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 eurozone bailout programme finally ends
eurozone bailout programme finally ends

Today marks an important milestone for the eurozone as the Greek bailout finally comes to an end, the last country to receive emergency loans in the wake of Europe's financial crisis.See related Angela Merkel and Emmanuel Macron ‘open new eurozone chapter’ Is this the end of austerity?Is it safe to travel to Greece?Greece will exit its third bailout programme today having borrowed more than €288 billion, the biggest bailout in global financial history, over eight years.Now, the country’s creditors believe Greece is able to stand on its own two feet.Greece, Ireland, Portugal, Spain and Cyprus all received huge loans in the years following the crash, and “at the most intense points of the crisis there were genuine doubts about whether the eurozone would survive, or at the very least whether

imf needs more realism in eurozone assumptions on greece | business

The International Monetary Fund needs to see more realistic eurozone assumptions about Greece's economy and more detail on planned debt relief measures to join a bailout, IMF's European Department head Poul Thomsen said.Thomsen said the IMF and Greece's eurozone lenders made progress in talks on Monday, but were not yet quite there."We still think there is a need for more realism in assumptions and more specificity," Thomsen said on Tuesday.The eurozone and the IMF agreed on Monday that Greece would have to keep a primary surplus – the budget balance before debt servicing – at 3.5 percent of GDP for five years after the bailout ends in 2018.But officials said the size of the surplus afterwards was still under discussion and there were also differences on economic growth assumptions, especi

merkel welcomes end of bailout programme, says its impact will continue

German Chancellor Angela Merkel told a news conference that 20 August – when Greece’s bailout programme ends – is “an important day”, but she also underlined that the impact of the programme on Greece will not end on that date.
Merkel said that the fact that Greece has been given decades to pay off its debt is proof of trust.
At the same time, she categorically rejected reports that a VAT tax discount on five Aegean islands is linked to the agreement between Athens and Berlin on handling migration.We must bring two things into balance. On the one hand is how long we will wait for the repayment of certain aid funding, and on the other hand there is the fact that we must continue for a certain period to express our expectations on issues such as the primary surplus,” Merkel said.“If Greece

eurozone to decide in june measures to help greece end bailout, says centeno | b

Eurozone finance ministers will decide next month on the future steps to help Greece successfully end its current bailout program, the chairman of the Eurogroup said on Friday after a meeting in Sofia.“The Eurogroup will decide in June all the elements that can help facilitate the Greek exit from the bailout programmed,” which ends in August, Mario Centeno told a news conference.He said Greece did not intend to ask for a precautionary credit line and said ministers discussed the European Commission’s proposal for enhanced surveillance of Greece after the end of the bailout program. [Reuters] 

merkel: effects of greek bailout will extend beyond august | news

German Chancellor Angela Merkel said on Friday the effects of Greece’s bailout package would not end on the day that the program itself ends.Eurogroup chairman Mario Centeno said last week that eurozone countries were set to disburse a final 15 billion euro ($17.48 billion) bailout loan to Greece in August.“It will be an important day in August when this program ends but the ongoing effects of this program won’t end on that day,” Merkel told a news conference. [Reuters]

greece won't renege on privatizations after bailout ends, says state fund ceo |

Greece won’t backtrack on its privatization plan after its bailout ends and expects state companies to submit plans by April to make themselves more competitive, the head of its state assets fund said.Greece, whose bailout ends in August, has agreed with lenders to raise another 3 billion euros ($3.7 billion) by 2019 from state asset sales and has promised to launch stake sales in Athens International Airport (AIA), gas company DEPA and oil refiner Hellenic Petroleum by next month.Privatizations have been a pillar of the country’s three bailouts since 2010, when its debt crisis exploded. But they have raised proceeds of just 5 billion euros, rather than a targeted 50 billion euros, mainly due to the crisis, political and union resistance and bureaucracy.Rania Ekaterinari told Reuters that

