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Tag Archives: bailout

WSJ: IMF secret docs May 2010 “Greece’s rescue program was not sustainable”

Minutes of International Monetary Fund board meetings held in May 2010 and published by the Wall Street Journal on Tuesday have highlighted the concern of many country representatives that the Greek bailout was not sustainable. One of the key criticisms expressed during meetings held before Athens agreed its first bailout …

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ECB representative: “Greece will most likely need two more bailouts”

Not one, not two bailouts were enough to solve the Greek debt crisis. While German Finance Minister Wolfgang Schaeuble opened the discussion for an additional bailout a couple of weeks ago, a member of the Governing Council of the European Central Bank – one of Greece’s lenders, the Troika – …

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RT report: “Debt Drama: Was whole Greek bailout deal a failure?” (video)

Stuck in recession, plagued by soaring unemployment and suicides – the Greek plight is dragging on, sending shivers across the EU. Greece is struggling to meet the conditions of its international lenders, who are pouring billions into the ailing economy. But when will the rescue package actually work? Or has …

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Greeks gets 1.6% of bailout loans – 98.4% goes back to Troika

Only a tiny 1.6% of the bailout loans goes to Greece’s state budget, the real economy and the people. The rest 98.4% goes to serve the international creditors International Monetary Fund, European Union member states and European Central Bank. For the years 2010-20124, from the 236.8 billion euro bailout money …

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Greece secured next bailout tranche: €6.8bn in sub-tranches

The finance ministers of Eurogroup and Greece’s international lenders approved on Monday evening the next bailout tranche for the debt-ridden country. A total of 6.8 billion euro are to come to Greece in three aub-tranches and be immediately forwarded to anybody else except the average Greek. The money will only make …

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Portuguese court rules four out of nine bailout measures violate Constitution

This is a lesson  Eurozone member-countries in bailout should learn: that Troika imposed and government applied bailout terms can be against the national Constitutions that aim to protect the citizens in these countries. “Portugal’s Constitutional Court has ruled several key articles of the 2013 state budget unconstitutional. It rejected four …

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ECB urged Cyprus to vote levy Sunday, “to avoid problems with banks

A European Central Bank official on Sunday asked President Anastasiades for a decision on a levy on deposits to be taken today, so that commercial banks open on Tuesday, the Cyprus News Agency has reported. CNA said the request was made as the president was briefing the House Finance Committee …

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Bailout tranche balckmail: Troika wants 25K lay-offs from Greek public sector

Every two-three months the same procedure… Greece’s lenders increase pressure on the government of the debt-ridden country that hesitates to proceed with the Troika’s demands. This time the issue of lay-offs in the public sector lays high on the negotiation table. Greek media report, that the Troika gave a very clear …

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Hot Money Moves from Off-Shores in Cyrpus to Latvia

If the IMF, the EU and the ECB had thought to count thousand by thousand funds of  off-shore companies in Cypriot Banks, they will be deeply disappointed. Real life -and capital – move much faster in times of globalization. Crisis-hit Cyprus aims to secure IMF-EU bailout within the month of October. Who …

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A new Troika Demand? Austerity of €10 Billion In a Single Year?

If it’s true, this is, indeed, insane. According to Ta Nea newspaper, Greece’s lenders’ representatives want that almost the whole package of austerity measures will be implemented in 2013 and won’t be distributed more or less equally to 2013 and 2014. The new Troika’s request is allegedly that additional 2 billion …

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Reuters: IMF, EU Clash Over Greece’s Bailout prospects

 Madame and Madame have totally different points of view on Greece’s bailout. Christine Lagarde, head of  IMF, favors a new written off of Greek debt saying that the bailout program has failed. OK, she doesn’t say it so clear, but that’s the substance. Angela Merkel, German Chancellor and head of …

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German FinMin Ruled Out 2. Bailout for Greece and 2. Debt Restructuring

Three times “Nein!” German Finance Minister Wolfgang Schaeuble ruled out a third bailout to Greece, any extension to the second bailout program and a possible second debt restructuring. German Finance Minister Wolfgang Schaeuble ruled out more financial help for Greece, saying the last bailout stretched international creditors to their limits. Schaeuble, …

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EU Plans Loan-Agreement Concessions to New Greek Government?

Concessions? What concessions?  Several international newspapers have been reporting about it in the very last days before the crucial June 17 elections. Is it true that the EU wants to make concessions in the bailout terms or is it just another  ‘leakage’ aiming to convince Greeks to cast their votes for …

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Hollande, Merkel Want Greece in the Euro Area…

While Greece is heading towards fresh elections amid political and economic instability, newly inaugurated French President Francois Hollande and Germna Chancellor Angela Merkel expressed their support to the debt-ridden country, saying that they want Greece to stay in the euro. “I want to reiterate, and we agreed on this, that we …

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EFSF – Greek Bailout Tranche: €4.2 Bn Now, “One Billion Later”…

Panicked by the perspective of an anti-bailout left government in Greece that could set a bad example for other bailout countries and folks, Greece’s lenders use all means to increase pressure and tame future prime ministers and voters. Instead of releasing the full May-tranche amounting 5.2 billion euro, the EFSF  released only 4.2 billion …

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ECB:No Alternative to Bailout Programme, if Greece Wants to Remain in EZ

Alexis Tsipras governance priority to rip out the “barbaric” austerity programme prompted a reaction by the European Central Bank on Tuesday. Joerg Asmussen, ECB Executive Board member, raised for the first time the possibility of a Greek exit from the euro zone. “Greece needs to be aware that there is …

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