Decisión sobre Grecia pospuesta al 20 noviembre
Genevieve Signoret & Patrick Signoret
En su reunión el lunes, el Eurogrupo se mostró favorable a hacer el desembolso pendiente a Grecia y a otorgarle dos años adicionales para cumplir con los objetivos de déficit acordados previamente. Sin embargo, los líderes de la zona del euro y el FMI (dos partes de la “troika” de acreedores públicos de Grecia) no están de acuerdo en cómo ajustar el rescate para volverlo sustentable ni en cómo pagar ese ajuste. Se dieron una semana para llegar a un acuerdo. En la reunión del Eurogrupo no se mencionó la posibilidad de que España pidiera un rescate para activar OMT (Bloomberg, FT).
In the latest compromise in three years of crisis fighting, creditors led by Germany opted late yesterday to keep money flowing to Greece instead of risking a default that could lead to the nation’s exit from the euro and stir more turmoil for the countries that remain in the single-currency bloc.
Prospects of a funding deal at a hastily scheduled Nov. 20 meeting were clouded by objections from the International Monetary Fund, which took issue with the ministers’ decision to postpone the goal of getting Greece’s debt down to a “sustainable” level of 120 percent of gross domestic product by two years to 2022.
Market reaction was mixed. The euro and Greek bonds initially fell on concern that Greece’s financing dilemma would defy quick solutions. The market rebounded after Bild reported that Germany favors speeding planned future loan payouts. Spain’s bonds fell after Economy Minister Luis de Guindos said there was no discussion of a Spanish bailout last night.
[…] The extra financing need was triggered by a decision to give Greece two more years, until 2016, to cut the deficit to 2 percent of GDP. Refusal by the IMF to pitch in would increase the cost for European governments…
FT:
Athens on Tuesday sold €4.06bn in one-month and three-month Treasury bills which, together with funds expected to be raised from non-competitive bids, should allow it to redeem bills coming due on Friday.
[…] Senior officials have vowed to find a compromise by next week to release €31.3bn in long-delayed aid payments but the sides remain far apart. The IMF is urging the EU to provide enough relief to get Greek debt to 120 per cent of economic output by 2020, a plan that would probably force eurozone governments to accept losses on their Greek bailout loans.
Among the options being considered by negotiators is lowering the interest rates on loans to below cost – essentially forcing eurozone lenders to take losses on the net present value of the loans without a full-scale restructuring – and extending repayment schedules well into the future.
Wolfgang Schäuble, German finance minister, on Tuesday said any “haircuts” on official loans were illegal under EU treaties but some eurozone officials hinted they might be open to “creative” measures involving interest rates.
Del comunicado del Eurogrupo:
The Eurogroup acknowledges the considerable efforts already made by the Greek citizens and is convinced that continued fiscal and structural reforms will ‐ after another very difficult year ‐ allow the economy to return to a sustainable growth path with higher employment, which is Greece’s best guarantee for a more prosperous future.
The Eurogroup welcomes the resolve of the Greek authorities to bring the programme back on track, notably through the adoption by its Parliament, on 7 and 11 November, of a substantial set of reforms as well as a convincing budget for 2013. These have received a preliminary positive assessment by the Troika.
[…] Against this background, the Eurogroup concludes that the revised fiscal targets, as requested by the Greek government and supported by the Troika, would be an appropriate adjustment for the further path of fiscal consolidation in view of recent economic developments. The Eurogroup looks forward to the adoption of the related legal texts by the Council.
Together with the review of the Greek adjustment programme, the Eurogroup will further discuss financing needs and debt sustainability, at an extraordinary meeting that will be convened on 20 November.