Thursday Jul 31, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Eurogroup OKs Greek extension but puts off loan tranche, debt verdict for a week

Monday’s Eurogroup ended with eurozone finance ministers agreeing to extend Greece’s fiscal adjustment period by two years but deciding to put off until next week final decisions on the disbursement of the next Greek bailout tranche and the method to make the country’s debt sustainable.

The ministers are due to meet again on Tuesday, November 20 to wrap up the loose ends regarding the Greek program.

Eurogroup chief Jean-Claude Juncker and European Monetary and Economic Affairs Commissioner Olli Rehn praised the Greek government for passing the latest package of fiscal and structural reforms but International Monetary Fund managing director Christine Lagarde suggested that some “chapters” remain to be settled.

“The Eurogroup welcomes efforts by Greek authorities to bring program back on track,” said Juncker. “The Eurogroup acknowledges the considerable efforts of the Greek citizens.”

“All those who openly dismiss the potential of the Greek program to return fiscal sustainability should dwell on the improvement in the country’s structural budget balance,” said Rehn.

“Also, the perception that there has been no progress on structural reforms is wrong and unfair,” he added.

Juncker said that a number of ideas had been discussed regarding how to cover Greece’s financing gap over the next few years, as well as making its debt sustainable but that none were chosen or overuled. He said these decisions would be made next week.

The Luxembourg prime minister, however, said that rather than setting a target of Greek debt being at 120 percent of GDP in 2020, the deadline may be extended by two years to 2022.

Lagarde said the Fund had “different views” on the timetable but that everything was still up for discussion.

“All avenues available to reduce Greek debt are being explored and will continue to be explored in the coming days,” she said.

The troika's debt sustainability report will see Greek debt at 144 percent of GDP in 2020, and 134 percent in 2022 if there are no efforts to reduce it over the next few years, Reuters reported.

Juncker said it was his “personal opinion” that official sector involvement (OSI), the writing down of Greek debt held by the ECB and eurozone countries, would not be one of the options for restructuring chosen by the Eurogroup.

Rehn, meanwhile, insisted that there would be no problems on Friday, when Greece has to rollover 5 billion euros of debt. It is planning to do so by issuing T-bills and Rehn said Greek banks would be in a position to buy them even if they are cut off from the Eurosystem.

ekathimerini.com , Tuesday November 13, 2012 (01:03)  
Strawberry farm shooting verdict draws ire
Greece evacuates Tripoli embassy
Former municipal police officers put on the beat in city center
Coalition tweaks multi-bill in bid to pacify armed forces, emergency services
Gov’t reins in spending of regions
The government has called on regional authorities to reduce their operating expenses and the money they spend on overtime ahead of the drafting of the 2015 state budget, while adding that in...
Intralot to run one-horse race for betting permit
State privatization fund TAIPED is expected to launch another tender with just one bidder, as it has done on several occasions since it started operating, on Thursday. At stake is the operat...
Inside Business
SOCCER
Goalless draw at Liege puts Greens in driving seat
Panathinaikos got the upper hand in the battle for entry to the Champions League playoffs after snatching a goalless draw at Standard Liege on Wednesday. If anything, the Greek cup holders m...
SOCCER
Greek league recruits former referee Dallas
Former referee Hugh Dallas has been appointed as the head referee of the Greek Super League, the Hellenic Football Federation (EPO) said in a statement on Wednesday. The 56-year-old Scot ear...
Inside Sports
EDITORIAL
Populism eating up education
The fact that the issue of education is not topping the list of priorities for the current coalition government, but instead, has been left in the hands of incapable politicians is utterly i...
COMMENTARY
A valued but mistreated professional
I did not know much on a personal level about Dimitris Stefanou, Greece’s former administrative reform general secretary who died earlier this week at the age of 46. I did, however, have a s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Goalless draw at Liege puts Greens in driving seat
2. Strawberry farm shooting verdict draws ire
3. Gov’t reins in spending of regions
4. Greece evacuates Tripoli embassy
5. Former municipal police officers put on the beat in city center
6. Intralot to run one-horse race for betting permit
more news
Today
This Week
1. Wine cup used by Pericles found in grave north of Athens
2. IMF's Lagarde not sure yet about debt relief for Greece
3. Six firms submit bids to lease Vouliagmeni beach
4. Coalition submits new proposals for Greek coastline
5. Police arrest one, seek another three over counterfeit goods
6. EU Commissioner Damanaki unlikely to return to Greek politics
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
3. Front-line threats
4. Defense Minister Avramopoulos to represent Greece at European Commission
5. Greece names fifth privatization agency chief in four years
6. Greek coast guard picks up 77 migrants off Myconos
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.