Greece crisis: hard line from Finland – Handelsblatt

However, the hardest line against Greece occupies Finland. According to media reports, the coalition government in Helsinki is reluctant to further aid for Greece. Finance Minister Alexander Stubb signaled early on that there would be no recommendation for entry into ESM negotiations. But even if Finland vetoed, a third rescue package for Greece over the euro rescue fund ESM would still be possible. About one provided in the ESM treaty “Nofallverfahren” can be resolved with a 85 percent majority for help.

Even in the early hours of Saturday were the creditor institutions European Commission , European Central Bank (ECB) and International Monetary Fund (IMF) concluded that the tender submitted by the Greek government paper could serve as a basis for a new program of the euro rescue fund ESM totaling 74 billion euros over three years for Greece. “The key, but reforms must be implemented quickly to be all,” said EU Economic Affairs Commissioner Pierre Moscovici.

The Greek debt drama from N to Z

• For months, the ECB holds Greek banks with emergency loans afloat. You now totals almost 90 billion euros.

• No to Greek. 61.31 percent of the voting Greeks rejected the austerity requirements of funders in a referendum. Tsipras had campaigned for this No.

• Two utilities Greece has already received. In total, there are around 215 billion euros in aid loans, of which a large part of Germany. Now Athens has requested assistance from the permanent rescue fund ESM.

• If a state has so enormous accumulated large debts that he did not can repay, he might try to persuade its creditors to a partial waiving of their money. In financial jargon is called the debt cut “haircut”.

• The charismatic head of government and head of the left Syriza party turned out for the euro partners as unpredictable. Since Alexis Tsipras ruled by right-wing populist party Anel in Athens, he gives times combative, sometimes willing to compromise. He recently left the negotiations on an aid program with the EU fail, calling the Greeks to the No against further austerity measures, now he wants more money.

• If no agreement is reached this week, the Euro partners agree to grant more aid.

• Ex-Finance Minister Yanis Varoufakis remained until recently a red rag to the creditors. The left political star, with leather jacket and open shirt in the style of Rockers, snubbed the Euro Partner with cheeky sayings from austerity. He said goodbye with the words: “I will carry the horror of creditors with pride.”

• The euro is the single European currency to which everything revolves. It was officially launched in 1999, initially only on paper, then in 2002 as cash and was. After the US dollar the second most important reserve currency in the world Also escalated as the Greek crisis, the euro remained stable last.

• With sugarcoated figures Greece swindled 2001 entry into Euro zone, the debt ratio was already far too high. Today she is at astronomical 180 percent; are permitted according to the euro stability criteria only 60 percent.

This is precisely what has but some government doubts. Thus Athens had made with the timely submission of the reform plans, although a major step forward, said the Dutch State Secretary of Finance Eric Wiebe. At the same time, many governments, including the Dutch have serious doubts as to whether Greece’s proposals also would actually put it into practice and might.

“We will most certainly can not rely on promises,” said Schäuble. As already had come. Finally, the Greek Government would have done in recent months, all to weaken the trust placed in them on “incomprehensible manner”.