Yanis Varoufakis, who refuses to talk to “the rickety Committee troika” had come to France on Monday. It is here that Greece believes guess the more sensitive ear to his arguments. This morning Angela Merkel has given a very firm message.
The dialogue between the new government of Alexis Tsipras and major European bankers starts badly. Receiving, Friday, President of the Eurogroup, the Greek Finance Minister Yanis Varoufakis, warned at the outset guest: he refuses to engage with the troika, representing the three main creditors of Greece, namely European governments, the IMF and the ECB. “Greece wants to talk well, but not with the rickety Committee troika” Varoufakis said. “Ignore the agreements is not the right path to take,” retorted the Dutch Finance Minister Jeroen Dijsselbloem. There have been more relaxed dialogue. The Dutchman made an immediate report of his meeting with his Greek counterpart to the entourage of François Hollande and Angela Merkel, who will have to find a common line to get through to the Greek government, highly trained on the substance and form even before the debate on the debt has actually started.
This Saturday morning, in the columns of Hamburger Abendblat , German Chancellor excludes a “new erasure” of the debt of Greece. (…) There has been a voluntary renunciation of private creditors, banks have already given up billions of loans to Greece. ”
“I think we need to halve the debt held by the public institutions in Greece”
Yanis Varoufakis visits in Paris today, as it was initially expected to come on Monday to speak with one counterpart Michel Sapin and Economy Minister Emmanuel Macron. Prime Minister Alexis Tspiras, will follow suit on Wednesday. The exact schedule of his visit to the French capital should be known later.
It was in France that the Greek government believes guess the most sensitive ear to his complaints. “A Greek debt restructuring is absolutely necessary,” said Matthieu Pigasse, head of Lazard who advised the Greek government. “I think we need to halve the debt held by the public institutions in Greece,” said the banker, listed on the left, on BFM. Either a slate of 100 billion euros to share between taxpayers in the euro area.
The standoff between Europeans and SYRIZA is observed closely by the markets. Pessimists see the screenplay of “Grexit” – rushed out of Greece from the euro – come back strong. Private investors are getting rid of some hastily Greek bonds – debt or equity – they have left. The borrowing rates for Greece to 10 years rose to 10.79%. More worryingly, the cost of borrowing to 5 years jumped to more than 15% on Friday. This means that in the eyes of investors, the risk of Greek default increases.
Greece, whose banks are emptied at speed, is kept under financial infusion by the ECB which has granted him a line emergency credit to power them. This allows the Greeks to go collect their tickets at the cash savings or distributors. But this lifeline is up to the goodwill of the ECB, one of the pillars of the troika, the SYRIZA government would like to avoid, but he can not do without for long. Except to precipitate a banking crisis and an exit from the euro.
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