“Tax at 3,5% and repayment in 2024” code!

Κωδικός “τόκος 3,5% και εξόφληση το 2024”!

The discussion on the enlargement of the EFSF takes top of the list

The minister of Finance Giorgos Papakonstantinou is going to Brussels probably for the most crucial meeting of the Eurogroup. Greece has a lot of expectations about decreasing the rate at which the Troika and the markets are lending. However, bargaining for such allowances is tough and maybe new sacrifices will be asked for in return.

Top of the agenda is the European Financial Stability Facility (EFSF). Despite the December summit agreement , the discussion now is on “how much will we give” based on the plan of the EU president Baroso for a generous invigoration of the Fund.

This issue is causing tension between EC and Germany, but also inside the country too. The instigator of these developments, Angela Merkel, seems to favor a total solution-“package” to end the uncertainty and misery setting in the markets that is endangering the euro.

She stressed that “we need a total strategy, with denser economic cooperation. We cannot just bring up one issue per day”!...

So the European ministers of Finance are putting all the measures on the table. And if they don’t come to an  agreement ,they will have two more weeks until the European leaders’ summit to achieve it.

This broad plan of reaction from Europe stands on three axes:

1. Reinforcement of countries with problems like Greece with considerable EFSF funds.
2. Developmental Eurobonds.
3. Project bonds for major works and tough discipline with unified harsh rules of financial governance for all Eurozone countries.

However, the exchange will require grave sacrifices in exchange, in order to counter reactions against the measures that are planned especially for Greece, such as those of the Slovak minister of Finance who, in his statements in Proto Thema, characterizes it as a “fatal mistake”.
The rescue plan for Greece

The Greek side hopes for an extension of repayment of up to 11 years and a reduction of the rate from 5,2% to approximately 3,5%.

What must be made clear is that the proposed solutions and the decisions to be taken will not contribute to the postponement of the difficult policies. On the contrary, the issue of unified strict rules of governance, which translate into a long austerity policy for all, will be brought up in the Eurogroup.

The top priority, however, for the ministry of Finance, is to decrease the cost of Troika loans to dispell markets concerns as it’s getting ready to go for a loan on Tuesday, with quarterly treasury bills, in the wake of the Fitch downgrade.
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