bloomberg
Consider what Greek Prime Minister Alexis Tsipras is up against.
As Greece prepares to free itself from an eight-year European bailout, its 43 year-old premier is confronting challenges at home and abroad. On the domestic front: preparations for post-bailout economic life and the first general election since the end of the program, including feuds with both allies and rivals. On the foreign-policy front: increased tensions with traditional rival Turkey and regional instability stemming from a dispute over a neighboring country’s name.
Tsipras’s ability to navigate through all this could determine just how stable the country and its region will be in coming years, experts say, and the European Union, the U.S. and the North Atlantic Treaty Organization are all watching with interest.
“The wo
16 Απριλίου 2018, 8:00 π.μ. EEST Updated on 16 Απριλίου 2018, 3:20 μ.μ. EEST
Economy remains priority in the final race to bailout exit...
...But concerns rising on Turkey, Macedonia, looming election
Bloomberg
Consider what Greek Prime Minister Alexis Tsipras is up against.
As Greece prepares to free itself from an eight-year European bailout, its 43 year-old premier is confronting challenges at home and abroad. On the domestic front: preparations for post-bailout economic life and the first general election since the end of the program, including feuds with both allies and rivals. On the foreign-policy front: increased tensions with traditional rival Turkey and regional instability stemming from a dispute over a neighboring country’s name.
Tsipras’s ability to navigate through all this could determine just how stable the country and its region will be in coming years, experts say, and the European Union, the U.S. and the North Atlantic Treaty Organization are all watching with interest.
“The wo
Friday, April 13, 2018
Uber to suspend service in Greece after new legislation
APRIL 5, 2018 / 11:10 AM / 8 DAYS AGO
Reuters Staff
3 MIN READ
ATHENS (Reuters) - Ride-hailing service Uber said on Thursday it would suspend its licensed service in Greece after the approval of local legislation which imposes stricter regulation on the sector.
Uber, which operates a licensed service in the Greek capital, has faced opposition from local taxi drivers who accuse it of taking their business.
“New local regulations were voted on recently with provisions that impact ride-sharing services,” Uber said in a blog post. “We have to assess if and how we can operate within this new framework and so will be suspending uberX in Athens from next Tuesday until we can find an appropriate solution.”
Uber operates two services in Athens: UberX, which uses professional licensed drivers, and UberTAXI, which uses taxi drivers.
Reuters Staff
3 MIN READ
ATHENS (Reuters) - Ride-hailing service Uber said on Thursday it would suspend its licensed service in Greece after the approval of local legislation which imposes stricter regulation on the sector.
Uber, which operates a licensed service in the Greek capital, has faced opposition from local taxi drivers who accuse it of taking their business.
“New local regulations were voted on recently with provisions that impact ride-sharing services,” Uber said in a blog post. “We have to assess if and how we can operate within this new framework and so will be suspending uberX in Athens from next Tuesday until we can find an appropriate solution.”
Uber operates two services in Athens: UberX, which uses professional licensed drivers, and UberTAXI, which uses taxi drivers.
Thursday, March 15, 2018
Euro zone to unlock new loans to Greece, working on debt relief
MARCH 12, 2018 / 8:12 PM / 2 DAYS AGO
Francesco Guarascio, Jan Strupczewski
4 MIN READ
BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc’s finance ministers said on Monday, steps that should help underpin its economic recovery.
Greece’s 86-billion-euro bailout program, its third since 2010, is due to end in August and international lenders are debating how to ensure the country makes its exit on a sustainable footing.
Among options under consideration in Brussels are support measures that could run into tens of billions of euros and help ease servicing costs on a public debt pile that, in terms of economic output, is among the biggest in the world.
Francesco Guarascio, Jan Strupczewski
4 MIN READ
BRUSSELS (Reuters) - Euro zone creditors are expected to disburse new loans to Greece this month and are working on debt relief measures, the head of the bloc’s finance ministers said on Monday, steps that should help underpin its economic recovery.
Greece’s 86-billion-euro bailout program, its third since 2010, is due to end in August and international lenders are debating how to ensure the country makes its exit on a sustainable footing.