dijsselbloem says decision on greek bailout soon | news

The eurozone’s top official has said a decision on whether Greece has done enough to get its hands on the next batch of rescue money that it’s due from its bailout program could emerge later Monday.However, Jeroen Dijsselbloem sought to downplay expectations that a debt relief package for the cash-strapped country is imminent.Speaking ahead of a meeting of the eurozone’s 19 finance ministers, Dijsselbloem said if "all goes well," then a deal about the disbursement can be secured.Under the terms of the Greek bailout program, the country has to enact a series of economic reforms in order to get the bailout cash. Its creditors in the eurozone also said they would offer the prospect of debt relief if the country meets its side of the bargain."I expect, and [am] working on a deal today but it w

european commission: greece will not need fourth bailout

The European Commission does not believe that Greece will require a fourth programme of loan assistance, according to Guenther Oettinger, the European Commissioner for Budget and Human Resources.“We believe the Greeks will return to the market in the immediate future,” Oettinger said.The competent Commissioner’s remarks came straight on the heels of a statement by European Central Bank Governor Mario Draghi, who said that it is up to Greece to decide, in accordance with the needs of the economy, whether it will request a fourth bailout.The government has insisted that the end of the current programme in August will mark the end of Greece’s subjection to bailout memorandums, though fiscal discipline will be constant.In the event that Greece requires funding, it must be able to turn to the m

debt deal gives clarity to markets, tsakalotos says | news

Greece’s finance minister says financial markets now have “much greater clarity” about the future of Greece’s debts, which will help the country regain market access when its current bailout program ends next year.Speaking after a meeting of the eurozone’s 19 finance ministers, Euclid Tsakalots said the country can “look forward with much greater confidence.”As well as securing 8.5 billion euros ($9.5 billion) in bailout funds, which will help Greece meet a big summer repayment, Tsakalotos won a promise on future measures to ease the country’s debt burden and possible IMF financial involvement in the coming year.Greece has relied on bailout money for seven years and hopes that it will be able to stand on its own feet when the bailout ends.Tsakalotos said one big benefit from the deal Thurs

credit rating agencies weigh in on post-bailout era

Thursday, July 05, 2018
SearchEnglishΕλληνικάIn the long term the debt issue appears more uncertain for Morgan Stanley, as the key is a high and sustainable growth rateThursday, July 05, 2018With the yield of Greek 10-year bonds having receded to under four percent (3.96%) and with the seven-year bond at 3.49% on the market, analysts and economists are reviewing the data concerning the post-bailout period, starting in late August.On the positive side, they expect more upgrades of the Greek economy, but with the Greek debt remaining in the junk category. Despite the upgrade by S&P, Greek bonds are four notches away from investment grade.For Morgan Stanley, there is a window of opportunity for including Greece in the QE (quantitative easing) programme, as the ECB could choose to do thi

eurozone looks to final stages of greek bailout | news

Spain's Finance Minister Luis de Guindos (l), and Germany's acting Finance Minister Peter Altmaier (c), talk with Greece's Finance Minister Euclid Tsakalotos during a Eurogroup finance ministers meeting at the EU Council in Brussels on Monday.
Key eurozone leaders say Greece is expected to pass the latest review of its bailout program, putting it on track to emerge from its eight-year rescue this summer.Top officials of the 19-nation eurozone said there was little doubt that Greece would get the green light on its review at Monday’s meeting of finance ministers.EU Financial Affairs Commissioner Pierre Moscovici said that once the review is completed, the eurozone should prepare for "a successful conclusion, which means Greece being back as a normal member of the eurozone and the final si

greece says decisions on new bond issue after next week's eurogroup | business

The Greek government could discuss the timing of a possible new bond issue after next week’s meeting of eurozone finance ministers which is expected to decide on debt relief measures for Athens, the economy minister said.Heavily indebted Greece, shut out of bond markets in 2010, has gone to the markets twice over the last 12 months in a bid to build a cash buffer that could reassure investors after its third bailout program ends in August.“All our efforts are focused on the Eurogroup of the 21st (of June) where we expect to have an agreement on debt relief,” Greece’s Alternate Minister of Economy and Development, Alexis Charitsis, told a news conference on Wednesday in Brussels.Asked whether Greece could issue new bonds before the end of its bailout program, he said: “Any other discussions

