After passing the first reforms, Greece theoretical got the green light today to its European partners to quickly fill their coffers and negotiate a new bailout and the ECB gave a new breath to its banks .
The day after the vote of the Greek Parliament has approved a series of reforms as a sign of goodwill that generated strong political tensions, also received the support of the President of the European Central Bank (ECB) Mario Draghi to find a way to relieve their debt, “indisputable”.
A little earlier, need finance ministers of the euro zone gathered in a conference call had given its approval to start formal negotiations for a rescue of more than 80 billion euros, as agreed to earlier this week. This will allow the Hellenic country rule, at least for the moment, his departure from the euro zone, the dreaded “Grexit”.
But the 28 EU countries, also through the intermediary of its major creditors, have reached an agreement to grant Greece a bridge loan to enable it in the coming days to meet current expenses and repay 4,200 million euros to the ECB on Monday.
Seven billion bridge financing
To ensure, at least in part, this financial “bridge”, the European Commission has proposed a loan of seven billion euros , from a community fund.
However, discussions continue to “minimize the risks” of EU countries that are not members of the euro zone, according to a tweet of the Eurogroup chairman Jeroen Dijsselbloem . London, above all, rejects dip into his pocket to solve the problems of the currency bloc.
After taking note of all these developments, the board of governors of the European Central Bank (ECB), which held a meeting today ordinary in Frankfurt increased by EUR 900 million ceiling of the emergency loans ALS, a lifeline for Greek banks.
“The conditions for the increase of ELA have returned to give” Draghi said. The decision to release the pressure on Greek banks, closed since 29 June, could allow its reopening, although a government decision Tsipras.
The Greek parliament has to vote next week other packages of promised reforms, and the ECB will increase a little injection of ALS as they advance reforms, said Holger Schmieding, an analyst at Berenberg, mentioning the “carrot” hoisted by Draghi.
However, it having “questions about the willingness and ability (Greek government) to implement” the promised reforms, he recognized Draghi, who said “it is the government of Athens” dispel these doubts.
Berlin will not hear of debt
In Athens, Greek Prime Minister Alexis Tsipras, he appeared weakened by the loss of his parliamentary majority. Parliament has adopted four reforms, including an increase in VAT, according to the demands of creditors, but at the cost of many defections in the ranks of the leftist Syriza training.
The liberal Greek daily Katherimini , which speaks of “tear” is committed to a cabinet reshuffle. “Clearly the government of Tsipras is now a minority government,” said the right-wing newspaper Eleftheros Typos .
The Europeans begin to negotiate a third rescue when deputies Friday the Bundestag, the lower house of the German parliament, the government granted a mandate to negotiate. Although Chancellor Angela Merkel faces growing discontent in the conservative camp, the green light in principle is not in danger.
In contrast to Germany, the eventual reduction of the Greek debt, which rises 180% of GDP is practically excluded. The International Monetary Fund (IMF) stunned his partners on Tuesday seeking to condition their participation in the next program helps Europeans main creditors of Greece , relieve debt.
This could happen for an extension of time limits or an outright removed, something unimaginable to Berlin. “An authentic debt relief is incompatible with membership in the monetary union,” German Finance Minister Wolfgang Schaeuble said today.
No comments:
Post a Comment