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Athens Macedonian News Agency: News in English, 14-11-07

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

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

CONTENTS

  • [01] Eurogroup examines precautionary protection net for Greece

  • [01] Eurogroup examines precautionary protection net for Greece

    ANA/MPA---Eurogroup examines the creation of a precautionary protection net for Greece against possible markets' negative attitudes in 2015, according to Eurogroup president Jeroen Dijsselbloem and Commissioner for Economic and Financial Affairs Pierre Moscovici's statements late Thursday.

    Dijsselbloem said that at the Eurogroup meeting they had a preliminary exchange of views for the 'next day' after the completion of Greece's existing programme at the end of the year.

    He also noted that the Eurogroup sternly supports the possibility to offer Greece "an enhanced credit line" (ECCL) provided that the country will have successfully completed the current evaluation until the end of the year.

    Asked whether the International Monetary Fund (IMF) is involved in the solution the Eurogroup supports for Greece's 'next day', Dijsselbloem said that the issue is being discussed with the IMF, Greece and the troika. He noted, however, that the IMF's participation enhances the credibility of the whole effort with Greece.

    Regarding the conditions to be attached to the new agreement for Greece, Eurogroup president noted that conditions will exist but at this stage they are under discussion adding that it is very important for the current evaluation and the Greek programme to have been concluded before the end of the year clarifying that in case this does not happen, there will be a 'gap' which the markets will take into account.

    On his part, the head of the European Financial Stability Fund (EFSF) Klaus Regling said that 1.8 billion euros are still to be disbursed from the Fund to Greece and another 1.8 billion euros from the so-called SMPs (central banks' profits from the Greek bonds).

    Government sources said that the so-called 'enhanced credit line' that is being considered to be given to Greece after the end of year will offer a support "cushion"; however, the country should meet certain targets so as to avoid using it. This constitutes a new relationship with the lenders, with a reduced supervision on their part.

    The same sources said that the so-called 'clear exit' will come after this interim period that will last 6 to 12 months.

    Referring to the IMF, a Greek official said that its involvement and whether it will play a financing role is still under discussion. On the ongoing evaluation, government sources admitted that there is pressure so as to be successfully completed until December 8.

    Finally, Commissioner Moscovici estimated that the troika would return to Athens by the end of next week.


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