ATHENS, 25 (ANSA) – Negotiations between Greece and its creditors still halfway, but the prospect of moving away ventilated immediate break yesterday, after a Greek minister threatened to stop paying to the International Monetary Fund (IMF) next month.
The day after the case opened by the words of Nikos Voutsis, interior minister and representative the hard wing of Syriza, a spokesman for the Executive backtracked: Athens will make every effort to honor its debts, excluding having to freeze bank deposits and an agreement by the end of May or early June is expected
The same Minister of Economy, Gergios Stathakis, threw water on the fire. The agreement with creditors is likely and it is only a matter of weeks, he said
The component party that won the January elections more open to Negotiations, meanwhile, garnered a victory: the Central Committee of Syriza rejected, with 95 votes to 75, the proposal of the extremist wing of not reimbursing the fee of $ 1,700 million due to the IMF next month
speak. it in the G7 financial provisions in Dresden on Thursday and Friday. On Thursday, experts from the Ministries of Finance of the euro area should make a ‘conference call’ to discuss progress in negotiations.
The Euro Working Group could, if there were steps forward, decide to convene a new Eurogroup. But the fact that the solution is still distant and that an incident could occur just around the corner, it shows the effect on the markets, with the Athens Stock Exchange in fall (over 3%). It helped today also the success of the training can in elections in Spain, which dragged down both the Madrid and Milan, both with losses of more than 2%.
After the ‘black smoke’ in the EU Council of Riga last week, attention finally shifted to what the Greek Finance Minister, Yanis Varoufakis, defined as the real point of disagreement with the EU, the European Central Bank and the IMF: the surplus Greek budget, creditors want to secure an unlikely high debt sustainability, at the cost of imposing a ‘austerity’ that Athens strongly rejects.
“We are willing to carry out reforms,” he said in an article Varoufakis in Project Syndicate. But Athens did not continue with the ‘austerity’ imposed by the troika, more than twice that partners like Spain or Portugal, which brought down its GDP of almost 25% since 2010. Athens rejects the primary surplus that creditors want, 2 % of GDP next year and 2.5% below cost as such further cuts to pensions and those clauses guarantee if smaller inflows from privatizations on which Syriza pact with voters is played.
For the European Commission remains valid the commitment made by Athens in the Eurogroup of 20 February. Olivier Blanchard, chief economist of the outgoing IMF was explicit: Creditors want enough to bring down a debt that has already fired more than 170% of GDP primary surplus
But to have it, at least not restructure the debt. They will still lack more tears and blood. Also because Athens that ‘in extremis’ could consolidate fees in one payment at the end of June, will need new loans for the next few years, even when you have already collected 7,000 million euros of which is already negotiating: talk about 50,000 million. Y8K / ACZ
05.25.2015 22:17
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