Athens repays IMF. Varoufakis: reforms? For the Greeks a dirty word – Wall Street Italian

 
                 “It ‘as the term democracy for Iraq. If people hear this term immediately think that the pensions will be cut “.
             
 

                         

                         
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Dozens of people clashed with police in Athens, after burning cars following a march against the high-security prisons.

ROME (WSI) – Greece repays the debt tranches disbursed by the IMF to a value of 450 million euro and manages to escape again the danger default. Furthermore, just yesterday Athens has collected 1.14 billion euro through the issuance of Treasury securities with a maturity of six months.

In the background, there is still no agreement between Greece and its creditors with respect to the process of reforms in the country (pre-condition to receive other funding set by the bailout). And Finance Minister Yanis Varoufakis does nothing to hide his frustration, highlighting also a cultural characteristic of the greek people: that of seeing the simple term “reform” something dirty. “Reform is a word that resonates in Greece as the word democracy in Iraq. Reform is a bad word in Greece. Who hears the word reform in Greece, immediately think that their pension will be cut off. In the case of small companies, you think that the VAT will be increased. We must reform resistituire after a good sense. Greece needs to return to being a company that can be reformed.

Varoufakis speaks at a conference at the New Economic Thinking of ‘OECD, in Paris, expressing the hope that the Eurozone will put an end to the trend “toxic” to put the country against each other. And saying that the Eurozone crisis has always been inevitable. With regard to the negotiations with creditors, that are not leading to anything, the minister refers to the intention of the government to create a bad bank for non-performing loans in order to return to channel the flow of credit in the financial system.

Meanwhile, again, the ECB has raised the limit on emergency funds ELA: (liquidity of the Central Bank of the country to which Greek banks can access). This time, according to a banking source told Reuters, the limit has been raised to € 1.2 billion, up 73.2 billion euro. “Greece has received an increase that had asked,” said the source, who opted for anonymity.
(Lna)

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