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IMF Raises Referendum Stakes With Call for More Aid for Greece and Debt Relief
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The IMF's estimate of extra aid needed for Greece to meet the damage done in the first 6 months of 2015 is $60 billion euros ($66.6 billion). The additional aid required is because of the worsening of the economy under the Tsipras Syriza party administration in the first half of 2015, the collapse in the negotiations, loss of trust, the imposition of capital controls, closing of the banks, and the growing uncertainty created by the referendum of July 5, 2015 on the debt talks and membership in the European Union. This may leave Greece worse off than before, as the cost of the cuts at issue in the talks were significantly smaller, and the small gradual improvement in the economy under the Samaras administration in 2013-2014 has suffered a serious setback. This is an unfortunate setback as Greece was allowed the needed flexibility on the most important points of the percentage of surplus and dateline, and cuts in the public sector employees.
Greece's selective default on July 1, 2015 in its debt payment to the IMF
07/02/2015
Grouped Articles
Wall Street Journal 07/02/2015
IMF Raises Referendum Stakes With Call for More Aid for Greece and Debt Relief
Wall Street Journal 07/03/2015
How Tsipras reached his decision to call for a referendum, and the call for a "'no" vote that has damaged relations with the EU in June 2015
01/28/2013
During the last minute negotiations Tsipras veered from one side to the other. Initially he moved closer to Syriza party leaders who favored an accomodation with the IMF and EU, yet with each rejection of Greece's proposals he moved closer to the confrontational postiion of finance minister Varoufakis. The IMF and EU negotiators considered higher taxes on business in the Greek proposals hurting long term growth, and insisted on pension cuts. Greece's negotiating team was still negotiating over details when Tsipras called off talks and surprised European leaders with his call for a referendum. His announcement that Syriza would call for a no was badly received by EU leaders and Merkel, leading to a breakdown in trust. The inexperience of 40 year old Tsipras and the faculty professor Varoufakis's lack of experience with negotiations, may now have damaged relations between Greece and Germany. The reaction in Germany to this is that now a majority of Germans see Greece's exit from the eurozone as the best option, and the goodwill of leaders in France, Italy and Spain may have been lost.
Grouped Articles
How Alexis Tsipras’s Greek Referendum Call Came After Creditors Covered His Proposals in Red Ink
Wall Street Journal 06/29/2015
Greece Will Shut Banks in Fallout From Debt Crisis
New York Times 06/28/2015
Europe, Athens Battle for Greek Hearts and Minds Ahead of Referendum
Wall Street Journal 06/30/2015
With Loan Deadline Looming, Europe Offers Greece a Last-Minute Deal
New York Times 06/29/2015
Greece’s Future, and the Euro’s
New York Times 06/29/2015
Wall Street Journal 07/02/2015
Greece's agreement with the EU and the IMF in March 2014 which provides for 500 million euros to go to help austerity weary Greek citizens
03/18/2014
The agreement which will lead to release of 10 billion euros from the EU and IMF focusses on growth oriented steps, aid to homeless, government employees hit hardest, and boost to incomes. The negotiations took 7 months.
Grouped Articles
Greece Reaches Deal to Release Foreign Rescue Funds
New York Times 03/18/2014
Next Hurdle for Greece's Economy: Its Own Political Uncertainty
New York Times 10/13/2014
Greece’s new prime minister wants Germany to pay for Nazi war crimes - The Washington Post
Washington Post 01/26/2015
IMF Raises Referendum Stakes With Call for More Aid for Greece and Debt Relief
Wall Street Journal 07/03/2015
Mirage of Economic Turnaround Masked New Greek Crisis in the Making
Wall Street Journal 07/05/2015
The cost of extra aid estimated by the IMF for damage done to Greece's financial system and economy between Jan-July 2015
07/03/2015
The IMF's estimate of extra aid needed for Greece is 60 billion euros ($66.6 billion) to tackle the worsening in the economy and the financial system following the collapse in talks, the imposition of capital controls, closing of banks, and the uncertainty created by the announcement of the referendum on the spending cuts and membership in the eurozone.
Grouped Articles
IMF Raises Referendum Stakes With Call for More Aid for Greece and Debt Relief
Wall Street Journal 07/03/2015
Wall Street Journal 07/04/2015
Collapse of Greek Bailout Deal Brings Surprise Boost to German Coffers
Wall Street Journal 07/04/2015
Large Swaths of Greek Economy Seize Up Amid Fears, Capital Controls
Wall Street Journal 07/11/2015
Greek Shipping Industry Frets Over Higher Taxes
Wall Street Journal 07/13/2015
IMF Warns Eurozone That Greece Needs Far More Debt Relief
Wall Street Journal 07/15/2015
What Greece won in the negotiations and what Greece lost in the failure of talks with the EU, capital controls, closing of banks and the referendum on July 5, 2015
02/27/2015
Major concessions were won by Greece on the most important issues of the surplus, and the size of the public sector with high unemployment. Compromise was being reached on the value added taxes and age for getting pensions, next down the list. Next on the list were pension cuts which undoubtedly would hurt pensioners but in the larger picture of the economy would come after the size of the surplus and dateline, and the size of public sector. The size of these cuts is small compared to the cost of 60 billion euros from the damage done to the economy, and the alternatives for pensioners and the rest of the country. under bank closure. For the EU this was seen as part of pension reforms and for left leaning Syriza compromising on behalf of pensioners.
Linked Articles
IMF Raises Referendum Stakes With Call for More Aid for Greece and Debt Relief
Wall Street Journal 07/03/2015
New York Times 02/27/2015
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