if you missed waht Varoufakis is calling Music to his ears...
- 50 billion euros from October 2015 through the end of 2018.
Greece Needs at Least $40b in New Euro-Area Funds: IMF Report
2015-07-02 15:00:00.5 GMT
By Andrew Mayeda
(Bloomberg) -- “Very significant changes in policies and
in the outlook since early this year have resulted in a
substantial increase in financing needs,” according to
International Monetary Fund staff report dated June 26 and
released Thu.
* IMF issues preliminary draft Debt Sustainability Analysis
for Greece
* Developments since report date including bank closures,
capital controls and overdue payment to IMF “are likely to
have a significant adverse economic and financial impact
that has not yet been reflected in this draft’
* Under package proposed by creditors, Greece’s needs are
projected at about EUR50b from Oct. 2015 to end-2018,
requiring new European money of at least EUR36b
* Haircuts on debt will be necessary “if the package of
reforms under consideration is weakened further -- in
particular, through a further lowering of primary surplus
targets and even weaker structural reforms”
* New funds should be provided on “highly concessional
terms” such as AAA interest rates, long maturities, grace
period, in context of third EU program
* “Even with concessional financing through 2018, debt would
remain very high for decades and highly vulnerable to
shocks”
* Doubling grace periods, maturities on existing Greece loans,
along with new financing, would mean that “debt can be
deemed to be sustainable with high probability”
* Report circulated to IMF’s executive board but not discussed
or approved by board; report hasn’t been agreed to with
other parties in talks
* IMF staff aren’t prepared to submit a proposal to the fund’s
board to dispense more money until deal reached with
credible reform commitments from Greece and debt relief from
the Europeans: IMF official says in phone briefing
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Andrew Mayeda in Washington at +1-202-624-1947 or
amayeda@bloomberg.net
To contact the editors responsible for this story:
Christopher Wellisz at +1-202-624-1862 or
cwellisz@bloomberg.net
Scott Lanman
2015-07-02 15:00:00.5 GMT
By Andrew Mayeda
(Bloomberg) -- “Very significant changes in policies and
in the outlook since early this year have resulted in a
substantial increase in financing needs,” according to
International Monetary Fund staff report dated June 26 and
released Thu.
* IMF issues preliminary draft Debt Sustainability Analysis
for Greece
* Developments since report date including bank closures,
capital controls and overdue payment to IMF “are likely to
have a significant adverse economic and financial impact
that has not yet been reflected in this draft’
* Under package proposed by creditors, Greece’s needs are
projected at about EUR50b from Oct. 2015 to end-2018,
requiring new European money of at least EUR36b
* Haircuts on debt will be necessary “if the package of
reforms under consideration is weakened further -- in
particular, through a further lowering of primary surplus
targets and even weaker structural reforms”
* New funds should be provided on “highly concessional
terms” such as AAA interest rates, long maturities, grace
period, in context of third EU program
* “Even with concessional financing through 2018, debt would
remain very high for decades and highly vulnerable to
shocks”
* Doubling grace periods, maturities on existing Greece loans,
along with new financing, would mean that “debt can be
deemed to be sustainable with high probability”
* Report circulated to IMF’s executive board but not discussed
or approved by board; report hasn’t been agreed to with
other parties in talks
* IMF staff aren’t prepared to submit a proposal to the fund’s
board to dispense more money until deal reached with
credible reform commitments from Greece and debt relief from
the Europeans: IMF official says in phone briefing
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Andrew Mayeda in Washington at +1-202-624-1947 or
amayeda@bloomberg.net
To contact the editors responsible for this story:
Christopher Wellisz at +1-202-624-1862 or
cwellisz@bloomberg.net
Scott Lanman