Tuesday, May 26, 2015

Imminent state bankruptcy – ESM-chief: “Time is running out for Greece” – THE WORLD

The German boss of the European bailout fund ESM, Klaus Regling, sees an immediate threat to a Greek default. “Time is running out,” Regling told the “Bild” newspaper (Tuesday edition). “That’s why we are working day and night to reach an agreement.” Without agreement with his backers Greece get hired no new money. Then threatening a state bankruptcy. “This poses great risks,” warned Regling.

Even a rate to the International Monetary Fund (IMF) to pay would not be dangerous, Regling said the “image “. “That would have an impact on other creditors like us,” said the ESM-chief. However, the rescue package forgive loans only if reforms are implemented. “The same is true now, the only way the Greek economy healthy,” Regling said.

He stressed that the rescue package is quite capable, Greece pay billions more help, when Athens with the creditors on a mandatory reform list some: “When an agreement and consent of all euro countries Greece could from us rather quickly, the last loan installment of EUR 1.8 billion and a further 1.8 billion euros get to central bank profits. ” A similar sum was ready at the IMF. Overall, it is about 7.2 billion euros. “To get this money, Greece has to implement further reforms” demanded Regling.

Basically stood enough funds available to the markets in the future to calm, Regling said. A third rescue package concluded the ESM head according to “Bild” on demand is not enough. First, however, should the current rescue program to complete successfully. Only then could assess whether further assistance is needed. “The ESM has sufficient financing options for all eventualities,” Regling stressed. . This is “important to calm the markets”

A withdrawal of the International Monetary Fund of the rescue effort is Regling according to the report critical of “The IMF has decades of valuable experience in the renovation of crisis countries around the world through emergency loans and reforms. ” Germany and other euro zone countries would therefore, “that the IMF in Greece this is definitely”.

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