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Tag Archives: debt relief

ESM Regling prepares ground for new loan: “Sooner or later Greek govt will be out of liquidity”

January 25, 2016 Economy Comments Off on ESM Regling prepares ground for new loan: “Sooner or later Greek govt will be out of liquidity”

Odd. It’s normally German Finance Minister Wolfgang Schaeuble who ‘announces’ plans for new Greek programs and additional loans. Apparently, this time, the Germans made an arrangement among themselves: That ESM chief, German Klaus Regling will bring the bad news. It’s logical, as Schaeuble tries to topple Chancellor Merkel and cannot …

Moscovici to Greece: Forget about debt relief, first program review then discussion on “debt serving”

December 10, 2015 Economy Comments Off on Moscovici to Greece: Forget about debt relief, first program review then discussion on “debt serving”

“The IMF is an asset,” EU Commissioner for Monetary Affairs Pierre Moscovici told reporters in Brussels, as in Athens the government ministers struggle to find a way out with creditors representatives on hot potatoes like the red-loans and the pensions. But talking to Greek reporters he tried first of all …

FinMin Tsakalotos: Greece seeks “debt relief deal” with creditors in February 2016

November 30, 2015 Economy 1

Greek Finance Minister Euclid Tsakalotos criticized his predecessor Yanis Varoufakis and the first SYRIZA-ANEL government. He accused them for not having done enough against tax evasion or corruption. Speaking at the Economic Conference organized by the American-Hellenic Chamber of Commerce., Tsakalotos said among others that “for some social classes taxation …

President Hollande at EP: “Mea Culpa. We abandoned Greece”

October 7, 2015 Economy 5

I am desperately trying to find a picture of President Francois Hollande shedding a tear or even using a lash against himself in order to propitiate himself from his big sins. In an emotionally moving speech at the European Parliament, Hollande put the blame on him for all Greece economic …

Regling: Greece should not expect big debt write-down, not necessary to revive economy

October 1, 2015 Economy 2

Klaus Regling, the German managing director of the European Stability Mechanism played down Greece’s expectations for a large-scale debt write down. Speaking to the Financial Times, Regling said among others that Greece was already benefiting from generous loan terms that were the most concessionary “in world history”. “I think now …

Velculescu in Athens, but IMF insists: No funding for 3. bailout without debt relief

July 30, 2015 Economy 21

Delia Velculescu, the new representative of International Monetary Fund in Greece, arrived in Athens Thursday afternoon with her luggage full of austerity measures: cuts in main and supplementary pensions, cuts in civil servants’ wages, ‘cuts’ in early retirement. Velculescu will start her meetings with Greece’s financial ministry team to whom …

PM Tsipras tells Greeks “IMF’s Debt Relief not in Creditors’ Proposal on Referendum question”

July 3, 2015 Politics 5

In a short televised address to the nation, Prime Minister Alexis Tsipras explained to voters that the analysis of the International Monetary Fund for debt relief in not included in Creditors’ proposal the main question of Sunday’s referendum. And that the government was vindicated by the IMF report on the …

IMF lures Gov’t: “Greece’s Debt not viable, needs Relief, longer repayment, lower interest

July 2, 2015 Economy 9

What did the International Monetary Fund do first thing in the morning, Washington time, on Thursday? The IMF published a debt sustainability analysis on Greece. Among others, the IMF says that Greece’s Debt is not viable and Greece needs a Debt Relief, €50billion in new finance from October 2015 until …

What did the IMF do wrong with Greece? Almost everything

June 24, 2015 Economy Comments Off on What did the IMF do wrong with Greece? Almost everything

There is no doubt that the international Monetary Fund imposed a not only a strict austerity program in Greece – as in many other countries. Moreover, the Fund has created a downright mess in the Euro-member country as it apparently could not deal with a currency that cannot be devalued. …

The load of Debt relief: ESM claims Greece already received debt relief from eurozone creditors

June 18, 2015 Economy 11

I am at the end of my understanding of the world and creditors’ games. The one moment the European Commission whispers to media ears, that it prepares a debt relief for Greece’ debt, the next moment, a financing mechanism from the same Europe, claims the opposite. “Greece has already received …

Parliamentary Committee: Preliminary Findings on Greece’s Public Debt

June 17, 2015 Economy 18

In April 2015 the Greek Parliament established the Truth Committee on Public Debt mandating the investigation into the creation and growth of public debt, the way and reasons for which debt was contracted, and the impact that the conditionalities attached to the loans have had on the economy and the population.The …

ECB’s Coeure: Greek debt held by ECB cannot be restructured

January 9, 2015 Economy 2

Greek government debt bought by the European Central Bank to help Greece during the sovereign debt crisis cannot be restructured, ECB Executive Board member Benoit Coeure said in an interview with France 24 TV station. Greece will hold a parliamentary election on Jan. 25, with a lead in the polls …

Foreign Policy “Why Greece Needs Syriza to win”

January 9, 2015 Politics 6

Interesting approach by Philippe Legrain, economic adviser to the president of the European Commission from 2011 to 2014. In his opinion article in Foregin Policy, Legrain favors a debt relief and argues that left-wing Syriza is the best option for Greece given the current and past economic and social circumstances. …

Tsipras to Channel 4: “We want debt relief, German WWII reparations & return of Acropolis Marbles”

January 8, 2015 Politics 3

Good old Abba and the winner takes it all… In a lengthy interview with Britain’s Channel 4 leader of left-wing SYRIZA Alexis Tsipras said he wants it all: a debt relief, German World War II reparations and return of the enforced loan plus the Acropolis Marbles. “We are going to …

Greek Parliament budget office: primary surplus targets are much too optimistic

May 2, 2014 Economy Comments Off on Greek Parliament budget office: primary surplus targets are much too optimistic

“Primary surplus targets are much too optimistic,” says the budget office of the Greek Parliament with reference to the mid-term economic plan issued last week. In the report released on Friday, the budget office urges the ‘downwards revision of the primary surplus targets” and “the discussion on debt relief to …

Deputy FinMin Staikouras admits: “Greek debt is not sustainable”

August 31, 2013 Economy Comments Off on Deputy FinMin Staikouras admits: “Greek debt is not sustainable”

SSSS-U-rrr-P-R-I-S-E! Greek deputy finance minister Christos Staikouras admitted that “the Greek debt is not sustainable and its relief will require negotiation.” In an interview to weekly Parapolitika, Staikouras said: “The public debt has been gaining strong increasing dynamics, whether in absolute levels or in relation to GDP, the debt is …

Greek PM hails Troika-deal, announces dismissal of 15,000 civil servants & new hires

April 15, 2013 Economy, Politics 8

He could hardly suppress his enthusiasm. A visibly touched prime minister appeared in our TV screens on Monday noon. Antonis Samaras hailed the deal with Greece’s international lenders painting with pink colors the future of Greece. Skillfully underlining the country’s achievements with a voice that trembled with passion and pride, …

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