Tuesday, February 24, 2015
After dramatic negotiations paves the way for more financial aid to Athens. But the country is not yet out of the woods. Experts from a financial hole of up to 40 billion euros, which must be filled soon.
The international lenders keep the debt-ridden Greece, at least until the end of June financially more about water. After weeks of wrangling between the euro partners and Athens, the participating EU institutions, the International Monetary Fund (IMF) and the European Central Bank United Bank (ECB) on an extension of the end of February expiring assistance program.
However, there are still hurdles On the one still must agree to a number of national parliaments; the vote in the Bundestag is scheduled for Friday. In addition, Athens must further clarify and substantiate with figures to the end of April his reform plans. EU Monetary Affairs Commissioner Pierre Moscovici said so in Brussels, only to “a very important first step”. He also warned: “This does not mean that the review is complete in any way.” He added: “We have averted an immediate crisis.”
The green light of the Euro group were extensive testing by the earlier “troika” called “institutions” of the European Commission, ECB and IMF preceded it. In particular, the IMF chief Christine Lagarde called for improvements. The list referred is indeed extensive, but rather general, she wrote in a letter to Euro group boss Jeroen Dijsselbloem. In “perhaps the most important” areas missed Lagarde “clear assurances” that the government really wants to tackle announced in the previous agreements and measures.
“It was a confrontation”
ECB chief Mario Draghi noted that the plans Athens differed in part by the recent reform commitments: Here it must be examined whether the new proposals are at least equivalent. The “institutions” reform proposals Greece were described, however, as a good “starting point”.More about
Dijsselbloem had previously stated, the agreement with the government of Prime Minister Alexis Tsipras have used their time. “It was necessary that the new Greek government understands how the financial and political situation in Greece looks like.” He added: “It was a confrontation, both politically and with regard to the content of the (rescue) program.” Greece’s exit from the monetary union, he graduated from.
further loans for Greece had last weeks dispute given because Tsipras and his Syriza reform and austerity of donors would not accept. So far, the heavily indebted Greece “task by no means done” was preserved with around 240 billion euros in aid loans from bankruptcy.
The current utility was still under the previous government ever been extended by two months. It is a prerequisite for further assistance payments. Could flow, for example, lying on ice tranche of 1.8 billion euros, pledged interest earned on the ECB’s Greek bonds of 1.9 billion euros.
Federal Finance Minister Wolfgang Schaeuble has been the Bundestag extension of the program for four months requested. Just putting it go, “and to nothing else,” he said, according to participants in a meeting of the caucus. German Chancellor Angela Merkel made clear at the hearing that Athens did steps towards reality. “The task is not at all but done,” she said after subscriber information.