Among options under consideration in Brussels are support measures that could run into tens of billions of euros and help ease servicing costs on a public debt pile that, in terms of economic output, is among the biggest in the world.
Greece Is Quietly Backsliding on Reform
Greece needs public sector reform and investment, not more debt-fueled consumption.
By Phylis Papadavid
Bloomberg
Greece’s planned August exit from its third European Stability Mechanism bailout has triggered investor optimism. Its July 2017 bond issuance, the first in three years, was oversubscribed, as were subsequent issuances in February of this year. And yet financial investors should curb their optimism. Greece’s return to the markets, and its economic recovery, are likely to be a bumpy and slow -- especially if it continues to delay key reforms.
By Phylis Papadavid
Bloomberg
Greece’s planned August exit from its third European Stability Mechanism bailout has triggered investor optimism. Its July 2017 bond issuance, the first in three years, was oversubscribed, as were subsequent issuances in February of this year. And yet financial investors should curb their optimism. Greece’s return to the markets, and its economic recovery, are likely to be a bumpy and slow -- especially if it continues to delay key reforms.
Clashes break out in Greece over foreclosures
By Associated Press March 14 at 12:34 PM
ATHENS, Greece — Five people were detained Wednesday during clashes between riot police and protesters attempting to disrupt a central Athens auction of foreclosed properties.
Left-wing activists have stepped up protests in recent weeks against online auctions as the government remains under pressure from bailout lenders to speed up the process and ease the strain on banks stemming from a huge backlog of nonperforming loans.
The auctions are required as part of the country’s international bailout, which is due to end in August. Creditors have also promised to deliver some debt relief for Greece if it fulfils all the conditions of the bailout.
Tuesday, February 27, 2018
Greece enters final round of reform talks with creditors
The Washington Post
By Associated Press February 26 at 11:21 AM
ATHENS, Greece — Greece entered a last round of reform talks with creditors Monday, just five months before the country’s massive rescue program ends — and with the government and central bank publicly disagreeing on how to finance the nation after the bailout.
Government officials said the talks with representatives of Greece’s European partners and the International Monetary Fund in Athens would cover privatizations and energy.
But the negotiations were upstaged by a continued spat between Greece’s central bank governor, Yannis Stournaras, and the government over financing policies after the bailout runs out in August. The country will then have to raise money from international investors in bond markets — at a much higher rate than bailout creditors charge.
Friday, February 23, 2018
Work has begun on whether Greece needs debt relief: EU rescue fund head
FEBRUARY 23, 2018 / 7:54 AM / UPDATED 4 HOURS AGO
Reuters Staff
TOKYO (Reuters) - Technical work has begun to determine if Greece requires debt relief after its expected exit from a bailout program later this year, the head of Europe’s rescue fund said on Friday.
Requiring investors to take a haircut, or accept losses on the value of government debt, would not be part of any restructuring once Greece exits its bailout program, said Klaus Regling, head of the European Stability Mechanism, the euro zone rescue fund.
“The technical work has started so that we are ready by the summer when the program ends,” Regling told reporters after giving a speech in Tokyo.
Reuters Staff
TOKYO (Reuters) - Technical work has begun to determine if Greece requires debt relief after its expected exit from a bailout program later this year, the head of Europe’s rescue fund said on Friday.
Requiring investors to take a haircut, or accept losses on the value of government debt, would not be part of any restructuring once Greece exits its bailout program, said Klaus Regling, head of the European Stability Mechanism, the euro zone rescue fund.
“The technical work has started so that we are ready by the summer when the program ends,” Regling told reporters after giving a speech in Tokyo.
Friday, February 9, 2018
Greece Takes Step to Normalcy With Bond as Bailout Nears End
By Sotiris Nikas and Lyubov Pronina
8 Φεβρουαρίου 2018, 12:19 μ.μ. EET Updated on 8 Φεβρουαρίου 2018, 4:52 μ.μ. EET
Country to price seven-year bonds to yield-hungry markets
Debt relief discussion and a new monitoring scheme to come
Bloomberg
Greece will sell 3 billion euros ($3.7 billion) of seven-year bonds in another step toward exiting a bailout program in August that has kept the nation afloat.
