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Talks on “3. bailout for Greece”: fact or just rumors?

Are Euro Zone partners planning a third bailout package for Greece? There was a lot of talk about it last week in German media. But nothing specific, nothing official. Just leaks to the press by ‘sources’, claiming that Greece would need another “rescue” package worth “at least €20 billion.”

On Monday, the 3. Bailout to Greece issue returned though the Spanish Finance Minister Luis de Guindos. Speaking to an event in Spain, Guindos said that “eurozone countries are discussing a third rescue package for Greece worth 30 to 50 billion euros”.

Also, European Commission Vice President Valdis Dombrovskis said on Monday that Greece could need a third bailout deal when its current program expires in June because markets may still not be prepared to lend to its government, even with a euro-area credit line. “Greece may need an additional arrangement after this program expires,” said Dombrovskis, whose portfolio includes the euro and monetary union

Later on the same day, Simone Boitelle, spokeswoman for Eurogroup head Jeroen Dijsselbloem, dismissed Guido’s claim saying that there was no discussion of a third bailout and senior eurozone officials concurred.

“Eurozone finance ministers are not discussing a third bailout,” spokeswoman Simone Boitelle said.

Tuesday afternoon, EU Commissioner for Monetary Affairs, Pierre Moscovici, said that talks for a third bailout were “premature”, so state NERIT TV>

The discussion allegedly takes place as the debt-ridden country tries to get rid of large part of its accumulated debt and Prime Minister Alexis Tsipras said last week that “Greece would not need another bailout program.

This morning I heard on private Skai TV that in October 2014, the Troika and some eurozone finance ministers had a secret meeting where they discussed the possibility of a “3. bailout package for Greece.” Apparently a relevant ‘paper’ was leaked to the press – but I was unable to find it on internet.

Germany started to talk about an additional “rescue” package since August 2013. one and a half year after the second bailout and the Greek Bond swap (PSI) of march 2012.

So far Germany has reportedly calculated the third bailout from €10 – €11 billion to up €20 billion and -why not? – €50 billion.

CDU- SPD has allegedly counted on that Greece is going to need another bailout program in summer – the third since 2010 – estimated “at least €20 billion,” so the Rheinische Post.

I remember very well when German media were claiming in autumn 2014 that the third bailout program would be €10-11 billion. Six months later, the German “forecast” has doubled…. And before summer 2013, the 3. bailout estimation was running with €50 billion.

He, himself, personally, Wolfgang Schaeuble had said in August 2013 that Greece would need a third bailout program “in order to reach its debt sustainability targets.” (KTG Feb 25/2015)

I cannot tell whether there are indeed discussions for a 3. bailout program that will  be certainly accompanied by a new adjustment program of tight austerity. I cannot tell and don’t know who to believe: Dijsselbloem’s spokeswoman or Guidos & Co.

However some of us here can reckon, that when the rumors of the PSI are strong, officials were still dismissing them as “baseless.”

So far Greece has “received” €240 billion in two bailouts and underwent a debt “haircut.” For some unknown and totally unexplained reasons, the Greek debt skyrocketed to €328 billion, that is 180% of the GDP. Some organizations claim that only 10% of the two Greek bailouts billions went to the public spending, while 90% went back to the lenders.

PS So, why not make the 3. bailout €60 – € billion, guys? I will keep paying this and the other previous two back directly from my grave – per monthly bank order…



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One comment

  1. this “game” is just sick. nothing else..