germany wants greece to stay in euro zone
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice
Emiratesvoice, emirates voice
Last Updated : GMT 05:17:37
Emiratesvoice, emirates voice

Germany wants Greece to stay in euro zone

Emiratesvoice, emirates voice

Emiratesvoice, emirates voice Germany wants Greece to stay in euro zone

European Commission president ( centre)
Brussels - Arab Today

Germany on Monday backed Greece to stay in the euro zone and Brussels dispatched a senior official to Athens to persuade reluctant Greeks to take on further reforms to salvage its bailout accord.

It came as the European Commission forecast a large jump in economic growth for Greece of 2.7 per cent and 3.1 per cent, respectively, this year and next. 

In Athens, Yannis Stournaras, Greece's central bank chief, said a swift agreement with international lenders was crucial to keeping the Greek economy on the mend and that down the road "it may be too late".

The future of Greece's multi-billion euro financial aid programme is contingent on Athens concluding a second review of progress in its economic reform obligations.

But months of wrangling over changes to its labour and energy markets have been compounded by differences between the International Monetary Fund and Greece's European lenders over fiscal targets for the crisis-hit country, now on its third international bailout.

The IMF is not party to the country's current bailout, and says it will not partake until it has assurances Greece will be able to extricate itself from a spiral of debt.

European Commission Vice President Valdis Dombrovskis said the IMF was being too pessimistic.

"The problem is that the IMF is coming with very pessimistic growth and fiscal forecasts as regards Greece. Moreover it is not correcting those forecasts based on facts, based on the actual outcomes," he said in Frankfurt.

A mission of experts from the lenders was expected to return to Athens this week to give their latest state of play report, EU officials said. European Commissioner for Economic and Financial Affairs Pierre Moscovici said he would travel to Athens on Wednesday to help conclude the review.

A deal would release another tranche of funds from this bailout, worth up to 86 billion euros, and facilitate Greece making a major 7.2 billion euro debt repayment this summer. But it is a process fraught with difficulty, prompting fears of a re-run of high drama in mid-2015 when Greece teetered on the verge of falling out of the euro zone.

Berlin says wants eurozone 'whole'

Greece almost fell out of the euro zone two years ago as it was wracked by its debt crisis and years of lender-imposed austerity that killed economic growth and put millions out of work.

But Germany sought on Monday to say that nothing has changed in its desire to keep the euro zone intact with Greece in it.

"For years, euro zone member states, including Germany, have shown active solidarity with Greece with the goal to bring this country to a path of sustainable finances and economic growth," Steffen Seibert told a regular government news conference.

"It is a mission that has dragged on for many years and we are holding on to it," he added.

Foreign Ministry spokesman Martin Schaefer added: "We want to keep the euro zone whole, including Greece, and we will support everything that helps Greece. That's why we want the aid programme to continue to be successful."

The size of next year's Greek primary surplus, which is the budget balance before debt-servicing costs, is a bone of contention between euro zone governments and the IMF.

The IMF believes it will be only 1.5 per cent, while the EU Commission projected on Monday it will be 3.7 per cent.

The higher the surplus and the longer it is kept the less is the need for any further debt relief to Greece.

The IMF insists Greek debt, which the Commission forecast on Monday would fall to 177.2 per cent of GDP this year from 179.7 per cent in 2016 and then decline again to 170.6 per cent in 2018, is unsustainably high and that Greece must get debt relief. Germany and several other euro zone countries say that, if Greece does all the agreed reforms, then debt relief will not be necessary.

But the discord over Greece's economic trajectory appeared to narrow on Friday, when European and IMF lenders told Athens to make 1.8 billion euros — or 1 per cent of GDP — worth of new reforms by 2018 and another 1.8 billion euros afterwards.

Source :Times Of Oman

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

germany wants greece to stay in euro zone germany wants greece to stay in euro zone

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

germany wants greece to stay in euro zone germany wants greece to stay in euro zone

 



GMT 10:31 2014 Tuesday ,23 December

Mirages of failure: Lebanon cannot wait

GMT 16:17 2018 Thursday ,30 August

Five Saudi women pilots granted GACA licences

GMT 05:38 2017 Tuesday ,05 September

Serious need for progress in the peace process

GMT 00:18 2017 Wednesday ,22 February

Mugabe marks 93rd birthday with faltering TV interview

GMT 12:48 2017 Tuesday ,09 May

King, Egyptian president hold talks

GMT 18:03 2017 Friday ,17 November

HH Sheikha Moza Witnesses Opening of 2017 WISE Summit

GMT 07:18 2017 Monday ,19 June

ARC Secretary General Najla Al Shamsi in Riyadh

GMT 08:18 2013 Thursday ,31 October

\'Early medication for HIV is cost-effective\'

GMT 19:23 2017 Monday ,23 January

80 Houthi Militants Killed in Airstrikes

GMT 22:44 2017 Friday ,21 July

HM King ratifies, issues 4 laws

GMT 13:34 2016 Saturday ,29 October

Biden ‘tops Clinton list for secretary of state’

GMT 20:00 2017 Saturday ,15 July

Bahrain condemns terrorist attack in Giza

GMT 09:20 2017 Wednesday ,05 July

Mohamed bin Zayed receives phone call

GMT 14:18 2012 Sunday ,13 May

Why some men hide in bathrooms

GMT 12:26 2012 Thursday ,28 June

Pakistan releases Indian spy

GMT 20:33 2013 Friday ,09 August

New menswear brand Pin Collar Shirts launches

GMT 13:43 2013 Wednesday ,06 November

Urban Retreat announces launch of debut skincare line

GMT 15:59 2017 Wednesday ,13 September

Nahyan bin Zayed, Abdullah bin Hamad offer condolences

GMT 09:47 2017 Wednesday ,29 November

UAE has what it takes to become the future capital

GMT 18:14 2017 Friday ,03 March

The Moroccan artist Hakim prepares new song
Emiratesvoice, emirates voice
 
 Emirates Voice Facebook,emirates voice facebook  Emirates Voice Twitter,emirates voice twitter Emirates Voice Rss,emirates voice rss  Emirates Voice Youtube,emirates voice youtube  Emirates Voice Youtube,emirates voice youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

emiratesvoieen emiratesvoiceen emiratesvoiceen emiratesvoiceen
emiratesvoice emiratesvoice emiratesvoice
emiratesvoice
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
emiratesvoice, Emiratesvoice, Emiratesvoice