The new loan is "in the making" even without a new Memorandum
The new loan is "in the making" even without a new Memorandum
Troika returns to Athens early next month - Lenders ask for explanations on the privatizations that were not implemented and find 13 -14 billion euro funding gap
Lenders continue to keep a tough stance against the Greek government, aimed, as all shows, at ensuring guarantees for the period after the national elections in order to "tie" the country and continue the payment of the next tranches.
The date of troika’s return has not been set yet but even before coming back to Athens it has clarified it is leaving aside the primary surplus and is seeking explanations on the privatizations that were not carried out. It has also found 13-14 billion euros missing so the state can keep up on its loan obligations and indirectly pushes Greece to seek a new loan in order to update the claims with a new Memorandum and new conditions, regardless the outcome of the coming elections.
The financing gap of 14 billion euros in 2014 -2015 specifies the amount of the new loan, which Greece needs and which will lead to the signing of the third memorandum. Athens insists that this gap amounts to 11 billion euros and estimates it could be covered by unspent funds from the Financial Stability Fund (FSF).
The Finance Minister wanted to drop the high tons saying Saturday that "troika has not hardened its stance, it is the same from the beginning." In practice, however, auditors constantly make things difficult for the Greek government avoiding to answer if they accept the equivalent measures it proposes.
Troika also insists that the revenue shortfall due to the VAT reduction focus is almost three times higher than that estimated by the Greek government. It also disagrees on the amount of losses from the reduction in employer contributions as the Troika estimates them at 800 to 850 million euros, while the Greek side is talking about 300 to 400 million euros.
With these data, the approval for the tranche of 6.7 billion to Greece (3.1 billion euros from the EU and 3.6 billion from the IMF) is not expected before mid-February, thus transferring the timetable for the debate on measures to alleviate the Greek state debt that the Greek side would want closed by June the latest.
The date of troika’s return has not been set yet but even before coming back to Athens it has clarified it is leaving aside the primary surplus and is seeking explanations on the privatizations that were not carried out. It has also found 13-14 billion euros missing so the state can keep up on its loan obligations and indirectly pushes Greece to seek a new loan in order to update the claims with a new Memorandum and new conditions, regardless the outcome of the coming elections.
The financing gap of 14 billion euros in 2014 -2015 specifies the amount of the new loan, which Greece needs and which will lead to the signing of the third memorandum. Athens insists that this gap amounts to 11 billion euros and estimates it could be covered by unspent funds from the Financial Stability Fund (FSF).
The Finance Minister wanted to drop the high tons saying Saturday that "troika has not hardened its stance, it is the same from the beginning." In practice, however, auditors constantly make things difficult for the Greek government avoiding to answer if they accept the equivalent measures it proposes.
Troika also insists that the revenue shortfall due to the VAT reduction focus is almost three times higher than that estimated by the Greek government. It also disagrees on the amount of losses from the reduction in employer contributions as the Troika estimates them at 800 to 850 million euros, while the Greek side is talking about 300 to 400 million euros.
With these data, the approval for the tranche of 6.7 billion to Greece (3.1 billion euros from the EU and 3.6 billion from the IMF) is not expected before mid-February, thus transferring the timetable for the debate on measures to alleviate the Greek state debt that the Greek side would want closed by June the latest.
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