国際通貨基金は、ギリシアの財政赤字削減の条件を緩和して譲歩して、ギリシアの財政援助への合意にかこつける
Europa y el FMI desbloquean ‘in extremis’ la ayuda a Grecia
La directora del Fondo Monetario Intenacional, Christine Lagarde, cede y acepta dejar para más adelante el ajuste de la deuda
Luis Doncel Bruselas 27 NOV 2012 - 01:26 CET
Europe and the IMF unlocked 'in extremis' aid to Greece
The Intenational Monetary Fund director Christine Lagarde gives in and agrees to defer debt adjustment
Luis Doncel Brussels 27 NOV 2012 - 01:26 CET
After 36 hours of grueling meetings held in three sessions over the past three weeks, the leaders of euro area finance persuaded the International Monetary Fund (IMF) to relax the pace of adjustment of Greek debt. "I welcome the decision taken by the Ministers of Finance, which will reduce uncertainty in Greece and the euro zone," said Mario Draghi, President of the European Central Bank (ECB), to leave the meeting early Tuesday.
Athens in the coming months will receive 43,700 million euros
The ministers set a new timetable for Greek debt balances in 2020 to 124% of GDP, instead of the previous target of 120%. Postponed until 2022, at which point the burden should fall below 110% "in a substantial way," stressed the head as the IMF, Christine Lagarde, at the press conference following the meeting. It may seem like a minor change, but it was crucial to unlock the payment of 43,700 million euros and clear, once again, it is not known how long-the specter of default and the first output of a country monetary union . To get the money necessary to be adopted in other Eurogroup to be held on December 13, after the measures have gone through the approval of the parliaments of several countries.
To achieve a debt reduction had become unruly, the Eurogroup will push a package totaling 40,000 million euros. After giving the nod to the reforms implemented by the government of conservative Antonis Samaras, and there are no obstacles to arrive in the coming weeks to Athens to serve as an aid to recapitalize some banks comatose and pay current expenses the Greek authorities, as the salaries of civil servants and pensions of retirees.
moreEurozone seeks a solution to the Greek crisisThe euro zone is unable to close a deal with the IMFAsked Spain to 42,500 million to save the banks
Granted some relief, but not passed the red line across Europe did not want under any circumstances. As made clear before entering the meeting the almighty German finance minister, Wolfgang Schäuble, Europe has resisted the IMF claims that countries assume losses on loans granted to Greece. The IMF insisted that this is the only way to ensure debt sustainability helena. "All Member States have said that according to their legal bases can not accept a rebate if they have to give more guarantees while Greece" had said entry Schäuble meeting.
But Germany and other countries have delivered on this occasion of the dreaded off does not mean that this is not going to arrive. The German press published this weekend that the pact would be to park the issue until 2015, after the election in which Chancellor Angela Merkel wants to defend his position. After completing the program helps, Spain will have a total exposure of 25,000 million in Greece.
To achieve the objective of directing the debt to a sustainable path, it will lower by 100 basis points (one percentage point) interest rates of loans to Greece. While participating in a comprehensive program of financial assistance (Ireland and Portugal, for now) will continue to receive the original interest. Also be lowered by 10 basis points costs paid by Greece guarantees for loans temporary rescue fund or the European Financial Stability Facility (EFSF). Also boosted with European funding a program to repurchase debt held by private investors. Thus, reducing the public debt, which leaves the market at lower prices. The risk is that the announcement of this program trigger price.
It also expands the 15-year maturities and bilateral loans from the EFSF, and 10 years are delayed interest payments that Greece should pay for the latter. The eurozone governments undertake to transfer to a separate account an amount equal to the profits earned by the ECB on Greek bonds in their portfolios since 2010. These measures will be put in place gradually and will be conditional on Greece meets the agreed reforms.
As if that were not enough uncertainties that appear in the future of Greece redesigned eurozone appears more: political instability. Just half a year after the conservative Antonis Samaras came to power, the surveys take for a hypothetical election winner left-wing party SYRIZA, contrary to the conditions agreed in the rescue.
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