#IMF report revelations for unsustainable #Greekdept leave eurozone countries without arguments against @PrimeministerGR

478990122Euro zone countries tried in vain to stop the IMF publishing a gloomy analysis of Greece’s debt burden which the leftist government says vindicates its call to voters to reject bailout terms, sources familiar with the situation said on Friday to Reuters, as its exclusive report wrote

The Europeans were also concerned, the Reuters exclusive artcle further reveals,  that

the report could distract attention from a view they share with the IMF that the Tsipras government, in the five months since it was elected, has wrecked a fragile economy that was just starting to recover.

“It wasn’t an easy decision,” an IMF source involved in the debate over publication said. “We are not living in an ivory tower here. But the EU has to understand that not everything can be decided based on their own imperatives.”

The board had considered all arguments, including the risk that the document would be politicized, but the prevailing view was that

all the evidence and figures should be laid out transparently before the referendum.

“Facts are stubborn. You can’t hide the facts because they may be exploited,” the IMF source said.

The document released in Washington on Thursday said Greece’s public finances will not be sustainable without substantial debt relief, possibly including write-offs by European partners of loans guaranteed by taxpayers.

It also said Greece will need at least 50 billion euros in additional aid over the next three years to keep itself afloat.

Publication of the draft Debt Sustainability Analysis laid bare a dispute between Brussels and the Washington-based global lender that has been simmering behind closed doors for months.

Greek Prime Minister Alexis Tsipras cited the report in a televised appeal to voters on Friday to say ‘No’ to the proposed austerity terms, which have anyway expired since talks broke down and Athens defaulted on an IMF loan this week.

It was not clear whether an arcane IMF document would influence a cliffhanger poll in which Greece’s future in the euro zone is at stake with banks closed, cash withdrawals rationed and commerce seizing up.

“Yesterday an event of major political importance happened,” Tsipras said. “The IMF published a report on Greece’s economy which is a great vindication for the Greek government as it confirms the obvious – that Greek debt is not sustainable.”

At a meeting on the International Monetary Fund’s board on Wednesday, European members questioned the timing of the report which IMF management proposed at short notice releasing three days before Sunday’s crucial referendum that may determine the country’s future in the euro zone, the sources said.

There was no vote but the Europeans were heavily outnumbered and the United States, the strongest voice in the IMF, was in favor of publication, the sources said.

In Brussels, the way the IMF communicated the findings was seen as confusing, misleading and politically unhelpful.

The European Commission had produced its own debt sustainability analysis, based partially on IMF data, which is less pessimistic in its scenarios and is one of the documents mentioned on the Greek referendum ballot paper.

Diplomats said the IMF’s publication of the study was a way of making clear it would only be part of any future loan pact with Greece if the Europeans included debt relief in the mix.

Germany and its north European allies have said the IMF’s presence is indispensable both to win parliamentary backing for aid for any euro zone partner, and to keep the European institutions honest. Berlin suspects the European Commission of being too soft on Greek efforts to wriggle out of reforms of pensions, taxation, public sector wages and labor law.

The European Central Bank, ( which has made Banks close in Greece as soon as the referendum was announced , we note)  the third partner in what used to be called the “troika” of bailout enforcers, is also keen to keep the IMF involved, the Reuters article writes.

imagesFor the How, When and Why the IMF draft document was exposed to public opinion and had to be revealed go to our Greek2m eye story

For the Reuters’ exclusive story click here

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Tsipras- Putin: No Russian loan to #Greece discussed, #BRICS cooperation announced

 

ST. PETERSBURG: Greek Prime Minister Alexis Tsipras met with Russian President Vladimir Putin Friday evening in St. Petersburg but the question of Russian financial aid for Greece was not discussed, Putin’s spokesman said, the Associated Press wrote

Tsipras had traveled to Russia as his country struggles to reach a deal with its creditors for new loans it needs to avoid defaulting on debt payments at the end of the month. Without the bailout, Greece could be headed for bankruptcy or an exit from the 19-nation eurozone.

Tsipras’ visit gave rise to speculation that the Greeks may be seeking Russian loans – and ahead of the talks, Putin’s spokesman said Russia would consider a loan if the Greeks asked for one.

“We would do this because they are our partners and this is a normal practice between countries who are partners,” spokesman Dmitry Peskov told The Associated Press.

But when Tsipras met with Putin, the possibility of a loan “wasn’t discussed,” Peskov told journalists. Instead, they spoke about “the necessity of developing investment cooperation.”

Putin, Tsipras laud BRICS cooperation

Russian President Vladimir Putin, Greek Prime Minister Alexis Tsipras, Chinese Vice Premier Zhang Gaoli, among the many speakers at a Russian economic summit on Friday, spoke about ways to boost international trade, bolster global economic growth and the strengthening of the BRICS bloc.The BRICS capitals share key economic interests and oppose what they claim to be a US-dominated world order.

Greek Premier Alexis Tsipras noted that “economic centers of the world are shifting”.

