Migrant Crisis Alters E.U. Calculations for Greece as Its Debt Struggle Continues

By LIZ ALDERMANMARCH 4, 2016
The New York Times

ATHENS — When Greece’s debt crisis threatened to sink the European Union’s single currency last summer, the rest of Europe, led by Chancellor Angela Merkel of Germany, ganged up to deliver the Greek government a stern message: Overcome your domestic political problems and do what is necessary to hold the Continent together.

Eight months after Greece agreed to do its part, it is the rest of Europe that is failing to muster the will to address a threat to the bloc’s unity, this time the continued influx of migrants from the Middle East and beyond. And Greece, the main entry route for asylum seekers, has been largely left to fend for itself.

“We are now in the situation where Greece is essentially becoming a holding pen for refugees and is being asked to solve a problem created by other countries,” said Jens Bastian, an economics consultant based in Athens and a former member of the European Commission’s task force on Greece. “You are basically putting the management of Europe’s migrant crisis at the doorstep of Greece.”

Greece aims for debt relief deal in Feb 2016 after reforms done

Mon Nov 30, 2015 12:11pm EST

ATHENS | BY LEFTERIS PAPADIMAS AND PAUL TAYLOR

Reuters

Greece wants a deal on debt relief with its euro zone creditors in February to remove financial uncertainty and spur economic recovery, its finance minister said, but euro zone officials said that timetable was very ambitious and likely to slip.

Addressing a conference of investors, Finance Minister Euclid Tsakalotos said on Monday that making the ailing euro zone country's debt sustainable was the key to liberating the economy and restoring confidence among depositors and companies.

UPDATE 1-Deposits flew into Greek banks during Cypriot crisis

Wed Apr 10, 2013 5:21am EDT

(Adds details)

(Reuters) - Greek bank deposits rose by more than 1.5 billion euros in March despite fears Cyprus's banking crisis would trigger deposit outflows in other indebted euro zone economies, Greece's central bank chief said.

More than 19 billion euros have returned to Greece since mid-June last year when the election of a pro-bailout government allayed fears of a messy Greek exit from the euro zone.

History Shows Why Germany Should Help Greece

By John Sfakianakis Dec 4, 2012 1:37 AM GMT+0200

Bloomberg

Germany’s Chancellor Angela Merkel has at last opened the door to the possibility of writing off Greek debts, but only several years from now. As they decide on the right thing to do, Germans should take a close look at their own history.

Europe’s Plan C for Greece Is No Better Than Plans A or B

Bloomberg
Europe’s leaders have reached Plan C in their efforts to rescue Greece. Unfortunately, it lacks a crucial element also absent in Plans A and B: adequate debt relief.

Euro zone, IMF make progress on Greece: Juncker

By Matthias Inverardi

BIELEFELD, Germany | Sat Nov 17, 2012 9:12am EST

(Reuters) - Euro zone governments and the International Monetary Fund (IMF) are making headway in settling a row over how to make Greece's debt manageable, Eurogroup President Jean-Claude Juncker said on Saturday.

IMF's Lagarde says important for euro zone to forge deal on Greece

(Reuters) - A crucial Eurogroup meeting next week on Greece should forge a deal that will put the insolvent country's economy on a sustainable path, International Monetary Fund (IMF) Managing Director Christine Lagarde said on Friday.

On Greece, Christine Lagarde Is the Grown-Up at the Table

By the Editors Nov 14, 2012 1:30 AM GMT+0200

One way or another, the governments and other official lenders that have bailed out Greece and now hold its debt are going to lose some or all of that money.

Europe, Central Bank Spar Over Athens Aid

Discord Over Who Should Shoulder Burden of Giving Greece More Time to Repay Loans Comes Ahead of Crucial Deadline

http://online.wsj.com/article/SB10001424052970204755404578101102365534718.html?mod=WSJ_EuroDebt__LEFTTopStories

By BRIAN BLACKSTONE and GABRIELE STEINHAUSER

Europe's governments and the European Central Bank are at odds about who should shoulder the financial burden of giving Greece more time to repay its loans and remain part of the euro zone.