General Secretary for Fiscal Policy Frangiskos Koutentakis outlined Greece’s vision of debt relief. Speaking at an international conference in the USA, Koutentakis presented Greece’s terms as follows:
– No nominal “haircut” of the Debt or anything that could cause damage to taxpayers of the European partners and international lenders.
– Extension of the debt repayment maturities (ie extension)
– Making use of the historically low interest rates – through the ESM borrowing costs.
– Determine a rate to ensure that individual bondholders will be repaid when Greece returns to the markets.
Greece’s vision may satisfy the International Monetary Fund, but the German ruler of the eurozone insists on turning down such option as the Debt Relief. Relaxed in the fresh air of Black Forest and contemplating on Greece, Finance Minister Wolfgang Schaeuble ruled out a “big crisis” to erupt this year in Greece. Specifically he oracled:
“We will have no big Greece crisis this year,” Schaeuble said, adding that the country was on its way to making visible progress. He did not elaborate.
The Euro Working Group is meeting today to prepare the Eurogroup meeting on May 9th, the date where Athens expects a positive outcome.
Greece’s Bailout Review Talks with lenders are progressing slowly, the disbursement of more than 5 billion euro bailout trance is still behind bars, Greece’s cash registers are emptying quickly, next repayments to ECB and the IMF are coming in fast pace, but … – Thank Schaeubless – the crisis is not as big as in 2015
Phew!
SYRIZA has chosen to drink the Kool-Aid. It will now have to drain the chalice to its bitter end. Unfortunately, in the end, it is the Greek people who will poisoned.
Oh wow! Greece’s terms for debt relief!! Beggars belief. ONLY creditors can lay out those terms. When will we face up to reality? We are living in funalungaland to start dictating like this. And it sure wont help us when we are up the creek without a paddle!
Since when “beggars” pay back, plus even with a wonderful bonus of 75% interest?