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Tag Archives: debt crisis

IMF Thomsen: Greece will need at least 20 years to return to pre-crisis levels

Greeece will need at least twenty years to have its GDP return to pre-crisis levels. This message full of … spring optimism was transmitted by Poul Thomsen, in charge of the European program of the International Monetary Fund. Speaking at a conference in the University of Oxford, Poul Thomsen said …

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US Congressmen push Trump to block IMF participation from Greek bailout

Conservatives in Congress are pushing Donald Trump to block the International Monetary Fund from participating in a European-led bailout of Greece, as his administration signalled it would take a tougher line with global institutions. They say that the Europeans should solve the Greek crisis on their own not through the …

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Greece approached the World Bank for a loan of fresh cash

Greece’s government has asked financial assistance from the World Bank. The amount of the loan has not been revealed, neither when exactly the talks took place. However it sounds most possible that the government’s decision came amid negotiations with creditors on the second review of the third bailout program. Greece’s heavily …

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February goes, the Troika comes…

Representatives of Greece’s creditors returned to Athens and they resume talks in an effort to reach an agreement on technical level (staff level agreement) and conclude the second review in no longer than two weeks. According to Athens News Agency, the European side but also the International Monetary Fund consider …

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PM Tsipras: The era of austerity is over

Greek Prime Minister Alexis Tsipras says the era of austerity is over for his country, painting a positive picture Friday of reforms the country has agreed to take after its latest bailout program ends in 2018. Speaking in parliament, Tsipras described the deal reached Monday as an “exceptional success” and …

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Mnuchin: US wants IMF to stick to hard line on Greece

Treasury Secretary Steven Mnuchin made it clear that the Trump administration does not think much neither of the European Union, nor the Eurozone nor Greece. In an interview to the Wall Street Journal, Mnuchin suggested that the US wants the International Monetary Fund to stick to its hard line on …

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Stern: Majority of Germans would accept Grexit

What do Germans think of Grexit?  The financial situation of Greece has split the German public opinion. In a poll conducted for German weekly STERN, a narrow majority would accept Greece abandoning the eurozone. Whether the heavily indebted Greece will receive additional billion credits depends on the implementation of the …

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IMF’s David Lipton: “We would like to be in position to help Greece”

A top official at the International Monetary Fund (IMF) said on Tuesday there had been progress on Greece and the Fund would like to get to a situation where it could help Greece. “Some progress has been made,” David Lipton, first deputy managing director of the IMF, told reporters in …

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Greece’s public debt reached €326.358billion end of 2016

326.358 billion euros. Greece’s public debt reached 326.358 billion euros at the end of 2016 against €323.709 billion at the end of September in the same year. According to a statement issued by the Public Debt Management Agency on Monday, the cash available at 31. Dec 2016, amounted to 2,791 …

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Regling: Greece may need less than originally planned ESM funds

As the government in Athens used only €32 billion from the €86 billion prepared by the European Stability Mechanism, with less than half the program until the end it is clear the final figure will be smaller than the maximum, said Klaus Regling, the facility’s managing director. German daily Bild quoted him …

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Greece goes to Eurogroup with ‘low’ to ‘moderate’ expectations

The Greek team goes to Eurogroup with anything but great expectations. The topic “Greece” is third on today’s agenda of the finance ministers of the eurozone.  Athens seeks a political solution to the Greek problem and anticipates the meeting between German Chancellor Angela Merkel with the managing director of the …

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IMF’s wrong forecasts increased Greece’s funding needs

The International Monetary Fund (IMF) has made serious mistakes in the first memorandum, noted the chairman of Attica Bank and Greece’s former representative to IMF Panagiotis Roumeliotis speaking to Athens Macedonian News Agency. “The wrong forecasts increased Greece’s funding needs” he said while referring to the second review he estimated …

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Schaeuble: “I have never made Grexit threats”

German Finance Minister Wolfgang Schaeuble denied on Sunday that he had said Greece would have to leave the eurozone if it failed to implement economic reforms. In an ARD television interview, Schaeuble that Greece would not have problems if it implemented agreed reforms, but would if it fails to carry …

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Greek actor threatens to commit suicide if his pension undergo further cuts

Greek Actor Dinos Karydis warned that he would committee suicide, should his pension undergo further cuts. On his social media accounts on Facebook and Twitter, Karydis uploaded a macabre picture of himself lying on a bed and looking like sleeping or unconscious. He wrote: “If my pension undergoes further gut …

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Der Spiegel: IMF will participate with €5bn in Greece’s program

The International Monetary Fund is likely to contribute up to 5 billion euros to the third bailout package for Greece, German magazine Der Spiegel said in an unsourced report published on Friday. It said European lenders were now expecting a sum of this size after originally having hoped for 16 …

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“Bank run” under Capital Controls: Greeks withdraw €2.5bn in 45 days

Delays in the talks between Greece and its lenders have brought back the ghost of Grexit.  The grave disagreement between the International Monetary Fund and the European lenders, Grexit bombshell flying around and Greece’s reluctance to accept additional austerity measures have increase uncertainty among citizens – for one more time. …

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