“Well, things have changed”: Mario Draghi
The strapped Greek banks get more emergency loans. The European Central Bank agreed to a slight increase in aid on Thursday as Federal Reserve President Mario Draghi announced in Frankfurt. The so-called Ela-aids will therefore be increased by 900 million euros for a week. Most recently, she stood at around 90 billion euros. Without the billions in emergency loans, which are issued by the Bank of Greece endorsed by the Governing Council for months, the Institute would be gone bankrupt long ago.
The ECB has with the increase of the Bank of Greece’s request met, Draghi said. The trend of recent days in the Greek crisis has been positive. The conditions for Ela-raising are now given, as the Fed chairman. He mentioned, among other things in the meantime adopted bridge financing and the approval of the Greek Parliament to the austerity and reform requirements of the international creditor on Wednesday night.
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The Greek banks can now probably reopen next Monday. The Greek government announced the Radio on Thursday, citing banking circles. However, should continue to remain in force many capital controls: Presently, the Greeks can withdraw a maximum of 60 euros per day from their accounts. Transfers abroad are only possible after an approval of the Central Bank and Ministry of Finance.
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At the same time, the euro zone finance ministers agreed on Greece to grant an initial bridge financing to payments due to creditors to afford. EU Commission President Jean-Claude Juncker announced that the EU finance ministers have agreed to grant Greece until mid-August assistance from the EU funds EFSM. On Monday, the country needs to be transferred to liabilities to the ECB and the International Monetary Fund a total of around seven billion euros. Draghi said he was confident that the central bank gets the money.
Friday, July 17
The German Bundestag is true in a special meeting
on the opening of negotiations from - if Athens until then all
Has fulfilled conditions. Once the negotiations have to
MEPs also decide on the ESM rescue package before it
can enter into force. Despite discontent within the Union is a
expect broad support for the talks.
Even the Austrian parliament comes despite
Summer break on Friday for a special session
together. A committee has already given the green light.
Greek T-bills, which are short-term bonds
Maturity, amounting to one billion euros will be due.
Monday, July 20
Until that date, Athens is a first proposal
submit to modernize the management. Their inefficiency applies
as one of the biggest obstacles in the implementation of reforms.
In addition, Athens has a total of around 3.5 billion euros at the ECB
repay. Should this payment fail, should the European
Its Central Bank, according to experts hardly able to continue Ela loans
allow to Greek banks.
Wednesday, July 22
Athens needs to adopt further reforms. So should
Accelerated trial and the directive on the reorganization and
Bank resolution are implemented.
Draghi spoke of debt relief for Greece: "It is indisputable that a debt relief is necessary," the ECB president said in Frankfurt: ". No one has ever questioned" The only question was what kind was the best , This should move in the coming weeks in the heart of the debate.
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For the Federal Finance Minister Wolfgang Schäuble, a haircut is not compatible with membership of Greece in the euro. The euro countries have excluded debt relief, but want to talk about a further extension of loan maturities. The International Monetary Fund, according to all existing and future emergency loans would have to be stretched to at least 30 years to make the debt burden bearable.
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