"Ό,τι η ψυχή επιθυμεί, αυτό και πιστεύει." Δημοσθένης (Whatever the soul wishes, thats what it believes, Demosthenes)
Showing posts with label Third Memorandum. Show all posts
Showing posts with label Third Memorandum. Show all posts
Tuesday, February 21, 2017
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
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
Thursday, February 9, 2017
The IMF Staff Has It Right on Greece
FEB 8, 2017 2:00 AM EST
By Mohamed A. El-Erian
Bloomberg
When the International Monetary Fund’s board met Monday to discuss Greece, it was heartening to read that “most Executive Directors” agreed with the staff’s view that the country’s debt, at 179 percent of gross domestic product at the end of 2015, was “unsustainable.” Yet “some directors had different views on the fiscal path and debt sustainability.” This division within the board also applied to what Greece still needs to do with its budget. With the medium-term primary fiscal surplus heading to 1.5 percent of GDP, “most Directors agreed that Greece does not require further fiscal consolidation at this time.” But, again, “some Directors favored a surplus of 3.5 of GDP by 2018.”
Labels:
Greek Crisis,
Grexit,
IMF,
SYRIZA,
Third Memorandum
Wednesday, February 8, 2017
Greece: Priorities for a Return to Sustainable Growth
(From the IMF site)
February 7, 2017
Greece should deepen and accelerate reforms, which, together with further debt relief, are needed to allow the economy to return to a sustainable growth path, the IMF said in its latest annual assessment of the Greek economy.
The IMF’s Article IV report notes that the country has made progress in reining in its fiscal and external deficits, although this has taken a heavy toll on society. The report identifies a path to sustainable growth and prosperity that requires a two-pronged approach: ambitious policies on the part of the Greek authorities and significant debt relief on the part of Greece’s European partners.
The Q&A below highlights some of the key issues about the country’s progress and its reform priorities for the period ahead.
February 7, 2017
Greece should deepen and accelerate reforms, which, together with further debt relief, are needed to allow the economy to return to a sustainable growth path, the IMF said in its latest annual assessment of the Greek economy.
The IMF’s Article IV report notes that the country has made progress in reining in its fiscal and external deficits, although this has taken a heavy toll on society. The report identifies a path to sustainable growth and prosperity that requires a two-pronged approach: ambitious policies on the part of the Greek authorities and significant debt relief on the part of Greece’s European partners.
The Q&A below highlights some of the key issues about the country’s progress and its reform priorities for the period ahead.
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
Monday, February 6, 2017
Greece’s Response to its Resurgent Debt Crisis: Prosecute the Statistician
Andreas Georgiou, who became Athens’s statistics chief in 2010 to fix data fraud, now faces repeated accusations he manipulated figures to help impose austerity programs
By MARCUS WALKER
Feb. 6, 2017 10:53 a.m. ET
38 COMMENTS
ATHENS—Greece is struggling under its austerity regime and new questions are mounting as to whether it can satisfy its bailout terms. Some people in high places know just whom to blame—a statistician in rural Maryland.
Before Greece’s debt crisis, its governments manipulated statistics and masked the size of budget deficits, waste and patronage. The statistician, Andreas Georgiou, moved from the U.S. to become Greece’s first independent head of statistics in 2010. The European Union certified he subsequently fixed the omissions and reported the deficit in full.
On the contrary, Mr. Georgiou’s foes claim, he manipulated the deficit figures as part of a plot to force severe austerity on Greece under the 2010 bailout “Memorandum” imposed by the EU and International Monetary Fund.
By MARCUS WALKER
Feb. 6, 2017 10:53 a.m. ET
38 COMMENTS
ATHENS—Greece is struggling under its austerity regime and new questions are mounting as to whether it can satisfy its bailout terms. Some people in high places know just whom to blame—a statistician in rural Maryland.
Before Greece’s debt crisis, its governments manipulated statistics and masked the size of budget deficits, waste and patronage. The statistician, Andreas Georgiou, moved from the U.S. to become Greece’s first independent head of statistics in 2010. The European Union certified he subsequently fixed the omissions and reported the deficit in full.
