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Eurozone Gives Greece Some Debt Relief as Bailout Nears End
Keywords:
Greece's Third Bailout program in 2017- progress made and the path ahead with IMF involvement
06/15/2017
Grouped Articles
Latest Greece bailout tranche approved, will include IMF buffer | News | DW | 15.06.2017
DW.COM 06/15/2017
Eurozone Gives Greece Some Debt Relief as Bailout Nears End
WSJ 06/22/2018
Germany's total exposure to Greece in 2015 estimated at 90.6 billion euros in 2015, of which 53.4 billion euros in loans are not repayable till 2020 and 2024
07/06/2015
Standard & Poors estimate of the total exposure of Germany to Greece is about 90.6 billion euros. Since the bulk of this or 53.4 billion euros under bilateral and EFSF loans that do not begin repayment under 2 programs till 2020 and 2024 the losses are seen as manageable. This say experts could be covered by normal fiscal revenues over several years without having to raise taxes. This strengthens Angela Merkel's hand in any negotiations with Greece following the "no" vote in Greece on July 5, 2015.
Grouped Articles
Germany Has a Lot to Lose in a Greek Euro Exit
Wall Street Journal 07/06/2015
Merkel’s German Critics Say Greek Bailout Was Doomed From Start
Wall Street Journal 07/08/2015
Economist 07/19/2015
Eurozone Gives Greece Some Debt Relief as Bailout Nears End
WSJ 06/22/2018
Why most of the bailout loans to Greece actually go back to creditors as interest on debt
06/30/2011
Two thirds of the $177 billion in bailout loans to Greece since May 2010 from the IMF, ECB and EC actually went back to these creditors. The money route was setup in circular fashion with escrow accounts in Athens so that the money went right back as interest payments on debt.
Grouped Articles
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Past Rifts Over Greece Cloud Talks on Rescue
Wall Street Journal 10/07/2013
IMF Warns Eurozone That Greece Needs Far More Debt Relief
Wall Street Journal 07/15/2015
Personalities Clashing Over How to Handle New Greek Bailout
New York Times 07/23/2015
Greece in 2018- three years after the Third Bailout program of 2015
06/25/2018
Grouped Articles
Eurozone Gives Greece Some Debt Relief as Bailout Nears End
WSJ 06/22/2018
Kenneth Rogoff and Jeremy Bulow on Greece's financial crisis 2010-2015 and the situation in July 2015
07/07/2015
Kenneth Rogoff of Harvard is one of the leading experts on financial crises, and is the author with Carmen Reinhardt of the quantitative history of financial crises in various forms worldwide, including excellent chapters on crisis detection and prevention, titled "This Time is Different," (2009). Bulow is professor of Economics at Stanford. Rogoff and Bulow say the debt restructuring is not the problem as this could be renegotiated later, and it is financed with loans from the EU for interest at low interest rates, as pointed out by other experts including Greece's finance minister during the Samaras administration 2012-2014. They point out that Greece without eurozone net new loans and aid of 80 billion euros during the period 2010-2013 would have had to make larger cuts. Greece received income transfers from European neighbors to run a 3% deficit in the budget, and receives additional 2% in EU aid transfers, for a total of 5% in income transfers under the deal offreed to Greece in June 2015, say Rogoff and Bulow. Without this it would be much worse off. This is clearly not the narrative in the Greece referendum, and does not reflect the situation say Rogoff and Bulow, where Greece has to come up with its own budget solutions and choices- which inevitably under any party including Syriza involve serious cuts and hard choices. Rogoff and Bulow do not comment on the criticism that the IMF and EU may have pushed too hard to have Greece bring the deficit down to 3% in a short period, damaging the political credibility of the main centre right and centre left parties. The IMF appears to have corrected this by 2013 pushing for growth and asking for flexibility for France, Spain, in meeting deficit targets. At various points the IMF has pushed harder for change in Greece for long term reforms in areas such as tax evasion where very little progress has been made to collect about 11 billion euros a year of missing revenues, and pension reforms, which may have inadvertently hurt the position of the centre right gover
Grouped Articles
A Grecian Formula for Courting Disaster
Wall Street Journal 07/07/2015
Will Trump herald a US economic boom?
The Guardian 12/07/2016
Eurozone Gives Greece Some Debt Relief as Bailout Nears End
WSJ 06/22/2018
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