In principle, the finance ministers of the eurozone agree for a small measure of short-term debt relief for Greece. But German FinMin Wolfgang Schaeuble insists: no discussion before the end of current bailout program in 2018. yesterday, he added, It would be “complete nonsense” to advance new measures on debt relief
Loyal to German finance monarch, Eurogroup head Jeroen Dijsselbloem poured his own ingredient in the sauce.
“It is now 2016. It is impossible to be precise on what the size of the possible debt measures would have to be in the second half of 2018. It depends on what happens between now and the second half of 2018 in terms of economic growth, interest rates, inflation and of course the commitment from the Greek government,” he said.
Greece, the IMF and the European Commission are pushing for a more detailed declaration this year. They say that would improve investor confidence, encourage Greek growth and help Athens eventually return to market financing.
The deadline for more details on medium-term debt relief has become December 5th at the next Eurogroup meeting, “because that is when the IMF staff is to recommend to its board whether the Fund should join the now purely euro zone bailout for Greece.”
December 5th is also the date Prime Minister Alexis Tsipras pointed out at two days ago. Tsipras looks at conclusion of program review at the next Eurogroup and debt relief discussions to start right after.
Jeroen Dijsselbloem tweeted
@J_Dijsselbloem 15h15 hours ago
In everybody’s interest to finalise second review as soon as possible. #eurogroup meeting in December further discussion on #greece
Until then, we stay cool and keep reading the boring press releases of the Eurogroup
Eurogroup Press Release
Greece: second review of the programme and report on EU technical assistance
Ministers were informed about the ongoing second review of the implementation of Greece’s economic adjustment programme, following a review mission by the institutions to Athens at the end of October.The Eurogroup called on the Greek authorities and the mission staff to continue their constructive cooperation and to finalise the review rapidly.
The second review includes a budget for 2017, the medium-term fiscal strategy and labour market reform.
The Eurogroup was updated on the technical assistance provided to the Greek authorities to date by the European Commission’s structural reform support service (SRSS). The service was set up in July 2015 to assist member states in implementing growth-enhancing administrative and structural reforms. The Eurogroup expects the service to focus on helping Greece implement reforms.
PS meanwhile, we are exhausted by Schaeuble’s stubbornness
And then comes Obama next week and puts debt relief right on the table during his “legacy speech”. Carefully as not to upset ‘zee Germans’ but he will. Looking forward to see that speech! Some legacy.
So what dear Joe. The wretched country has been given as a dowry to the 4th Reich. Obama cannot upset his Nazi allies now.
I am not so sure about that dear Iannis. Obama wants his legacy speech at the cradle of democracy so he has to favor the Greek gods. And America loves to teach Europe who is still calling the shots there.
Every time I see this slimy, groveling lickspittle I feel just like I’ve thrown up a little bit in my mouth.