Showing posts with label Greek Crisis. Show all posts
Showing posts with label Greek Crisis. Show all posts

Friday, July 21, 2017

The IMF Has Approved a $1.8 Billion Conditional Loan For Greece

Reuters
10:31 PM ET
The International Monetary Fund on Thursday approved in principle a $1.8 billion standby loan arrangement for Greece, making a conditional commitment to help underpin the country's long-running bailout program for the first time in two years.

But the IMF's approval-in-principle means the fund will not make any money available until after it receives "specific and credible assurances" from Greece's European lenders to ensure the country's debt sustainability.
The approval is also conditional on Greece keeping its economic reforms on track. The current bailout, Greece's third since 2010, is now shouldered exclusively by European institutions.

Thursday, July 20, 2017

Yes Greece Can


by Marcus Ashworth

Bloomberg

July 19, 2017 8:08 AM EDT
Greece's hopes of returning to the debt markets after a three-year absence have been held up by one of its main creditors, the International Monetary Fund.Under the strict conditions of its bailout, the country's debt burden is still too high to contemplate selling more debt, according to the IMF. But there is a compromise option, which Greece should pursue.The Hellenic Republic had been laying the groundwork to issue as much as 4 billion euros ($4.6 billion) in five-year bonds after repaying 6 billion euros of its existing debt this week. But the funds to pay down that debt came from the European Stability Mechanism, so Greece's overall debt hasn't been reduced, simply extended.The IMF's opposition to issuing new debt doesn't stop Greece from shuffling its debt stack by lengthening maturities.

Wednesday, July 19, 2017

Greek Bond Sale Is Said to Be Delayed by IMF Debt Cap Rule


By Viktoria Dendrinou  and Nikos Chrysoloras
19 Ιουλίου 2017, 12:43 π.μ. EEST 19 Ιουλίου 2017, 11:48 π.μ. EEST

Bloomberg

Greece’s much anticipated return to bond markets this week has been held off partly due to a ceiling set by the International Monetary Fund on the amount of debt the country can hold, according to three officials familiar with the matter who asked not to be identified as the talks are confidential.

How EU Reckons Greece Can Make a Successful Return to Markets

By REUTERSJULY 18, 2017, 10:51 A.M. E.D.T.
Continue reading the main storyShare This BRUSSELS — Greece's imminent return to markets will be a step towards a successful exit from its euro zone-funded bailout programme, but it will not be an overnight change.

The New York Times

The process, European Union officials say, will require a series of successful bond sales and the build-up of a "sizeable" cash buffer.

Euro zone creditors are keen to see Athens develop a strategy to tap the markets well before the end of its current 86-billion-euro financial aid programme, so that when the bailout expires in August 2018 the country will be more likely to stand on its own feet.

Thursday, July 13, 2017

EU Commission Says Greece Public Finances Back in Order

By REUTERS
JULY 12, 2017, 7:57 A.M. E.D.T.
The New York Times

BRUSSELS — Greece's fiscal position has improved and the European Union should end disciplinary procedures against it over its excessive deficit, the EU commission said on Wednesday, paving the way for the country to return to international bond markets.

EU fiscal rules oblige member states to keep their budget deficits below 3 percent of their economic output or face sanctions that could entail hefty fines, although so far no country has received a financial penalty.

Tuesday, July 11, 2017

Greece: Protest and fire break out at Lesbos migrant camp

By Associated Press July 10 at 10:19 AM

The Washington Post

ATHENS, Greece — Authorities on the Greek island of Lesbos say a fire has broken out at a large migrant camp following a protest at the site.

Police said no injuries were reported from Monday’s protest and that the fire believed to have been set deliberately at the Moria camp is still burning.

ESM Urges Greece to Ready Market Borrowing Strategy

By REUTERSJULY 10, 2017, 3:09 P.M. E.D.T.

The New York Times

BRUSSELS — Greece should develop a strategy for its return to market borrowing and raise private finance before its euro zone bailout programme ends in a year's time, the head of the European Stability Mechanism said on Monday.

Klaus Regling told reporters "Greece will not need that much borrowing from the markets in the future" once bailout funding via the ESM ends in August 2018. It would be required only to replace maturing debt, given Athens' predicted fiscal surpluses.

Friday, July 7, 2017

Britain Isn't Greece, Prime Minister

Enough austerity. The government can afford to raise spending where that would help the economy.
By The Editors
7 Ιουλίου 2017, 9:39 π.μ. EEST
Bloomberg
Britain’s government isn’t due to announce a new budget until the autumn, but debate is already raging over public-sector pay. With Brexit bearing down, the embattled prime minister, Theresa May, will have to choose between making another embarrassing U-turn and defending a policy that is both unpopular and unnecessary.

Sadly for May, the U-turn makes better sense.

Greece Aims to Complete Former Athens Airport Deal by December

By REUTERSJULY 6, 2017, 6:42 A.M. E.D.T.


The New York Times

THENS — Greece aims to complete a deal on the former Athens airport of Hellenikon by December, the country's privatisations agency Chairwoman Lila Tsitsogiannopoulou said on Thursday.

A consortium of Abu Dhabi and Chinese investors backed by conglomerate Fosun, led by Greece's Lamda, signed a deal in 2014 to develop the Hellenikon coastal area, one of Europe's biggest real estate development projects.

