¿Grecia recibirá más tiempo para cumplir con su rescate?

Genevieve Signoret & Patrick Signoret

El País reporta que Grecia busca dos años más para llevar a cabo los recortes prometidos. FT describe la propuesta griega:

Greece’s debt dynamics would be improved if implementation were spread over four years as eventual growth would be stronger, potentially reducing the debt to gross domestic product ratio to 132 per cent by 2020 compared to 147 under the two-year arrangement, said Yannis Mourmouras, the premier’s chief economic adviser and author of the report.

A more gradual reduction of the budget deficit of about 1.5 percentage points of national output annually over four years rather than 2.5 percentage points in two years would also help Greece to emerge earlier from recession.

“An overdose of austerity measures is self-defeating in the sense that we are forced to take permanent measures to finance cyclical elements of expenditure and this aggravates recession,” Mr Mourmouras said.

At the same, Mr Samaras will argue that if European leaders are sympathetic to the proposal, Greece could raise the additional €20bn required to fund a slower adjustment without having to seek additional loans from its partners.

[…] According to the proposal the first €8bn would come from Greece’s current IMF loan, which is scheduled to continue regular disbursements in 2015 and 2016.

Another €6-7bn would be raised by continuing to roll over treasury bills held by Greek banks rather than retiring them over the next two years as required under the current EU-IMF programme.

The remaining €5bn-6bn would come from delaying Greece’s current obligation to start repaying €60bn it received under its first EU-IMF bailout. The first repayment would instead be made in 2020 when Athens is due to begin paying back its second bailout loan, assuming that creditors would accept the postponement.