Monday, October 10, 2016

Greece: Eurogroup approves syringe new financial TIME ONLINE

highly-indebted Greece is to receive according to his recent reforms, the fresh money from the Euro rescue Fund, the ESM. The Euro-group released on Monday initially to 1.1 billion euros, as its Chairman Jereon Dijsselbloem told. The decision on a further 1.7 billion euros from a stand still, because further information from Athens.

The Euro-Finance Ministers acknowledged after consultations in Luxembourg explicitly States that the Greek government had worked out as agreed on 15 steps to reform. Praised, among other things, the restructuring of the pension system and energy sector, as well as the sale of state assets. The Greek Finance Minister Euclid Tsakalotos stressed that the partners have unanimously confirmed by the reform of his country. The payout, he called very well for his country, even if the money is needed extremely urgently.

The current aid programme for Greece was agreed last year for the period up to August 2018, and covers up to 86 billion Euro. At the Meeting of the Eurozone Finance Ministers, there was the recent Rate of 2.8 billion euros. The payout was linked to the 15 so-called Milestones. The EU Commission also certified the government in Athens, that you have fulfilled all these points.

to obtain the full sum, Greece has to prove that with the already out of funds paid outside of maladministration in the institutions were settled in their own country. These data are not available for recent weeks, reported Dijsselbloem and EU monetary Affairs Commissioner Pierre Moscovici. As soon as the documents arrive, you would be tested. Ultimately, the Euro rescue Fund ESM could. also use the remaining 1.7 billion euros at its meeting on 24 October release, like the ESM chief Klaus Regling said.

to the beginning of the meeting, some of the Euro expressed countries, according to Reports, reservations to the payment of a total of 2.8 billion euros. In a work session prior to the Ministerial round you have. A postponement was possible, it had welcomed. It had not come then. The International monetary Fund (IMF) had demanded a few days ago, a new debt cut for Greece.

Greece had promised in a dramatic financial situation in 2015 as a consideration for further support far-reaching reforms. It is, among other things, the sale of state property, the reduction of social expenditure and higher tax revenues. Prior to the disbursement of individual loan tranches, the creditor shall verify whether the Commitments are met. From the third utility last 7.5 billion in June, have now flowed around 28.9 billion Euro. The now discussed to 2.8 billion euros were kept for the time being.

It is important to make Greece is now a success story, said Commissioner Moscovici. Among the creditors of Athens, there are two strategies: Some want to reward reform efforts and the funds that could serve as Economic stimulus for Greece. The country suffers from extremely high unemployment and weak growth. Other lenders, including Germany, want to keep the reform pressure on the left government. “The Problem of Greece is not the debt, the Problem is, to achieve competitiveness”, German Finance Minister Wolfgang Schäuble (CDU) stresses, only a few days ago.


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