Friday, February 20, 2015

Greece: point-to-debt deal – Liberation

Greece: point-to-debt deal – Liberation

An agreement was finally reached Friday between representatives of the eurozone and Athens on the extension of Greece’s financing program after intense negotiations in Brussels. “There is an agreement on a text,” have announced two European sources, after a Eurogroup meeting, the third in ten days. The Vice-President of the European Commission in charge of the Euro, Valdis Dombrovskis, confirmed via Twitter, stating that Athens must present “a complete list of reform measures” .

Virtuous. Obtained the price of new concessions from Athens, this compromise would ensure the financial survival of Greece for four months ahead and held in the euro area.

The decor of the room that is played for a few days between Greece and the countries of the euro area, which resulted occasioned an ultimate arm iron, is now well planted. On the one hand, a Greek government that the height of the legitimacy acquired through the ballot box, stuck out his chest, saying that Europe would see what she was going to see – a killing of fiscal adjustment policies and new balance of power with the dominant powers of Europe at the forefront of which Germany, considered the mastermind of austéritaires policies inflicted on the Greeks.

On the other, countries the predominantly carried eurozone by Germany, virtuous student in the Europe class, saying “nein” a hundred times “nein” at the Athens requirements. Totally irreconcilable initially positions have therefore ended up closer.

On the Greek side, the government made an important first step on Thursday by agreeing to apply for a “extension” financial assistance agreement that the euro area to accept the summoned before the end of the week in exchange for the continued payment of 240 billion euro loan. Athens said he also prepared to accept the “supervision” of the EU, ECB and IMF, and pledged to refrain from “unilateral action “ that would undermine its budgetary targets. The surrender was, however, not complete, puisqu’Athènes always demanded a certain “flexibility” allowing him to return to the most painful austerity measures.

An ambiguous request in the form of “Trojan horse” first held in Germany, leaving a “immense freedom of interpretation” and guaranteed nothing Athens comply with the conditions of its existing loans. After initially curtly rejected the Greek request, Germany has tempered its position on Friday. The Greek request “is not yet sufficient,” in the morning explained a spokesman for Angela Merkel, but must be “the starting point for further discussions” . The hope of an agreement reborn.

“On Track”. To reach a compromise, intense negotiations took place before the Eurogroup meeting that would start with more than three hours late. Mediation was conducted by the eurozone, the IMF and the European Commission with the German and Greek finance ministers, Wolfgang Schäuble and Yanis Varoufakis, whose enmity is palpable. Discussions are “complicated ,” admitted the boss journéee Eurogroup Jeroen Dijsselbloem the crestfallen. “There are reasons to be optimistic, but it is very difficult” , while Greece’s financing program was to expire in a week.

Athens So now until Monday to send a list of measures implemented by the end of the international aid plan. This project “includes elements that should clarify” its commitments according to a source.

Athens has agreed to go much further than it intended to early negotiations, which started there ten days. “We advance” tweeted late afternoon the Commissioner for Economic Affairs, Pierre Moscovici.

By Vittorio de Filippis


No comments:

Post a Comment