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ECB’s Wellink ‘Fully Confident’ Greece Will Receive Aid Payment for June
By Jurjen van de Pol - May 27, 2011 11:48 AM GMT+0200 Fri May 27 09:48:14 GMT 2011
European Central Bank Governing Council member Nout Wellink expects Greece to meet conditions for a 3.3 billion-euro ($4.7 billion) aid payment by the International Monetary Fund next month.
“There is enormous pressure on Greece to resolve this,” Wellink said in an interview in Amsterdam today. “It is difficult. I’m fully confident that in the end, Greece will meet the conditions, meaning that only then the IMF and Europe can say ‘yes.’”
Officials from the European Union, the IMF and the European Central Bank will complete their review of Greece’s progress in meeting the bailout terms next week. Their recommendation is needed before the fifth bailout payment can be distributed and as a condition for further aid being considered by the EU.
Jean-Claude Juncker, who leads a group of euro-area finance ministers, yesterday said the IMF may withhold aid for Greece as questions mount about how the country can avoid default next year. The IMF is contributing to a June payment of 12 billion euros.
While the terms of Greece’s rescue last year assumed it would be able to tap the market for financing in 2012, that may be unlikely as its bonds slide. That puts Greece at risk of default, increasing the risk tied to any further disbursement of IMF funds.
“Exports are starting to pick up, which I find a positive point,” and Greek gross domestic product grew in the first quarter, said Wellink, who also heads the Dutch central bank. “The stronger the economic climate becomes, the easier this very difficult package can be realized” by the Greek government.
(Bloomberg)
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L'ultimo paragrafo è sulla mia stessa lunghezza d'onda.
By Jurjen van de Pol - May 27, 2011 11:48 AM GMT+0200 Fri May 27 09:48:14 GMT 2011
European Central Bank Governing Council member Nout Wellink expects Greece to meet conditions for a 3.3 billion-euro ($4.7 billion) aid payment by the International Monetary Fund next month.
“There is enormous pressure on Greece to resolve this,” Wellink said in an interview in Amsterdam today. “It is difficult. I’m fully confident that in the end, Greece will meet the conditions, meaning that only then the IMF and Europe can say ‘yes.’”
Officials from the European Union, the IMF and the European Central Bank will complete their review of Greece’s progress in meeting the bailout terms next week. Their recommendation is needed before the fifth bailout payment can be distributed and as a condition for further aid being considered by the EU.
Jean-Claude Juncker, who leads a group of euro-area finance ministers, yesterday said the IMF may withhold aid for Greece as questions mount about how the country can avoid default next year. The IMF is contributing to a June payment of 12 billion euros.
While the terms of Greece’s rescue last year assumed it would be able to tap the market for financing in 2012, that may be unlikely as its bonds slide. That puts Greece at risk of default, increasing the risk tied to any further disbursement of IMF funds.
“Exports are starting to pick up, which I find a positive point,” and Greek gross domestic product grew in the first quarter, said Wellink, who also heads the Dutch central bank. “The stronger the economic climate becomes, the easier this very difficult package can be realized” by the Greek government.
(Bloomberg)
***
L'ultimo paragrafo è sulla mia stessa lunghezza d'onda.