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Kuchiki_Byakuya wrote:αυτό που επί της αριστεράς συγκρινόμαστε πάντα είτε με διαλυμένες χώρες είτε με δικτατορίες λέτε να είναι τυχαίο;;
Εγώ πάλι πιστεύω ότι με την δραχμή ίσα ίσα που θα γίνει ακόμα πιο πληθωρικός ο λόγος και η γραφή του. Αρκεί αυτή η σκέψη και με κάνει να σκέπτομαι σοβαρά το ΝΑΙ.sid wrote:αυτό που και να χρεωκοπήσουμε τελείως, φοβάμαι ότι θα βρεις έναν τρόπο να μας γράφεις πάλι, πού το παςKuchiki_Byakuya wrote:αυτό που επί της αριστεράς συγκρινόμαστε πάντα είτε με διαλυμένες χώρες είτε με δικτατορίες λέτε να είναι τυχαίο;;
Το συμπέρασμα κατά τον κ.Spiegel ποιο είναι λοιπόν;Leaked: Tsipras letter requesting a 3rd bailout
Peter Spiegel | Jun 30 16:48
Alexis Tsipras, the Greek prime minister, has once again changed the terms of the debate in the ongoing crisis by requesting a new third bailout from the eurozone’s €500bn bailout fund, known as the European Stability Mechanism, just hours before his current bailout expires.
According to a copy of the letter sent to the ESM and Jeroen Dijsselbloem, the Dutch finance minister who chairs the committee of his eurozone counterparts, which we’ve posted here, the loan request is for €29.1bn to cover debts maturing into 2017.
That would seem to be a pretty traditional bailout request. But it also contains some untraditional demands that may be difficult for creditors to accept. Below is an annotated version of Tsipras’ letter:
Dear Chairperson, dear President,
On behalf of the Hellenic Republic (“the Republic” or “Greece”), I hereby present a request for stability support within the meaning of Articles 12 and 16 of the ESM Treaty.
The ESM treaty is the law that now governors all eurozone bailouts. It wasn’t in place for either Greece’s first or second bailouts, but it would set the terms for its third. Articles 12 and 16 simply state the purpose of a bailout programme: to “to safeguard the financial stability of the euro area as a whole and of its Member States.” Unfortunately for Tsipras, Article 16 also happens to mention that a new programme must include a new “MoU” – or memorandum of understanding, a phrase that is politically poisonous in Greece.
As you are aware, the Republic faces urgent and pressing financial problems in the second half of 2015 and for the whole of 2016 given that:
no disbursements from its second program (the “Program”) have been made since July 2014;
the Republic does not have access to market financing within the meaning of Article 1 of the Guideline on Loans (“Guidelines”) by the European Stability Mechanism (“ESM”);
the Program expires on 30 June 2015, and our application for an extension to conclude the pending negotiations has not been accepted; and,
the Emergency Liquidity Assistance (“ELA”) has not been extended by the ECB, and therefore, capital controls in the Greek financial system were necessary to maintain the financial stability of the Euro area.
This is just a summary of the problems the Tsipras has had over the last five months. Because the current and preceding Greek government have not been able to agree a set of economic reforms that Athens would implement, the remaining €7.2bn in the current bailout has never been disbursed. It also has no access to the bond market, so it can’t raise money there. And emergency loans from the European Central Bank have been, as of Sunday, capped at €89bn, meaning Greek banks have no way to disburse more euros, requiring the bank holiday.
Given the above and given that today, 30 June 2015, is the deadline set by the Eurogroup in the 20 February 2015 statement to reach agreement, Greece requests financial stability support from the ESM in the form of a two-year loan (“Loan”) as all of the conditions provided in Article 13 of the ESM Treaty and in Article 2 in the Guidelines are met. The Loan will be used exclusively to meet the debt service payments of Greece’s external and internal debt obligations.
This is just a formal stating of the request – though interestingly, Tsipras is arguing the loan will only be used for debt servicing rather than funding government operations. This would require Athens to run a primary budget surplus – revenues minus expenses, when interest on debt is not included – for the duration of the programme. And that likely means a lot more austerity.
In conjunction with the Loan, Greece requests that its EFSF debt be restructured and reprofiled in the spirit of the proposals to be made by the European Commission in order to ensure that Greece’s debt becomes sustainable and viable over the long term. By the end of the loan period or earlier, Greece aims to regain consistent access to the international capital markets to meet its future funding requirements.
This is where things get a bit tricky. The EFSF is the eurozone’s old bailout fund which has lent Greece the bulk of its current bailout money. “Reprofiling” those loans means extending their payment plans, something eurozone officials have been open to discussing. But “restructuring” them suggests something a bit more radical – perhaps a debt write-down or lower interest rates. That would be a non-starter.