eurozone sees no risk of berlin derailing greek bailout | business

Greece’s bailout program will proceed as planned, eurozone financial leaders said Monday, shrugging off concerns that the new German government may harden its stance on the aid plan and debt relief for Athens.After German elections in September, Chancellor Angela Merkel’s center-right party will start talks next week to form a coalition government with the Greens and the pro-business Free Democrats (FDP), whose leader has criticized outgoing Finance Minister Wolfgang Schaeuble for not being tough enough on Greece.The head of eurozone finance ministers, Jeroen Dijsselbloem, said the agreement on the Greek 86-billion-euro bailout was “solid” and could not be changed by new governments. “Individual elections in individual countries cannot change the program,” Dijsselbloem told reporters on hi

greece won’t last in eurozone in long-run, says bavarian finmin | news

Greece will not last in the eurozone in the long run and officials working on a review of its bailout package should prepare for such a possibility, a senior member of the Bavarian sister party of Chancellor Angela Merkel’s conservatives said.Greece has lost a quarter of its national output since it first sought financial aid in 2010. Its current bailout package is the third in seven years.“Greece is unlikely to survive in the eurozone over the long term,” Bavarian Finance Minister Markus Soeder told the Handelsblatt newspaper in an interview published on Tuesday.Soeder urged officials working on the bailout review to develop a “Plan B” or alternative plan.“We’ll see if Greece meets the conditions. I’m very skeptical,” Soeder said, adding that the participation of the International Monetar

eurogroup chief says greece ready to take charge post-bailout | business

Greece has corrected many of the structural imbalances that made it a "special case" within the euro zone, and is ready to take charge of its economic decisions when its bailout ends in August, the chairman of the group of finance ministers of the eurozone said on Monday."Greece is a different country today," Mario Centeno told a conference in Lisbon."Greece has the conditions to take on its own hands the process of its economic and social development, within the euro framework, and can always count on European solidarity if it sticks to the path of internal responsibility." [Reuters]

imf on board for greek bailout, says slovak finance minister | business

It looks like the International Monetary Fund (IMF) will take part in the financing of Greece's third bailout, Slovakia's finance minister Peter Kazimir said at the EBRD's annual meeting in Nicosia on Wednesday."It seems to me that yes, finally [the IMF will provide funding to Greece]. We have to congratulate Christine Lagarde that she managed to convince the IMF," he said."This amount is not important, [but] it is really symbolic. Technically the IMF must be on board," he added.The eurozone has always said it would only consider debt relief for Greece after 2018, Kazimir said. [Reuters]

schaeuble sees deal on greece in 'some days' | news

Greece and its lenders are likely to reach a deal on reforms in exchange for loans in "some days," German finance minister Wolfgang Schaeuble said, adding eurozone ministers might agree on a common set of economic forecasts for Athens on Friday.Diverging views among lenders on the level of primary surplus Greece is likely to achieve and maintain from 2018 was one of the main reasons holding up an agreement on the reforms Athens needs to implement to get new cheap loans from the eurozone.Institutions representing eurozone governments believe Greece will keep a 3.5 percent surplus also in 2019, but the International Monetary Fund, which eurozone governments want to join the bailout for credibility reasons, was skeptical."It is true that the IMF was always a little bit too pessimistic in rece

greek pm says declining bond yields will help athens return to markets | news

Greek Prime Minister Alexis Tsipras told a cabinet meeting on Wednesday he expects government bonds yields to continue to fall, helping the country's plans to return to bond markets."I expect that in the coming period the downward path of [government bond] yields will continue so that very soon we will have the ability to make our first test-exit to the markets on good terms," he told ministers.Tsipras said eurozone finance ministers at the Eurogroup meeting of June 15 had agreed to support Greece's return to markets so that it will be able to refinance its debt once the bailout ends in August 2018.Eurozone governments threw Athens another 11th-hour credit lifeline on Thursday worth $9.5 billion and sketched new detail on possible debt relief as the IMF finally offered to help out after tw

