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IMF to Greece: You can repay your bailout debt in 11 years
Posted by keeptalkinggreece in Economy
“You can repay your loan of € 110 billion in 11 years” says IMF in charge of the Greek bailout, Poul Thomsen. In an interview to Greek Sunday newspaper Real News, Thomsen said also that the year 2011 will be the most difficult and he would invest in Greece, if he were an investor.
Before I start translating from scratch… here is an excerpt from Reuters on Thomsen’s interview:
“We have the possibility to extend the repayment period … from about six years to around 11,” the newspaper Realnews quoted Poul Thomsen, the IMF official in charge of the Greek bailout, as saying in an interview. The IMF official was more specific on how the repayment period could be stretched after Greece receives its last installment in 2013.
Most critical are the first two years, when the bulk of the debt to the EU and IMF falls due. Under current repayment schedules, Greece’s gross borrowing needs will balloon above 70 billion euros a year in 2014-15 from around 55 billion euros a year in 2011-2013.
“(As things stand now) Greece must repay the bulk of its 110 billion euro loans in the first two years after the programme expires,” Thomsen told Realnews.
“This (the extension) would give markets the signal: ‘Don’t worry about the repayment of the 110 billion euros, this is not going to affect your claims’,” he added.
Thomsen noted that “Greece has one year, the year 2011, to change the course of its economy” and stressed that “the year 2011 will be the most crucial and painful“.
He seemed to oppose ‘debt restructuring’saying that “restructuring won’t solve any real problem like reclaiming competitiveness or attracting investors”. And he answered affirmative to the question whether he would invest in Greece: “Yes, I would invest now” he stressed ” because I trust the country”.
Last Tuesday Poul Thomsen said at a press conference in Athens that the repayment period of the loan may be extended and a follow-up loan may be given to Greece.
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The KTG administrator has strongly edited the following comment as hate/racists etc comments are not tolerated here.
“A fed Bear is a dead bear.
Feeding the Serbian bear with $20 billion grant aid from the West, and with $20 billion in weapons from Russia East, ended in 10 years war with 500000 innocent civilian dead.
…The actions of Serbian beast ended in dismembering of Yugoslavia, and creation of many independent states, sworn enemies to Serbia. So, Serbia will end a dead Bear if not protected from outsiders forever.
Feeding Greece with grant aids, the West is creating another beast. Greece has created a virtual reality, with a very strong military, (330 Leopard tanks, F 16 jet fighters, a very powerful Navy, included up to date submarines, and more.)
….THAT GREEKS CANNOT AFFORD.
To make things more interesting Greece has FREE HEALTH CARE, LUCRATIVE PENSIONS, and HIGH PAID JOBS, which they cannot afford either.
So the WEST is feeding another Bear that soon or later will end in a DEAD BEAR.”
Avenger, I believe that according to your point of view all bears are beasts that need to be dead? Do I hear a close neighbor of Greece shouting around here?
Nevertheless, no health care is free in Greece as Greek employees pay their montlhy compulsory contributions. The average income of EUR 1.000 can not be considered as highly paid job, can it? Average pension is EUR 600 for IKA pensioners, EUR 400 for farmers, EUR 800 -1,200+ for civil servants. Lucrative?
Your information about the conditions in Greece are as wrong as probably those concerning Serbia…