Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 2 (8 lettori)
- Creatore Discussione tommy271
- Data di Inizio
- Stato
ferdo
Utente Senior
certo non dicono oggi se le CAC le applicano - che le mettano ormai è assodato
penso che anche stasera per noi ci sia tanto da perdere e nulla da guadagnare
Mr.Noob
dove c'è default c'è casa
(Reuters) - Euro zone finance ministers inched towards approving a second bailout for debt-laden Greece on Monday that would resolve Athens' immediate repayment needs but seems unlikely to revive the nation's shattered economy.
Agreement on a 130-billion-euro rescue package with strict conditions would draw a line under months of uncertainty that has shaken the currency bloc, and avert an imminent bankruptcy.
After seven hours of talks, senior officials said ministers had found ways to cut Greece's debt to between 123 and 124 percent of gross domestic product by 2020, but were pressing for more. Negotiators for private bondholders had offered to accept a bigger loss to help plug the funding gap.
A report prepared for ministers by EU, European Central Bank and IMF experts, obtained exclusively by Reuters, said Greece would need extra relief to cut its debts to the official target of 120 percent of GDP by 2020.
If Athens did not follow through on economic reforms and savings, its debt could hit 160 percent by that date.
"Given the risks, the Greek program may thus remain accident-prone, with questions about sustainability hanging over it," the 9-page confidential report said.
The euro zone sources said national central banks could restructure Greek bonds held in their investment portfolios in the same way as private investors, cutting Athens' debt by another 3.5 percentage points.
If the ECB were to forego profits on its Greek holdings, that would raise another 5.5 percentage points of GDP, the report showed. However, the sources said some euro zone countries were reluctant to pursue this option.
Diplomats and economists say a deal may only delay a deeper default by a few months. A turnaround could take as much as a decade, a bleak prospect that brought thousands of Greeks onto the streets to protest against austerity measures on Sunday.
EU sources said the minister needed to agree new measures to find some 6 billion euros to make the financing work, given the ever-worsening state of the Greek economy.
An accord will enable Greece to launch a bond swap with private investors to help reduce and restructure Athens' vast debts, put it on a more stable financial footing and keep it inside the 17-country euro zone.
A senior euro zone source said the finance ministers were negotiating for private sector creditors to take a loss of at least 53.5 percent on the nominal value of Greek bonds under the debt swap, up from a previously agreed 50 percent loss.
Earlier in the day, French Finance Minister Francois Baroin said all the elements were in place to reach an agreement and Greek Finance Minister Evangelos Venizelos said he expected a deal.
"We expect today the long period of uncertainty - which was in the interest of neither the Greek economy nor the euro zone as a whole - to end," Venizelos said in a statement.
Dutch Finance Minister Jan Kees de Jager, the most outspoken of Greece's creditors, said the Netherlands could not approve the rescue package until Greece had met all its obligations. But the chairman of the Eurogroup, Jean-Claude Juncker, said Athens had met all the prior conditions demanded of it.
Finland, another stern creditor, signed a side-deal with Greece for Greek banks to provide collateral in cash and highly rated assets in return for Finnish loan guarantees, removing one long-running obstacle.
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Euro zone crisis in graphics r.reuters.com/hyb65p
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DOUBTS OVER COMMITMENT
Skeptics question whether a new Greek government will stick to the deeply unpopular program after elections due in April, and believe Athens could again fall behind in implementation, prompting exasperated lenders to pull the plug once the euro zone has stronger financial firewalls in place.
Several thousand Greeks demonstrated on Sunday against the austerity measures to reduce the country's debt, although the numbers were much lower than protests a week earlier which saw building in Athens torched and looted.
While there are doubts in Germany and other countries that Greece will be able to meet its commitments, including implementing 3.3 billion euros of spending cuts and tax increases, officials said they were closing in on a deal.
Greek Prime Minister Lucas Papademos, International Monetary Fund Managing Director Christine Lagarde and ECB President Mario Draghi were all attending the Brussels talks in a sign they were likely to be decisive.
European shares hit a seven-month high and the euro rose on Monday as expectations of an agreement boosted investor appetite for riskier assets.
Under one crucial element of the deal, Greece will have around 100 billion euros of debt written off via a restructuring involving private-sector holders of Greek government bonds.
Banks and insurers will swap bonds they hold for longer-dated securities that pay a lower coupon, resulting in a real 70 percent reduction in the value of the assets.