On the contrary, Mr. Georgiou’s foes claim, he manipulated the deficit figures as part of a plot to force severe austerity on Greece under the 2010 bailout “Memorandum” imposed by the EU and International Monetary Fund.
Labels:
Greek Crisis,
Grexit,
Politics,
SYRIZA,
Third Memorandum
Friday, February 3, 2017
Germany's Gabriel condemned Berlin's handling of Greece in letter: report
Thu Feb 2, 2017 | 3:31pm EST
Reuters
German Foreign Minister Sigmar Gabriel criticised the German government's handling of Greece in a letter he wrote to Chancellor Angela Merkel last month, a newspaper reported on Thursday.
Handelsblatt newspaper said Gabriel - who swapped the Economy Ministry for the Foreign Ministry last week - had expressed his "great concern" about the talks on Greece's financial rescue and thought the government in Berlin should play a "more constructive role".
Germany wants the International Monetary Fund (IMF) to have a stake in Greece's bailout to give the rescue plan greater credibility, but also opposes granting Athens significant debt relief. The IMF says it will only join in if this rescue is the country's last and it includes significant debt relief.
Reuters
German Foreign Minister Sigmar Gabriel criticised the German government's handling of Greece in a letter he wrote to Chancellor Angela Merkel last month, a newspaper reported on Thursday.
Handelsblatt newspaper said Gabriel - who swapped the Economy Ministry for the Foreign Ministry last week - had expressed his "great concern" about the talks on Greece's financial rescue and thought the government in Berlin should play a "more constructive role".
Germany wants the International Monetary Fund (IMF) to have a stake in Greece's bailout to give the rescue plan greater credibility, but also opposes granting Athens significant debt relief. The IMF says it will only join in if this rescue is the country's last and it includes significant debt relief.
Labels:
Debt crisis,
Debt relief,
Greek default,
Grexit,
SYRIZA,
Third Memorandum
The IMF Should Get Out of Greece
FEB 3, 2017 1:00 AM EST
Bloomberg
By
Ashoka Mody
The International Monetary Fund's involvement in Greece has been an unmitigated disaster: Time and again, its failure to heed crucial lessons has visited suffering upon the Greek people. When the fund's directors meet on Monday, they should agree to forgive the country's debts and get out.
The IMF should never have gotten into Greece in the first place. As late as March 2010, with concerns about the Greek government's ability to pay its debts roiling markets, Europe's leaders wanted the IMF to stay away. Europeans feared that the fund’s financial assistance to one of their own would signal broader weakness in the currency union. As Jean-Claude Juncker famously put it: “If California had a refinancing problem, the United States wouldn’t go to the IMF.”
Labels:
Debt crisis,
Greek Crisis,
Grexit,
IMF,
SYRIZA,
Third Memorandum
Thursday, February 2, 2017
This Ancient City Would Still Be Among The Wealthiest In The World Today
By Sovereign Man on February 1, 2017 2:02 pm
Value Week
In the year 440 BC, more than two decades into the reign of Pericles, an audit of treasury in Athens showed a massive surplus of more than 9700 “talents”.
A talent was a common unit of measurement in the ancient world, especially for gold and silver.
And, based on today’s precious metals prices and the traditional gold/silver ratio (14:1) used by the ancient Greeks, 9700 talents is equivalent to about $700 million today.
At the time, Athens boasted a population of around 43,000 citizens and 28,500 foreign residents… so on a “per capita” basis, the ancient Athenian surplus amounted to just under $10,000 per person in today’s money.
