Schäuble: Why Greece will not need 77 billion euros
Schäuble: Why Greece will not need 77 billion euros
A «battle of numers» for the future financing needs of Greece is ongoing between Wolfgang Schäuble and SPD spokesman on finance issues, Carsten Schneider
The response from the German Ministry of Finance in the Bild article that supports Sneijder’s argument - They do not take into account the revision of the program in November 2012, the ministry spokesman says
A «battle of numers» for the future financing needs of Greece is ongoing between Wolfgang Schäuble and SPD spokesman on finance issues, Carsten Schneider.
An article in Bild yesterday supports Schneider’s arguments that between 2015 and 2020, Greece will need an extra 77 billion euros. This amount is also mentioned in a document of the German Ministry of Finance from September 2012, signed by the Finance Vice Minister Steffen Kampeter.
As the Finance Ministry spokesperson told Deutsche Welle, «the important thing is not the gross, but the net borrowing needs, those which, according to Troika estimates, are not yet certain as to how they will be financed. Schneider confuses net and gross amounts».
The numbers are outdated, German Finance Ministry spokesperson says
Meanwhile, the spokesperson states that «the listed numbers from September 2012, are completely outdated. They do not take into account the revision of the program in November 2012, including the repurchase of bonds and measures to improve debt sustainability», as the decrease in interest and the extension of the repayment period. For all this the voting in the German Parliament took place on November 30, 2012, with Schneider present.
As for the level of the financing gap, things remain as they are: «According to the Troika estimates, the net borrowing needs for 2015/2016 may be up to 6.5 billion euros, totaling approximately 11 billion euros if one includes the current program. These needs arise for the most part from maturing bonds that are held mainly by the ECB or from IMF loans. It is pointless to speculate about the possible financing needs of an additional program. For this we shall speak in mid-2014 after the end of the current program».
A «battle of numers» for the future financing needs of Greece is ongoing between Wolfgang Schäuble and SPD spokesman on finance issues, Carsten Schneider.
An article in Bild yesterday supports Schneider’s arguments that between 2015 and 2020, Greece will need an extra 77 billion euros. This amount is also mentioned in a document of the German Ministry of Finance from September 2012, signed by the Finance Vice Minister Steffen Kampeter.
As the Finance Ministry spokesperson told Deutsche Welle, «the important thing is not the gross, but the net borrowing needs, those which, according to Troika estimates, are not yet certain as to how they will be financed. Schneider confuses net and gross amounts».
The numbers are outdated, German Finance Ministry spokesperson says
Meanwhile, the spokesperson states that «the listed numbers from September 2012, are completely outdated. They do not take into account the revision of the program in November 2012, including the repurchase of bonds and measures to improve debt sustainability», as the decrease in interest and the extension of the repayment period. For all this the voting in the German Parliament took place on November 30, 2012, with Schneider present.
As for the level of the financing gap, things remain as they are: «According to the Troika estimates, the net borrowing needs for 2015/2016 may be up to 6.5 billion euros, totaling approximately 11 billion euros if one includes the current program. These needs arise for the most part from maturing bonds that are held mainly by the ECB or from IMF loans. It is pointless to speculate about the possible financing needs of an additional program. For this we shall speak in mid-2014 after the end of the current program».
Besides, from February 21, 2012, Eurozone has already ensured it will support Greece until it is able to regain access to the financial markets.
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