The euro group could not compromise temporarily to avoid the Greek debt default

The new rescue agreement is based on the Greek proposal to extend the bailout program
February 20, the Greek finance minister Vallu Faji Si arrived in the Belgian capital of Brussels, the EU headquarters to attend the euro zone finance ministers meeting. Xinhua News Agency issued after hard negotiations, the euro group on the 20th announced a special rescue for Greece extended 4 months to avoid debt default. The two sides ad hoc conditions for the compromise, after a brief weekend will review the conditions of mutual recognition and confirmation, until the two sides agreed to formally implement the rescue extension. The new rescue agreement will seek more time for international creditors and Greece to solve the debt problem. By the end of March, Greece had to pay a total of about 10 billion euros in debt, to extend the rescue agreement to breathe. Euro Group Chairman Dessel Bloom said on the 20th, the euro zone finance ministers agreed to Greece in the implementation of reform measures based on the extension of the rescue 4 months to June this year. The new rescue agreement is based on the Greek proposal to extend the bailout program, but compared to its previously proposed extension of 6 months requested a discount. Creditors agree that the Greek debt does not mean that the Greek relaxation requirements, creditors still insist that Greece should "respect" and "fulfill" the reform obligations. The IMF's president, Lagarde, stressed at the meeting that further financial aid to Greece would be based on its further reforms. Dessel Bloom also urged the new Greek leaders to make new commitments to implement extensive and in-depth structural reforms. Compromise content parties agree that 20 days is a helpless compromise. In accordance with the established agreement, the Greek rescue program expires on February 28, 20 is outside the Greek application to extend the rescue agreement deadline. In the euro zone did not withdraw from the mechanism, the parties can not bear the Greek breach of contract, 20 must have a saying. The two sides published a written statement of two pages after the negotiations, with the following: Greek commitment to debt service and agreed to implement a series of reforms. Greece to obtain creditors to extend the special four months of assistance, although not previously made in Greece six months, but temporarily avoided the default, follow-up negotiations have also roundabout time. 23 days ago, the Greek government needs to submit a list of reform measures based on existing relief agreements for international creditors to review. 24, the international creditors will inform the audit of Greece, theoretically the result is two: creditors to accept the Greek program, continue to rescue Greece; do not accept, 20 compromise program failure. The position of the Greek government spoke highly of the outcome of the negotiations. Greek finance minister Yannis vanufakis called it a "new era of symbolism in Greece and the euro zone partnership", and after talks he insisted that Greece had been isolated since the 2010 euro zone aid to Greece , Now the situation has changed. Warrofkis also warned that if the Greek reform program (list) is not agreed, the agreement reached by both sides "will die." The German side, despite the fine-tuning of the position at the last minute of the negotiations, still insisted that Greece must follow the previous rescue plan. German Finance Minister Wolfgang Schaeuble said that Greece still needs to make a commitment and to implement the past bailout plan, "or will not get continued assistance." The chairman of the euro group, Jay? Dessel Bloom, has been mediating from him, and his repeated call with German and Greek leaders on the 19th day is the key to reaching a negotiated agreement. He acknowledges that the negotiations are "tense" because "the parties need to build trust and seriously implement the program." Christina Lagarde, president of the International Monetary Fund, welcomed the progress of the talks, and she said that Greece must be reformed to get more aid. Stock market closed up after the announcement of the results of the negotiations, has been under pressure to respond positively to the market. In the United States Wall Street, the New York stock market three major indexes closed up on the 20th, the S & P 500 stock index and the Dow Jones industrial average closed a record high. Germany "Der Spiegel" magazine reported that the market had previously thought that Greece out of the euro zone significantly increased the risk, the stock market so under pressure. The European Central Bank even prepared for Greece to withdraw from the euro area, has been tested internally in Greece after the euro zone integration program. But the market participants believe that the results of the 20th negotiations on the market will not be much impact on the follow-up, first because the Greek bankruptcy, out of the euro area is only deduced, not to the real level; secondly, the Greek debt crisis will not be improved because of the negotiations, The problem is only to be postponed, the negotiations will continue; again, for the European Central Bank to launch quantitative easing and the Greek opposition party to win the election, the market has been exhausted early; Finally, relative to the European debt problem, the Greek aid crisis only small head, while the former Situation control, no near worry. Xinhua News Agency


117843000:2017-04-05 17:34:40