The fronts seemed to harden still further in the Greek negotiations. On Wednesday there was another confrontation between the Greeks and their financial backers. On Friday afternoon, the unexpected happens: Athens gets another reprieve. All information Ticker.
- averted default.
- Greece program extended
- Athens has until November for reforms time
- Creditors: Third utility necessary
The facts: The dispute between Greece and the donors worsens dramatically. Without agreement threatens Greece on June 30, the national bankruptcy. The previous negotiations ended in a fiasco. At a meeting on Thursday in Brussels, the finance ministers did not reach agreement. Now the creditors seem to have caved. EU Commission President Juncker is optimistic for a total solution
The current development Ticker:.
Athens: creditors -proposals “can not be accepted
18.50 clock. The Greek Government can not accept the proposals made by the creditor institutions for reform and austerity measures by its own account, the proposals “are unacceptable,” the government said on Friday in Athens. the promised 15.5 billion euro are not acceptable because they only were sufficient to pay the Greek repayments during this period, it said on Friday. On Saturday come the finance ministers of the euro zone to a further meeting together to discuss the Greek debt crisis
Wolfgang Bosbach towards FOCUS Online:. “If true what one there hears from Brussels, which is a great success in the negotiations for the Greek government. It acts according to the motto: If you want that we pay our debts, you have us give money “
Stuck in Brussels:. Greek crisis before decision
16:40 Clock:. before the crucial meeting to save Greece from bankruptcy remain Athens and its creditors on a collision course, Chancellor Angela Merkel called on the Greek government to accept that “generous offer” of donors Greek Prime Minister Alexis Tsipras other hand, warned after. EU summit in Brussels “blackmail and ultimatums”.
On Saturday by 14 clock the finance ministers of the euro group meet again together to still to reach an agreement. Athens is under pressure, because on Tuesday repayment to the International Monetary Fund (IMF) of around 1.6 billion euros is pending. In addition, then the current bailout program for Greece runs out.
For an extension to Athens needs with donors EU Commission, IMF and European Central Bank (ECB) to agree on a savings and reform package. These will be negotiated unsuccessfully for weeks. “We are close to the date on which the game is out,” said the EU summit Minister Donald Tusk. Euro group chief Jeroen Dijsselbloem added: “Tomorrow we have to happen really.”
The lenders offer encounters according to diplomats but also to resistance in the circle of euro zone finance ministers, even with German Finance Minister Wolfgang Schäuble. The stressed on Friday the time course from on Tuesday: “. The 30th June is the 30th of June and not 1 July,”
Juncker confident before new negotiations
16.05 Clock: from potentially decisive Greece negotiations in Brussels EU Commission chief Jean-Claude Juncker shows cautious optimism. “I’m more optimistic, but not overly optimistic,” the Luxembourg in Brussels after the EU summit.
The joint proposal of donors Institutions European Commission, International Monetary Fund and European Central Bank is not a “take-it-or-leave-it offer.” Euro group chief Jeroen Dijsselbloem will try to bring together the different attitudes. “That will not be easy.” The Euro Group will on Saturday meet again to discuss the disbursement of billions in aid to Greece
circles:. ECB leaves Greece emergency loans again unchanged
15.08 Clock: The European Central Bank (ECB) supports the Greek banks informed sources said further with emergency loans. The maximum volume of so-called ELA bailouts for the banks was but remained unchanged for the third day in a row, the Bloomberg news agency reported on Friday referring to people familiar with the matter. Since Wednesday, the level is, according to the circles at nearly 90 billion euros.
The situation of the banks in Greece is dramatic. The liquidity injections are needed because consumers and businesses stand out a lot of money from their accounts, so as not to lose a banking collapse. Technically, the liquidity assistance (Emergency Liquidity Assistance) come with the approval of the Governing Council of the Bank of Greece. After enormous cash outflows, the situation has informed sources said appears to have stabilized somewhat.
Merkel: “Exceptionally generous” offer
14.58 Clock: key the day before the meeting of the Euro Group for Greek bailout, Chancellor Angela Merkel called on the government in Athens to accept the “extraordinarily generous offer” of donors. After the EU summit in Brussels Merkel said on Friday: “In order that the ground is prepared to do this outstanding step.” Plans for a further Euro summit does not exist
.
Creditors: Athens needs a third utility
14.07 Clock: In order to secure the Greek debt sustainability, the international lenders institutions hold a third utility necessary. This is clear from the documents creditor institutions that have been routed to members of the Bundestag and the AFP were present on Friday. It is assumed that “a new 3-year program” is necessary with additional funding, according to a two-sided preliminary analysis to debt sustainability of the country.
Greece should further EUR 15.3 billion received
13.39 Clock: Greece is to receive another € 15.3 billion of the donors over the next five months when it comes to an agreement in the debt dispute. This was reported by “Bild” newspaper on Saturday, citing an internal paper for the euro zone finance ministers. After the second auxiliary program is to be extended until the end of November
The plan accordingly are the following payouts:. In June EUR 1.8 billion to pay off debts with the International Monetary Fund (IMF). The money is to come from the profits of the European Central Bank (ECB) from the purchase and sale of Greek government bonds. In July / August there will be four and 4.7 billion euros to finance overdue government bonds at the ECB. The money will come from the euro bailout fund EFSF.
Other needed five billion euros in October to repay debt to the IMF (3.5 billion euros) and of ECB profits from the sale of Greek government bonds by the ECB ( 1.5 billion euros) to come. Until October to the long-term financing available. As “Picture” continues to write, Athens is to be relieved by a massive debt swap. For this, the euro bailout fund ESM Athens should first give a loan of around 10.5 billion euros.
With the money, the Greek government of the ECB is to buy their own government bonds and they pass it on to the ESM. The ECB is the gains (around three billion euros), which it has achieved with the bonds, payable to the ESM so that it can pay off a portion of the loan to Greece. The maturities of the bonds will be extended for decades, lowered interest rates. The ECB could then buy Greek banks under the QE program bonds of their own country, which they had bought heavily in the past few months. Thus, the banks would stabilize
Greece program is extended – until November
13.09 clock. The Greece utility is according to the plan of the creditor institutions once again extended until the end of November. This is clear from the documents creditor institutions that have been routed to members of the Bundestag and the AFP were present on Friday. Until the end of November to date envisaged for bank bailout funds werden.Video partially redirected billions of dollars to finance the Greek state: This is on the savings list of Alexis Tsipras
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- agreement on this matter was postponed again – also the night summit with Tsipras …
- ECB again increased emergency loan Framework for Greece
- Lagarde foppt Varoufakis:” criminals in person “
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- Juncker breaking attempt at mediation in Greece dispute from” On the home stretch “- Tsipras Athens is nearing agreement with …Varoufakis called Greece a” milk cow that is beaten “Athens wants obligations to creditors but meetStudy: Greece on site conditions far behind
- Euro Zone
” severe economic dislocations “: IMF warns of …Greek banks have to borrow from the ECB again” I am looking forward for Greece “- said Schäuble responds to the …Greeks always pull href=”http://www.focus.de/finanzen/news/staatsverschuldung/griechenland-krise-athen-gewinnt-schulden-poker-griechenland-braucht-drittes-hilfspaket_id_4778253.html?fbc=googleplus-shares”
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