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tommy271
Forumer storico
German Finance Minister: Readying For Unlikely Greek Insolvency Report
FRANKFURT -(Dow Jones)- Germany is preparing for the unlikely chance that Greece will become insolvent, German Finance Minister Wolfgang Schaeuble said Saturday in a preview of an interview to be published in German magazine Der Spiegel.
Schaeuble said Germany would act to prevent any "uncontrollable effects" from an insolvency, but further warned that such an event could have dramatic consequences for the economy, banks and the financial system.
Schaeuble applauded an agreement reached this week for private German banks to aid Greece, likely by rolling over existing debt into bonds with longer maturities, "a success."
Europe must be better prepared than before to help Greece generate economic growth, Schaeuble told Der Spiegel. "Therein lie considerable tasks and chances for the German economy," Schaeuble said.
Separately, Schaeuble told Der Spiegel that he sees little room for proposed tax cuts in Germany, and called a proposal to drastically simply Germany's tax system "academically interesting" but unrealistic.
FRANKFURT -(Dow Jones)- Germany is preparing for the unlikely chance that Greece will become insolvent, German Finance Minister Wolfgang Schaeuble said Saturday in a preview of an interview to be published in German magazine Der Spiegel.
Schaeuble said Germany would act to prevent any "uncontrollable effects" from an insolvency, but further warned that such an event could have dramatic consequences for the economy, banks and the financial system.
Schaeuble applauded an agreement reached this week for private German banks to aid Greece, likely by rolling over existing debt into bonds with longer maturities, "a success."
Europe must be better prepared than before to help Greece generate economic growth, Schaeuble told Der Spiegel. "Therein lie considerable tasks and chances for the German economy," Schaeuble said.
Separately, Schaeuble told Der Spiegel that he sees little room for proposed tax cuts in Germany, and called a proposal to drastically simply Germany's tax system "academically interesting" but unrealistic.
IL MARATONETA
Forumer storico
credo che in italia, oltre le banche, sentiranno anche frmaoro.....
IL MARATONETA
Forumer storico
questo venizelos, mi sta piacendo; forse è l'uomo forte al posto giusto....
tommy271
Forumer storico
Ha più carattere rispetto a Papaconstantinou ... bisogna sapere mostrare il muso duro, ma anche essere convincenti e portare risultati concreti sul tavolo delle trattative.
tommy271
Forumer storico
Grecia/ Eurogruppo dà il via libera a nuova tranche di aiuti
Bruxelles, 2 lug. (TMNews) - I paesi dell'area euro hanno dato il via libera oggi al versamento della nuova tranche di aiuti alla Grecia, nel corso di una teleconferenza. L'accordo tra i membri dell'Eurogruppo era già stato raggiunto, dopo che l'altroieri il Parlamento greco aveva definitivamente approvato il piano di austerità di bilancio supplementare che Unione europea e Fondo monetario internazionale pretendevano. Uno sforzo da oltre 28 miliardi di euro da qui al 2015.
Bruxelles, 2 lug. (TMNews) - I paesi dell'area euro hanno dato il via libera oggi al versamento della nuova tranche di aiuti alla Grecia, nel corso di una teleconferenza. L'accordo tra i membri dell'Eurogruppo era già stato raggiunto, dopo che l'altroieri il Parlamento greco aveva definitivamente approvato il piano di austerità di bilancio supplementare che Unione europea e Fondo monetario internazionale pretendevano. Uno sforzo da oltre 28 miliardi di euro da qui al 2015.
tommy271
Forumer storico
Euro zone to approve Greek aid tranche
By Jan Strupczewski
BRUSSELS | Sat Jul 2, 2011 2:08pm EDT
BRUSSELS (Reuters) - Euro zone finance ministers will approve the next tranche of emergency aid for Greece on Saturday and discuss a second three-year financing plan for Athens on July 11, euro zone officials said.
The release of the 12 billion euro ($17 billion) tranche from the euro zone and the International Monetary Fund has been made possible after the Greek parliament passed austerity and reform laws on Wednesday and Thursday, removing the threat of a near-term debt default.
"The conditions are now in place for a decision on the disbursement of the next tranche of financial assistance for Greece and for rapid progress on a second assistance package," European Commission President Jose Manuel Barroso and European Council President Herman van Rompuy said on Thursday.
