Friday, May 22, 2015

A clean solution in the debt dispute is now unthinkable – FAZ – Frankfurter Allgemeine Zeitung



          optimism in Riga: Greek Prime Minister Alexis Tsipras (left) and EU President Jean-Claude Juncker



In Riga came after the “trilateral summit” in the night of Friday a familiar sight. After his talks with German Chancellor Angela Merkel and French President Francois Hollande Greek Prime Minister Alexis Tsipras spread again optimism. An early agreement with the creditors “within ten days” was now possible, he sent word. Much was tight-lipped, the German Chancellor. Before an agreement must still “very, worked a lot” to be, she said.


Werner Mussler Author:. Werner Mussler, economics correspondent in Brussels

In German negotiating circles explained what that means : Still Athens was ready at best at a fraction of the information required by the creditors reforms and austerity steps. In Brussels, where at the same time the “technical” talks between European Commission, European Central Bank (ECB) and International Monetary Fund (IMF) has continued, like you hear: Even if the Greek side is now ready not only to a VAT reform, but also a few “mini reforms” offering in the pension and labor market policy, which is not long enough, it said in the Euro group.


It is not disputed, however, is also in Brussels, that the time is now very short. The Greek government will run out of money, and apparently the repayment of the IMF loan of 300 million euros in early June is already endangered. An early meeting of euro zone finance ministers, perhaps as early as next week, therefore, is likely. In the euro group says however unchanged, the only apparent sense when the Greek side significantly move and ready to explain very concrete reform steps. And what is missing still. “We do not even know if allowed to speak our interlocutors from Athens with Tsipras or finance Varoufakis” says a creditor representatives.


doubt on Greek progress in knowledge continue to be more than appropriate. In Riga Athens has apparently brought into play once again to take the IMF as part of the creditor institutions from the game. That would not only therefore difficult because Athens the fund now even owes money. Merkel wants to keep the IMF necessarily on board because she still sees him as the best guarantee for the implementation of reforms in Greece. Nevertheless, growing in the fund even the impatience. It says now, the unresolved conflict with Athens duration endangers the credibility of the IMF.


Even if Athens still moving radically, both sides came in highest time pressure. An extensive Greek reform law could be hardly whip overnight through the Athens parliament. According to the normal rules of the Euro Group and the IMF Executive Board may release the remaining 7.2 billion euros loans only after that – which would probably be too late for the Greek government. “Unless something happens soon, capital controls are no longer in Greece far,” said an EU diplomat. From a Grexit you would not be far away. That is now thought to agency reports in the Federal Ministry of Finance on the introduction of a parallel currency in Greece, since fits into the picture.



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Greece Crisis

A clean solution in the debt dispute is now unthinkable

Werner Mussler, Brussels

As is clear from the dispute between Greece and its funders? A key question revolves around the role of the International Monetary Fund. At the same time there is increasing pressure on the biggest Euro-rescuers.

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