Labels:
Greek Crisis,
Greek default,
SYRIZA,
Third Memorandum
Wednesday, February 1, 2017
Η Επιστολή Τσακαλώτου
"Σε απάντηση της προκαταρκτικής αξιολόγησης των θεσμών για το επίδομα για τις συντάξεις και τν ΦΠΑ που ψηφίστηκαν από την ελληνική Βουλή και εφαρμόστηκαν από τις ελληνικές αρχές αλλά και τις απόψεις που εκφράστηκαν στην έκτακτη τηλεδιάσκεψη του Eurogroup στις 20 Δεκεμβρίου, θα ήθελα να καταστήσω σαφές τα ακόλουθα:
Σε ό,τι αφορά το μέτρο για τις συντάξεις, παρακαλώ να σημειωθεί ότι τόσο ο πρωθυπουργός όσο και εγώ ο ίδιος καταστήσαμε δημοσίως ξεκάθαρο, και θα συνεχίσουμε να το πράττουμε, ότι πρόκειται για ένα εφάπαξ ποσό που δεν θα έχει μόνιμη επίδραση στην πρόσφατη μεταρρύθμιση για τις συντάξεις. Σχετικά με την προσωρινή αναστολή της αύξησης του ΦΠΑ στα νησιά για συγκεκριμένα νησιά του Αιγαίου το μέτρο θα εφαρμοστεί μόνο για το 2017 και χρηματοδοτείται πλήρως από τον προϋπολογισμό του 2017.
Οι ελληνικές αρχές δεσμεύονται πλήρως να ακολουθήσουν το δημοσιονομικό πλαίσιο που έχει συμφωνηθεί και που βασίζεται στους στόχους για πρωτογενές πλεόνασμα 0,5%, 1,75% και 3,5% για το 2016, 2017 και 2018 αντίστοιχα. Οι ελληνικές αρχές θα ενεργοποιήσουν τον «δημοσιονομικό κόφτη» που θεσμοτήθηκε στο πλαίσιο της πρώτης αξιολόγησης όπως προβλέπεται στο νόμο 4389/16, σε περίπτωση που τα αποτελέσματα που θα επικυρωθούν από την Eurostat αποδεικνύουν ότι δεν έχουν επιτευχθεί οι στόχοι.
Σε ό,τι αφορά το μέτρο για τις συντάξεις, παρακαλώ να σημειωθεί ότι τόσο ο πρωθυπουργός όσο και εγώ ο ίδιος καταστήσαμε δημοσίως ξεκάθαρο, και θα συνεχίσουμε να το πράττουμε, ότι πρόκειται για ένα εφάπαξ ποσό που δεν θα έχει μόνιμη επίδραση στην πρόσφατη μεταρρύθμιση για τις συντάξεις. Σχετικά με την προσωρινή αναστολή της αύξησης του ΦΠΑ στα νησιά για συγκεκριμένα νησιά του Αιγαίου το μέτρο θα εφαρμοστεί μόνο για το 2017 και χρηματοδοτείται πλήρως από τον προϋπολογισμό του 2017.
Οι ελληνικές αρχές δεσμεύονται πλήρως να ακολουθήσουν το δημοσιονομικό πλαίσιο που έχει συμφωνηθεί και που βασίζεται στους στόχους για πρωτογενές πλεόνασμα 0,5%, 1,75% και 3,5% για το 2016, 2017 και 2018 αντίστοιχα. Οι ελληνικές αρχές θα ενεργοποιήσουν τον «δημοσιονομικό κόφτη» που θεσμοτήθηκε στο πλαίσιο της πρώτης αξιολόγησης όπως προβλέπεται στο νόμο 4389/16, σε περίπτωση που τα αποτελέσματα που θα επικυρωθούν από την Eurostat αποδεικνύουν ότι δεν έχουν επιτευχθεί οι στόχοι.
Labels:
Greek Crisis,
IMF,
Primary surplus,
Third Memorandum,
Τσακαλώτος
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
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 18, 2017
Greece sells state-owned railway operator to Italian firm
By Associated Press January 18 at 6:42 AM
The Washinghton Post
ATHENS, Greece — Greece’s privatization agency has signed a deal to sell the country’s state-owned Trainose railway operator to Italian state’s Ferrovie dello Stato Italiane for 45 million euros ($48 million).
The agency says the sale of its 100 percent stake to the Italian railway company is subject to approval by European Union authorities.
Labels:
Grexit,
Privatizations,
Structural Reforms,
SYRIZA,
Third Memorandum
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