Wednesday, February 11, 2015

Greece to seek crucial bailout at emergency meeting

Greece is to seek a cash lifeline at an emergency meeting of eurozone finance ministers as it struggles to persuade its EU creditors to renegotiate its massive bailout deal...
Wednesday's talks follow the announcement by Alexis Tsipras, the prime minister, that he would not bow to German demands that his hard-left government first complete a pending loan agreement with the EU and the IMF.

"I want to repeat today, no matter how much [German Finance Minister Wolfgang] Schaeuble asks it, we are not going to ask to extend the bailout," Tsipras told lawmakers late on Tuesday ahead of a confidence vote which the government won by 162 votes to 137.

The EU had earlier warned Greece's new government to scale back its plans to revise the country's unpopular bailout if it wants to secure a six-and-a-half month lifeline that will enable it to meet pressing debt repayments in the coming months. 

  • Greece wants the European Central Bank to hand over 1.9 billion euros ($2.2bn) in profits made from Greek state bonds.
  • Athens also wants ECB permission to issue up to 8 billion euros ($9bn) in short-term debt to meet its immediate financing needs, and to tap a European support fund originally created to prop up Greek banks.
The Greek government calls this a "bridge agreement" that will enable it to stay afloat until it can agree on a new four-year reform plan with its EU creditors.

European Economic Affairs Commissioner Pierre Moscovici said the existing bailout deal was "the anchor" on which discussions should be held, while Schaeuble ruled out any renegotiation of the agreement.

EU criticised

But Tsipras insisted: "As long as we have the people on our side we cannot be blackmailed or intimidated by anyone."

He added: "I am confident that our European peers will be responsive to our proposals. I cannot believe there are powers in Europe that want to lead a people to humiliation, to take vengeance and punish, when they know this can only harm us all."

Speaking during a G20 meeting in Istanbul, Moscovici said the Greek people's desire for change should not be "brushed aside" but Greece should also keep in mind voters in other European countries.

Schaeuble was even more emphatic, telling reporters in Istanbul that "it's over" if Greece does not want the final tranche of its multibillion euro aid programme on the current terms, according to Bloomberg.

Tsipras' legislative programme includes raising the minimum wage and ditching an unpopular property tax.
While welcomed by ordinary Greeks, the proposals have raised eyebrows on the international stage.

 AFP
aljazeera.com
11/2/15
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Felaketimiz Etos Times and Monodrom Global News in brief (February 2015 - b)

2 comments:

  1. Greece, OECD to carry out joint reforms – Prime Minister...

    Greece and the OECD are to establish a permanent joint committee to cooperate in implementing reforms in the country, said Greek Prime Minister Alexis Tsipras ahead of an emergency meeting with the EU.

    “Today’s meeting can mark the start of a new relationship between the OECD and Greece,” said Tsipras after meeting OECD Secretary-General Jose Angel Gurria on Wednesday.

    "Soon I will pay a visit to Paris where I’ll have an opportunity to officially set cooperation and consider concrete steps for its implementation," he said, adding his government is willing to cooperate but won’t take the lead from outsiders...........................http://rt.com/business/231343-greece-oecd-joint-reforms/
    11/2/15

    ReplyDelete
  2. La zone euro ferme face à Athènes ...

    La zone euro s'est montrée mercredi particulièrement ferme face à la Grèce, qui veut tourner la page de l'austérité et alléger sa dette, ce que refusent en l'état ses créanciers, Allemagne en tête, estimant avoir déjà beaucoup fait pour le pays depuis le début de la crise.

    Au lendemain d'un G20 finances à Istanbul et du vote de confiance du Parlement grec, les antagonismes sont plus forts que jamais entre Athènes, qui veut en finir avec la tutelle de ses créanciers (UE, BCE et FMI), et une zone euro irritée par les demandes du nouveau gouvernement de gauche radicale, élu fin janvier.

    La réunion extraordinaire des ministres des Finances de la zone euro a débuté vers 16H30 GMT. Elle doit tenter de rapprocher les points de vue, ou du moins d'exposer le plan d'Athènes pour se financer à court terme.

    La patronne du FMI, Christine Lagarde, et le président de la BCE, Mario Draghi, y participent. C'est aussi le premier Eurogroupe pour le ministre grec Yanis Varoufakis, coqueluche des médias mais dont le style peu diplomatique agace à Bruxelles................http://www.rtl.be/info/monde/economie/grece-discussions-cruciales-entre-athenes-et-les-grands-argentiers-de-la-zone-euro-699457.aspx
    11/2/15

    ReplyDelete

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