Céline Aemisegger and Rosa Jiménez
Brussels, Aug 14 (EFE) .- Greece will receive from their eurozone partners a third rescue of 86,000 million euros up to 2018, giving a new ball oxygen to the country to meet its financial obligations and time to clean up its economy, though hard to change adjustments and reforms in the coming years.
The Ministers of Economy and Finance of the euro zone today gave its approval the third program of financial assistance to Greece, after six hours of deliberations in the Eurogroup in which the last remaining open issues concerning the recapitalization of the banks were solved, the new fund privatization, and bad loans Pension reform.
“The last six months have been difficult. They have tested the patience of even more the politicians and citizens. Together, we looked at the abyss. But I’m happy to say that all parties respected their commitments today, “the President of the European Commission (EC), Jean-Claude Juncker said in a statement, in which he stressed that today’s agreement” Greece is and will irreversibly being a member of the euro area “.
The Greek Finance Minister Euclides Tsakalotos said for his part that the agreement” provides many opportunities “as the possibility of Greece to reform its public sector , addresses the problems of corruption or tax evasion or carry out “several important structural reforms,” but acknowledged that “poses many problems for many social groups.”
To avoid another default, the board of Governors of the European Stability Mechanism (ESM) will meet on day 19 in the afternoon, once it has been approved third save in several national parliaments of the eurozone, to approve the financing agreement of the program, so that it is unlocked and a first tranche of 26,000 million euros.
In this section Athens will receive on Thursday a first injection of 13,000 million euros, with which you can afford to pay 3,400 million euros to the European Central Bank (ECB) that day.
3,000 million euros, will receive one or two flights in September or October, subject to compliance with specific measures, representing a total of 16,000 million.
According to the Managing Director of the ESM, Klaus Regling, Greece may well return the 7,160 million euros it has received a bridge loan from the EU, as well as payments to the ECB and the IMF and settle bills “domestic” .
On the other hand, for the recapitalization of the banking 10,000 million euros will be transferred immediately to a special account of the ESM, based in Luxembourg, while 15,000 million euros will be disbursed after a first Rescue review before 15 November and considering the analysis of asset quality and endurance, among other requirements.
The recapitalization will be affected in domestic rescue the senior bondholders but depositors will be excluded.
ESM loans for the third bailout will have an average maturity of 32.5 years.
Among the changes introduced by the Eurogroup in agreement also established that the conditions negotiated will have to be specified further, especially in the area of pension reform, strategy and governance of the financial sector until the first review of the program.
It has also been stressed that Greece will take “urgent” measures for facing bad loans in the banking sector and that given the magnitude of the problem, the Eurogroup urges Athens to develop all necessary instruments, including the possibility of creating a bad bank, among others.
On the merits of privatization, which will be established in Greece and to transfer public assets worth 50,000 million euros, including shares in Greek banks after recapitalization, the Eurogroup has sought to accelerate its creation before the end of the year.
What I could do was start ministers today the managing director of the International Monetary Fund (GF), Christine Lagarde, who participated at any time in the Eurogroup by phone -., a binding commitment to the Fund’s participation in the third rescue, as requested by Germany
Lagarde said, according to the president of the Eurogroup Jeroen Dijsselbloem, which the IMF board will decide in autumn “once they are fully specified fiscal, structural and financial sector reforms and has assessed the need for additional measures and agreed on a possible debt relief.”
Here is reiterated that the Eurogroup willing to consider, if necessary, possible grace periods and longer to ease the Greek debt maturity, but stressed again that “nominal reduction can not be carried out”.
However, Dijsselbloem he was “optimistic” about the IMF’s participation in the rescue, while Regling said he does not expect the ESM will have to shell out all 86,000 million, because it relies on the Fund “to join the end and contribution funding “.
To Spain will rescue some 10,000 million as recently told the minister of Economy, Luis de Guindos.
<- Social share ->
No comments:
Post a Comment