Author Topic: Third bailout agreed  (Read 6764 times)

0 Members and 1 Guest are viewing this topic.

Offline Maik

  • Administrator
  • Forum Deity
  • *****
  • Posts: 35164
Third bailout agreed
« on: Saturday, 15 August, 2015 @ 00:42:47 »
Quote
Greece crisis: Eurogroup agrees to third bailout

Eurozone finance ministers have agreed on a new bailout deal for Greece after Athens backed the plan.

European Commission President Jean-Claude Juncker said the deal sent a message "loud and clear" - Greece will stay in the eurozone.

The agreement demands tax rises and more tough spending cuts in return for Greece's third bailout in five years.

The deal comes at a heavy political price for Greek Prime Minister Alexis Tsipras, who has faced a rebellion in his left-wing Syriza party.

More than 40 Syriza MPs voted against him when parliament decided on the bailout agreement on Friday, after all-night talks. Reports in Greece suggest he will seek a vote of confidence in parliament next week, bringing the prospect of snap elections closer.

The deal rules out any "bail-in" of depositors' savings in Greek banks.

Greek Finance Minister Euclid Tsakalotos said the deal "takes Greece forward in the sense that the financial system should be much more stable from now onwards. There is a promise of recapitalisation of the banks, without any of the depositors having to bail in or anything to worry about."

There will have to be a series of votes in national parliaments across Europe to back the deal.

The BBC's Adam Fleming in Brussels says the finance ministers also confirmed that the thorny issue of writing off some of the Greece's debts would be considered in the autumn.

This has been a crucial demand of both Mr Tspiras and the International Monetary Fund.

IMF managing director Christine Lagarde said the deal was "an important step forward" but stressed again that Greek debt was "unsustainable" and that relief would be needed.
http://www.bbc.com/news/world-europe-33934238

Offline Maik

  • Administrator
  • Forum Deity
  • *****
  • Posts: 35164
Re: Third bailout agreed
« Reply #1 on: Monday, 17 August, 2015 @ 19:21:06 »
Quote
Greek government on its 'last legs' while Angela Merkel faces growing rebellion in Berlin
'Deep wounds' within ruling Syriza party and growing disquiet in Berlin threaten to derail political support for a new €86bn Greek rescue

Greek MPs are poised to hold a vote of confidence in the government of Alexis Tsipras after Leftist party rebels deserted the prime minister over the punishing terms of a third international bail-out agreement.

Syriza's energy minister Panos Skourletis said it was now "self evident" that parliamentarians would decide on whether or not to continue supporting the government after a "deep wound" had been inflicted on the ruling coalition.

Support for the ruling coalition has becoming vanishingly thin. Greece's two main opposition parties - which have so far voted to keep the country in the euro - vowed to pull the plug on the embattled premier should a vote be called in the coming weeks.

Should he fail to win majority backing from Greece's 300 MPs, Mr Tsipras is almost certain to hold a snap election.

Panagiotis Kouroublis, health minister, said a vote was the only way to reconcile Greek voters with the years of spending cuts and tax hikes demanded by creditor powers as the price of euro membership.

Creditors have demanded upto 47 legislative "prior actions" to be completed by the government before a first disbursement of €26bn can be released.

 Collapsing political support in Greece comes as a host of eurozone parliaments are set to vote on a deal to release up to €86bn to the near-bankrupt country this week.

Chancellor Angela Merkel is facing the biggest domestic rebellion in her 10 years in office over the aid package.

More than 60 of her Christian Democrat MPs rejected restarting talks over a new Greek rescue in an initial vote in July, a proportion set to rise when a new vote is held on Wednesday, according to a key ally of the German premier.
http://www.telegraph.co.uk/finance/economics/11807076/Greek-government-on-its-last-legs-while-Angela-Merkel-faces-growing-rebellion-in-Berlin.html

Offline TonyKath

  • Forum Deity
  • *****
  • Posts: 1965
Re: Third bailout agreed
« Reply #2 on: Tuesday, 18 August, 2015 @ 00:08:06 »
Is it me or have we been here before?!

Tony

Offline Maik

  • Administrator
  • Forum Deity
  • *****
  • Posts: 35164
Re: Third bailout agreed
« Reply #3 on: Tuesday, 18 August, 2015 @ 08:13:30 »
Likely we'll be there again

Quote
Yanis Varoufakis just trashed Greece's bailout agreement with a line-by-line takedown
http://uk.businessinsider.com/yanis-varoufakis-just-trashed-greeces-bailout-agreement-with-a-line-by-line-takedown-2015-8
« Last Edit: Tuesday, 18 August, 2015 @ 08:16:14 by Maik »

Offline TonyKath

  • Forum Deity
  • *****
  • Posts: 1965
Re: Third bailout agreed
« Reply #4 on: Tuesday, 18 August, 2015 @ 13:40:11 »
Likely we'll be there again

Quote
Yanis Varoufakis just trashed Greece's bailout agreement with a line-by-line takedown
http://uk.businessinsider.com/yanis-varoufakis-just-trashed-greeces-bailout-agreement-with-a-line-by-line-takedown-2015-8

Thanks for the link Maik.  Wonder what his ex-colleagues will make of it. :blink:

Tony

Offline Maik

  • Administrator
  • Forum Deity
  • *****
  • Posts: 35164
Re: Third bailout agreed
« Reply #5 on: Thursday, 20 August, 2015 @ 01:05:05 »
Quote
Dutch lambast Greece for creating 'complete chaos' as Germans back third bail-out
Athens accused of instigating economic ruination in Greece after Merkel fights back her biggest domestic rebellion over fresh bail-out

German MPs voted to back a third bail-out for Greece on Wednesday as Dutch prime minister Mark Rutte fought back a no confidence vote over his decision to support the €86bn rescue plan.
http://www.telegraph.co.uk/finance/economics/11811633/Dutch-lambast-Greece-for-creating-complete-chaos-as-Germans-back-third-bail-out.html