Thursday, June 29, 2017

Greece Gets Investor Thumbs Up on Possible Return to Bond Market

By Sotiris Nikas  and Anchalee Worrachate
29 Ιουνίου 2017, 5:04 π.μ. EEST
A new issuance in the second half looks increasingly possible
Government is in contact with investors to test the waters

Bloomberg

If Greece returns to the bond market this year, Mark Dowding would be a buyer.

“We have been bullish on Greece over the past year or so,” said the partner and portfolio manager at BlueBay Asset Management in London, which owns some long-dated Greek bonds. “We’ve also formed the view that lenders would remain committed to helping Greece. I feel relatively confident that Greece will be returning to market in the second half of this year.”

Greece eyes market return as debt dispute still simmering

The Washington Post

Derek Gatopoulos | AP June 28 at 11:12 AM

LAGONISSI, Greece — Greece is on target to tap bond markets for money again by the end of this year and exit its bailout program next summer, European creditors said Wednesday.

But a spat with the International Monetary Fund over how to deal with the country’s enormous debt showed no sign of being resolved swiftly.

Wednesday, June 28, 2017

Greece Says Needs to Step Up Privatisations

By REUTERSJUNE 28, 2017, 5:30 A.M. E.D.T.

The New York Times

ATHENS — Greece needs to step up its privatisation programme, deputy finance minister George Chouliarakis said on Wednesday.

Privatisations have been a main pillar of the country's international bailouts since 2010 but have reaped only 3.4 billion euros in revenues due to political resistance and red tape.

Monday, June 26, 2017

Prime Real Estate On Fire Sale -- In Greece

Forbes

Panos Mourdoukoutas ,   CONTRIBUTOR

A deep and prolonged economic contraction has placed prime real estate on fire sale in Greece, creating good opportunities for bargain hunters. But they may not last too long.

Buying prime real estate is all about good location and good timing. Good location is usually a place with a limited amount of land for development, like a city center or a waterfront. Good timing is a period when real estate in these places goes on fire sale due to catastrophic events or prolonged economic contractions.

Wednesday, June 21, 2017

Europe's Unserious Plan for Greece

The latest deal on debt won’t work, and everybody knows it.
By The Editors

21 Ιουνίου 2017, 9:00 π.μ. EEST


  • Grace periods come to an end. As interest rates creep up, Greece’s debt repayments will rise too. The perpetual primary surpluses creditors are demanding will squeeze the economy so hard that they’ll be self-defeating even in narrow fiscal terms.


Bloomberg

Monday, June 19, 2017

Greece’s Open Wound of Division

Nikos Konstandaras JUNE 16, 2017

The New York Times

ATHENS — Many Greeks were surprised when a mild-mannered former prime minister who tried to use unity and consensus to lead the country out of an economic and political impasse was seriously injured by a parcel bomb last month.

What followed was even worse: The attack was not greeted with unanimous condemnation, suggesting that Greece has a long way to go to heal divisions that were exacerbated by the economic crisis, that have shaped politics and that obstruct efforts to get Greece on its feet.

EU's Wieser-Hope Greece Can Tap Markets by Spring 2018: ORF

By REUTERSJUNE 17, 2017, 7:30 A.M. E.D.T.


The New York Times

VIENNA — Thomas Wieser, the EU official who runs preparations for Eurogroup meetings, hopes Greece will be able to tap international markets for money between autumn this year and spring 2018, he told ORF radio on Saturday.

Greece blocks EU statement on China human rights at U.N.

Sun Jun 18, 2017 | 5:43pm EDT

Reuters

By Robin Emmott and Angeliki Koutantou | BRUSSELS/ATHENS
Greece has blocked a European Union statement at the United Nations criticizing China's human rights record, a decision EU diplomats said undermined efforts to confront Beijing's crackdown on activists and dissidents.

The EU, which seeks to promote free speech and end capital punishment around the world, was due to make its statement last week at the U.N. Human Rights Council in Geneva, but failed to win the necessary agreement from all 28 EU states.

Thursday, June 15, 2017

Greece to Get Some Cash-And Some Idea of Future Debt Relief

By REUTERSJUNE 15, 2017, 8:54 A.M. E.D.T.
 The New York Times

LUXEMBOURG — Greece's international lenders prepared on Thursday to unblock as much as 8.5 billion euros (7.44 billion pounds) in loans that Athens desperately needs next month to pay its bills, and to give some idea of what debt relief they may offer over the long-term.

The chairman of euro zone finance ministers Jeroen Dijsselbloem told reporters the size of the payment to Athens would be discussed during the meeting, since lenders agreed that Greece had pushed through all the requested reforms.

Tuesday, June 13, 2017

ECB Said to Be Unlikely to Include Greece in QE in Coming Months

by Alessandro Speciale
13 Ιουνίου 2017, 2:00 π.μ. EEST

Bloomberg

The European Central Bank is unlikely to include Greek bonds in its asset-purchase program for the foreseeable future, a person familiar with the matter said, as European creditors aren’t prepared to offer substantially easier repayment terms on bailout loans to improve the nation’s debt outlook.

Monday, June 12, 2017

Greece puts faith in France to solve bailout impasse


The Washington Post

By Derek Gatopoulos | AP June 12 at 8:43 AM
ATHENS, Greece — France’s finance minister says Greece is on course to reach a crucial funding deal with bailout lenders this week.

“A new crisis on the Greek issue must be calmly avoided,” Bruno Le Maire said after meeting Monday with Greek Prime Minister Alexis Tsipras.

The French minister traveled to Athens ahead of a meeting in Luxembourg on Thursday of finance ministers from countries using the euro currency.