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Tag Archives: ESM

Greek debt remains sustainable despite pandemic crisis, says ESM economist

Chief economist at the European Stability Mechanism Rolf Strauch said in an analysis that that the pandemic may have led to an increase in the Greek national debt and the long-term risks, but the country is not going through another debt crisis. In his analysis, Strauch explained that Greek and …

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ESM approves Greece’s early loan repayment of €3.3billion to IMF

The European Stability Mechanism (ESM) gave the “green light” for the second early repayment of a Greek loan to the International Monetary Fund, worth around 3.3 billion euros. In an announcement, ESM said that the Boards of Directors of the European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) …

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ESM and EFSF approve Greece’s request for early IMF repayment

The European Stability Mechanism and the European financial Stability Facility approved the Greek request for partial early repayment of the International Monetary Fund. The EMS issued a statement on Monday: The Boards of Directors of the European Stability Mechanism (ESM) and European Financial Stability Facility (EFSF) agreed today to waive …

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ESM opens way for discussion to reduce primary surplus in 2020

Head of the European Stability Mechanism (ESM), Claus Regling, has paved the way for reduction of the primary surplus and welcomed Greece’s intention to repay the IMF loan earlier than planned. Following the Eurogroup meeting on Friday, Regling said that if the growth rates of the Greek economy were higher …

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Greece formally requests early repayment of part of IMF loans

The Greek Finance Ministry sent to European Stability Mechanism (ESM) the government’s proposal for the early repayment of part of the loan Greece took from the International Monetary Fund (IMF). The official request were sent on Monday evening, financial ministry sources told state news agency amna. Greece wants to repay …

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Greece prepares a Bad Bank for red loans worth €20billion

The Greek government is working on the creation of an Asset Protection Scheme (APS), Finance Ministry officials confirmed late on Thursday. The APS scheme, a bad bank that is, aims to help local banks to get rid of their bad loans totaling 20 billion euros. The idea was submitted by …

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ESM approves “in principle” €15bn bailout tranche to Greece

The European Stability Mechanism said that it has approved “in principle” the disbursement of the €15 billion to Greece. Ignoring the approval by 18 eurozone member state, Germany blocked the last bailout tranche at the Eurogroup on Thursday, expressing reservations about a fiscal hole of 28 million euros that will …

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ESM approves release of €1 billion bailout tranche to Greece

The Board of Directors of the European Stability Mechanism (ESM) today authorised the release of €1 billion to Greece for the clearance of arrears. This is the remaining amount of the fourth tranche of ESM financial assistance, approved on 27 March 2018. It will be disbursed to a dedicated account …

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ESM postpones release of €1billion bailout tranche for Greece

The board of directors of European Stability Mechanism did not approve the release of one billion euros sub-tranche for Greece on Friday. The board of ESM reportedly requested more data about the arrears of the Greek state to the private sector, ERT TV reported. The board of directors is expected …

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EU, ESM, France press ahead on debt relief for Greece, but will Germany accept?

France and the European Union are pressing ahead with plans to implement debt relief for Greece. German economic newspaper Handelsblatt has obtained a working paper written by the European Stability Mechanism, which calls for extending Greece’s loans for a period of seven years and deferring €13 billion in interest payments …

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EU Commission proposes creation of European Monetary Fund by 2019

The European Commission unveiled its vision of a rebooted eurozone, including the creation of a European version of the IMF. The European Monetary Fund should be created by 2019. The European Commission unveiled its vision of a rebooted eurozone on Wednesday, including the creation of a European version of the …

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IMF will not activate its program for Greece if no debt relief agreement, says Fund’s spokesman

“The International Monetary Fund will not activate its program if there is no agreement on debt relief for Greece, ” Fund’s spokesman Gerry Rice said during a regular briefing on Thursday. Rice clarified that the € 1.6 billion program approved by the Fund for Greece will not come into force …

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ESM Regling says Greece could use “unused funds to repay loans to other creditors”

The head of the euro zone’s European Stability Mechanism (ESM) bailout fund told German economic newspaper Handelsblatt that Greece was making good progress with its reform drive. Klaus Regling added that “unused funds could be used to repay loans to other creditors.” Unused funds to repay loans to other creditors? …

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ESM approves €800mln bailout tranche for Greece

Greece received an extra 800 million euros of bailout money on Thursday, following a positive evaluation of its financial reform process. “I am satisfied to note the Greek government’s continued commitment to clear arrears,” said European Stability Mechanism (ESM) Managing Director Klaus Regling in a statement. “The amount of arrears …

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UPS Schaeuble wants to allow EZ South to tap ESM for investment

German finance minister Wolfgang Schaeuble was always against a common European debt, against Eurobonds and new support programs for the European South. He seems to have made a U-turn. As expected not without strict measures and concessions. According to German daily BILD, Schaeuble is working on a proposal that would …

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