“The economic center of the planet has shifted. There are new emerging forces that are playing a more important role geopolitically and economically. International relations are more and more characterized by multi-polarity,” said Tsipras.

“Enhanced cooperation among the BRICS countries is another manifestation of the new world order at the moment,” he added.

PM Tsipras: The problem is not Greek but European

“We are in the middle of a storm, but we are people of the sea and we are not afraid of sailing in open seas and reaching safe ports,”

Prime Minister Alexis Tsipras on Friday said in his address to the International Economic Forum in St. Petersburg. Tsipras referred to the concurrence saying that the European Union must find again the way by turning back to its institutional principles and values. With an obsession to policies of austerity that intensifies the recession, this is impossible. The so-called Greek problem is not a Greek problem but a European one. The problem does not bear the name Greece but eurozone. The issue is whether the eurozone will give ground to growth and to solidarity. The Greek prime minister also said that Greece continues to be a pillar of stability and safety and seeks to become a cooperation bridge and hub of trade, cultural and financial exchanges on the crossroads of three continents. We will seek to become a cooperation bridge with traditional friends as Russia, and to develop cooperation with new friends.

Tsipras’s visit has given rise to speculation that the Greeks may be seeking Russian loans. He meets with Russian President Vladimir Putin later Friday.

“We will support any decision [on the Greek debt crisis] that is proposed by Greece and our European partners,” Deputy Prime Minister Arkady Dvorkovich said in an interview on RT television, the Tass news agency reported.

“The most important things for us are investment projects and trade with Greece. If financial support is needed, we will consider this question,” he said.

Dvorkovich spoke after Russia and Greece signed a deal Friday to build an extension of a prospective gas pipeline that would carry Russian gas to Europe through Turkey.

Russia promised Greece hundreds of millions of dollars in transit payments yearly if it agreed to build the pipeline. Construction of the pipeline is expected to start next year and be completed in 2019.

Putin’s spokesman said it was too early to comment on possible loans.

“To consider such a question, you first have to hear some kind of proposals or initiatives from our Greek partners,” spokesman Dmitry Peskov told journalists. “To discuss this abstractly, without having any appeals or proposals, would be shortsighted”

Russia Could Come to Greece’s Rescue. That’s Bad News for the United States and NATO, Foreign Policy wrote hours earlier

Ahead of the Friday meeting, Russian Deputy Prime Minister Arkady Dvorkovich said he “cannot comment on specific decisions” when asked if Moscow would rescue Athens.

This puts German Chancellor Angela Merkel into a difficult spot. Her own conservative party, the German people, and bankers in Frankfurt have all made clear they don’t want to continue to pay for Greece if Athens doesn’t heed calls to reform. But she’s under pressure from Washington to maintain an alliance that won’t upset the apple cart when it comes to sanctions.

“She doesn’t love the idea that Putin would be presented with a gift if Greece is alienated from Western Europe,” Mallaby said

Visit our Deadlines and Red Lines Greek to me Page for the Greece’s Agreement or Not Critical Moments’ updates.

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What a European solidarity campaign by the German brothers! These are the love selfies to Greece

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You Germans, Print that NO and get out on the streets to protest against Greece….

Bild, frontpage, February 25. 2015

Please, the Bild newspaper continues, send a selfie with you protesting with that NO, back to the Bild

And yes , they did. Voila the friendly Germans, and the true European cuture Germany breeds under its wings

2,w=559,c=0.bild 3,w=559,c=0.bild nein 4,w=559,c=0.bildnein nein

The German newspaper Bild continues the provocative smear campaign against Greece, a campaign augmenting step by step as the time comes closer to tomorrow’s crucial vote for the approval of the Greek expansion program, aiming to influence the German Members of the Parliament , and also to make the German folk furius against Greece

“NO Other billion to greedy Greeks”, is the huge German title of the Bild

The article then lists the ex prime minister’s Antonis Samaras’ statement on August 23, 2012, by which he was assuring and promising “Of course we will pay our debts, I promise” .

Previously, the article says, there was the George Papandreou’s statement of March 23, 2011,  underlying by his own words : “We will return every penny. Germany will get its money back – with high interest rates, “. We hear constant promise, the Bild says,  which, however, can not believe anymore.

The German Finance Minister Wolfgang Schaeuble, adds the Bild article, strongly doubts the will of the Greeks, and rightly, article comments, because the Greeks appear to have absolutely no intention to repay their debts.

NO other billion to the greedy Greeks, the article concludes

590_cb7c7fa1fab4f16dbd82cda097d38058.jpg

Twitter users were quick to reply. Thommy Gunz, as an example, Instead of posting a picture saying “No” to the Greek deal,  posted one with him holding a paper that urges readers to stop bying Bild. “No more €0.80 for the stupid Bild picture”.and twitted : “Something like this, BILD?”

                                        B-wjIl8W8AEWvJp

In etwa so, @BILD?

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