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Greek gov’t prepares €15-billion “Emergency Fund” to exit bailout program

Greek government prepares a 15-billion-euro “Emergency Fund” in order to make the exit from the bailout program possible. Citing government sources, the exclusive report of  Online edition of newspaper To Vima, claims that Greeks prepare the exit from bailout and the return to the markets. This action  will not be done “one-sided” but only with the consent of the country’s lenders. The “Emergency Fund” will be the first attempt to exit the bailout program, exit that has been much praised by the Greek coalition government lately. A 5-billion-euro “safety net” has already been collected.

Government preparing an “Emergency Fund” to exit the bailout

The Ministry of Finances is preparing a 15-billion-euro safety net in order to manage the “next say”

The government is going to create an “Emergency Fund” in preparation of exiting the bailout program. Reliable sources suggest that the Ministry of Finances wants a safety net, a satisfactory initial source of funding, which will facilitate the exit from the bailout.

Reliable sources also report that about 5 billion euros have so far been collected, which could increase to 7 billion euros by the end of the current year. If the money from the Financial Stability Fund is not spent, a further 7-8 billion euros can be added to the Emergency Fund, meaning that the country’s funding “safety net” could approach 15 billion euros. This sum is able to support the efforts of Samaras and Venizelos to see the country leave the bailout behind.

Of course, as explained by high ranking financial government advisers, nothing happens unilaterally, but always with the approval and assistance of our partners and creditors.

After all, Greece wants to keep up appearances and will pursue the European Union’s approval in order to return to the markets and secure the necessary funding, without which the political leadership will be unable to achieve the financial independence it claims.

This has not yet been officially presented to the relevant European institutions, but the necessary survey has been carried out. According to a high-ranking government official “we are near the end of the program and everyone is thinking about the next day”, alluding to unofficial discussions taking place.” (Full story here)

PS I wonder, where the first 5 billion euro came from. Not from my over taxation…

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