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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 25 October 2012 [View all]xchrom
(108,903 posts)39. 'Euro-Zone Plans to Fix Greece Have Failed'
http://www.spiegel.de/international/europe/mixed-messages-from-greece-and-eu-on-two-year-austerity-delay-a-863353.html
What is going on in the never-ending negotiations between Greece and its international creditors? That depends largely on who you ask. If you ask Greek Finance Minister Yannis Stournaras, Athens on Wednesday was given an additional two years to reach its budgetary target of reducing new lending below the EU-mandated maximum of 3 percent. Instead of 2014, Greece would have a new deadline of 2016.
If you ask German Finance Minister Wolfgang Schäuble and other major creditors, however, such a delay has in no way been finalized. "I cannot confirm that," said Schäuble on Wednesday when asked about Stournaras' claim, delivered in a speech before the Greek parliament. He insisted, again, that no decisions would be made until the completion of a report currently being assembled by the troika, made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF).
A spokesperson for the IMF also said that no final decision had been made on granting an extra two years to Athens for making necessary budget cuts.
The problem is, though, that it is becoming increasingly difficult to believe the denials. European newspapers on Wednesday were full of reports that a draft "Memorandum of Understanding" included the two-year delay. Furthermore, Germany's business daily Handelsblatt, citing an unnamed senior euro-zone source, reported that Greece would need an additional 16 billion to 20 billion in aid. The sum was consistent with previous reports, including one in SPIEGEL in late September, on how much a two-year delay might cost.
What is going on in the never-ending negotiations between Greece and its international creditors? That depends largely on who you ask. If you ask Greek Finance Minister Yannis Stournaras, Athens on Wednesday was given an additional two years to reach its budgetary target of reducing new lending below the EU-mandated maximum of 3 percent. Instead of 2014, Greece would have a new deadline of 2016.
If you ask German Finance Minister Wolfgang Schäuble and other major creditors, however, such a delay has in no way been finalized. "I cannot confirm that," said Schäuble on Wednesday when asked about Stournaras' claim, delivered in a speech before the Greek parliament. He insisted, again, that no decisions would be made until the completion of a report currently being assembled by the troika, made up of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF).
A spokesperson for the IMF also said that no final decision had been made on granting an extra two years to Athens for making necessary budget cuts.
The problem is, though, that it is becoming increasingly difficult to believe the denials. European newspapers on Wednesday were full of reports that a draft "Memorandum of Understanding" included the two-year delay. Furthermore, Germany's business daily Handelsblatt, citing an unnamed senior euro-zone source, reported that Greece would need an additional 16 billion to 20 billion in aid. The sum was consistent with previous reports, including one in SPIEGEL in late September, on how much a two-year delay might cost.
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