History Article
Close
This entry was posted on May 5, 2015 at 19:00.
The last change is the May 5, 2015 at 20:25.
The government greek attempts to lunge at the end of another day of very difficult negotiations. According to the executive led by Alexis Tsipras the scenario is as follows: EU and IMF follow “different strategies” on Greece, with the first closing of a debt restructuring and the second that does not yield on pensions and work. A “big contradiction” in the light of which the Greek government, it said in a statement, “has decided not to legislate on reforms before an agreement” among the creditors themselves. A negotiating position is not without its logic, as the European Commission itself provides in spring estimates the greek debt at 180.2% of GDP in 2015. These data offered to the IMF on the silver platter the opportunity to request a haircut, cut debt, since the reforms alone will not be enough to straighten the accounts.
The deal on greek debt and on the release of aid being discussed now by the end of February is likely to end in the quicksand. But what exactly happened? According to “Financial Times”, the IMF would have asked the other two members of the former troika (Greece’s institutional creditors, today Group of Brussels), European Commission and ECB, a devaluation (would be the second haircut after the one of 2012 to 100 billion euro) debt of the Hellenic country, without which the institution of Washington have threatened not to pay the fee within its competence (approximately half) of 7.2 billion euro, last tranche (with the EU, the IMF continueràa pay rate until the first months of 2016) of the international loan agreed by the previous government in the days of greek Papandreou, who will be paid to Athens once close the agreement on a plan economic reforms.
According to the newspaper of the City’s warning he would come from Poul Thomsen, head of the European department of the IMF, a veteran of the Greek crisis, during the Eurogroup, held last week in Riga. The German Minister of Finance Wolfgang Schaeuble , he denied, because the restructuring would have to pay only the Europeans, not the IMF that the money lent them wants it all back by statute. Indeed can not lend money if there is no certainty that they will return.
The clarification of the FM
The story spoke of a statement ‘IMF. The Fund believes that Greece may need a `haircut’ namely a devaluation of the debt, but has denied having made this proposal the Eurogroup of Riga, as he had anticipated the Financial Times. “During dl Eurogroup summit in Riga last month – said in a statement the IMF – the IMF did not push for a big cut debt, as suggested by some press articles.” The IMF refers to an article in the Ft according to which the department head for Europe Fund, Poul Thomsen would support in Riga that Greece is so far behind in the roadmap of the reforms that the IMF would be available to pay its share aid only on condition that the European partners agree to write down some of their loans to Athens. “The meeting – reads the statement – the department head for Europe Fund, Poul Thomsen has highlighted the compromise that at this stage of the debate would serve and that the measures and the agreed objectives, the more you move away from the commitments of 2012, and the higher the need for additional funding and a debt relief to make debt sustainable in the country. ” In short, a clarification where the IMF has reiterated the need for a haircut or new additional funds will not be achieved if the goals set in 2012.
The network of meetings and phone calls
Meanwhile, continuing crossings diplomats. The greek Minister of Finance, Yanis Varoufakis, however, said he did not expect a final agreement between Athens and its creditors at the next Ecofin meeting scheduled for May 11, the eve of a crucial deadline of a credit from the IMF Athens. This was announced by the same Varoufakis in Brussels. “On May 11 – he added the minister, who met with the EU Commissioner for Economic Affairs, Pierre Moscovici – there will certainly be fruitful discussions confirm that the great progress made and will be made a further step towards a final agreement.” What’s worse is that even Schaeuble said he was “skeptical about a deal by Monday, but did not rule it out.” The negotiation is slow, said the German minister, through no fault of the institutions (or creditors), regretting that “has lost so much time.”
Varoufakis who today met his French counterpart Michel Sapin will meet tomorrow the Italian Minister of Economy, Pier Carlo Padoan in Rome at the Ministry of Via XX Settembre. Friday, at 14, will be the turn of the Spaniard Luis De Guindos.
In addition, the Prime Minister greek Alexis Tsipras has had a phone call last night with the head of the International Monetary Fund Christine Lagarde, then with German Chancellor Angela Merkel. In the afternoon a meeting was held in Frankfurt between the ECB President Mario Draghi and the deputy prime minister Yannis greek Dragasakis, which was attended by the deputy minister for economic relations Euclid Tsakalotos, coordinator of the working group of the greek government for negotiations with international creditors. There have been rumors on the meeting in Frankfurt.
© ALL RIGHTS RESERVED
Permalink
No comments:
Post a Comment