The offer for the 2025 notes will price to yield 3.5 percent, inside an initial target of about 3.75 percent, people familiar with the matter said, asking not to be named because they’re not authorized to speak about it. Investor orders for the sale topped 6 billion euros, the people said. Barclays Plc, BNP Paribas SA, Citigroup Inc and JPMorgan Chase & Co. and Nomura Holdings Inc are the bookrunners for the bond.
8 Φεβρουαρίου 2018, 12:19 μ.μ. EET Updated on 8 Φεβρουαρίου 2018, 4:52 μ.μ. EET
Country to price seven-year bonds to yield-hungry markets
Debt relief discussion and a new monitoring scheme to come
Bloomberg
Greece will sell 3 billion euros ($3.7 billion) of seven-year bonds in another step toward exiting a bailout program in August that has kept the nation afloat.
The offer for the 2025 notes will price to yield 3.5 percent, inside an initial target of about 3.75 percent, people familiar with the matter said, asking not to be named because they’re not authorized to speak about it. Investor orders for the sale topped 6 billion euros, the people said. Barclays Plc, BNP Paribas SA, Citigroup Inc and JPMorgan Chase & Co. and Nomura Holdings Inc are the bookrunners for the bond.
Friday, January 26, 2018
Investors Welcome Greece Back Out of the Naughty Corner: Gadfly
The Washington Post
By Mark Gilbert | Bloomberg January 25
As the global elite gathers in Davos for the World Economic Forum, the European Union has been applauded for its political and economic progress in the past year. And nowhere is the bloc’s newfound cohesion more evident than in Greece.
The country has been the main beneficiary of European Central Bank President Mario Draghi’s 2012 pledge to do “whatever it takes” to save the common-currency project -- even if the nation’s debt doesn’t qualify for the central bank’s bond-buying program.
Friday, November 10, 2017
Lamda says new obstacles emerge over Hellenikon resort
NOVEMBER 10, 2017 / 12:02 PM / UPDATED 22 MINUTES AGO
Reuters Staff
2 MIN READ
ATHENS, Nov 10 (Reuters) - Greek property developer Lamda said on Friday new obstacles had appeared in its plans to develop the disused Hellenikon airport site, one of the largest projects on the country’s privatisation agenda.
Lamda said Greece’s culture ministry had declared a new archaeological area over parts of the airport compound and imposed other restrictions, a move it said was an ‘unexpected change in the contractual agreed terms’.
Reuters Staff
2 MIN READ
ATHENS, Nov 10 (Reuters) - Greek property developer Lamda said on Friday new obstacles had appeared in its plans to develop the disused Hellenikon airport site, one of the largest projects on the country’s privatisation agenda.
Lamda said Greece’s culture ministry had declared a new archaeological area over parts of the airport compound and imposed other restrictions, a move it said was an ‘unexpected change in the contractual agreed terms’.
Greece's Eurobank close to deal to sell Romanian assets to Banca Transilvania
NOVEMBER 10, 2017 / 10:47 AM / UPDATED AN HOUR AGO
Reuters Staff
1 MIN READ
Reuters
ATHENS, Nov 10 (Reuters) - Greece’s Eurobank said it is close to finalising a deal to sell its Romanian subsidiaries to Banca Transilvania.
The potential sale is part of a restructuring plan agreed by Greece’s third largest lender with European Union authorities, and includes Romanian units Bancpost, ERB Retail Servces IFN and ERB Leasing IFN.
Reuters Staff
1 MIN READ
Reuters
ATHENS, Nov 10 (Reuters) - Greece’s Eurobank said it is close to finalising a deal to sell its Romanian subsidiaries to Banca Transilvania.
The potential sale is part of a restructuring plan agreed by Greece’s third largest lender with European Union authorities, and includes Romanian units Bancpost, ERB Retail Servces IFN and ERB Leasing IFN.
