03 April 2015
A permanent construction site is not only the Acropolis in Athens, but also the Greek public finances. Photo: AFP
Greece could be insolvent as early as Thursday. On the reform list submitted by the Greek Government, there are meanwhile fierce criticism from the European Union and the euro group.
The Greek government has warned the euro According to insiders partner against payment default on Thursday, April 9th. There was not enough money available to both be remitted to the date a tranche of the International Monetary Fund (IMF) and to pay the pension and annuity payments, said the Greek representatives on the working group of euro zone finance ministers, according to insiders from the Euro-Zone .
The Ministry of Finance in Athens on Thursday denied, however, this representation. The insider also said that other participants of the meeting, including from Germany, the chances of a transfer of aid funds were designated on April 9 as low.
In the coming week Greece will transfer some 450 million euros to the IMF. The Minister of the Interior, Nikos Voutzis had already said in a “mirror” interview that the money was not enough for all payments on April 9, but this was immediately denied by a government spokesman in Athens on Wednesday.
In the telephone conference between representatives of the IMF, the European Central Bank (ECB), European Commission and the Finance Ministries of the euro countries on Wednesday the Greek reform list was, according to insiders, not discussed in detail. Rather, sometimes confusion had prevailed, which list is ever the current version. For an extended list was submitted until Wednesday morning.
Other representatives threw Athens before, according to the information to make optimistic assumptions about which sums could flush the planned projects in the state treasury. The current reform list fell short of expectations. Representatives of the Euro-zone, according to insiders made it clear that although there was progress, the work still is only just beginning.
Mutual accusations
A number of proposals from Athens would be clearly contrary to the objectives agreed with the international partners running program violated. This concerns the labor market, the tax policy and the implementation of laws. The right talks had begun last Friday, which only four days of real work mean. The Greek government should better seek additional sources of funds in their own country.
The Greek participants have the experts from the three institutions of the European Commission, IMF and ECB then accused came to Athens unprepared to be. On the other hand, representatives of the euro-zone weighted according to the information that experts are indeed for three weeks in Athens, but had very late obtain data from the government. Greek officials are sometimes not fully familiar with the plans of the government or should not talk about it.
No meeting of euro zone finance ministers has been scheduled for the coming week. According to insiders should consult again on the state of things, only the working group. As the Permanent Mission of Germany announced to the European Union in Brussels, the Working Group on Wednesday, April 08, will meet from 13 clock and the following Thursday morning.
The finance ministers must have the release of funds from the current utility decide. Before this happens, the actual implementation of the reforms, ie the adoption of the Greek Parliament, could prove to be another bottleneck. In mid-April is a meeting of the IMF in Washington, to the numerous representatives of the euro-zone travel. Subsequently, the Euro group and the EU finance ministers meeting on 24 and 25 April in Riga. According to insiders, there should at least be an agreement was reached.
Greece struggles with the euro partners and the IMF for help and the associated extensive conditions for months. Specifically, it is currently a further 7.2 billion euros. Overall, the country is preserved since 2010 with support of 240 billion euros before the national bankruptcy. (Rtr)
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