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Athens Macedonian News Agency: News in English, 14-11-03

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Discussion on Greece's exit from the memorandum to open at Eurogroup

  • [01] Discussion on Greece's exit from the memorandum to open at Eurogroup

    ANA/MPA---The Eurogroup will start substantive discussions on Greece's exit from the memorandum on Thursday, November 6 in Brussels, according to a senior Eurozone official.The Eurogroup will start substantive discussions on Greece's exit from the memorandum on Thursday, November 6 in Brussels, according to a senior Eurozone official.

    The Eurozone official said that the scenario of the so-called "clear exit" seems "highly unlikely" for Greece, based on market data. He stressed, however, that based on the current negotiations, the "post memorandum period" of the relations between Greece and the European institutions will be governed by some kind of "structural contract."

    The same official noted that this "new contract-relationship" between Greece and the European institutions, will be "structured, formal, predictable, possibly with cash and with a legal form, making use of the available resources of the European Financial Stability Mechanisms (EFSF and ESM)."

    The same official noted that the European contribution to the current programme expires at the end of December, and that he considered that any decisions on Greece should be taken at the Eurogroup on December 8. Any new contract for Greece, he said, should be approved by some national parliaments, which usually are in recess due to Christmas.

    Asked about a possible IMF participation in the new contract for Greece, the same official noted that certain governments consider that the IMF should be part of these arrangements. He also stressed that the discussions will not be easy, adding, however, that the issue of participation of the IMF is not the major one.

    Moreover, the official stressed that the EFSF amount intended to recapitalize Greek banks could be used as a credit line.

    The Eurozone official said that the scenario of the so-called "clear exit" seems "highly unlikely" for Greece, based on market data. He stressed, however, that based on the current negotiations, the "post memorandum period" of the relations between Greece and the European institutions will be governed by some kind of "structural contract."

    The same official noted that this "new contract-relationship" between Greece and the European institutions, will be "structured, formal, predictable, possibly with cash and with a legal form, making use of the available resources of the European Financial Stability Mechanisms (EFSF and ESM)."

    The same official noted that the European contribution to the current programme expires at the end of December, and that he considered that any decisions on Greece should be taken at the Eurogroup on December 8. Any new contract for Greece, he said, should be approved by some national parliaments, which usually are in recess due to Christmas.

    Asked about a possible IMF participation in the new contract for Greece, the same official noted that certain governments consider that the IMF should be part of these arrangements. He also stressed that the discussions will not be easy, adding, however, that the issue of participation of the IMF is not the major one.

    Moreover, the official stressed that the EFSF amount intended to recapitalize Greek banks could be used as a credit line.


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