Public debt, unemployment, big NPL pile weigh on Greece: central bank governor
NOVEMBER 10, 2017 / 11:57 AM / UPDATED 16 MINUTES AGO
Reuters Staff
2 MIN READ
Reuters
ATHENS (Reuters) - Greece’s banks have shown progress in tackling a stockpile of non-performing loans, Bank of Greece governor Yiannis Stournaras said on Friday, but said it would remain a challenge for the country.
Greek banks are saddled with 103 billion euros in bad loans, equal to almost 60 percent of the economy, after years of financial crisis and crippling recession. The European Central Bank wants that reduced by 38 billion euros by the end of 2019.
Reuters Staff
2 MIN READ
Reuters
ATHENS (Reuters) - Greece’s banks have shown progress in tackling a stockpile of non-performing loans, Bank of Greece governor Yiannis Stournaras said on Friday, but said it would remain a challenge for the country.
Greek banks are saddled with 103 billion euros in bad loans, equal to almost 60 percent of the economy, after years of financial crisis and crippling recession. The European Central Bank wants that reduced by 38 billion euros by the end of 2019.
Monday, November 6, 2017
A Turning Point for Greece
By Marcus Ashworth
Bloomberg
Nov 6, 2017 1:00 AM EST
Greece is taking a step closer to get the respect it deserves from Europe.Yields on the country's government bonds, which have already taken great strides lower this year, hit a new low last week on news the government is preparing a major debt swap. The exercise, first reported by Bloomberg News, should allow Greece to sell bonds in future -- and help end its dependence on the largess of its main creditors.
Bloomberg
Nov 6, 2017 1:00 AM EST
Greece is taking a step closer to get the respect it deserves from Europe.Yields on the country's government bonds, which have already taken great strides lower this year, hit a new low last week on news the government is preparing a major debt swap. The exercise, first reported by Bloomberg News, should allow Greece to sell bonds in future -- and help end its dependence on the largess of its main creditors.
Wednesday, October 25, 2017
Don't blame others for your problems, Germany's Schaeuble tells Greece
OCTOBER 25, 2017 / 12:03 AM / UPDATED 14 HOURS AGO
Reuters Staff
3 MIN READ
REUTERS
ATHENS (Reuters) - Outgoing German Finance Minister Wolfgang Schaeuble urged debt-wracked Greece to stop blaming others for its financial woes and stick to a reform agenda instead of relying on debt relief.
Schaeuble, a leading advocate of Greece’s tough austerity programs and one of Germany’s most powerful politicians, was elected speaker of its lower house of parliament on Tuesday.
The 75-year-old lawyer, whose no-nonsense approach on austerity made him a popular hate figure among Greeks, told Greek Skai TV that Athens must take responsibility for its fiscal difficulties and act on them.
Reuters Staff
3 MIN READ
REUTERS
ATHENS (Reuters) - Outgoing German Finance Minister Wolfgang Schaeuble urged debt-wracked Greece to stop blaming others for its financial woes and stick to a reform agenda instead of relying on debt relief.
Schaeuble, a leading advocate of Greece’s tough austerity programs and one of Germany’s most powerful politicians, was elected speaker of its lower house of parliament on Tuesday.
The 75-year-old lawyer, whose no-nonsense approach on austerity made him a popular hate figure among Greeks, told Greek Skai TV that Athens must take responsibility for its fiscal difficulties and act on them.
Monday, September 25, 2017
EU ends Greece's deficit procedure in positive signal to markets
SEPTEMBER 25, 2017 / 12:04 PM / UPDATED AN HOUR AGO
Reuters Staff
2 MIN READ
BRUSSELS (Reuters) - European Union states decided on Monday to close disciplinary procedures against Greece over its excessive deficit after improvements in Greece’s fiscal position, confirming the country’s recovery is on the right track.
The move, although largely symbolic, sends a new signal that Greece’s public finances are again under control, facilitating the country’s plans to tap markets after a successful issue of bonds in July which ended a three-year exile.
EU fiscal rules oblige member states to keep their budget deficits below 3 percent of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty.
Greece had a 0.7 percent budget surplus in 2016, and is projected to maintain its fiscal position within EU rules’ limits this year.
