Mobile Version
Free Internet Press
  Uncensored News For Real People


FIP Year In Review

FIP Month in Review

FIP Archive Search




2014-07-09
R.I.P. William 'Bill' Herbert Kelder - Intellpuke

2013-11-28
Gamers Donate 37,500 Pounds Of Food To Needy

2013-09-30
Statement From The Whitehouse Regarding The Government Shutdown

2013-09-29
An Open Response To 'Organizing for Action'

2013-08-26
Bayou Corne: The Biggest Ongoing Disaster In The U.S. You Have Not Heard Of

2013-04-21
Boston Mayor Hopes Feds 'Throw the Book' at Marathon Bombing Suspect

2013-04-19
Boston Police Closing In On Suspects

2013-04-15
2 Explosions At Boston Marathon. 2 Dead, Many Injured.

2013-01-03
The Press vs Citizens Rights and Privacy - Act 3

2012-12-30
CBS News - Year In Review 2012

Nature.com - 366 Days: 2012 In Review

The Guardian - 2012 In Review: An Interactive Guide To The Year That Was

TruTV - The Biggest Conspiracy Theories of 2012

Colbert Nation: 2012: A Look Back

FIP Year In Review(s?)

2012-12-25
Happy Holidays

2012-12-21
Welcome To A New Era!

2012-12-16
An Open Letter To United Health Care, Medcom, And The Medical Insurance Industry In General

2012-11-17
Whitehouse Petition To Remove "Under God" and "In God" From Currency And The Pledge.

2012-11-15
December 21, 2012

2012-11-11
If Hillary Clinton Ran For President, She Would Probably Be The Best-prepared Candidate In American History

2012-11-10
CIA Director David Petraeus Resigns After FBI Investigation Uncovers Affair With High-Profile Journalist

FIP Format Update

2012-11-07
Thank you for voting.

2012-11-06
Live Election Results

2012-09-30
FIP In Hiatus

2012-09-18
U.S.-Afghan Military Operations Suspended After Attacks

Iran Nuclear Chief Says IAEA Might Be Infiltrated By 'Terrorists And Saboteurs'

Romney Stands By Gaffe

2012-09-17
President Obama Says China Trade Practices Harm American Auto Parts Workers


Euro Exit Looming? Berlin, IMF To Refuse Fresh Aid For Greece
2012-07-24 03:01:28 (117 weeks ago)
Posted By: Intellpuke

Greece has fallen behind with its budget cuts and is asking lenders for more time to meet the conditions of the 130 billion euro aid package. That would require fresh help of up to 50 billion euros, Spiegel has learned. Neither Berlin nor the IMF are prepared to make that money available.

Germany and other important international creditors are not prepared to extend further loans to Greece beyond what has already been agreed, German newspaper Süddeutsche Zeitung reported on Monday. In addition, Spiegel has learned that the International Monetary Fund (IMF) too has signaled it won't take part in any additional financing for Greece.

The Süddeutsche Zeitung cited an unnamed German government source as saying it was "inconceivable that Chancellor Angela Merkel would again ask German parliament for approval for a third Greece bailout package."

Merkel has had difficulty uniting her center-right coalition behind recent bailout decisions in parliamentary votes and would be unwilling to risk a rebellion in a another rescue for Greece, the newspaper reported.

Meanwhile, German Economy Minister Philipp Rösler said on Sunday he was "more than skeptical" that Greece's reform efforts will succeed. "If Greece no longer meets its requirements there can be no further payments," he said in an interview with German public broadcaster ARD. "For me, a Greek exit has long since lost its horrors."

Athens wants to soften the terms of a €130 billion ($157 billion) bailout, the second rescue package for Greece, agreed to last March with the European Union and the IMF, to lessen their impact on an economy going through its worst recession since World War II.

(story continues below)




Greece Going Through 'Great Depression'

Athens must reduce its budget deficit below 3 percent of GDP by the end of 2014, from 9.3 percent of GDP in 2011 -- requiring almost another €12 billion in cuts and higher taxes on top of the €17 billion successive governments have cut from the budget shortfall.

The left-right coalition of conservative Prime Minister Antonis Samaras is under intense public pressure to ease the burden on Greeks. Samaras said on Sunday that Greece was in a "Great Depression" similar to the one in the U.S. in the 1930s.

Athens has conceded it had slipped "in some respects" in implementing the cuts and reforms required by its creditors. Finance Minister Yannis Stournaras made the admission following a meeting with senior officials from the so-called "troika," made up of the European Commission, the European Central Bank and the IMF, which has been checking the country's accounts this month.

Greece argues that its reform efforts were slowed by the two national elections in May and June and wants its lenders to give it two more years to achieve the budget goals to avoid an even deeper economic slump. Its lenders have opposed the idea because it would require even more financial aid.

'Greece Must Catch Up'

Spiegel has learned that the troika expects that granting Greece more time would require additional aid of between €10 billion and €50 billion. The troika's report on Greece's reform progress could determine whether the country gets its next installment of €31.5 billion in aid under the second aid package. If it doesn't get the installment, Greece risks running out of cash within weeks.

German Finance Minister Wolfgang Schäuble made guarded comments about Greece on Monday. Asked if the country would have to leave the euro if the troika inspectors filed a negative report on its reform progress, Schäuble told German newspaper Bild: "I won't pre-empt the troika. If there have been delays, Greece must catch up. When the troika submits its report, the Euro Group (of euro-zone finance ministers) will discuss it."

Even if the next tranche of aid weren't paid out and the Greek government were forced to declare bankruptcy this autumn, it is unclear what would happen. E.U. treaties don't give the bloc the power to evict a country from the single currency union.

Intellpuke: You can read this Spiegel article, with reporting by various news agencies, in context here: www.spiegel.de/international/europe/germany-and-imf-to-refuse-greece-further-financial-aid-reports-say-a-845860.html

Email To A Friend
Email this story to a friend:
Your Name:
Their Email:
 
Readers Comments
Add your own comment.
(Anonymous commenting now enabled.)

Creative Commons License
Free Internet Press is licensed under a Creative Commons Attribution 3.0 United States License. You may reuse or distribute original works on this site, with attribution per the above license.

Any mirrored or quoted materials may be copyright their respective authors, publications, or outlets, as shown on their publication, indicated by the link in the news story. Such works are used under the fair use doctrine of United States copyright law. Should any materials be found overused or objectionable to the copyright holder, notification should be sent to editor@freeinternetpress.com, and the work will be removed and replaced with such notification.

Please email editor@freeinternetpress.com with any questions.

Our Privacy Policy can be viewed at https://freeinternetpress.com/privacy_policy.php

XML/RSS/RDF Newsfeed Syndication XML/RSS/RDF Newsfeed Syndication: http://freeinternetpress.com/rss.php

XML/RSS/RDF Newsfeed Syndication XML News Sitemap