Tuesday March 3, 2015 Search
Weather | Athens
20o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece hopes for timely release of enhanced loan installment

Prime Minister Antonis Samaras sought on Tuesday to appear upbeat on the prospects of crucial rescue loans being released to Greece even as Finance Minister Yannis Stournaras warned that the risk of the country defaulting on its huge debt was still very real.

Stournaras and Samaras returned to Athens last night hopeful that foreign creditors will release not only a pending 31.5-billion-euro rescue loan but another two loans worth 12.5 billion euros after European officials made positive noises about Greece’s progress in approving and implementing austerity measures and reforms.

Samaras, who met with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso in Brussels, declared that “Greece has already turned the page,” noting that only “technical details” remained before funding could be released.

Earlier in the day Stournaras had been significantly more reserved, saying in a speech before the European Parliament’s economic and social affairs committee that the risk of Greece defaulting was still real. “The troika is pressing us very hard to implement prior actions,” he said, referring to measures and reforms demanded by the troika. “But the risk of an accident is very great,” he said.

Speaking to reporters in Brussels, German Finance Minister Wolfgang Schaeuble said that Greece had made “significant decisions in the right direction” and would get three aid tranches before the end of the year, adding however that this would necessitate the operation of an enhanced “control mechanism” for the funding. Schaeuble did not provide any details but, clearly mindful that such supervision would ruffle feathers among Greeks, he acknowledged that the issue of such a mechanism was sensitive in Greece, adding however that he was confident Greek ministers would agree to it in a bid to restore confidence in Greece.

“This topic has a certain sensitivity in Greece and that’s why it’s important that it’s dealt with publicly in a certain way,” Schaeuble added.

One of the aspects involved in the enhanced control mechanism that Berlin would like to see is the bailout loans being paid into a special account, through which lenders could ensure that the money is not spent to cover Greece’s primary deficit unless outstanding debt obligations can be met.

This account already exists at the Bank of Greece but there had been suggestions by some eurozone officials that it should be located outside the country. It appears that this option is now off the table and that the account will remain in Athens.

Beyond that, the terms in a draft version of a new memorandum of understanding between Greece and the troika foresees that Athens will be obliged to automatically make fiscal adjustments if it is not meeting budget targets. This includes making up for any shortfall in revenues from privatizations. Greece will also agree to using 70 percent of any revenues beyond its targets for growth and welfare-related projects.

ekathimerini.com , Tuesday November 13, 2012 (22:47)  
Notice on military maneuvers in Aegean was a mistake, Turkey says
Former SDOE chief to testify in Papaconstantinou trial
Man who killed three family members hangs himself in Thessaloniki jail
Convicted Conspiracy of the Cells Fire member to face magistrate
Greece’s bailout extension no panacea for struggling bond market
One week after euro-area finance ministers agreed to extend Greece’s bailout, the nation’s government bonds are showing no sign of moving above where they were when the anti-austerity SYRIZA...
Greece approved as recipient of EBRD funding through 2020
Greece, the European Union’s most indebted member, will receive financing from the European Bank for Reconstruction and Development through 2020 to promote an economic overhaul. The London-b...
Inside Business
BASKETBALL
Waters turns from zero to hero for Kolossos Rhodes
For 40 minutes he was a real disappointment for his coach, Aris Lykoyiannis. His shooting rate was a miserable 1 in 10 two-point shots and he had made no three-pointers. On top of that he co...
SOCCER
Super League clubs promise to combat violence, again
The Super League clubs agreed on Monday to a blueprint of proposals for combatting violence in soccer grounds and will present it to Deputy Minister Stavros Kontonis to ask for the top fligh...
Inside Sports
COMMENTARY
The Greek tax drama
Numbers alone can never interpret reality, not even a strictly financial one. Besides, the art of creative accounting has a number of fans in this country, many more, for the time being, tha...
EDITORIAL
Mixed signals
Ankara finally realized, perhaps also thanks to international pressure, that its latest gesture was too provocative by any measure. Meanwhile, however, it was welcome to see the reflexes of ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Notice on military maneuvers in Aegean was a mistake, Turkey says
2. Greece’s bailout extension no panacea for struggling bond market
3. Greece approved as recipient of EBRD funding through 2020
4. Former SDOE chief to testify in Papaconstantinou trial
5. Eurozone bond yields pinned at lows with ECB eyed
6. Varoufakis to make six reform proposals at Monday´s Eurogroup
more news
Today
This Week
1. The Greek tax drama
2. Draghi’s QE moves to starting line as economic outlook brightens
3. Convicted Conspiracy of the Cells Fire member to face magistrate
4. Varoufakis to make six reform proposals at Monday's Eurogroup
5. Investor survey shows 38 pct chance of eurozone break-up in 12 months
6. Mixed signals
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. Spain said to lead push to hold Greece to terms as Podemos grows
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
Advertiser Link
“AMF” PROJECT FINAL CONFERENCE-REGIONAL UNIT OF THESPROTIA
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.