“In the light of this, the Council (of EU states) found that Greece fulfils the conditions for closing the excessive deficit procedure,” the EU said in a note.
“After many years of severe difficulties, Greece’s finances are in much better shape. Today’s decision is therefore welcome”, Estonia’s finance minister Toomas Toniste said.
The EU states’ decision confirmed a proposal by the EU executive commission in July to end the disciplinary procedure for Greece.
The economics commissioner Pierre Moscovici said the decision was “a recognition of the tremendous efforts and sacrifices the Greek people have made to restore stability to their country’s public finances.”
But he stressed that Greece still needs to positively exit its bailout program which ends in August after a third review of the country’s reforms by international creditors.
“There needs to be constructive cooperation between all institutions and the Greek authorities to ensure a smooth and swift conclusion of the third review, with no unnecessary drama,” Moscovici said.
Reuters Staff
2 MIN READ
BRUSSELS (Reuters) - European Union states decided on Monday to close disciplinary procedures against Greece over its excessive deficit after improvements in Greece’s fiscal position, confirming the country’s recovery is on the right track.
The move, although largely symbolic, sends a new signal that Greece’s public finances are again under control, facilitating the country’s plans to tap markets after a successful issue of bonds in July which ended a three-year exile.
EU fiscal rules oblige member states to keep their budget deficits below 3 percent of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty.
Greece had a 0.7 percent budget surplus in 2016, and is projected to maintain its fiscal position within EU rules’ limits this year.
“In the light of this, the Council (of EU states) found that Greece fulfils the conditions for closing the excessive deficit procedure,” the EU said in a note.
“After many years of severe difficulties, Greece’s finances are in much better shape. Today’s decision is therefore welcome”, Estonia’s finance minister Toomas Toniste said.
The EU states’ decision confirmed a proposal by the EU executive commission in July to end the disciplinary procedure for Greece.
The economics commissioner Pierre Moscovici said the decision was “a recognition of the tremendous efforts and sacrifices the Greek people have made to restore stability to their country’s public finances.”
But he stressed that Greece still needs to positively exit its bailout program which ends in August after a third review of the country’s reforms by international creditors.
“There needs to be constructive cooperation between all institutions and the Greek authorities to ensure a smooth and swift conclusion of the third review, with no unnecessary drama,” Moscovici said.
Friday, September 22, 2017
As Crisis Ebbs, Tsipras Promises Doubters a 'New' Greece
By REUTERSSEPT.
21, 2017, 9:57 A.M. E.D.T.
ATHENS — Greek Prime Minister Alexis Tsipras has found a precious commodity he hopes can help him and the nation turn a corner after years of crisis and austerity -- time.
Since taking power in early 2015, he has spent most of his days and nights in firefighting mode, battling Greece's creditors to renegotiate the harsh terms of a series of bailout deals.
Wednesday, September 20, 2017
It's Bailout-Review Time in Greece and Markets Are Wary - Again
By Sotiris Nikas and Viktoria Dendrinou
20 Σεπτεμβρίου 2017, 5:00 π.μ. EEST
Bloomberg
Crunch time for Greece as review tests bailout-exit capability
IMF demands on Greek banks, debt relief among review issues
The moment of reckoning may soon be upon Greece.
As the country enters the final year of its bailout, questions remain on whether it will be able to stand on its own feet when the rescue program ends. In the immediate term, with creditor representatives descending upon Athens last week for the third review, other concerns loom large: Will this review of the bailout program be different from the previous two? What role will the International Monetary Fund play? Will Greece complete the 95 measures in the review in time?
20 Σεπτεμβρίου 2017, 5:00 π.μ. EEST
Bloomberg
Crunch time for Greece as review tests bailout-exit capability
IMF demands on Greek banks, debt relief among review issues
The moment of reckoning may soon be upon Greece.
As the country enters the final year of its bailout, questions remain on whether it will be able to stand on its own feet when the rescue program ends. In the immediate term, with creditor representatives descending upon Athens last week for the third review, other concerns loom large: Will this review of the bailout program be different from the previous two? What role will the International Monetary Fund play? Will Greece complete the 95 measures in the review in time?
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