Friday September 19, 2014 Search
Weather | Athens
27o C
19o 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)  
Minister calls on Tsipras to clarify position on public sector checks
SYRIZA demands ND reaction to new claims of Baltakos contact with Golden Dawn
Claims that high profile personalities escape punishment to be probed
Homeless man falls to death from shelter in central Athens
OPAP, Intralot bid for Greek horse race betting licence
Greece's privatization agency has received two binding bids for the country's horse race betting licence after scrapping a previous tender last month due to a lack of sufficient interest. Th...
Hardouvelis signals Greece may skip IMF loans to exit aid curbs
Finance minister Gikas Hardouvelis signaled Greece may forego International Monetary Fund emergency loans in 2015 and 2016 in order to secure an exit from the terms of its bailout. “The IMF ...
Inside Business
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
SOCCER
Financial crisis forces Greek second division postponement
Greece's second soccer division Football League announced on Wednesday the postponement of the start of the season due to financial difficulties being faced by most clubs. "The board of dire...
Inside Sports
COMMENTARY
High stakes after the Scottish vote
We will soon know whether the Scots voted for their country’s independence or whether they will remain citizens of the “United Kingdom of Great Britain and Northern Ireland.” What was alread...
EDITORIAL
Breathing room
Even Greece’s biggest critics find it hard to deny that the debt-hit country has achieved an unprecedented fiscal turnaround within a very short period of time. Sure, progress in promoting t...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Minister calls on Tsipras to clarify position on public sector checks
2. SYRIZA demands ND reaction to new claims of Baltakos contact with Golden Dawn
3. Claims that high profile personalities escape punishment to be probed
4. OPAP, Intralot bid for Greek horse race betting licence
5. Hardouvelis signals Greece may skip IMF loans to exit aid curbs
6. NBG-owned Finansbank looks into possible secondary public offering
more news
Today
This Week
1. EIB signs deals with Greece for 815-mln investment in infrastructure projects
2. Samaras heads to Azerbaijan for two-day visit
3. Dozens of arrests at march to mark anniversary of Fyssas murder
4. ECB eyes banks’ capital quality as target for supervisory power
5. Syntagma metro station to close for Fyssas tribute concert
6. Homeless man falls to death from shelter in central Athens
Today
This Week
1. Greece on standby
2. Greece at bottom of social justice scale among EU28
3. Central Athens traffic restrictions back in force on Monday
4. Lost in the fog
5. Democracy under Pressure | Live Streaming
6. SYRIZA spokesman suggests gov't sought to stop NERIT airing Tsipras speech live
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.