The bond exchange is expected to launch on March 8 and complete three days later, Athens said on Saturday. That means a 14.5-billion-euro bond repayment due on March 20 would be restructured, allowing Greece to avoid default.
The vast majority of the funds in the 130-billion-euro program will be used to finance the bond swap and ensure Greece's banking system remains stable: 30 billion euros will go to "sweeteners" to get the private sector to sign up to the swap, 23 billion will go to recapitalize Greek banks.
A further 35 billion will allow Greece to finance the buying back of the bonds, and 5.7 billion will go to paying off the interest accrued on the bonds being traded in.
Those numbers could change during Monday night's talks given the scramble to meet the overall objective of reducing Greece's debts from 160 percent of GDP to around 120 by 2020.
MEETING THE TARGET
The debt sustainability report delivered to ministers last week showed that without further measures, Greek debt would only fall to 129 percent by 2020.
The IMF has said if the ratio cannot be cut to near 120 percent, it may not be able to help finance the bailout.
A number of measures, including restructuring the accrued interest portion, reducing the "sweeteners" and having euro zone central banks take part in the debt swap are being considered to move the figure closer to 120 percent.
There are also discussions about marginally lowering the interest rate on 110 billion euros of bilateral loans already made to Greece in May 2010, the first package of support.
The biggest difference would be made by involvement of the ECB and national euro zone central banks.
A deal would provide immediate relief to Athens and financial markets but no one is pretending it will end Greece's problems. Figures last week showed its economy shrank 7 percent year-on-year in the last quarter of 2011, much more than expected, with further cuts likely to make matters worse.
The troika of European Commission, ECB and IMF, responsible for monitoring Greece's reform progress, carries out quarterly reviews and could decide Athens is not meeting its commitments at any one of them.
Agreement on a 130-billion-euro rescue package with strict conditions would draw a line under months of uncertainty that has shaken the currency bloc, and avert an imminent bankruptcy.
After seven hours of talks, senior officials said ministers had found ways to cut Greece's debt to between 123 and 124 percent of gross domestic product by 2020, but were pressing for more. Negotiators for private bondholders had offered to accept a bigger loss to help plug the funding gap.
A report prepared for ministers by EU, European Central Bank and IMF experts, obtained exclusively by Reuters, said Greece would need extra relief to cut its debts to the official target of 120 percent of GDP by 2020.
If Athens did not follow through on economic reforms and savings, its debt could hit 160 percent by that date.
"Given the risks, the Greek program may thus remain accident-prone, with questions about sustainability hanging over it," the 9-page confidential report said.
The euro zone sources said national central banks could restructure Greek bonds held in their investment portfolios in the same way as private investors, cutting Athens' debt by another 3.5 percentage points.
If the ECB were to forego profits on its Greek holdings, that would raise another 5.5 percentage points of GDP, the report showed. However, the sources said some euro zone countries were reluctant to pursue this option.
Diplomats and economists say a deal may only delay a deeper default by a few months. A turnaround could take as much as a decade, a bleak prospect that brought thousands of Greeks onto the streets to protest against austerity measures on Sunday.
EU sources said the minister needed to agree new measures to find some 6 billion euros to make the financing work, given the ever-worsening state of the Greek economy.
An accord will enable Greece to launch a bond swap with private investors to help reduce and restructure Athens' vast debts, put it on a more stable financial footing and keep it inside the 17-country euro zone.
A senior euro zone source said the finance ministers were negotiating for private sector creditors to take a loss of at least 53.5 percent on the nominal value of Greek bonds under the debt swap, up from a previously agreed 50 percent loss.
Earlier in the day, French Finance Minister Francois Baroin said all the elements were in place to reach an agreement and Greek Finance Minister Evangelos Venizelos said he expected a deal.
"We expect today the long period of uncertainty - which was in the interest of neither the Greek economy nor the euro zone as a whole - to end," Venizelos said in a statement.
Dutch Finance Minister Jan Kees de Jager, the most outspoken of Greece's creditors, said the Netherlands could not approve the rescue package until Greece had met all its obligations. But the chairman of the Eurogroup, Jean-Claude Juncker, said Athens had met all the prior conditions demanded of it.
Finland, another stern creditor, signed a side-deal with Greece for Greek banks to provide collateral in cash and highly rated assets in return for Finnish loan guarantees, removing one long-running obstacle.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Euro zone crisis in graphics r.reuters.com/hyb65p
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
DOUBTS OVER COMMITMENT
Skeptics question whether a new Greek government will stick to the deeply unpopular program after elections due in April, and believe Athens could again fall behind in implementation, prompting exasperated lenders to pull the plug once the euro zone has stronger financial firewalls in place.
