International Monetary Fund

The Finance Ministers of the euro area scanned on 3 July if Greece complies with the conditions required to unlock the program. The IMF has requested guarantees before approving its portion of the fifth tranche, which would amount to 3.3 billion euros; the part of the EU would be 8,700 million. The plan, approved in 2010, provides loans for three years of 110 billion. The disagreement in the eurozone before the Greek crisis returns restive markets. The Greek Finance Minister, Evengelos Venizelos, has acknowledged that his country has to recover the credibility among the rest of the euro countries urgently in order to receive new disbursements from the program of the European Union and IMF rescue.

Indeed, the International Monetary Fund has already requested assurances that the program is fully funded before approving its part of the fifth tranche, while the euro zone finance ministers have decided to meet on July 3 to analyze if Greece complies with the conditions required to unlock the plan. In Portugal and Ireland, according to Greece, there is a high degree of internal political consensus on the implementation of such programmes; on the other hand, the Greek national unity has become a prerequisite for our partners in the single currency. After two days of meetings with those responsible for finance, Venizelos urged that his country’s Parliament vote to end of June the medium term fiscal strategy and the implementation Act. A new plan? The next stretch of the Greek programme, the fifth since its adoption a year ago, it totalizaria about 12,000 million euros, of which 8,700 million will be contributed by the EU and 3.3 billion by the International Monetary Fund. The managing director of the IMF, John Lipsky, acting stressed on several occasions that the IMF is not negotiating a new programme with Greece, despite the fact that the eurozone is preparing a new plan that will absorb the current, approved in May of last year. We are discussing the current program and what is needed to put it on the right track. There is a request from the Government Greek, in this regard, he said. The current program provides loans from the EU and IMF for 110 billion euros over three years, and new who studies the euro zone does not have concrete figures yet, although it shuffles its volume would be similar to that already in place. Source of the news: Greece admits it has to retrieve its “credibility” before you continue your rescue

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