LE FLASHECO 22h48Grèce: Lagarde réclame un allègement «significatif» de la dette
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Greece: Eurogroup agreement to a third aid package

HOME ECONOMY SITUATION
- By Manon Malhère
- Update on 08/14/2015 at 23:00
- Published on 12/08/2015 at 19:28

Tsakalotos Euclid, the Greek finance minister

The finance ministers of the Eurozone have reached an agreement on a new aid package to Greece up to 86 billion euros.

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The finance ministers of the euro area agreed on Friday night the new financial aid package for Greece, up to 86 billion euros over three years .The Eurogroup has approved the Memorandum of Understanding between the Greek government and its international creditors "with some additional measures," said Belgian Finance Minister without giving further details.

"New loans of up to € 86 billion" will be granted to Greece over the next three years, said the Commission. The first payment will be 26 billion euros, according to a source close to the negotiations, and there will be no need for bridge loan that Greece can honor on August 20 a refund of € 3.4 billion to European Central Bank, according to another source.

President François Hollande spoke of "an outcome for Greece which made the expected efforts." "This is a proof that Europe is able to move forward on the basis of solidarity and responsibility principles," said the Elysee in a statement.

The IMF calls a "relief" of debt

Finance Minister Michel Sapin has also reacted to the outcome of the Eurogroup. He welcomed the agreement and speaks of a "success for Greece and for Europe." "France is proud to have played a useful role in the always maintained dialogue with its European partners," he said, recalling that France has always considered that "the place of Greece was within the euro area, from provided that compliance with European rules was assured. "

Christine Lagarde welcomed "the willingness of Greece to undertake reforms." The boss of the IMF cautioned, however, concern about the Greek debt is "unsustainable" and again calls a "significant relief" of that debt.

Concluded on the night of Monday to Tuesday after two weeks of intensive negotiations, this plan raises great care in Germany or Finland . On Wednesday, the German Finance Ministry had also reported having "issues" with respect to ask during the Eurogroup meeting on Friday. "It's part of the review process (the Agreement) which is not yet finished," reportedly said a spokesman of the ministry. Since the beginning, Berlin insisted: better to take more time and get a good agreement that conclude a bailout hastily.

Athens and its creditors (ECB, IMF, European Commission, European Stability Mechanism) concluded that plan in record time so that Greece can receive a first tranche of aid in time to repay 3.4 billion euros ECB August 20 without requiring a new bridge loan.

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41 comments

Françoise S.

ECB, IMF, European Commission, European Stability Mechanism: it is these organizations that decide to lend again to Greece.

What interests repay previous loans to banks, and provide cash in the country and then cross your fingers that the reparte economy.

Do not do that again for the umpteenth time for Europe would be a kind of powerlessness to manage, deadweight losses for the financial system, endangering the euro.

And I think that the financial system as designed was not too considered this case in point: what do we do when a country is on the brink of bankruptcy?

Global economy a little leaden, even China suffers, financial system trouble, all this is in the end a little roll: well-informed voices have told it was no longer possible to continue like this, too disparities, the race for ever more.

Maybe even ten years we undertake something, knowing that this day we do manage the very short term, no vision of the future.

On 15/08/2015 at 05:05
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Coat-a-scratching

This totally wacky and grotesque agreement will give a masterly pushed all European populist parties will reap the polls righteous anger of citizens against their totally incompetent politicos. The FN will end up at 30%, Britain will leave the EU, several countries in the north will elect governments completely anti-European with the implosion of the euro zone in the short maturities !!!!!!!

On 15/08/2015 at 01:47
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