Several thousand Greeks demonstrated on Sunday against the austerity measures to reduce the country's debt, although the numbers were much lower than protests a week earlier which saw building in Athens torched and looted.
While there are doubts in Germany and other countries that Greece will be able to meet its commitments, including implementing 3.3 billion euros of spending cuts and tax increases, officials said they were closing in on a deal.
Greek Prime Minister Lucas Papademos, International Monetary Fund Managing Director Christine Lagarde and ECB President Mario Draghi were all attending the Brussels talks in a sign they were likely to be decisive.
European shares hit a seven-month high and the euro rose on Monday as expectations of an agreement boosted investor appetite for riskier assets.
Under one crucial element of the deal, Greece will have around 100 billion euros of debt written off via a restructuring involving private-sector holders of Greek government bonds.
Banks and insurers will swap bonds they hold for longer-dated securities that pay a lower coupon, resulting in a real 70 percent reduction in the value of the assets.
The bond exchange is expected to launch on March 8 and complete three days later, Athens said on Saturday. That means a 14.5-billion-euro bond repayment due on March 20 would be restructured, allowing Greece to avoid default.
The vast majority of the funds in the 130-billion-euro program will be used to finance the bond swap and ensure Greece's banking system remains stable: 30 billion euros will go to "sweeteners" to get the private sector to sign up to the swap, 23 billion will go to recapitalize Greek banks.
A further 35 billion will allow Greece to finance the buying back of the bonds, and 5.7 billion will go to paying off the interest accrued on the bonds being traded in.
Those numbers could change during Monday night's talks given the scramble to meet the overall objective of reducing Greece's debts from 160 percent of GDP to around 120 by 2020.
MEETING THE TARGET
The debt sustainability report delivered to ministers last week showed that without further measures, Greek debt would only fall to 129 percent by 2020.
The IMF has said if the ratio cannot be cut to near 120 percent, it may not be able to help finance the bailout.
A number of measures, including restructuring the accrued interest portion, reducing the "sweeteners" and having euro zone central banks take part in the debt swap are being considered to move the figure closer to 120 percent.
There are also discussions about marginally lowering the interest rate on 110 billion euros of bilateral loans already made to Greece in May 2010, the first package of support.
The biggest difference would be made by involvement of the ECB and national euro zone central banks.
A deal would provide immediate relief to Athens and financial markets but no one is pretending it will end Greece's problems. Figures last week showed its economy shrank 7 percent year-on-year in the last quarter of 2011, much more than expected, with further cuts likely to make matters worse.
The troika of European Commission, ECB and IMF, responsible for monitoring Greece's reform progress, carries out quarterly reviews and could decide Athens is not meeting its commitments at any one of them.
frmaoro
il Fankazzista
apparte le cac che dipenderà dal adesione questa è l'annesima buffonata di 17 idioti
raiffeisen Kasse
Nuovo forumer
Salve il comunicato e' uscito , sti .... Mangiano e non risolvono una coppa
ferdo
Utente Senior
qui non vedo ancora nulla ... notte
Nerone975
Nuovo forumer
ed in effetti...last news
A tarda notte l'accordo
Dopo 12 ore di riunione, i ministri delle Finanze dell'Eurogruppo, a Bruxelles, hanno trovato l'accordo sul secondo programma di aiuti alla Grecia per 130 miliardi. L'obiettivo debito/Pil al 2020 è stato fissato poco al di sopra del 120%. Le discussioni si sono protratte fino a tarda notte soprattutto per convincere le banche esposte ad accettare una più marcata riduzione dei rendimenti del loro investimento in obbligazioni greche. I ministri delle Finanze dei 17 paesi dell'Euro hanno discusso anche dell'aumento della dotazione del "fondo salvastati", Esm, che entrerà in vigore dal prossimo luglio ed era stato fissato in 500 miliardi. La decisione definitiva (per il fondo) spetta però ai capi di Stato e di governo europei che si riuniranno al Consiglio dei prossimi 1 e 2 marzo.
