Showing posts with label IMF. Show all posts
Showing posts with label IMF. Show all posts

Tuesday, September 19, 2017

Greece Must Complete Most Pending Bailout Reforms by November-PM

By REUTERSSEPT. 18, 2017, 6:48 A.M. E.D.T.


The New York Times

ATHENS — Greece must complete most of the pending reforms agreed with its official creditors by November in order to speed up the conclusion of a key progress review and exit the bailout in time, Prime Minister Alexis Tsipras told his cabinet on Monday.

Greece's bailout progress is being reviewed by its lenders on a quarterly basis and the next review is expected to start in October. Tsipras has promised to make the country financially independent by 2018, when its third rescue programme expires.

The IMF Needs to Stop Torturing Greece

The fund should write down the country's debt, not demand another bank recapitalization.
By J. Kyle Bass

19 Σεπτεμβρίου 2017, 7:30 π.μ. EEST

“Beware of Greeks bearing gifts,” wrote the ancient Roman poet Virgil. In the 21st century, it’s the Greeks who should have been more careful about accepting offerings -- specifically from the International Monetary Fund, which is now torturing the country in a misguided effort to get its money back.

Greek officials have worked hard to shore up their economy and finances. From 2010 through 2016, the government achieved the all-but-impossible task of shrinking its primary budget deficit by nearly 18 percent of gross domestic product, and is finally in surplus. After a brutal contraction of almost 30 percent, the economy is exhibiting positive signs in almost every area -- industrial production, new automobile registrations, construction permits, tourist arrivals.

Thursday, September 14, 2017

Greek PM urges IMF to decide on bailout participation by end of year

George Georgiopoulos, Angeliki Koutantou
Reuters

ATHENS (Reuters) - The International Monetary Fund should decide whether it will fund Greece’s current bailout program by the end of the year and help Greece conclude a key bailout review on time, Prime Minister Alexis Tsipras said on Sunday.

Euro zone governments in June approved another 11th-hour credit line for Greece, worth nearly $10 billion, after the IMF said it would join the country’s current bailout, the third since 2010, in principle.

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.

Monday, July 10, 2017

Euro Zone Set to OK Release of Loans to Greece This Week-EU Official

By REUTERSJULY 6, 2017, 3:21 P.M. E.D.T.


The New York Times

BRUSSELS — Eurozone creditors are set to give their final go-ahead to the release of loans to Greece on Friday under a political agreement reached in June, a euro zone official said on Thursday.

Greece needs new loans under its current 86 billion euro (76 billion pounds) bailout programme, the third since 2010, to pay debt due this month.

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

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.

Wednesday, June 7, 2017

Greek Ruling Party Says IMF Debt Proposal Not Helpful in Impasse

By REUTERSJUNE 6, 2017, 10:12 A.M. E.D.T.

The New York Times

ATHENS — A proposal by IMF Chief Christine Lagarde offering a way out of Greece's debt impasse with its European lenders does not contribute towards reaching an "honourable solution," Greece's ruling Syriza party said on Tuesday.

Friday, June 2, 2017

Τα προβλήματα με την ελάφρυνση του χρέους

Μιράντα Ξαφά
Huffington Post

Μετά την κατ' αρχήν αποδοχή από την κυβέρνηση των μέτρων που ζητούν οι δανειστές για να κλείσει η δεύτερη αξιολόγηση, μόλις ψηφιστούν τα μέτρα προβλέπεται να ανοίξει η συζήτηση για το χρέος. Παρά το γεγονός ότι το θέμα αυτό συζητείται παρασκηνιακά μεταξύ Ευρωπαίων και ΔΝΤ εδώ και μήνες, λύση που να είναι πολιτικά αποδεκτή από όλους τους εμπλεκόμενους στη  διαπραγμάτευση δεν θα είναι εύκολο να βρεθεί. Μία πρόσφατη μελέτη τριών επιφανών οικονομολόγων εξηγεί γιατί.

Greece Seeks Debt Clarity as Creditors Resist Concessions

by Alessandro Speciale  and Viktoria Dendrinou
31 Μαΐου 2017, 6:27 μ.μ. EEST 1 Ιουνίου 2017, 1:12 μ.μ. EEST

Bloomberg

Greece may not be offered a substantially improved debt-relief package when euro-area finance ministers discuss its bailout in Luxembourg next month, officials directly involved in the negotiations said.

Euro-zone creditors are unlikely to commit to further details of measures beyond the extension of maturities in rescue loans that they discussed last week, the officials said, asking not to be named because the ongoing talks are private. Such a deal on its own might still not be enough to convince the European Central Bank to start buying Greek bonds, they said.

Thursday, May 25, 2017

No Greek debt relief needed if primary surplus above 3 percent/GDP for 20 years: paper

Wed May 24, 2017 | 9:24am EDT

Reuters

By Gernot Heller | BERLIN
Greece will not need any debt relief from euro zone governments if it keeps its primary surplus above 3 percent of GDP for 20 years, a confidential paper prepared by the euro zone bailout fund, the European Stability Mechanism (ESM), showed.

