Memories of Berlin: Schäuble: Athens it in their own hands – n-tv.de NEWS

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 Wednesday, March 04, 2015

 
 
 

 
 After a little nerve-sparing negotiations, Athens and the Euro group agree on the further progress of the aid. However, the money is not in vain are. It reminds Finance Minister Schäuble again.
 

 
 
 
 
 
 
 

Greece’s financial problems are not a reason for a relaxation of conditions imposed by the lender for German Finance Minister Wolfgang Schäuble. “Before money is going to be checked whether Athens meets the agreed terms,” ​​he told the “Stuttgarter Zeitung, according to a preliminary report. Meanwhile, taps Athens According to an insider, the pension funds and pension funds to meet short-term obligations. And the banks are in distress. The financing of Greek financial institutions by the European Central Bank (ECB), is strongly soared in January due to high credit outflows up.

Schaeuble said the Greek government had it in their own hands when the remaining funds from be transferred to the second auxiliary program. At the same time the CDU politician contradicted his Athenian counterpart Yanis Varoufakis. “If the Greek Finance Minister notes the agreement of the euro group with Greece was unclear, he says that despite knowing better,” he complained.

The explanation of the euro group is very clear. Varoufakis had recently made the acute financial needs of his country much. “March is secured,” he said, referring to the payment dates of Greece. Is unclear, however, as it then goes further. Overall, the country still 17 billion euros

15-day loan with interest

need this year to repay interest and principal, almost half of the International Monetary Fund (IMF). And to meet at least the short-term obligations, the government borrows money from the bank that the pension fund currently do not need, for example, as several insider said. The government found the money for a period of up to 15 days and then pay it back with interest.

“This will benefit both sides,” said an insider. Because the pension funds get higher interest rates than at the central bank and the government will pay less interest than on the open market. Some other state institutions held the government as solvent. However, this is not new, but will already handled for about a year.

According to a insider the exact sums are unclear. The government required each month about 4.5 billion euros to meet its obligations.

ECB increased aid to

Meanwhile, the ECB uses the Greek banks significantly under the arms. Total lending climbed against collateral in January compared to the previous month by 47 percent to 82.24 billion euros, as data showed the Bank of Greece. The stalemate in the negotiations with the Euro-partners and to the uncertainty before the general election on January 25, contributed to the accounts drains.

More deducted the topic

Overall, in January balances amounting to 12.2 billion euros. As a result of runoff Greek financial institutions were in the month also forced an emergency loan assistance – called ELA-aids – to take in the amount of 5.2 billion euros of their Greek central bank in Athens to complete. Observers also expect the ELA aids have risen sharply in February. The reason is that the ECB had repealed the special rules for Greek government bonds. Hellas banks can no longer be deposited by low credit Greek government bonds as collateral for fresh central bank money at the ECB now. The framework for such ELA loans, the ECB had increased last month to 68.3 billion euros.

  Source: n-tv.de