In Greece negotiations with creditors is progress

In Greece, negotiations with creditors is progress

This weekend
(Saturday-Sunday), the Minister of Finance
Greece Euclid Tsakalotos and Minister
Economy Giorgos Statakis held
hours of talks with representatives of
The European Commission, the IMF, the ECB and the stabilization
fund ESM. According to the newspaper The Wall Street
Journal, there has been progress in the negotiations,
which undoubtedly pleases investors, but
still remain doubts
that the third aid package for Athens have time
approve until August 20, when it is necessary
ECB to pay another part of the debt –
EUR 3.2 billion.

greek negotiators
reported that during the meeting they discussed
economic reform and budgetary
expenditure to be carried out,
to approve an aid package from the
creditors and allocated tranche
The program in the amount of 86 billion euros.
The parties discussed the draft memorandum,
which made together with all the
negotiators. As said,
one official
eurozone "He was made a serious
progress".

If Greece does not have time
or will not be able to translate regular payment
the ECB, the default on this debt significantly
complicate the situation in the country, because
may result in the rejection of the ECB
funding Greek banks. Main
moment in which Greece will
negotiate with creditors – is the amount of
budget cuts and
forming in the bulk state assets fund
$ 50 billion, which put up for sale.
Such were the conditions lenders who
approved by the Government of Greece and all
eurozone countries. In addition, the negotiations
will discuss the restoration of financial
Greek system, which was hit hard
due to the outflow of funds from deposits in banks
and a sharp deterioration in the economy
country: many borrowers simply
have been unable to recover their
debts.

To the resources
the banking sector, according to some
estimated to require about EUR 25 billion.
This week, the Prime Minister of Greece
Alexis Tsipras is to convene Parliament,
who is now on vacation to
speed up the approval of the agreement and in time
complete all the 20 of August. To approve the agreement
It helps support the opposition
parties, analysts say, because coalition
Tsipras "Syriza" not very much
support of its action.

According to other estimates, it is unlikely
whether the parties can reach an agreement
until 20 August – too long and
painful were previous negotiations,
which lasted for five months,
kept in suspense by many world
markets. Moreover, any agreement in Athens
with lenders still require
support the euro area, which,
most likely, too, will have to carry out
emergency meeting.

Again, according to the
The Wall Street Journal, the finance ministers of
the euro area is expected to hold a
meeting this week. But hardly
Ministry of Finance of Germany is ready
an agreement with Greece, the representative
Germany has refused to comment on how
course of the negotiations, saying only that Athens
you must upgrade all parties
management. Doubt is the position
The IMF, which has just recently stated that
his participation in the third aid package
Greece is doubtful and may only
In that case, if the fund is confident
that the country is able to cope with
a huge debt load. And for this
may require restructuring
Greek debt against which, again
same acts Germany.

Today Greek
the stock market continues to grow – to
10:55 MSK ASE stock index
rose to 2.14%.

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