Visit the Point of Reference Homepage A)? GHT="50">
Compact version
Today's Suggestion
Read The "Macedonian Question" (by Maria Nystazopoulou-Pelekidou)
HomeAbout HR-NetNewsWeb SitesDocumentsOnline HelpUsage InformationContact us
Sunday, 25 August 2019
 
News
  Latest News (All)
     From Greece
     From Cyprus
     From Europe
     From Balkans
     From Turkey
     From USA
  Announcements
  World Press
  News Archives
Web Sites
  Hosted
  Mirrored
  Interesting Nodes
Documents
  Special Topics
  Treaties, Conventions
  Constitutions
  U.S. Agencies
  Cyprus Problem
  Other
Services
  Personal NewsPaper
  Greek Fonts
  Tools
  F.A.Q.
 

Athens Macedonian News Agency: News in English, 15-07-01

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

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

CONTENTS

  • [01] Chancellor Merkel: No negotiations before the referendum
  • [02] German FinMin: I don't know if Greece will be in a programme by July 20
  • [03] EFSF threatens to cancel loan contracts, demand immediate repayment of Greek loans

  • [01] Chancellor Merkel: No negotiations before the referendum

    ANA/MPA---Undoubtedly difficult days are before us but mostly for the Greek people, German Chancellor Angela Merkel stated underlining that "the door is and will be open for negotiations with the Greek government".

    She clarified, however, that "there can't be negotiation for a new support programme before the referendum."

    Merkel put the blame for ‘unilateral', as she said, interruption of the negotiations but, referring to the referendum she reiterated that it is the Greek government's right as well as the partners' right to have their own position on the issue.

    "A compromise is possible only if the advantages are more than the disadvantages" and noted that there will not be a compromise only to have a result. "Good European is not that who seeks a deal regardless of the cost" she stated adding that it will be decided later if there will be a compromise.

    She reiterated that "Germany is going well in long term if Europe is going well".

    Concluding her address to the German parliament, the Chancellor said that the stakes are very high -"people are watching us" she noted - but is does not refer to Europe's future which, as she said, would be set at risk if we forgot its values. "Then euro would be destroyed and Europe as well".

    [02] German FinMin: I don't know if Greece will be in a programme by July 20

    ANA/MPA---German Finance Minister Wolfgang Schaeuble on Wednesday said he was unable to make any prediction on what will happen in coming weeks with respect to Greece, or whether the country will have agreed to a new programme by July 20 when it must repay 3.5 billion euros to the European Central Bank (ECB).

    "We are open to everything, he added but also pointed out that the situation was now "completely different" in the wake of Greece's failure to pay the IMF. Greece's programme had now expired and the political will must now be found for a completely new programme, whose conditions would be "rather different," and harder to negotiate, he said.

    [03] EFSF threatens to cancel loan contracts, demand immediate repayment of Greek loans

    ANA/MPA---The European Financial Stability Facility (EFSF) on Wednesday said that it was considering action that included "accelerating" its loans to Greece and demanding immediate repayment, in the wake of Greece's failure to pay an International Monetary Fund (IMF) loan installment.

    The full statement issued in Luxembourg is as follows:

    "The EFSF said it takes note of a public statement of the IMF that a Greek non-payment has occurred. It is the EFSF's understanding that the IMF Managing Director has informed the IMF Executive Board. This will be confirmed by a meeting of the Executive Board, expected later today. For the EFSF, this would constitute an event of default for certain EFSF loans.

    The EFSF also takes note of the fact that the IMF received a request yesterday from the Greek authorities for an extension of Greece's repayment obligation that fell due yesterday. The IMF's Executive Board intends to examine this request in due course.

    In line with EFSF guidelines, EFSF CEO Klaus Regling must inform the chairman of the Eurogroup Working Group and the EFSF Board of Directors today of the non-payment and propose one of the following three options:

    acceleration of the loan: this means that the EFSF cancels the loan contract and requests immediate repayment of the principal and interest amounts;

    waiver of rights: this means that the EFSF irrevocably waives its right and remedies under the loan for this specific non-payment;

    reservation of rights: this means that the EFSF neither accelerates the loan nor waives its right to do so, but instead reserves the right to act at a later stage.

    The EFSF will coordinate its next steps very closely with the Eurogroup Working Group, where its shareholders are represented, and with the European Commission and the IMF.

    The Greek non-payment has no influence on the EFSF's capacity to repay its bondholders. Investors know that EFSF bonds benefit from a very strong guarantee structure."


    Athens News Agency: News in English Directory - Previous Article - Next Article
    Back to Top
    Copyright © 1995-2016 HR-Net (Hellenic Resources Network). An HRI Project.
    All Rights Reserved.

    HTML by the HR-Net Group / Hellenic Resources Institute, Inc.
    ana2html v2.01 run on Wednesday, 1 July 2015 - 12:38:08 UTC