Thursday, February 5, 2015

Greece last difficult stage in Berlin to the Minister of Finance – The Obs

Greece last difficult stage in Berlin to the Minister of Finance – The Obs

Berlin (AFP) – Greek Finance Minister Yanis Varoufakis Thursday was the last crucial stage in his European tour, coming to Berlin to meet his counterpart Wolfgang Schäuble hours after a decision by the ECB scathing Athens <. / p>

Among the new Greek Minister of radical left and the old wolf of German politics, the conservative Wolfgang Schäuble, the first bilateral meeting between Berlin and Athens since the accession to power of the party Syriza, which began 10:30 GMT, was scheduled to last an hour. Follow a joint press conference at 12:30 local time (11:30 GMT).

A strong advocate of a European policy of budgetary rigor that critics see as a policy of austerity while stifling growth momentum, Wolfgang Schäuble should, except surprise, emphasized the progress made by Greece with this strategy, since it is under the financial assistance from its European partners.

“Those who say that everything done is bad, forget the situation that was Greece and what we had done since, “said he also launched Wednesday.

Back to the wall for acceptable solutions its European partners, Mr. Varoufakis will have the task all the more difficult face his German colleague that the European Central Bank (ECB) has pulled the rug from under the feet Wednesday night.

The monetary institution decided to cut Greek banks access to one of its financing channels, they could still get through preferential treatment.

So, Greek banks can no longer borrow money with the ECB offering their collateral debt of the Greek state. To finance and by extension the coffers of Athens they buy bonds, Greek banks will therefore have no further opportunities to make regarding other less risky securities or to use a emergency system, called ELA authorized by the ECB

-. ‘political pressure’ –

“All the new Greek government hopes that the ECB unilaterally offers him more time were wiped out, “said Christian Schulz, an economist at Berenberg, saying that this was” a strong reminder “to Greece that” financial and economic system could collapse within weeks “without the support of Europe.

The Athens Stock Exchange reacted very negatively, dropping 5.5% in late morning. Other stock exchanges also worried, however limited their folds because “Greece (…) will first approach the precipice, before a positive outcome emerges possibly”, analysts are forecasting Aurel BGC.

Ensuring that there was “no reason to worry” about the liquidity of the Greek banking system, the government spokesman, Gabriel Sakellaridis, interpreted the decision as “a way political pressure when a consultation at all levels grows “on the issue of Greek debt. A government source has ruled that the country be “blackmailed.”

Party Athens last weekend with the intention to convince their European partners to reduce the overwhelming Greek debt 300 billion and to free the country of the requirements of the economies of its creditors, Prime Minister Alexis Tsipras and his Minister Yanis Varoufakis have little enthusiasm with their various proposals.

President European Commission Jean-Claude Juncker has not opened his mouth after his meeting with Mr. Tsipras on Wednesday, while French President Francois Hollande insisted as much on “solidarity” and to “respect for commitments. “

The International Monetary Fund (IMF), the country’s major creditor, said he would” no discussion “with Athens. For his part, Chancellor Angela Merkel, that should not meet with his Greek counterpart before a summit in Brussels on 12 February sees no differences between members of the euro area.

However, M . Varoufakis do not despair of convincing the German public.

“Of all the countries in Europe, the Germans are those who best understand this simple information,” he explained on the chain ARD public. “When we humble too long a proud nation (…), this nation has one point is boiling,” he added in an indirect reference to the crisis of the 30s that brought Hitler to power in Germany .

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