Monday, June 22, 2015

Greece crisis: Tsipras proposals are only a step in the right … – Neue Zürcher Zeitung

After the morning optimism had prevailed, the crisis meeting of finance ministers has brought no solution. The leaders of the euro area countries have also made no substantial progress: The marathon negotiations continues.

dba. / TSF. / Cts. / Agencies The Euro Summit of Heads of State and Government is over. Finally said the head of the euro zone, Jeroen Dijsselbloem, hard work are at the Greece negotiations necessary in the coming hours. That no agreement was reached, was beforehand in the air. So said the German Chancellor Angela Merkel that they do not expect decisions at the special summit of euro area countries to the Greek crisis. Since there is no basis for making decisions vorliege, “this can now only a & lt; Consultancy Summit & gt; be, “she said on arrival at Brussels on Monday evening.

agreement on the primary surplus achieved

At the emergency summit of euro leaders a point of contention has been at least be out of the way. So there should be an agreement on the Greek budgetary targets for the coming years, according to informed individuals. The diplomats reported on sidelines of the meeting in Brussels and Athens government circles unanimously on Monday evening. The so-called primary surplus, interest payments and redemptions will be hidden in the should, in the current year amount to 1% of economic output and 2% in the coming year. The primary surplus is an important factor in the renovation budget. . The understanding of these values ​​had previously signed

People on the street

Once it does not look in Brussels for a solution, in Athens, people have given a clear vote: Several thousands of Greeks demonstrated on Monday evening in the Greek capital to remain in the country in the euro area.

The people waved flags of Greece and the EU. They demanded that the government under Prime Minister Alexis Tsipras agreed with the partners and creditors to ensure that Greece can keep the euro as its currency.



On Thursday it goes into extra

Before that, been completed, the special meeting of euro zone finance ministers to Greece without conclusive result in the afternoon. The Finnish Finance Minister Alexander Stubb announced on Twitter: “Euro Group ends. The work will be continued. “The Finanzmnister will meet again on Thursday. The institutions would now evaluate the proposals, Stubb continued writing in his tweet. Euro group chief Jeroen Dijsselbloem concluded a “final evaluation” from as early as Monday. Even European Commission President Jean-Claude Juncker said he is confident that there will be an agreement on Greece this week.



The time is not enough

Nevertheless, the Greek proposals for reform of the Euro Group has been perceived as a positive step, as Dijsselbloem said in Brussels on Monday. However, the proposals had been submitted too late to be examined in detail.

Therefore, a lot still had work Dijsselbloem said after the meeting of euro zone finance ministers. The institutions and Greece would start in the afternoon to work on the proposals. An agreement this week, it should be possible Dijsselbloem said. He hoped for a more Euro-group meeting this week. EU Monetary Affairs Commissioner Pierre Moscovici called the Greek proposals as “good basis”.



Several versions of Athens

problems, there should be, because Athens has sent two different proposals in a matter of hours to Brussels. Dijsselbloem confirmed that a proposal from the Greeks Sunday evening and a second came in the early hours on Monday. However, both are very similar.

Austrian Finance Minister Hans Jörg Schelling appeared upset about the different versions from Athens. He also took positive note that “the essential points clear of Greece accepted” have been.



Skeptical voices pile up

German Chancellor Angela Merkel has the expectation of a speedy resolution steamed in Greek debt dispute. But there remained a few days time, Merkel said on Monday before a crisis summit of the euro countries in Brussels. Ever many skeptical voices were heard that warned against exaggerated optimism. In a nutshell, it brought the German Finance Minister Wolfgang Schäuble. The recent proposals of the Greeks contained nothing really new

US calls for compromise

The US government calls on both sides to give in. According to information from Washington underscored US Treasury Secretary Jacob Lew on Monday in a telephone conversation with Greek Prime Minister Alexis Tsipras that Athens urgently needs a “serious step” companies to achieve a “pragmatic compromise” with its creditors.

In turn, the leaders in the euro zone would have to be willing to “their share” to afford. There were indications that Lew had telephoned on Sunday with Dijsselbloem. While Athens immediately needed “comprehensive reform” agree, the Euro Group is called upon to support Greece in the return to growth and sustainable public finances.



ECB intervenes

The European Central Bank (ECB) has, according to informed sources, the emergency loans for Greek banks again increased markedly, making yet possible solely money payments by the Institute. The so-called ELA loans (“Emergency Liquidity Assistance”) had been raised to € 87.8 billion, the Bloomberg news agency reported on Monday, citing people familiar with the matter. Last Wednesday, the loans were not extended to € 84.1 billion. However, the ECB had probably lifted the frame also on Friday.

Within the next 24 hours, the level of emergency loans should be re-examined by the ECB, it said. The situation of the banks in Greece is becoming increasingly serious. Because due to the uncertain future of the danger of being bankrupt country grant citizens and businesses empty their accounts. You transfer the money partly abroad or trying to keep their cash safely at all times.

ECB chief Mario Draghi assured in the words of a Greek government representative Prime Minister Alexis Tsipras, the Greek banking system would be protected as long as the land holding at the utility.

Significant price gains on the stock markets

On the stock markets, there is confidence. In Europe, concluded, among other things, the German DAX index with the largest daily gain in more than three years (+ 3.8%) and the Swiss SMI is started with advances in the week (+ 1.8%). Even more than 9%, the stock market has risen in Athens.

declined, however, were the yields on Greek bonds. At the Greek bond market melted down risk premiums. Government bonds with two-year maturity were yielding in the morning with 24.1% and thus 3.4 percentage points lower than on Friday. The yield on ten-year bonds fell by 1.15 points to 10.9%. The price of insurance to a failure of Greek government bonds (CDS) also fell noticeably.

The Greek banking index even rose by 15.7%. The Greek banks have experienced over the weekend again strong outflows of funds by worried savers. Nevertheless, the institutions have reopened on Monday.

However, until it is clear whether and how to come to Greece and the other countries closer, it will still take a while. The meeting of heads of state is scheduled only for the evening. But

Regardless of the solution go different market observers from a reduced risk of infection.

Key data in Greece drama

22nd June: meeting of finance ministers of the euro countries (Euro-group) at 12.30 clock, to prepare for a special meeting of Heads of State and Government of the euro area by 19 clock

25/26.. June: Regular EU summit. According to previous information too late for a Greek deal because after the political agreement, a number of process steps are still needed.

30th June: European part of the current second utility runs without contrary decision from forfeited standing by aid money

30.. June: Greek repayment to the International Monetary Fund (IMF) the equivalent of € 1.5 billion will be charged. It is questionable whether Athens this payment without external help will be able to afford.

. 13 July: July meeting of the Euro Group

13.. July: Greek repayment of around € 460 million to the IMF is due

20.. July: Greek government bonds of almost € 3.5 billion are due, which are for a purchase program held by the European Central Bank (ECB)

1.. August: Greek repayment to the IMF of around € 180 million is due

20.. August: held by the ECB Greek bonds of almost € 3.2 billion to be repaid

From June to August 2 billion € of debt interest also will include due.. Ht.

The time that remains for an agreement in the Greek crisis by the end of June , melts away. The government blows domestic and foreign policy, a strong wind in the face. Nevertheless, to bring a solution at the last minute a negotiating marathon. Display all pictures

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