Friday March 6, 2015 Search
Weather | Athens
20o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
EU said to tide Greece past bill redemption as aid talks drag on

European governments will find a way of tiding Greece past next week’s bill redemption as the pieces of an updated aid package take longer than planned to fall into place, a European official said.

While finance ministers on Nov. 12 are unlikely to sign off on 31.5 billion euros of fresh loans, the result won’t be an “accidental default” for Greece when 5 billion euros of bills mature on Nov. 16, the official told reporters in Brussels on Friday on condition of anonymity.

Creditor countries will weigh whether Greek legislation passed this week goes far enough in overhauling the economy and showing that Greece, the origin of the three-year-old debt crisis, deserves to continue tapping international aid, the official said.

“We’re not out of the woods yet,” German Finance Minister Wolfgang Schaeuble said on Thursday in Hamburg. “I don’t see how we can take the decision already next week.”

Delays reflect tensions within the Greek coalition and between Greece and the “troika” representing creditors. Donor countries such as Germany also need national parliamentary endorsement before giving the green light to the next payments from a total of 240 billion euros pledged to Greece since 2010.

Greece overcame one hurdle late on Wednesday when Prime Minister Antonis Samaras eked out a slim parliamentary majority for a bill on pension, wage and benefit cuts. The next hurdle comes on Nov. 11, when the parliament votes on the 2013 budget.

Samaras has pressed for two extra years, until 2016, for Greece to meet deficit-reduction targets imposed by European governments and the International Monetary Fund. Creditors’ calculations are assuming a two-year extension, the Brussels official said, while declining to say whether it will be approved.

A variety of options are under consideration for plugging the financing hole that an extension would open up, the official said. While engineering a buyback of Greek debt at depressed prices is one of them, it is “technically and financially infinitely more complicated than you would ever imagine,” the official said.

Solutions hinge on when Greece’s debt will become “sustainable,” previously defined as dropping to 120 percent of gross domestic product by 2020. The official on Friday said a decade is now the rough timetable, implying that the sustainability target may be pushed out to 2022 or 2023.

The official declined to say whether the European Central Bank would allow greater Greek treasury bill issuance as a way of financing next week’s expiration.

[Bloomberg]

ekathimerini.com , Friday November 9, 2012 (13:37)  
Germany: Greece could get money early if reforms come sooner
Cash-strapped Greece repays first part of IMF loan due in March
Greece must repay loans in full, bailout fund head says
Jobless rate starts picking up again
Europe stocks headed for 31% surge this year amid QE, Citi says
European stocks are already enjoying their strongest start to a year in more than two decades. Citigroup Inc. says there’s still further to go. European stocks will surge another 14 percent ...
Greek reforms list cites tackling evasion, fiscal savings, source says
Greece has promised to fight tax evasion and generate fiscal savings as part of an updated set of reforms sent to euro zone partners ahead of a meeting of finance ministers from the bloc on ...
Inside News
BASKETBALL
Barcelona beats Panathinaikos once more
For the fourth time this season Panathinaikos failed to beat Barcelona, this time in Athens, losing 81-77 on Thursday and denting its chances for a privileged top-two finish in its Euroleagu...
SOCCER
Iraklis, Apollon and Xanthi in Cup semis
The prospect of a second-division team reaching the Greek Cup final has grown considerably after two out of the three teams that made the semifinals this week come from the Football League. ...
Inside Sports
COMMENTARY
PISA, Schengen, mediocrity and isolation
Greece’s most serious problem is not the economic and political crisis, though it did contribute greatly to it. At the root of our evil lies our great isolation, not only from our partners i...
EDITORIAL
New blood, fresh ideas
New Democracy needs new blood and fresh ideas. Former Prime Minister and conservative chief Antonis Samaras should be credited with keeping Greece on its feet and he is one of the very few p...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Germany: Greece could get money early if reforms come sooner
2. Europe stocks headed for 31% surge this year amid QE, Citi says
3. Greek reforms list cites tackling evasion, fiscal savings, source says
4. Greece sends new letter with details on reforms, sources in Brussels say
5. Cash-strapped Greece repays first part of IMF loan due in March
6. Greek and German bruisers limber up for ´rumble in the eurozone´
more news
Today
This Week
1. BoG chief Stournaras briefs PM Tsipras on ECB's decisions on Greece [Update]
2. Cash-strapped Greece repays first part of IMF loan due in March
3. Greece must repay loans in full, bailout fund head says
4. Greek and German bruisers limber up for 'rumble in the eurozone'
5. Greece sends new letter with details on reforms, sources in Brussels say
6. Greek reforms list cites tackling evasion, fiscal savings, source says
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. The Greek tax drama
3. SYRIZA feeling the pain
4. Varoufakis to make six reform proposals at Monday's Eurogroup
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.