What will happen to Greece’s public finances and economy over the next four months while the Syriza-led government negotiates fiscal and economic conditions with the Eurogroup in return for Troika bailout funds under the existing programme that has now been extended until end-June?
Under the provisional agreement with the Eurogroup, the Greek government will not receive any of the outstanding funds of €7.2bn still available (€1.9bn from ECB profits on its Greek government bond holdings made in 2014 and promised to the previous Greek government; €1.8bn from the Eurogroup’s EFSF and €3.5bn from the IMF) until the Eurogroup is happy with its fiscal plans.
And that could take until end-April. As German finance minister Schaueble made clear: Greece was not getting softer conditions, only more time. “Only when we see they have fulfilled this will any money be paid. Not a single euro will be paid out before that,” he…
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