Greek Finance Minister – Varoufakis do not want a “business as usual” more – Süddeutsche.de

Greek Finance Minister – Varoufakis do not want a "business as usual" more – Süddeutsche.de

• Greek Prime Tsipras and his finance minister Varoufakis advertise in Europe for their program.
• Greece new government wants to negotiate the Sparpogramm new and not interact with the troika in its current form.
• An agreement is urgently needed, because the end of February expires the utility.

meetings in Brussels and Frankfurt

A handshake, a kiss on the cheek and then will not want to let go of the hand of the Greek Prime Minister Alexis Tsipras European Commission President Jean-Claude Juncker: Tsipras arrived today in Brussels to promote its course in the debt issue. After Juncker, he will meet European Council President Donald Tusk and European Parliament President Martin Schulz, later Tsipras then travels on to French President François Hollande in Paris.

Finance Yanis Varoufakis is also on the way, he came to Frankfurt with the President of the European Central Bank (ECB), Mario Draghi, together. “I have explained Mr Draghi that our government is convinced incontrovertible fact that there can be no more business as usual in Greece,” Varoufakis said after the meeting. “This is also true for the (EU) program that the crisis fired in our country and has caused a major humanitarian crisis.” The conversation had given him hope and was fertile, Varoufakis said, without going into detail on content or concrete results. He had no doubt that the discussions with the European partners and the International Monetary Fund (IFW) and the ECB could be completed soon. Draghi initially did not comment.

What the Greek government is calling

With their tour of Europe, the Greek government wants to secure support because she wants the recent austerity and reform requirements of international donors renegotiate. Especially with the rejection of the creditors Troika she made in advance for irritation of the demand for a radical haircut Minister of Finance Varoufakis distanced again. Greece’s new government has undertaken to to significantly more conciliatory tone: “There are already too many cracks in Europe in order to generate new,” said Prime Minister Tsipras

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Instead of using a haircut should be the burden of Athens on various debt restructuring models portable, Varoufakis said in an Interview with the Financial Times . These included to the Greek economic growth coupled bonds (GDP-bonds) and bonds with an indefinite term. With the IMF to have talks already running, the finance minister told the Italian daily La Repubblica .

Why representatives of the euro-zone are skeptical

When representatives of the Euro-zone abuts ours, however, skepticism. They doubt that the ECB would be willing to accept Greek bonds or bonds with GDP indefinite term in their books. Credit conditions that Greece had obtained by the euro bailout fund EFSF, could hardly be improved, it said.

What credit terms Greece currently has

The interest on the loans of the Greek Government are very low, applied to bilateral loans last year, an interest rate of 0.58 percent. In addition, the public creditors, which carry the bulk of the loans, Athens have granted a longer duration. This leaves more time to repay the debt (more on this read here ). Creditors are the European bailout fund EFSF by 44 per cent, national governments (18 percent), the IMF ten percent and the European Central Bank (ECB). The rest comes from private lenders. Currently, the debt of Greece is at 175 percent of gross domestic product corresponding to 315 thousand euros.

Why an agreement urges

With a solution in the debt dispute, the Greek government now has to hurry, because the end February runs from the international aid program. Without an extension Greece the money would be lacking to pay overdue debts.

test for euro-zone Athens large debts Game

First shocked Greece new government with radical demands, now touring Tsipras Premier and Minister of Finance Varoufakis through Europe and present pragmatic proposals – today includes meetings with Commission President Juncker and ECB President Draghi on the program. Analysis

Usually awards the ECB money only to securities rating agencies give them high marks. This is no longer the case in Greek bonds. However, the ECB makes an exception if the country concerned has a EU bailout program with hard pads reform goes through – like Greece. Finished Athens to participate in the rehabilitation program, the ECB would no longer accept the bonds of the country in the current situation as collateral – and also the recently announced new bond purchase program of the ECB Athens would go empty-handed. Greek banks would thus cut off from the supply of central bank money and threatened by bankruptcy.

Finance Varoufakis must in Frankfurt with ECB President Draghi now advertise for new loans for the Greek Institute. Greece’s central bank supports the banks with loans that must be approved but the ECB.