WashingtonThe over-indebted Greece is always good for a fight. Currently, it is mainly the German government and the International monetary Fund (IMF), it is the together befriending German Finance Minister Wolfgang Schaeuble and IMF Chief Christine Lagarde to prove it. Your Comments to Hellas-aid at the IMF annual meeting in Washington just do not want to match. Schaeuble said that the IMF will participate in the ongoing aid program, as well as the previous two rescue packages. The have says of the Fund in may. Lagarde, by contrast, keeps The current Debt level was for the country not for portable use. If so, can’t participate in the IMF but without its articles of Association to disregard.
Schaeuble has argued, the Greek main problem was for the next few years, according to the interest rate reductions, Payment Forbearance, and maturity extensions for loans granted to the Euro-Partner of not: the debt amount and the related payments. Meanwhile, the Euro-crisis, the country pays a lower interest rates for its loans.
Lagarde sees it differently: From sustainable could be in debt of 176 percent of economic output, a number which will initially continue to increase, and a height of around 310 billion euros, not a speech, she says. Without a haircut nothing going in there.
Lagarde, in your opinion, and not a care in the utility over up to 86 billion Euro, Schäuble is a Problem. Because three deputies from the company’s own Union have recently ranks by newspaper, heading reminds: The involvement of the IMF was that the German Bundestag is a basic condition under which the latter has agreed to the third party utility program. Can’t get it now, must vote in the Parliament, it is argued.
can not want to Schäuble. He hopes that at the end of the day, the IMF is yet to convince, to participate – but probably only with a smaller amount, but in good conscience and without violating the own rules of the Greece loans.
space there is, if you can believe knowledgeable insiders. Because the economic development is now better than assumed by the IMF itself, yet the beginning of the year – what is Special in the crisis history of the country. So expect a return to economic growth next year, the government in Athens estimates that an Insider, at 2.7 percent.
Also – and this is according to experts, another important Argument depends on the financial future of the country, in contrast to other international crisis, in former times, from of cases, less of it, that the country may soon return to the capital markets and to get more money.
ESM as a friend and helper
Instead, Greece has with the European bailout Fund, the ESM, its now the largest creditor, a helper on the side, will accompany it for decades. Not only because its loans have maturities up to 30 years. The – so the Argument – for the IMF in the case of Greece, far less risky than other rescue AIDS in the world, in which there was a lack of such a security guarantor. The rigid concept of carrying Capacity of the Fund is to carry the but little account.
Above all, the Germans are, who want to have the IMF at Board. It’s less about the money – the program volume have made, the Europeans already own a few months ago. It is, rather, a political question. Behind it, such as some German government representatives has been letting on, a deep-seated distrust of the EU Commission.
The one holds for the long-suffering and generous, if you would have the sole Say over the funds and the compliance with the agreed austerity and reform requirements. Therefore, the IMF, the attributes in addition to great Expertise, the necessary hardness, and political compromise, not necessarily the weight.
Like this dispute between the Germans and the IMF, needs to be in the next two and a half months. “I would not say that everything is eaten,” said an IMF representative. First of all, it is now on Monday at the Euro Finance Ministers in Luxembourg, a little less: The release of another 2.8 billion euros from the bailout programme.