Greece crisis: creditors argue among themselves – THE WORLD

For six years there are on international finance ministers always a “Dinner for one”. Despite the plethora of crises can not miss an issue: Greece. The crisis in Athens reminiscent of the movie “Groundhog Day” where a man wakes up again and again on the same day. However, with one crucial difference: While in the film the same day always runs differently, it always goes in Greece to the same questions

So it was on. of this year’s Spring international Monetary Fund (IMF): on the edge of the meeting dealt with the current reform program Athens, currently ausverhandeln the international creditors to Greece and to pave the way for the disbursement of financial aid and possible debt relief free. But one this time was actually different. While arguing on previous meetings the Greeks with their funders, the Greece Savers quarrel now and with each other

While trying spread all parties in Washington confidence: “I am quite sure that we are not confronted this year with a Greek crisis,” said Finance Minister Wolfgang Schäuble (CDU). He was confident to conclude negotiations on the reform program in the coming week. And the IMF testified to expect a quick solution. But that is difficult. Because the IMF and Schäuble are central issues crosswise.

Schäuble understands Tsipras’ difficult position

While the funds from Washington insisting on a tough pension reform in Greece, Schäuble is ready to Athens to meet here. Schäuble has infected understanding of the difficult political situation, the Prime Minister Alexis Tsipras. In Athens, the opposition to the pension reform is immense

The issue of budget surpluses, the German finance other hand insists on its position. The agreed excess of 3.5 percent in 2018 must be respected. This goal is so agreed, and he could not persuade to settle for less ambitious goals the Bundestag, said Schäuble. Significant changes in the rescue program would bring the federal government by the Bundestag. And that is considered highly risky. Very different estimates of the IMF the situation a: The Fund will give Greece more breathing in the household. IMF chief Christine Lagarde holds the guidelines for budget surplus for “long term unrealistic”. The fund would be satisfied with an increase of 1.5 percent.

While probably be somehow dispel these two points of disagreement, the more difficult the question of debt relief for Athens. To date, the IMF does not participate in a third rescue package for Greece totaling up to 86 billion euros, which is due to the recent aids in July expiry. The Bundestag but has made a contribution of the IMF in the program as a condition for new aid. Schäuble has therefore no choice but to insist that the IMF is. “I can not help it. Because without the prior consent of the Bundestag to the program for Greece, I must agree with no.”

The IMF requires a high price, so that it remains on board: a far-reaching debt restructuring for the crisis-stricken country. but the lean government and Bundestag strictly. It would then be obvious that Germany will never again see a large part of that has flowed to Greece auxiliary billion.

Federal government rejects compromise proposal

Schäuble made in Washington again clear that he saw no reason to talk about debt relief for Athens. The debate joints only on the really important things. Equally clearly made the IMF, that it will not remain on board without debt relief. IMF representative Poul Thomsen said there would still be debt relief for Athens under the current program until 2018. Schaeuble reacted coolly to the statement. “The world does not consist of Poul Thomsen.” And he had also read statements of the IMF representative, who have not sounded so categorically.

The fronts are deadlocked. Even possible compromise proposals seem to have no chance. So was IMF chief economist Maurice Obstfeld understanding of Greece. One must indeed recognize the role of Greeks in receiving refugees. Obstfeld therefore campaigned for “flexibility”. Specifically brought the IMF the idea on the table, the Fund could act only as a consultant at a future program, but no longer his own money here.

the bill would safeguard, the IMF towards further averted at least outwardly on board who disapproved of Germany haircut. But the federal government rejects this idea from: The question of whether an investment hot that the IMF contributes own money affirmed Schäuble. Therefore, a program without financial assistance from the IMF comes as a program without the involvement of the IMF, believes the Minister.

IMF and the government have become so far out of the leaning window that they can barely move without losing face their positions. Although Schäuble and the IMF tried to exude confidence in Washington: a solution in the Greek debt drama are the creditors there no closer

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