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Tag Archives: debt

Lagarde: Greece doesn’t need Debt Haircut but Restructuring

Managing Director of International Monetary Fund, Christine Lagarde, said that “Greece doesn’t need debt haircut for the time being,” right after the meeting with German Chancellor Angela Merkel in Berlin on Wednesday. What needed is “debt restructuring and interest rate cuts on bailout loans.” Stressing the need of reforms, Lagarde …

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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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IMF report: Greece’s debt ‘highly unsustainable’, cut pensions, tax increases for the poor

‘Greek public debt is highly unsustainable, the International Monetary Fund said in a report to be discussed during a board council meeting in Washington later today. The report, exclusively presented by Athens News Agency, said that the Greek economy faced four challenges. The country’s public debt was highly unsustainable the …

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Mody: IMF should forgive Greece’s debt and get out

Renowned economist Ashoka Mody, former staff at the International monetary Fund, came up with a revolutionary proposal, just hours before the IMF’s boards of directors on Monday, February 6th 2017. Describing the IMF’s policies in Greece as “an unmitigated disaster” Mody proposes the Fund’s directors “should agree to forgive the …

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German elections go Greece: Gabriel slams Merkel/Schaeuble on austerity

The elections campaign has officially started in Germany. The Social-Democrats (SPD) with top candidate Martin Schulz challenge the conservative Christian-Democrats (CDU) of Angela Merkel and Wolfgang Schaeuble. While it seemed that the former President of the European Parliament Schulz would have it hard to challenge the Chancellor, the results of …

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Greece, go figure! IMF: Debt not sustainable ESM: Debt Sustainable

Is the Greek debt sustainable or not? Opinions and approaches differ. The International Monetary Fund insists that the Greek debt is not sustainable, the Eurozone’s Fund European Stability Mechanism insists that the Greek debt is sustainable. Greece has three weeks to deal with ‘potentially disastrous’ debt, the IMF said adding …

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Tsipras: Greece will not enact “a single euro extra revenue raising measures”

Prime Minister Alexis Tsipras promised that “Greece will not enact a single euro extra revenue raising measures.” Moreover he said that he was “ready for elections” although early elections would be pointless at this time. Tsipras promise comes as the SYRIZA-INTERDEPENDENT GREEKS prepares to celebrate two years in power, while …

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ESM approves debt relief measures to bring Greece out of the woods in 2060

The Board of Directors of European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) approved short-term debt relief measures for Greece, Monday afternoon. “The measures approved by the governing bodies of the ESM and EFSF are an important step towards improving Greek debt sustainability,” Managing director Klaus Regling said and …

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Schaeuble & Dijsselbloem officially seized the EU; Commission angry

The European Commission got angry at the chief of Eurogroup Jeroen Dijsselbloem for issuing a statement announcing the freezing of short-term debt-relief measures for Greece due to social support for low pensioners. Dijsselbloem had claimed that the institutions had taken the decision. Statement on #greece pic.twitter.com/7kmVmf0eQJ — Michel Reijns (@MichelReijns) …

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Why are EU & Eurozone partners afraid of Dr Schaeuble?

At the Eurgorup meeting on Monday, Germany won. There will be no program review for Greece this year. Athens has to wait until it could be able to sell bonds to the European Central Bank’s quantitative easing scheme and return to the markets. The stalemate allegedly left Greece’s allies among its …

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ECB Draghi: First analysis of Greek debt sustainability, then QE

Head of the European Central Bank, Mario Draghi expressed concern about the sustainability of the Greek debt and said that assessment on the debt was necessary before Greece could participate in the Quantitative Easing Program. “Discussions on the sustainability of the Greek debt continued. We expressed concern, and steps should …

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Greece’s debt stands at €328.34 billion at end of June

Greek foreign debt stood at 328.34 billion euros at the end of June, up from 321.015 billion euros in March, following the conclusion of the first review of the Greek program (third bailout) and disbursement of the most recent loan tranche from institutional creditors. Of the total, some 225.96 billion …

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IMF: Greece’s debt is “highly unsustainable”, debt relief essential

The International Monetary Fund wants Greece’s European partners to grant Athens substantial relief on its debt which it sees remaining “highly unsustainable”, an IMF draft memorandum says. However, German Finance Minister Wolfgang Schaeuble insists that he sees no need for debt restructuring. According to IMF memorandum seen by Reuters: “Despite …

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Ex BoG governor: “IMF warned in 2008, Greece’s long-term debt would soar to 800% of GDP”

Former Governor of the Bank of Greece Giorgos Provopoulos revealed that the in May 2008, the head of the IMF’s mission to Greece Bob Traa had estimated that Greece’s debts were over 800% of the GDP. Speaking at the annual meeting of the Federation of Hellenic Food Industries (SEVT), Provopoulos …

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Greece’s tax arrears amount €11.83 bn for Jan-Nov 2015

Greece’s taxpayers are drained. They halted their payments to the tax office in November and had their tax debts totaling 1.45 billion euro. According to data released by the General Secretariat of Public Revenues, the hole in revenues from January 1st to November 30th amounts 11.83 billion euro. According to …

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