Is the torpor of summer or resignation of the Greek government? In any case, the negotiations for two weeks with creditors to finalize a third bailout plan were held in Athens smoothly or drama. To the point that believe the comments of participants on both sides, chances are high that an agreement be sealed this week is widely before August 20, when Athens has to repay 3.4 billion euros at the European Central Bank (ECB). After a marathon session, which lasted six hours Saturday, a 27 text pages reforms “ significant ” and “ ambitious ” would be on the table, according to Greek and German media.
The Greek finance ministers, Euclid Tsakalotos and Economy, George Stathakis, chief negotiators from the Greek camp have returned again on Sunday, “quartet” of creditors (IMF, European Commission , ECB, MES) to bring down the remaining barriers in the final compromise that would allow to release a first tranche of a three-year loan of 82 billion euros. Athens hopes to receive 25 billion euros, of which 12.5 billion would be used to repay its debt maturities coming months, from 10 billion to the necessary recapitalization of banks and 2.5 billion being used to reduce the arrears of state Greek.
A number of points have already been the subject of an agreement or quasi-agreement, including pension reform and the operation of privatization funds. Tsipras The government seems to have given in on the fact that no other legislation should be imposed on Greece before the final agreement, two packages of reforms that have already been voted by the Greek Parliament on 15 and 22 July. Apparently there will be new “ prior actions ” submitted to the deputies before the disbursement of the first tranche. It was one of the conditions posed by the IMF for its participation in the new bailout of Greece, in addition to the substantial debt relief. The agreement on privatization would however less restrictive than feared, we are assured in Athens. The fund of 50 billion euros that must be implemented should the structure of public investment funds similar to those of some states, such as Norway and Australia, which would seek a 30-year horizon without management Pressure immediate sale of public assets, according to the Greek Ministry of Finance. In addition, the objectives have been revised downwards and creditors no longer would aim 6 billion in revenue as in previous plans but 2.5 billion by 2018.
Negotiate a better plan
If Greece and its creditors reach agreement in the coming days, it will be necessary that the ministers of the euro area endorse the Greek parliament runs and a handful of national parliaments fairly, in turn, the green light. Remained silent in recent days, the German government does not seem in a hurry to sign a new three-year lease with Greece. There are some days the “ Bild” reported that Berlin did not believe an agreement before August 20. This weekend, the “Süddeutsche Zeitung” wrote that the government Merkel warned against any hasty solution and instead advocated a new bridge loan to negotiate a better plan. As for the Finnish Government, which now houses the populist True Finns, it could be downright excluded from the aid plan for Greece, convinced that “ the Grexit remains the most plausible option ” According to the Minister of Foreign Affairs, Timo Soini.
Catherine Chatignoux
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