But Germany, which funds much of the European Union part of Greece's bailouts, said the laws must be turned into action. "Parliament's decisions are one thing and their implementation another," said Foreign Minister Guido Westerwelle.
"The latter is what is most important, if we want to strengthen the common European house and Greece particularly," he told Greece's To Vima newspaper in an interview published on Saturday.
Athens has repeatedly failed to meet budget targets laid down in the first bailout agreed last year with the EU and International Monetary Fund, raising the risk that the crisis will spread across the euro zone.
Greece's second financing program is to run from 2011 to 2014 and will come on top of the existing 110 billion euro program.
The ministers are unlikely to give much new detail on the second financing program after their discussions, which were due to be held by telephone at 1600 GMT. Euro zone official sources said Saturday's conference call would focus on releasing the next tranche of aid for Greece, the fifth under last year's bailout.
"The ministers will really focus the meeting on the fifth tranche. The fact that they are not meeting in person means that there are no major obstacles to decide on this," said one euro zone official, who asked not to be named.
EU leaders made a commitment to the second program at their last summit on June 23-24, which should satisfy the IMF's condition that the euro zone must promise to finance Greece 12 months ahead for the IMF to contribute.
They also said funding for the program would be from euro zone taxpayers but also from a substantial, voluntary contribution of private investors via a Greek debt rollover.
The additional external financing for Greece in that period, from both private and public money, could be about 80-90 billion euros, officials have said. Greece is expected to raise another 30 billion euros from privatisation in that time.
But there is growing concern among EU officials that the strictures being imposed on Greece, including 28 billion euros of austerity measures between now and 2015, are too harsh.
The finance minister for Poland, which has just taken over the six-month presidency of the European Union, suggested on Saturday that too much emphasis had been put on austerity and too little on growth in Greece.
The market still sees an 81 percent chance that Greece will eventually default, however, and German Finance Minister Wolfgang Schaeuble told Der Spiegel in an interview that Berlin was making preparations for such an event -- even though it does not expect it to happen.
HOW MUCH FROM THE PRIVATE SECTOR
On Saturday the finance ministers from the 17 countries using the euro and the President of the European Central Bank Jean-Claude Trichet are likely to discuss how much of the 80-90 billion euros could come from the private sector.
Private financial institutions held talks with finance ministry and central bank officials in euro zone countries last week to discuss under what conditions the private sector would be willing to help finance Greece and by how much.
The involvement of the private sector in the next package is a must for several euro zone countries as voters grow increasingly opposed to shouldering the burden of bailing out Greece on their own.
But private sector involvement must be voluntary to avoid triggering another downgrade of Greek debt to default status by ratings agencies, a development which could put the whole Greek banking sector at risk.
The Institute of International Finance, a global association of financial institutions, said on Friday that the "private financial community is ready to engage in a voluntary, cooperative, transparent and broad-based effort to support Greece given its unique and exceptional circumstances."
Schaeuble has said German banks wanted to roll over 3.2 billion euros' worth of Greek bonds maturing to 2014.
French banks have reached an agreement on how to roll over part of their Greek debt holdings, French President Nicolas Sarkozy said, but did not indicate the total amount.
A further meeting on July 11 will help to finalize the second financing package for Greece, but some officials said they would not be surprised if the final decision were taken by finance ministers only in September.
By Jan Strupczewski
BRUSSELS | Sat Jul 2, 2011 2:08pm EDT
BRUSSELS (Reuters) - Euro zone finance ministers will approve the next tranche of emergency aid for Greece on Saturday and discuss a second three-year financing plan for Athens on July 11, euro zone officials said.
The release of the 12 billion euro ($17 billion) tranche from the euro zone and the International Monetary Fund has been made possible after the Greek parliament passed austerity and reform laws on Wednesday and Thursday, removing the threat of a near-term debt default.
"The conditions are now in place for a decision on the disbursement of the next tranche of financial assistance for Greece and for rapid progress on a second assistance package," European Commission President Jose Manuel Barroso and European Council President Herman van Rompuy said on Thursday.
But Germany, which funds much of the European Union part of Greece's bailouts, said the laws must be turned into action. "Parliament's decisions are one thing and their implementation another," said Foreign Minister Guido Westerwelle.
"The latter is what is most important, if we want to strengthen the common European house and Greece particularly," he told Greece's To Vima newspaper in an interview published on Saturday.
