News / Commenti / 1448 cosa succede in grecia?

Commenti

1448 cosa succede in grecia? BIXGIO \| 18 nov : 14:56
Commenti: 386 Utente 24 feb : 14:14 Replica a questo	ho trovato questa ma è vecchia di 5 h http://www.bloomberg.com/news/2014-11-17/greek-bailout-review-stalls-as-troika-demands-final-steps.html

1448 cosa succede in grecia? BIXGIO \| 18 nov : 15:00
Commenti: 386 Utente 24 feb : 14:14 Replica a questo	Election likely in 2015. Instability? Contagion? MT @YanniKouts: #Greece MinFin Hardouvelis says tensions high between Troika + Greek gov't.

1448 cosa succede in grecia? Pentothal | 18 nov : 15:05

Commenti: 1795

Utente 20 ago : 15:45
Replica a questo

mezz'ora fa con updates:

Greek Bailout Review Said to Stall Amid More Savings Demands (2)
2014-11-18 13:33:24.714 GMT

(Updates with finance minister’s comments in 4th
paragraph)

By Nikos Chrysoloras
Nov. 18 (Bloomberg) -- Greece’s government and its international creditors are deadlocked over a final round of measures required to release the last tranche of the country’s bailout, two people familiar with the negotiations said.
Prime Minister Antonis Samaras’s government is resisting pressure from the so-called troika of creditors for additional budget savings in 2015 of as much as 2.5 billion euros ($3.1 billion), said the people, who asked not to be named because the negotiations are private. The impasse risks leaving Greece without a backstop on Jan. 1 after the program ends, they said.
Troika representatives are furious because the Greek government has failed to come up with any concrete measures to plug the fiscal gap since euro-area finance ministers warned earlier this month about a lack of progress in Greece meeting its commitments, one person said. With the government in Athens refusing to concede there is a funding hole, the standoff means Greece may miss a Dec. 8 deadline for agreement on the steps required to unlock the aid and what comes after it, both said.
The talks are in a “difficult phase,” as the country shifts to a new relationship with its creditors, Finance Minister Gikas Hardouvelis told reporters as he headed into a meeting with the country’s president Karolos Papoulias today.
“In situations like this, nerves get stretched” on all sides, Hardouvelis said, adding that disagreements have emerged in the past week.

Borrowing Costs

“It’s crucial that Greek authorities work with the troika to complete the current review,” Dutch Finance Minister Jeroen Dijsselbloem, who chairs meetings of euro finance ministers, said Nov. 6 in Brussels. There’s a need for “a clear cut between the finishing of the program and any instruments that will follow up on that from Jan. 1,” he said.
Uncertainty over what happens once the euro area rescue package expires has triggered a spike in Greek borrowing costs, with yields on 10-year bonds rising from their post-crisis low of 5.5 percent in September. Yields were up 20 basis points at
8.26 percent as of 2:44 p.m. in Athens today.
Greece has been the epicenter of the sovereign debt crisis from 2010 when it became the first euro-area country to call for an international bailout after its finances spiraled out of control. The country returned to bond markets this year and is forecast to be the only country in the 28-nation EU other than Germany to have a budget deficit near zero in 2015.

Economic Rebound

Its economy was the fastest growing in the euro area last quarter, according to the European Union’s statistical agency, and the Organization for Economic Cooperation and Development has said that Greece is the most “responsive” country in the developed world in the implementation of growth-boosting economic overhauls.
Still, it’s not out of the woods just yet. The government and its creditors have to complete the last review of the Greek bailout by Dec. 8, when euro-area finance ministers are due to hold their final meeting of the year. A successful completion would pave the way for an agreement on a credit line to replace the current program; failure could leave Europe’s most indebted state without a financial backstop.
Simone Boitelle, a spokeswoman for Dijsselbloem, declined to comment on the talks. A spokesman for the Greek Finance Ministry also declined to comment on the substance of the negotiations.

Twists and Deadlock

While reviews by the troika of the International Monetary Fund, the European Commission and the European Central Bank have been characterized by unforeseen twists and deadlock, the difference now is that Greece’s second bailout from the euro area, worth 144.6 billion euros, is due to expire in a matter of weeks.
A parallel program from the IMF is scheduled to continue through 2016, though the prime minister has said Greece plans to put an early end to its bailout and forsake aid tranches as of next year, a proposal that prompted Greek government bond yields to soar.
Greece needs to put more concrete proposals for next year’s budget on the table to unlock the dialogue, according to one of the people, who said that completion before Dec. 8 is unlikely.
A legal formula to extend the current program beyond 2014 may need to be found, the person said, adding that Greece has enough cash to take it through to next summer.

Exacerbating Recession

Greece’s 2015 budget will be submitted to Parliament for approval on Friday with few additional fiscal consolidation measures, the other person said. As a concession, Samaras could repeat his commitment to adopting more corrective measures by the middle of next year if budget data show Greece is missing its targets, the person added, saying that more cuts now could endanger the country’s nascent economic rebound.
Samaras is meeting now with Evangelos Venizelos, leader of the government’s junior coalition partner, to discuss progress in talks.
A compromise needs to be found within hours, one of the people involved in the talks said yesterday. It will be impossible to complete the review by the Dec. 8 deadline unless work can resume this week, the person said.
The conditions attached to Greece’s bailout have restored health to public finances while exacerbating the worst recession since World War II. About a quarter of the economy has been wiped out and almost 26 percent of the country’s workforce is still without a job.

1448 cosa succede in grecia? BIXGIO \| 18 nov : 15:13
Commenti: 386 Utente 24 feb : 14:14 Replica a questo	Rafał Hirsch ‏@rafalhirsch · 4 min4 minuti fa ECB assets last week: -1,58 bn EUR Covered bonds purchase: +3,1 bn EUR LTRO: -6,4 bn EUR It's not easy to increase balance sheet in Eurozone

Re: 1448 cosa succede in grecia? Antonio Lengua \| 18 nov : 15:20
Commenti: 5235 Replica a questo	grazie pentothal grazie bixgio : questi numeri la dicono in effetti lunga sulla velocità di incremento del budget dell ecb... se non si da' una mossa, i mercati andreanno a vedere le carte di draghi molto rapidamente. la pazienza ha un limite : anche draghi ha comprato altro tempo, ma non so finch riusicrà a resistere.

1448 cosa succede in grecia? Antonio Lengua \| 18 nov : 15:21
Commenti: 5235 Replica a questo	anche draghi = anche ieri draghi

1448 cosa succede in grecia? ivanuzzo \| 18 nov : 15:28
Commenti: 138 Utente 31 mag : 15:58 Replica a questo	www.bloomberg.com/news/2014-11-17/greek-bailout-review-stalls-as-troika-demands-final-steps.html