greece remains an economic pariah | business

The impact of the crisis remains strong on the Greek economy despite the upcoming expiry of the bailout program, with European Central Bank data showing that Greece had the lowest growth rate in the eurozone in 2017, among the lowest gross domestic product per capita, and negative credit expansion and savings rates.According to the ECB’s annual report on the eurozone economy, the only sector where Greece fared well was the fiscal one, thanks to the excessive primary surpluses brought on by the bailout agreement and the policy choice of excessive taxation.GDP increased just 1.4 percent last year, against a eurozone average rate of 2.3 percent, meaning that Greece missed the chance of tapping into the bloc’s growth momentum after a long recession. The country’s failure to ride the wave of gr

merkel says bailout period is over

German Chancellor Angela Merkel stated on Friday that the period of bailout programs is over in the eurozone after Greece’s progress. 

greece won’t last in eurozone in long-run, says bavarian finmin | news

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Greece won’t last in eurozone in long-run, says Bavarian FinMinTAGS:Politics, Economy, EuroGreece will not last in the eurozone in the long run and officials working on a review of its bailout package should prepare for such a possibility, a senior member of the Bavarian sister party of Chancellor Angela Merkel’s conservatives said.Greece has lost a quarter of its national output since it first sought financial aid in 2010. Its current bailout package is the third in seven years.“Greece is unlikely to survive in the eurozone over the long term,” Bavarian Finance Minister Markus Soeder told the Handelsblatt newspaper in an interview published on Tuesday.Soeder urge

document stipulates strict post-bailout framework | business

A document setting out Greece’s post-bailout commitments seen by Kathimerini stipulates that the country will be obliged to meet strict fiscal targets and continue implementing economic reforms that were agreed during the bailout years. Confirmation of the enhanced supervision that Greece will face once it emerges from its third international bailout in late August came as German Chancellor Angela Merkel said she hoped Thursday’s scheduled summit of eurozone finance ministers would mark the “final step” before Greece’s exit. Speaking during a joint press conference with French President Emmanuel Macron at Meseberg castle, near Berlin, Merkel said Greece’s exit will be an auspicious moment for measures to be taken to fortify the eurozone given that no euro area country will be committed to

greece to get last bailout loan in august | business

Eurozone countries are set to disburse a final 15 billion euro ($17.5 billion) bailout loan to Greece in August, Eurogroup chairman Mario Centeno said on Thursday.Centeno told a news conference that the last tranche had been ratified by 18 eurozone countries, with a final decision to be taken as soon as national procedures were concluded in Germany.“I expect this to happen in the beginning of August,” Centeno said.EU economics commissioner Pierre Moscovici said there were no doubts the money will be disbursed but it “will take just a bit longer than expected” for the actual payment. [Reuters]

greece to be closely monitored in post-bailout era | news

Greece’s creditors are reportedly examining a scenario whereby the country will be placed under “enhanced supervision” that will be linked to debt relief measures after its bailout ends in August, according to European Union sources.Under the plan, any divergence – fiscal or other – will entail losses for Greece with regard to debt relief measures.In a letter to eurozone finance ministers, Eurogroup chief Mario Centeno said the supervisory “tool” will entail three to four visits per year by representatives of the institutions to Athens, where a team from the European Commission will be permanently based.Accordingly, Greece will not be allowed to reverse the reforms it has already approved, while it will still have to push through the prior actions that are not implemented before the bailou

ecb to end stimulus programme by year’s end

The European Central Bank will phase out its massive bond-buying programme, which has been propping up the eurozone economy since the credit crunch, by the end of the year.See related The difficulty of quantitative easing policyQuantitative easing in the eurozone - how does it work?Eurozone economies grow at fastest rate since 2007 crisisDespite warning that the single currency area was going through a soft patch at a time when protectionist risks were rising, ECB President Mario Draghi said it will cut quantitative easing from €30bn per month now to €15bn a month in September. It will come to a full stop in December.The move “is a major step towards dismantling the policies brought in to stabilise the eurozone in the wake of the financial crisis” says the BBC.It brings to an end the ECB’s

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