A tarda notte l'accordo
Dopo 12 ore di riunione, i ministri delle Finanze dell'Eurogruppo, a Bruxelles, hanno trovato l'accordo sul secondo programma di aiuti alla Grecia per 130 miliardi. L'obiettivo debito/Pil al 2020 è stato fissato poco al di sopra del 120%. Le discussioni si sono protratte fino a tarda notte soprattutto per convincere le banche esposte ad accettare una più marcata riduzione dei rendimenti del loro investimento in obbligazioni greche. I ministri delle Finanze dei 17 paesi dell'Euro hanno discusso anche dell'aumento della dotazione del "fondo salvastati", Esm, che entrerà in vigore dal prossimo luglio ed era stato fissato in 500 miliardi. La decisione definitiva (per il fondo) spetta però ai capi di Stato e di governo europei che si riuniranno al Consiglio dei prossimi 1 e 2 marzo.
Ultima modifica:
Nerone975
Nuovo forumer
(Reuters) -Dopo una maratona di 12 ore di colloqui per tutta la notte, gli euro funzionari hanno convenuto sulle misure per ridurre il debito della Grecia a circa il 121 per cento del prodotto interno lordo entro il 2020, vicino al loro obiettivo originale di 120, dopo che i negoziatori per gli obbligazionisti privati si sono offerti per accettare una perdita più grande per aiutare a ridurre il deficit.
I privati titolari di debito Greco avranno perdite del 53,5 per cento o più del valore nominale delle loro obbligazioni come parte di uno scambio SWAP che ridurrà di circa 100 miliardi di euro il peso del debito. In precedenza avevano accettato una svalutazione del 50 per cento nominale, che equivale a circa una perdita il 70 per cento sul valore attuale netto delle obbligazioni.
I privati titolari di debito Greco avranno perdite del 53,5 per cento o più del valore nominale delle loro obbligazioni come parte di uno scambio SWAP che ridurrà di circa 100 miliardi di euro il peso del debito. In precedenza avevano accettato una svalutazione del 50 per cento nominale, che equivale a circa una perdita il 70 per cento sul valore attuale netto delle obbligazioni.
Ultima modifica:
Abulico
Forumer storico
TEXT-Full Eurogroup statement on Greek package
"The Eurogroup welcomes the agreement reached with the Greek government on a policy package that constitutes the basis for the successor programme. We also welcome the approval of the policy package by the Greek parliament, the identification of additional structural expenditure reductions of 325 million to close the fiscal gap in 2012 and the provision of assurances by the leaders of the two coalition parties regarding the implementation of the programme beyond the forthcoming general elections.
This new programme provides a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing and hence for safeguarding financial stability in Greece and in the euro area as a whole.
The Eurogroup is fully aware of the significant efforts already made by the Greek citizens but also underlines that further major efforts by the Greek society are needed to return the economy to a sustainable growth path.
Ensuring debt sustainability and restoring competiveness are the main goals of the new programme. Its success hinges critically on its thorough implementation by Greece.
This implies that Greece must achieve the ambitious but realistic fiscal consolidation targets so as to return to a primary surplus as from 2013, carry out fully the privatisation plans and implement the bold structural reform agenda, in both the labour market and product and service markets, in order to promote competitiveness, employment and sustainable growth.
To this end, we deem essential a further strengthening of Greece's institutional capacity. We therefore invite the Commission to significantly strengthen its Task Force for Greece, in particular through an enhanced and permanent presence on the ground in Greece, in order to bolster its capacity to provide and coordinate technical assistance.
Euro area Member States stand ready to provide experts to be integrated into the Task Force. The Eurogroup also welcomes the stronger on site-monitoring capacity by the Commission to work in close and continuous cooperation with the Greek government in order to assist the Troika in assessing the conformity of measures that will be taken by the Greek government, thereby ensuring the timely and full implementation of the programme.
The Eurogroup also welcomes Greece's intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and internally-generated funds destined to service Greece's debt by, under monitoring of the troika, paying an amount corresponding to the coming quarter's debt service directly to a segregated account of Greece's paying agent.
Finally, the Eurogroup in this context welcomes the intention of the Greek authorities to introduce over the next two months in the Greek legal framework a provision ensuring that priority is granted to debt servicing payments. This provision will be introduced in the Greek constitution as soon as possible.
The Eurogroup acknowledges the common understanding that has been reached between the Greek authorities and the private sector on the general terms of the PSI exchange offer, covering all private sector bondholders. This common understanding provides for a nominal haircut amounting to 53.5%. The Eurogroup considers that this agreement constitutes an appropriate basis for launching the invitation for the exchange to holders of Greek government bonds (PSI).
