Friday February 27, 2015 Search
Weather | Athens
11o C
6o 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)  
Gov’t raises concern over payment to IMF in March
More than 300 migrants released
Charges faced by ex-minister ‘have expired,’ legal expert says
After facing down SYRIZA MPs, Greek PM mulls bringing deal to Parliament
Minister says he hopes that ENFIA ends
Minister of State for Coordinating Government Operations Alekos Flambouraris stated on Thursday that he believes the Single Property Tax (ENFIA) will be replaced by a large property tax, giv...
Postponing an IMF tranche ‘means default’
The possibility of Greece postponing the repayment of any debt tranches to the International Monetary Fund is seen as “exceptionally complicated” with “many obstacles,” according to official...
Inside Business
SOCCER
Ten-man Olympiakos couldn´t overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
BASKETBALL
Greens lose at Maccabi but preserve head-to-head advantage
Panathinaikos suffered its third loss in eight games at the second stage of the Euroleague going down 73-70 at Maccabi Tel Aviv on Thursday, but has preserved its better head-to-head record ...
Inside Sports
COMMENTARY
A breath of opportunity
We are still living in the Greece we know: The government is struggling to explain its retreat in the face of our creditors, the opposition (including dissidents in SYRIZA) smells blood, we ...
ANALYSIS
Having it both ways: Greece´s doublespeak to Brussels and voters
Gingerly treading between its anti-austerity promises to voters and its pledges to skeptical international creditors, Greece's new radical government is resorting to doublespeak to keep ever...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ten-man Olympiakos couldn´t overcome Dnipro
2. Greens lose at Maccabi but preserve head-to-head advantage
3. Minister says he hopes that ENFIA ends
4. Postponing an IMF tranche ‘means default’
5. Stournaras says deal must be completed
6. Panathinaikos deducted the three points earned at the derby
more news
Today
This Week
1. The unlikely winners of Greece's surrender on euro
2. SYRIZA feeling the pain
3. Turkish jets violate Greek air space
4. Schaeuble tells MPs Varoufakis 'strains' EU solidarity
5. Merkel faces stepped-up dissent on Greek bailout among lawmakers
6. Greek bank deposits return after bailout extension
Today
This Week
1. Greece prepares extension request for eurozone approval
2. Time for Alexis Tsipras to keep his nerve
3. Stubborn but not almighty
4. Greek bailout deal faces review by euro officials next week
5. Greece says eurozone deal won time as cash bled from banks
6. The ignorance of the West about the culture of Islam
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.