ユーロ圏諸国は、ギリシア政府の破産を防ぐための融資についての、2020年までにギリシアの財政赤字を国内総生産の120%に抑える計画では、各国がさらに融資を拠出する必要があるので、尻込み。またギリシアの国債を帳消しに(損失)するの同意できない
La zona euro se ve incapaz de cerrar un acuerdo con el FMI sobre Grecia
La solución para el país heleno se pospone al próximo lunes tras 12 horas de negociaciones
El presidente del Eurogrupo: “No me voy desilusionado. En Europa ya no me hago ilusiones”
Luis Doncel / Claudi Pérez Bruselas 21 NOV 2012 - 05:37 CET
The euro zone is unable to close a deal with the IMF on Greece
The solution to the Hellenic nation is postponed to next Monday after 12 hours of negotiations
Eurogroup Chairman: "I'm not disappointed. In Europe and I have no illusions "
Luis Doncel / Claudi Perez Brussels 21 NOV 2012 - 05:37 CET
Nearly 12 hours of negotiations and a preparatory week have proved unable to close a deal on the devil in the bottomless pit that has become Greece. Finance ministers of the Eurozone left the meeting crestfallen little before five o'clock in the morning after once again certify that the goal of lowering helena debt to 120% of GDP by 2020 were out of hand. Eurogroup Chairman Jean-Claude Juncker, was more blunt in saying: "I'm not disappointed, because in Europe and I have no illusions." Now it remains to be seen how the markets will punish the umpteenth demonstration of impotence of the political leaders of the eurozone.
The divergences between the European Central Bank, the International Monetary Fund (IMF) and the eurozone were perfectly portrayed in the Euro last week. So while Juncker recommended postponing until 2022 to reduce Greece's public debt to 120% of GDP, the IMF managing director, Christine Lagarde, shaking his head. Both staged different views of Washington and Brussels, and that stopped the deal announced for next week, ie for Tuesday November 20.
Today, European leaders have interrupted the meeting to let it continue "technical work of some elements of the package," and postpone the solution to a next Eurogroup-another-to be held on Monday 26 November. They will find the key? Today then have been unable to find? Juncker took irony to respond. "As I said the deal was possible today, I will repeat myself and say that will be next Monday," said the president of the Eurogroup. "We are closing the gap, but we still have work to do," Lagarde said in parting.
Heads of State and Government meeting on Thursday and Friday to close the outlines of the budget for the next seven years will find that Greek tragedy have been choked, and that any solution to the crisis in Europe passes through immediate response to Greece's problems to avoid falling into insolvency. The emergency aid tranche to Athens is again stuck, although the government apparently Antonis Samaras has done everything that was asked: the traditional last minute package of cuts and reforms.
The leaders of the eurozone discussed how and when to give money to Greece. Also, on the consequences of granting two years to meet its deficit targets. And finally, the thorniest: how to ensure the sustainability of public debt helena, ie how to get debt eventually stabilize at a reasonable level although not as a slab on the ailing Greek economy. The following is a summary of the positions of the Commission, the Eurogroup, the ECB and the IMF.
Next tranche of emergency aid
Is considering the possibility of giving Greece 31 300 million euros of the rescue fund or even 44,000-which would raise the next two tranches of aid-to the realization that Greece's public coffers funds may end at any time. Athens would prefer the second option and says it has done its homework. Once there is an agreement in the Eurogroup, however, the granting of funds is not immediate: you must first go through several national parliaments. Before this morning's clash was expected that this step, unavoidable in cases like German or Finnish, was ready for November 30th. On December 3, the final decision should occur Eurogroup, on 4 December, the Commission and the Government of Samaras should sign a new memorandum of understanding with the inevitable conditions. According to this schedule, the money would arrive the next day at Athens.
Two years and its consequences
Eurozone agrees to give Greece two years to meet the 3% deficit, instead of 2014, that goal is postponed to 2016 to soften the austerity measures necessary and not suffocate the economy. The problem is that extending these deadlines is a requirement of additional funds for Athens 32.000 million 15.000 million by 2014 and 17,000 million more through 2016. Sources Eurogroup Tuesday shuffled the option of offering a solution only until 2014 and leave the rest for later. The European partners and again deny the possibility of granting additional funds to Athens, but the ECB has already secured this weekend would not be unreasonable to think of a third bailout package for Greece in 2014. That is, after the German elections in autumn next year.
Sustainable debt: restructuring (or not)
The IMF says Greece to put things in order requires that public debt is 120% of GDP in 2020. The problem is that the Greek debt is running wild and now exceeds 180%. The IMF wants to leave intact those numbers: 120% in 2020, but this would be imperative to restructure public debt, basically in the hands of European partners, who do not want to see or painting that possibility because it would require them to scratch his pocket. "There is a menu of alternatives to alleviate the burden of Greek debt and we will try to not be removed", said Tuesday the minister Luis de Guindos before starting the discussion with colleagues. The Eurogroup and discussed a week ago to give Greece more time to reach this level of sustainability, namely until 2022 (although it is rumored even 2032), which the IMF rejects. There are major differences in the negotiation. European sources suggest that eventually reached a compromise deal-probably later-including reductions in interest rates paid by Greece, bond buybacks with money from grants and extensions of maturities, anything with order to avoid an acquittal. However, the German Bundesbank and talks about the possibility of a full-scale restructuring, as long as Greece do all his duties with the reforms, cuts and privatization string that lies ahead. That is, again after passing the German elections of fall 2013.
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