Athens has repeatedly failed to meet budget targets laid down in the first bailout agreed last year with the EU and International Monetary Fund, raising the risk that the crisis will spread across the euro zone.
Greece's second financing program is to run from 2011 to 2014 and will come on top of the existing 110 billion euro program.
The ministers are unlikely to give much new detail on the second financing program after their discussions, which were due to be held by telephone at 1600 GMT. Euro zone official sources said Saturday's conference call would focus on releasing the next tranche of aid for Greece, the fifth under last year's bailout.
"The ministers will really focus the meeting on the fifth tranche. The fact that they are not meeting in person means that there are no major obstacles to decide on this," said one euro zone official, who asked not to be named.
EU leaders made a commitment to the second program at their last summit on June 23-24, which should satisfy the IMF's condition that the euro zone must promise to finance Greece 12 months ahead for the IMF to contribute.
They also said funding for the program would be from euro zone taxpayers but also from a substantial, voluntary contribution of private investors via a Greek debt rollover.
The additional external financing for Greece in that period, from both private and public money, could be about 80-90 billion euros, officials have said. Greece is expected to raise another 30 billion euros from privatisation in that time.
But there is growing concern among EU officials that the strictures being imposed on Greece, including 28 billion euros of austerity measures between now and 2015, are too harsh.
The finance minister for Poland, which has just taken over the six-month presidency of the European Union, suggested on Saturday that too much emphasis had been put on austerity and too little on growth in Greece.
The market still sees an 81 percent chance that Greece will eventually default, however, and German Finance Minister Wolfgang Schaeuble told Der Spiegel in an interview that Berlin was making preparations for such an event -- even though it does not expect it to happen.
HOW MUCH FROM THE PRIVATE SECTOR
On Saturday the finance ministers from the 17 countries using the euro and the President of the European Central Bank Jean-Claude Trichet are likely to discuss how much of the 80-90 billion euros could come from the private sector.
Private financial institutions held talks with finance ministry and central bank officials in euro zone countries last week to discuss under what conditions the private sector would be willing to help finance Greece and by how much.
The involvement of the private sector in the next package is a must for several euro zone countries as voters grow increasingly opposed to shouldering the burden of bailing out Greece on their own.
But private sector involvement must be voluntary to avoid triggering another downgrade of Greek debt to default status by ratings agencies, a development which could put the whole Greek banking sector at risk.
The Institute of International Finance, a global association of financial institutions, said on Friday that the "private financial community is ready to engage in a voluntary, cooperative, transparent and broad-based effort to support Greece given its unique and exceptional circumstances."
Schaeuble has said German banks wanted to roll over 3.2 billion euros' worth of Greek bonds maturing to 2014.
French banks have reached an agreement on how to roll over part of their Greek debt holdings, French President Nicolas Sarkozy said, but did not indicate the total amount.
A further meeting on July 11 will help to finalize the second financing package for Greece, but some officials said they would not be surprised if the final decision were taken by finance ministers only in September.
tommy271
Forumer storico
Euro-Zone Ministers Release Greek Aid
Associated Press
BRUSSELS—Euro-zone finance ministers say Greece will get a vital loan installment by July 15 while work continues on a second bailout for the struggling country.
The ministers signed off their portion of the €12 billion ($17.39 billion) loan tranche in a conference call Saturday evening. The International Monetary Fund is expected to approve its part of the loan next week.
The ministers also reiterated that they would continue to support Greece beyond the €110 billion loan package that was granted last year, but left a final decision on the new aid plan until the involvement of banks and other private creditors has been figured out.
They said "the precise modalities and scale of private-sector involvement and additional funding from official sources will be determined in the coming weeks."
Associated Press
BRUSSELS—Euro-zone finance ministers say Greece will get a vital loan installment by July 15 while work continues on a second bailout for the struggling country.
The ministers signed off their portion of the €12 billion ($17.39 billion) loan tranche in a conference call Saturday evening. The International Monetary Fund is expected to approve its part of the loan next week.
The ministers also reiterated that they would continue to support Greece beyond the €110 billion loan package that was granted last year, but left a final decision on the new aid plan until the involvement of banks and other private creditors has been figured out.
They said "the precise modalities and scale of private-sector involvement and additional funding from official sources will be determined in the coming weeks."
- Stato
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