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:
"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
Wednesday, March 29, 2017
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
Friday, March 24, 2017
Greece to draw up boundaries for huge Athens riviera resort
BUSINESS NEWS | Thu Mar 23, 2017 | 11:01am EDT
Reuters
Greece will soon define the boundaries of a site where investors plan to spend 7.9 billion euros ($8.5 billion) to build one of Europe's biggest coastal resorts, the culture ministry said, in a sign the delayed project may eventually go ahead.
A consortium of Abu Dhabi and Chinese investors (0656.HK), led by Greece's Lamda (LMDr.AT), signed a deal in 2014 for the 99-year lease of a sprawling area at the former Athens airport in Hellenikon and the development of a coastal town.
Reuters
Greece will soon define the boundaries of a site where investors plan to spend 7.9 billion euros ($8.5 billion) to build one of Europe's biggest coastal resorts, the culture ministry said, in a sign the delayed project may eventually go ahead.
A consortium of Abu Dhabi and Chinese investors (0656.HK), led by Greece's Lamda (LMDr.AT), signed a deal in 2014 for the 99-year lease of a sprawling area at the former Athens airport in Hellenikon and the development of a coastal town.
Labels:
Greek Crisis,
Privatizations,
SYRIZA,
Third Memorandum
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
Thursday, February 23, 2017
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
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
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