Sunday February 1, 2015 Search
Weather | Athens
16o C
13o 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)  
A week in and Greece´s new leftist PM sticks to tough line, for now
Greece starts drive to sell new debt deal to doubting Europe
France open to easing Greek debt burden, says finance minister
Poll shows most Germans want Greece to stay in eurozone
Coalition ally seeks tax amnesty to get cash back to banks
The junior partner in Greece's ruling coalition plans to propose a tax amnesty on undeclared income deposited in Greek banks in a bid to reverse the rising tide of funds fleeing the country,...
Dijsselbloem says Greece has to decide how to move ahead
The chairman of euro-area finance ministers group, Jeroen Dijsselbloem, said it’s up to the Greek government to decide how to move forward in resolving its economic and financial problems. D...
Inside Business
BASKETBALL
Panathinaikos preserves perfect home record
After yet another great performance at home, Panathinaikos defeated Galatasaray 86-77 in Athens on Friday to get to three wins in five games at the Euroleague top-16. The Greek champion shoo...
SOCCER
Gattuso: Unpaid OFI players couldn´t buy food
Former coach Gennaro Gattuso has lifted the lid on the plight of crisis-club OFI Crete which has been banned from playing in the Super League until it clears mounting debts with its staff. T...
Inside Sports
COMMENTARY
The dogma and the command center
We have reached a critical juncture. We have a new, inexperienced government trying to see if “the great negotiations” discussed by everyone, be they from the left or the right, on TV over t...
EDITORIAL
Silence will not be forgiven
It’s time for a turn toward realism, caution and logic. The negotiations with our partners and lenders must be concluded swiftly before the remaining healthy parts of the country’s productiv...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. A week in and Greece´s new leftist PM sticks to tough line, for now
2. Greece starts drive to sell new debt deal to doubting Europe
3. Coalition ally seeks tax amnesty to get cash back to banks
4. France open to easing Greek debt burden, says finance minister
5. Poll shows most Germans want Greece to stay in eurozone
6. France´s Sapin says Greece has no future outside the euro
more news
Today
This Week
1. Dijsselbloem says Greece has to decide how to move ahead
2. Greece shakes Europe's political kaleidoscope: expect the unexpected
3. France open to easing Greek debt burden, says finance minister
4. Greece offers olive branch to seek allies
5. The dogma and the command center
6. Poll shows most Germans want Greece to stay in eurozone
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. EU must accept that Greek debt relief is inevitable
4. SYRIZA's win will test institutions
5. Greek Elections 2015: The day after | LIVE
6. Athens may veto further EU sanctions against Russia
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.