Stournaras presents debt relief plan with maximum benefits for Greece, minimum cost for lendersEconomyMacroeconomy
During a speech at the Delphi Economic Forum on Saturday, Bank of Greece (BoG) governor Yannis Stournaras presented the outcome of an exercise conducted by the central bank showing that mild debt relief in the form of smoothing interest payment for EFSF loans coupled with a primary surplus of 2 percent of GDP as of 2021 is consistent with Greece’s debt sustainability.
IMF comments, blog leave no doubt credible debt relief has to be agreed soonEconomyProgramme
Almost two weeks after the publication of its Article IV consultation report on Greece, including its updated debt sustainability analysis, the IMF published on Thursday evening a blog setting out the Fund’s perspective on dealing with sovereign debt.
Central government debt rises to 326.4 billion on ESM disbursementEconomyMacroeconomy
Greece’s central government debt Increased by 2.65 billion euros quarter on quarter (QoQ) to 326.36 billion in the fourth quarter (Q4) of 2016 from 323.71 billion in Q3, the Finance Ministry (MoF) debt bulletin showed on Monday.
Athens waits for Moscovici visit, eyes debt relief and lower volume of measuresPoliticsGreek Politics
There was no official response from Athens on Monday to the proposal made by the institutions to the Greek government and it now seems there will be no movement on the issue until European Economic Affairs Commissioner Pierre Moscovici has visited the Greek capital on Wednesday.
European Commission positive on Greece's macro and fiscal prospectsEconomyMacroeconomy
Greece is showing signs of recovery and its economy is expected to strongly rebound as of 2017 if the second programme review is completed, the European Commission (EC) notes in its winter economic forecasts published on Monday.
Lenders' proposal not yet enough to convince Athens, banish snap poll optionPoliticsGreek Politics
Athens did not hide over the weekend its disappointment with the proposal made by the institutions on Friday but still appears focussed on trying to get a deal it considers politically viable.
IMF examines where programme went wrong, what lessons were learntEconomyProgramme
Following the International Monetary Fund’s executive board meeting on Monday, the Washington-based organisation published its ex-post evaluation report on Tuesday evening.
Tsakalotos and Stournaras raise objections to IMF assumptionsEconomyProgramme
The Article IV consultation report on Greece published by the International Monetary Fund on Tuesday evening included letters by the Greek Finance Minister Euclid Tsakalotos and Bank of Greece governor Yannis Stournaras, which both outlined their disagreement on certain assumptions and comments in IMF’s debt sustainability analysis (DSA) and ex-post evaluation report.
IMF far more pessimistic than eurozone on Greek debt, urges significant reliefEconomyProgramme
The International Monetary Fund's updated Debt Sustainability Analysis (DSA) sees Greek debt as being highly unsustainable and stresses that even with the full implementation of the policies included in the third eurozone bailout programme, both debt and financing needs will become explosive in the long-run.
IMF sees much scope for reform progress, particularly on tax in Article IV reportEconomyProgramme
Despite the significant progress made so far, Greece faces fundamental challenges such as vulnerable public finances, notable tax evasion and ineffective tax administration, impaired bank balances sheets and pervasive structural obstacles to investment and growth, the International Monetary Fund’s Article IV consultation report concludes.