Double breakthrough for the debt-ridden Greece: The euro zone finance ministers in the night of Wednesday the way for the disbursement of a further 10, paved EUR 3 billion in aid and assistance from the International Monetary Fund (IMF). For this they said the crisis country as requested by the IMF debt relief for, although they would be resolved to a large extent in 2018 specifically.
The IMF is my intention to end of the year to decide on participation in the aid program, said Euro group chief Jeroen Dijsselbloem after eleven-hour talks in Brussels. He stressed that the agreement goes far beyond what he thought possible until recently.
Greek Finance Euclid Tsakalotos spoke of an “important moment for Greece”. There were partly “tense” negotiations now not only an agreement on the further disbursement of aid funds, but also debt relief. This could the beginning of a process to be, can escape the “vicious circle” of recession, austerity and again new recession with Greece.
A first tranche of aid of 7 , 5 billion euros to get Athens to the Euro-group decision “in June,” the rest “after the summer”. Prior to the first disbursement Greece needs to make some improvements to its recent reforms, but this is not problematic. Among other things, in Germany even the Bundestag must agree before any money flows.
part of the resources, the cash-strapped Greek government also use for its arrears in Greece to settle itself, for example against officials, pensioners or companies with government contracts. The aim is to give as well as the economic momentum.
The euro countries had the danger of state bankruptcy Greece last summer a third package of up agreed to 86 billion euros. Unlike the previous program, the IMF has been involved not financially, it does so depends on substantial debt relief for Athens.
On Monday, the fund had warned, without this could increase the Greek debt burden by 2060 to huge 250 percent of economic output and had identified a number of concrete measures , to prevent that. Federal Finance Minister Wolfgang Schäuble (CDU) had resisted long against the debt relief, but also wanted to get the IMF on board.
“We welcome the fact that now all parties acknowledge that the Greek debt unsustainable, “said IMF Europe Director Poul Thomsen. But he also acknowledged “concessions” a. The Fund was therefore on its demand that the debt relief must be decided in advance. However, the IMF participation depended more on the fact that the proposed measures, the debt burden actually lowered sufficiently. Your action must first be “quantified”.
The Euro group called now a whole range of short, medium and long-term measures for debt reduction, the Dijsselbloem According to “be introduced gradually”. From now until the end of the aid program mid-2018 to the rescue fund ESM first try to improve debt management in order to reduce the interest burden Athens in the coming decades.
Only at the end of the program will be decided in detail about further steps. They include, among others, the resumption of the provision of Winning the European Central Bank with Greek government bonds as well as the use of unused billion from the bank recapitalization. If Greece to end of program further has trouble with debt is an “emergency mechanism” will be activated in order to guarantee the sustainability.
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