Until this Loan is agreed and in force, Greece requests for the Program to be extended by the Eurogroup for a short period of time in order to ensure a technical default is not triggered.
This may be the toughest request of all. Eurozone finance ministers have already rejected a request for an extension, and Donald Tusk, the European Council president, yesterday rejected it a second time. It is highly unlikely finance ministers, who are to hold a conference call again Tuesday night, will agree to this now.
Greece’s is fully committed to service its external debt in a manner that secures the viability of the Greek economy, growth and social cohesion.
Yours faithfully,
Alexis Tsipras
http://blogs.ft.com/brusselsblog/2015/0 ... d-bailout/
https://www.facebook.com/yannis.koutsom ... 2591535781Στην νέα του πρόταση προς το Eurogroup o Τσίπρας αποδέχεται την 'ανάλγητη' πρόταση των Θεσμών και ζητά μόνο τη διατήρηση του χαμηλου ΦΠΑ στα νησιά και οι αλλαγές στο συνταξιοδοτικό να ξεκινήσουν τον Οκτώβριο και όχι από σημερα.
Η πιο ντροπιαστική συνθηκολόγηση της Ελληνικής Δημοκρατίας τα τελευταία 80 χρόνια.
Ρεπορτάζ στους Financial Times:
Tsipras prepared to accept all bailout conditions
Alexis Tsipras will accept all his bailout creditors' conditions that were on the table this weekend with only a handful of minor changes, according to a letter the Greek prime minister sent late Tuesday night and obtained by the Financial Times.
The two-page letter, sent to the heads of the European Commission, International Monetary Fund and European Central Bank, elaborates on Tuesday's surprise request for an extension of Greece's now-expired bailout and for a new, third €29.1bn rescue, writes Peter Spiegel.
Although the bailout's expiry at midnight Tuesday night means the extension is no longer on the table, Mr Tsipras' new letter could serve as the basis of a new bailout in the coming days.
Mr Tsipras' letter says Athens will accept all the reforms of his country's value-added tax system with one change: a special 30 per cent discount for Greek islands, many of which are in remote and difficult-to-supply regions, be maintained.
On the contentious issue of pension reform, Mr Tsipras requests that changes to move the retirement age to 67 by 2022 begin in October, rather than immediately. He also requests that a special "solidarity grant" awarded to poorer pensioners, which he agrees to phase out by December 2019, be phased out more slowly than creditors request.
"The Hellenic Republic is prepared to accept this staff-level agreement subject to the following amendments, additions or clarifications, as part of an extension of the expiring [bailout] program and the new [third] loan agreement for which a request was submitted today, Tuesday June 30th 2015," Mr Tsipras wrote. He added:
As you will note, our amendments are concrete and they fully respect the robustness and credibility of the design of the overall program.
Eurozone finance ministers are due to discuss Mr Tsipras' new proposal in a conference call at 5:30pm, Brussels time.
soti wrote:Εγώ πάλι πιστεύω ότι με την δραχμή ίσα ίσα που θα γίνει ακόμα πιο πληθωρικός ο λόγος και η γραφή του. Αρκεί αυτή η σκέψη και με κάνει να σκέπτομαι σοβαρά το ΝΑΙ.sid wrote:αυτό που και να χρεωκοπήσουμε τελείως, φοβάμαι ότι θα βρεις έναν τρόπο να μας γράφεις πάλι, πού το παςKuchiki_Byakuya wrote:αυτό που επί της αριστεράς συγκρινόμαστε πάντα είτε με διαλυμένες χώρες είτε με δικτατορίες λέτε να είναι τυχαίο;;
Ανοίξτε το σύνδεσμο να δείτε τι μετέφρασαν εδώ:Greek voters faced with whether to approve or reject two documents from creditors, in a referendum to be held on July 5, face an additional challenge: the translation from English.
One of the documents, titled “preliminary debt sustainability analysis for Greece,” lays out the views on the subject by European institutions and the International Monetary Fund. They’ve been involved in five months of talks with the Greek government.
There are three scenarios, and the document’s conclusion is that under the first two there are “no sustainability issues” when the country’s financing needs are taken into account. The official translation provided by the Foreign Ministry and sent to reporters on Monday, though, was missing the word “no.” So the Greek text reads that there is a sustainability issue.
In addition, Greek parliament minutes show that a separate draft translation provided to lawmakers before they were asked to approve the referendum also dropped this crucial “no.” Spokespersons from the interior and foreign ministries declined to comment on the error.
Greeks have just five days before a referendum on whether to side with their government and reject more austerity, in a vote that could decide the country’s place in the euro area. As well as needing a crash course in finance to understand the highly technical offer, Greeks would do well to brush up on their English.