A successful PSI operation is a necessary condition for a successor programme. The Eurogroup looks forward to a high participation of private creditors in the debt exchange, which should deliver a significant positive contribution to Greece's debt sustainability.
The Eurogroup considers that the necessary elements are now in place for Member States to carry out the relevant national procedures to allow for the provision by EFSF of (i) a buy back scheme for Greek marketable debt instruments for Eurosystem monetary policy operations, (ii) the euro area's contribution to the PSI exercise, (iii) the repayment of accrued interest on Greek government bonds, and (iv) the residual (post PSI) financing for the second Greek adjustment programme, including the necessary financing for recapitalisation of Greek banks in case of financial stability concerns.
The Eurogroup takes note that the Eurosystem (ECB and NCBs) holdings of Greek government bonds have been held for public policy purposes. The Eurogroup takes note that the income generated by the Eurosystem holdings of Greek Government bonds will contribute to the profit of the ECB and of the NCBs. The ECB's profit will be disbursed to the NCBs, in line with the ECB's statutory profit distribution rules. The NCBs' profits will be disbursed to euro area Member States in line with the NCBs' statutory profit distribution rules.
- The Eurogroup has agreed that certain government revenues that emanate from the SMP profits disbursed by NCBs may be allocated by Member States to further improving the sustainability of Greece's public debt.
All Member States have agreed to an additional retroactive lowering of the interest rates of the Greek Loan Facility so that the margin amounts to 150 basis points. There will be no additional compensation for higher funding costs. This will bring down the debt-to-GDP ratio in 2020 by 2.8pp and lower financing needs by around 1.4 bn euro over the programme period. National procedures for the ratification of this amendment to the Greek Loan Facility Agreement need to be urgently initiated so that it can enter into force as soon as possible.
- Furthermore, governments of Member States where central banks currently hold Greek government bonds in their investment portfolio commit to pass on to Greece an amount equal to any future income accruing to their national central bank stemming from this portfolio until 2020. These income flows would be expected to help reducing the Greek debt ratio by 1.8pp by 2020 and are estimated to lower the financing needs over the programme period by approximately 1.8 bn euro.
The respective contributions from the private and the official sector should ensure that Greece's public debt ratio is brought on a downward path reaching 120.5% of GDP by 2020.
On this basis, and provided policy conditionality under the programme is met on an ongoing basis, the Eurogroup confirms that euro area Member States stand ready to provide, through the EFSF and with the expectation that the IMF will make a significant contribution, additional official programme of up to 130 bn euro until 2014.
It is understood that the disbursements for the PSI operation and the final decision to approve the guarantees for the second programme are subject to a successful PSI operation and confirmation, by the Eurogroup on the basis of an assessment by the Troika, of the legal implementation by Greece of the agreed prior actions. The official sector will decide on the precise amount of financial assistance to be provided in the context of the second Greek programme in early March, once the results of PSI are known and the prior actions have been implemented.
We reiterate our commitment to provide adequate support to Greece during the life of the programme and beyond until it has regained market access, provided that Greece fully complies with the requirements and objectives of the adjustment programme.
"The Eurogroup welcomes the agreement reached with the Greek government on a policy package that constitutes the basis for the successor programme. We also welcome the approval of the policy package by the Greek parliament, the identification of additional structural expenditure reductions of 325 million to close the fiscal gap in 2012 and the provision of assurances by the leaders of the two coalition parties regarding the implementation of the programme beyond the forthcoming general elections.
This new programme provides a comprehensive blueprint for putting the public finances and the economy of Greece back on a sustainable footing and hence for safeguarding financial stability in Greece and in the euro area as a whole.
The Eurogroup is fully aware of the significant efforts already made by the Greek citizens but also underlines that further major efforts by the Greek society are needed to return the economy to a sustainable growth path.
Ensuring debt sustainability and restoring competiveness are the main goals of the new programme. Its success hinges critically on its thorough implementation by Greece.
This implies that Greece must achieve the ambitious but realistic fiscal consolidation targets so as to return to a primary surplus as from 2013, carry out fully the privatisation plans and implement the bold structural reform agenda, in both the labour market and product and service markets, in order to promote competitiveness, employment and sustainable growth.
To this end, we deem essential a further strengthening of Greece's institutional capacity. We therefore invite the Commission to significantly strengthen its Task Force for Greece, in particular through an enhanced and permanent presence on the ground in Greece, in order to bolster its capacity to provide and coordinate technical assistance.