The paper, obtained by Reuters, was prepared for euro zone finance ministers and International Monetary Fund talks last Monday, which ended without an agreement due to diverging IMF and euro zone assumptions on future Greek growth and surpluses.

Wednesday, May 24, 2017

New deadline for Greece set after another stalemate

By Pan Pylas | AP May 23 at 8:26 AM

The Washington Post

BRUSSELS — Hopes for a breakthrough in negotiations for cash-strapped Greece were dashed again and another deadline was set.

Greece once again failed to get approval from its European creditors to receive the next batch of bailout loans that it needs to meet a debt repayment hump this summer. It also failed to secure an agreement on the sort of debt relief measures it can expect to get when its current bailout program ends next year.

Greece Has the Resources to Heal Itself

But it will have to curb tax evasion or remain an eternal ward of the euro zone.
By Leonid Bershidsky

Bloomberg

23 May 2017

The euro area's finance ministers again failed to come to an agreement on debt relief for Greece. No surprise there. Hammering out the details would force them to accept an uncomfortable reality: Greece won't be ready to tap private debt markets for years to come. In the meantime, if it wants to get off life support, it will have to find a way to cut tax evasion.

Monday, May 8, 2017

PM Tsipras says Greece has done its bit, now wants debt relief

Thu May 4, 2017 | 4:46pm EDT

Reuters

By Renee Maltezou | ATHENS
Prime Minister Alexis Tsipras called on Greece's international lenders on Thursday to reach an agreement on easing its debt burden by May 22, when euro zone finance ministers meet in Brussels to discuss the bailout progress.

Athens and its creditors reached a long-awaited deal this week on a series of bailout reforms Greece needs to unlock loans from its 86-billion euro rescue package, the country's third since in 2010.

Friday, May 5, 2017

PM Tsipras says Greece has done its bit, now wants debt relief

 Thu May 4, 2017 | 4:46pm EDT

Reuters

By Renee Maltezou | ATHENS
Prime Minister Alexis Tsipras called on Greece's international lenders on Thursday to reach an agreement on easing its debt burden by May 22, when euro zone finance ministers meet in Brussels to discuss the bailout progress.

Thursday, April 27, 2017

I.M.F. Torn Over Whether to Bail Out Greece Once Again

By LANDON THOMAS Jr.APRIL 21, 2017

The New York Times

WASHINGTON — As the International Monetary Fund approaches the seventh anniversary of the contentious Greek bailout, it is torn over whether to commit new loans to a nearly bankrupt Greece.

For more than a year, I.M.F. officials have been saying — loudly — that they cannot participate in a new rescue package for Greece unless Europe agrees to ease Greece’s onerous debt burden.

Friday, April 21, 2017

Greece Hits a Bailout Target. The IMF Is Not Convinced

by Sotiris Nikas
20 Απριλίου 2017, 10:19 π.μ. EEST

Bloomberg

Greece achieved a 2016 primary surplus almost seven times higher than its bailout target, but the International Monetary Fund is skeptical the country can sustain that performance.

The Hellenic Statistical Authority is set on Friday to unveil data on last year’s primary surplus, which Eurostat is expected to validate on Monday. The surplus will be close to 4 percent of gross domestic product, according to a finance ministry official who asked not to be identified in line with policy. The bailout target was for a primary surplus of 0.5 percent of GDP.

Wednesday, March 29, 2017

UPDATE 1-Lenders do not confirm preliminary deal on Greek bailout


Reuters

Wed Mar 29, 2017 | 7:03am EDT

Greece's lenders on Wednesday could not confirm what sources said was a preliminary deal on open issues of the country's bailout and said possible debt relief measures will be decided only at the end of the financial aid programme, contrary to Athens' will.

Negotiations between Greece, the European Union and the International Monetary Fund - which has yet to decide if it will participate in Greece's current bailout - have dragged on for months, rekindling fears of a new financial crisis in the euro zone.

Monday, March 6, 2017

Greece's fiscal targets should be eased to help growth, central bank chief says

Sat Mar 4, 2017 | 9:17am EST

Reuters

Greece's international lenders should lower the country's fiscal targets from 2021 onwards to help boost its growth potential, central bank governor Yannis Stournaras said on Saturday.

Stournaras told an economic forum in Delphi that primary surplus targets - excluding debt servicing costs - should be lowered to 2 percent of gross domestic product (GDP) from 2021 onwards from 3.5 percent that is now envisaged.

Thursday, February 16, 2017

EU Sends Envoy to Salvage Greece Deal as February Date Looms


by Eleni Chrepa  and Marcus Bensasson
15 February 2017, 2:00 π.μ.

Greece and its creditors are intensifying efforts to complete a stalled review of the nation’s bailout that would unlock much-needed aid before more than 6 billion euros ($6.3 billion) in obligations come due in July.

EU Commissioner for Economic Affairs Pierre Moscovici met with Greek Prime Minister Alexis Tsipras and Finance Minister Euclid Tsakalotos in Athens Wednesday to try to reconcile differences over what reforms are needed to stabilize the country’s economy. European rescue monitors had wanted a deal reached by Feb. 20 when euro-area finance ministers gather in Brussels.