Saturday, January 31, 2015

Athens announces the troika: the end of the grace period – FAZ – Frankfurter Allgemeine Zeitung

Athens announces the troika: the end of the grace period – FAZ – Frankfurter Allgemeine Zeitung



          Euro group boss Jeroen Dijsselbloem (l) and the Greek Finance Minister Giani Varoufakis after their first meeting in Athens.

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Today has begun for the new Greek Prime Minister Alexis Tsipras and his Finance Minister Yannis Varoufakis the seriousness of governance – and he started with a veritable dispute: “Our country refuses the to cooperate Troika “Varoufakis said after his meeting with Jeroen Dijsselbloem, the Minister of Finance of the Netherlands and head of the euro group. The Greeks of the Troika (consisting of the EU, the European Central Bank and the International Monetary Fund) restrictions imposed austerity program was “not feasible in practice,” said Varoufakis. In addition, the Greek people have rejected it in the parliamentary elections last Sunday.

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Michael Martens. Author: Michael Martens, born in 1973, political correspondent for Southeast European countries based in Istanbul

The new Greek government calls instead for an international conference on a (renewed) debt relief for Greece. Such a conference rejected Dijsselbloem in the name of the other countries of the euro zone. “There is already such a conference, and the euro’s group,” he said.


The Dutch Social Democrat had previously always found particularly strong words of criticism for Athens. Immediately before the Greek Parliament election on Sunday he had warned in an interview with “Spiegel Online”, “Who needs support in order to finance its economy and public spending that must also abide by conditions.” There is a whole series of Dijsselbloem citations by this pattern. Before Dijsselbloems arrival in Athe ns bandied Athenians media his warning: “The message is. We want your support, but not your conditions’, will not ignite” a haircut, as it Tsipras promised his constituents, it will not give

The Athens Treasury described Dijsselbloems visit, however, as the real start to the aims of the Government Tsipras subsequent negotiations with Greece’s creditors: “The negotiations with our partners, start with this visit,” it said in a statement the Ministry, in a target the upcoming talks is called a “viable, comprehensive agreement”. Core of renegotiation, the line of the ruling party SYRIZA, had a haircut of 60 percent to be. The current debt burden was unsustainable. Indeed, Greece’s de bt amounts to about 175 percent of gross domestic product. This is the highest debt ratio in the EU and the second highest in the world after Japan.


However, even though Greece as measured by the annual economic output unquestionably has an overwhelming high acting debt ratio, there is also another statement: Due to the extremely favorable for the country credit conditions (the creditor already granted lifetime extensions of up to half a century, and lower interest rates) Athens has much less on debt service than spend much less indebted member states of the euro zone, despite the absolute level of debt. 2020 Greece has its European creditors anyway repay anything, any repayment is suspended until then – and then the repayment be gins at very reasonable rates


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Euro group chief in Athens

The end of the grace period

From Michael Martens

Athens announces the Troika inspectors of international donors. After the change is the first big row between the damp land and the other euro countries there. Greek banks, meanwhile, goes out of money. Analysis.

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