Tag: greece

Column euroschau: greece is racing towards the abyss

The Tsipras government has no sense of pragmatic politics. Greece expects further billions in aid without doing much to solve the crisis. The fate of the euro hangs by a thread. All of Europe is threatened with disintegration.

By Klaus-Rainer Jackisch, HR

It was a night and fog action, but it did not remain a secret: Late on Monday evening, Chancellor Angela Merkel hosted French President François Hollande and EU Commission President Jean-Claude Juncker in Berlin. Then the limousines of ECB boss Mario Draghi and IMF boss Christine Lagarde also drove up. The top meeting was about the future of Greece. Apparently, Athens became submitted one final offer.

After haircut: 35 billion free for greece

The euro finance ministers have partially approved the second aid package for Greece, which is threatened with bankruptcy. At a conference call, they agreed that 30 billion euros are now available to support the haircut plus 5.5 billion euros to pay accrued interest. This was announced by Eurogroup leader Jean-Claude Juncker after a conference call between the ministers. Juncker said the Eurogroup was "encouraged" by high participation in the voluntary haircut in Greece.

The heads of department had recently determined that Greece had all the necessary requirements for the new bailout package worth 130 billion euros Fulfills. For a green light, however, one had to wait for the haircut, which according to the EU Commission was successful. A final decision on the entire second aid package should now be made on Monday or Tuesday at the regular meeting of European finance ministers.

Creditors are to be forced to waive their claims

Juncker said the euro finance ministers had been informed by their Greek counterpart Evangelos Venizelos that Athens would pull out the mandatory rescheduling clauses (CAC) to force remaining private creditors to reschedule. The vast majority of private creditors had previously agreed to a waiver. Of the 177 billion euros in bonds that are under Greek law, 152 billion euros were submitted for exchange. This corresponds to a participation rate of 85.8 percent.