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"Knit" would keep lenders in the country by 2020 at least to implement the reforms, granting it in installments the promise that they promised. The president of the Eurogroup stressed that reforms should continue "in the next election circles".
Based on the surpluses so high that the country has committed to produce in the coming years, a special report issued by the Public Debt Management Agency shows that the Greek debt is " sustainable "for the next 20 years (less than 20% of GDP in 2037) even if it was not transmitted in the past
At the same time, the Greek Minister of Finance opened a question of reducing primary surpluses, but after 2022 (as he also considers surpluses of 2.2% of GDP until 2060)
Sentinel: Follow-up reforms with "any government"
In his speech to the President of the European Parliament pointed out that the benefits of the Eurosystem Greek bonds (estimated at about € 4.8 billion) will be repaid in Greece from here 2020, per year month each July and December.
"This is an incentive to pursue reforms," said Mr. Senteno, "which must continue in the following political circles," which means that all subsequent governments will implement them. .
With regard to the last installment of 15 billion euros, said that it should be adopted next week by the European Parliaments
Of this money, 9.5 billion euros. euros to form a "cash buffer" and "last resort" For Greece to pay debts. From this single wording, it seems that lenders believe that Greece must repay its obligations by other means (eg surpluses, privatization products or new obligations) and that it can also use the solution to the bond markets. the "cushion" that will total – with primary surpluses – 24.1 billion by mid-2020.
"The remaining 5.5 billion euros" out of a total of 15 billion will be disbursed into a special account to meet the needs of the Greek public debt service, "said Mr Senteno." Latent Speech ", however, reading his speech, President Senteno said the money would be" 2020 "(" in 2020 "), but late in the evening he issued a statement and rewrote his statement
. Mr Senteno said in a briefing that while the Memorandum will expire in 2018, Greece will take its final installment in … payments in 2020, in addition to other relief measures (deferring payments from the EFSF 10 years) triggered by in 2023 and after.And he will have taken all the measures of the 3rd Memorandum, but he left 26 of the 86 billion euros provided for this and could have taken everything at extremely "good rates market "
In view of the agreement on brutal surpluses within the Eurogroup, the ODIHR released a special study last night on its website, which shows that With such high surpluses, even without any additional debt relief Greece can serve its debt payments (less than 20% of GDP) up to … in 2037 (orange line on the map) ! And while most countries in the euro area are already moving or more than 20% – and with an average wage for government bonds around 7-10 years instead of 19-20 as Greece.
This shows, however, that the relief granted to Greece in previous years was already the best possible and sufficient to consider its medium and long-term debt in the next 20-25 years.
However, after the new debt relief (blue line) never before 2060, payments should not exceed 20% of GDP, the debt is considered "sustainable" and no further relief is needed after 2032, even if the country borrows from 2023 to 2060 at a rate of interest of 5.2% (at a rate of interest with which Greece "went bankrupt" in 2010)!
However, before the "paper" Under this agreement, the Greek finance minister suddenly opened yesterday a question of reducing primary surpluses after 2022. [19659004] Mr. Tsakalotos, addressing Reuters, admitted that the government had promised a very high level of austerity, but argued that the issue could be reconsidered.
"The primary surplus, if you ask me as an economist, is too high," he said. "The Greek government will look at this issue, just like the finance ministers, to see if the IMF is right in the event of a sustainability problem – I mean it's an empirical issue, not a priori," he said. he said.
He admitted that high taxation is a problem, while he argued that there is a thought to reduce insurance contributions, which is being examined by special groups in the department finances.
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