Euro area Member States stand ready to provide experts to be integrated into the Task Force. The Eurogroup also welcomes the stronger on site-monitoring capacity by the Commission to work in close and continuous cooperation with the Greek government in order to assist the Troika in assessing the conformity of measures that will be taken by the Greek government, thereby ensuring the timely and full implementation of the programme.
The Eurogroup also welcomes Greece's intention to put in place a mechanism that allows better tracing and monitoring of the official borrowing and internally-generated funds destined to service Greece's debt by, under monitoring of the troika, paying an amount corresponding to the coming quarter's debt service directly to a segregated account of Greece's paying agent.
Finally, the Eurogroup in this context welcomes the intention of the Greek authorities to introduce over the next two months in the Greek legal framework a provision ensuring that priority is granted to debt servicing payments. This provision will be introduced in the Greek constitution as soon as possible.
The Eurogroup acknowledges the common understanding that has been reached between the Greek authorities and the private sector on the general terms of the PSI exchange offer, covering all private sector bondholders. This common understanding provides for a nominal haircut amounting to 53.5%. The Eurogroup considers that this agreement constitutes an appropriate basis for launching the invitation for the exchange to holders of Greek government bonds (PSI).
A successful PSI operation is a necessary condition for a successor programme. The Eurogroup looks forward to a high participation of private creditors in the debt exchange, which should deliver a significant positive contribution to Greece's debt sustainability.
The Eurogroup considers that the necessary elements are now in place for Member States to carry out the relevant national procedures to allow for the provision by EFSF of (i) a buy back scheme for Greek marketable debt instruments for Eurosystem monetary policy operations, (ii) the euro area's contribution to the PSI exercise, (iii) the repayment of accrued interest on Greek government bonds, and (iv) the residual (post PSI) financing for the second Greek adjustment programme, including the necessary financing for recapitalisation of Greek banks in case of financial stability concerns.
The Eurogroup takes note that the Eurosystem (ECB and NCBs) holdings of Greek government bonds have been held for public policy purposes. The Eurogroup takes note that the income generated by the Eurosystem holdings of Greek Government bonds will contribute to the profit of the ECB and of the NCBs. The ECB's profit will be disbursed to the NCBs, in line with the ECB's statutory profit distribution rules. The NCBs' profits will be disbursed to euro area Member States in line with the NCBs' statutory profit distribution rules.
- The Eurogroup has agreed that certain government revenues that emanate from the SMP profits disbursed by NCBs may be allocated by Member States to further improving the sustainability of Greece's public debt.
All Member States have agreed to an additional retroactive lowering of the interest rates of the Greek Loan Facility so that the margin amounts to 150 basis points. There will be no additional compensation for higher funding costs. This will bring down the debt-to-GDP ratio in 2020 by 2.8pp and lower financing needs by around 1.4 bn euro over the programme period. National procedures for the ratification of this amendment to the Greek Loan Facility Agreement need to be urgently initiated so that it can enter into force as soon as possible.
- Furthermore, governments of Member States where central banks currently hold Greek government bonds in their investment portfolio commit to pass on to Greece an amount equal to any future income accruing to their national central bank stemming from this portfolio until 2020. These income flows would be expected to help reducing the Greek debt ratio by 1.8pp by 2020 and are estimated to lower the financing needs over the programme period by approximately 1.8 bn euro.
The respective contributions from the private and the official sector should ensure that Greece's public debt ratio is brought on a downward path reaching 120.5% of GDP by 2020.
On this basis, and provided policy conditionality under the programme is met on an ongoing basis, the Eurogroup confirms that euro area Member States stand ready to provide, through the EFSF and with the expectation that the IMF will make a significant contribution, additional official programme of up to 130 bn euro until 2014.
It is understood that the disbursements for the PSI operation and the final decision to approve the guarantees for the second programme are subject to a successful PSI operation and confirmation, by the Eurogroup on the basis of an assessment by the Troika, of the legal implementation by Greece of the agreed prior actions. The official sector will decide on the precise amount of financial assistance to be provided in the context of the second Greek programme in early March, once the results of PSI are known and the prior actions have been implemented.
We reiterate our commitment to provide adequate support to Greece during the life of the programme and beyond until it has regained market access, provided that Greece fully complies with the requirements and objectives of the adjustment programme.
- Stato