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Adelina Marini
#Greece Another Greek drama is on the way of being resolved after early this morning the Greek government has agreed to most of the conditions put forward by the Troika (EU Commission, ECB and the IMF), except one - there is still no agreement where to cut another 300 mn euros of savings to avoid cutting supplementary and primary pensions, to which the parties represented in the broad coalition government of national unity in Athens oppose. Athens has 15 days to find where to save 300 mn euros from. Today at 1800 CET the Eurogroup will finally gather after its meeting was postponed several times - that's the group of eurozone finance ministers. It is expected by then a final decision to be taken Greece to receive a second bailout of 130 bn euros. The main purpose of the agreed for days and nights compromise is Greece to make spending cuts worth 3bn euros this year and totally 10 bn by 2015 in order to enter a process of diminishing budget deficit and debt. Also today it is expected the private creditors of Greece to meet in Paris, who, given the compromise, are ready to write off 100 bn euros of Greek debt, worth totally 350 bn euros, according to the October agreement.
9 February 2012 09:29
Adelina Marini #Greece In the afternoon, around 1430 CET Mario #Draghi will speak to journalists after a meeting of ECB's governing council. It is expected Mr Draghi to face the tough question whether the ECB would agree to respond to the calls for an official sector participation (OSI) in parallel with the PSI (private sector participation). The ECB is the largest single Greek bond holder, worth some 40 bn euros. However, the bank us under pressure to agree not to gain profit from those bonds, estimated to about 15 bn euros.
9 February 2012 10:34
Adelina Marini #Greece The Greek financial edition Capital has published the text of the agreement with Greece, entitled a Memorandum for Economic and Financial Policies, in which as a first challenge is pointed out the lack of competitiveness of the Greek economy. Under number two and three are respectively - restoring fiscal stability and liquidity of the financial sector. The text of the agreement in English you can find here http://www.capital.gr/...s/mnimonio2.pdf
9 February 2012 10:57
Adelina Marini #Greece The government is committed by 2015 to reduce the public work force by 150,000 jobs and only this year the public sector jobs have to be reduced by 15,000. This was one of the biggest stumbling blocks during the negotiations between the authorities in Athens and the troika in the past few days.
9 February 2012 11:25
Adelina Marini What the document, published by the Greek Capital daily, says about pension reform is that the government commits to make savings of 600 mn euros in 2012. A reform will be introduced of the supplementary pensions system, aimed at ensuring permanent annual savings of 0.4% of GDP by 2014. Earlier in the morning it was announced that the deal with the troika was in a deadlock because of the need to find a way to cut 300 mn euros of spending. It was reported that one way to do that was to reduce supplementary or even primary pensions.
9 February 2012 11:33
Adelina Marini #Greece The Greek government has committed to achieve a general government primary surplus of 4.5% of GDP by 2015 and is aiming for a primary deficit for 2012 of 1%, according to what seems to be a draft agreement. The Financial Times reports however that this is a new demand that would force the EU to revise its debt analysis of Greece in order to determine the size of the bailout, for now estimated to be worth 130 bn euros. This would prevent the Eurogroup from deciding on the loan tonight.
9 February 2012 11:44
Adelina Marini #Greece A lot of the policy reforms have a deadline end-June to be completed as a legislation in order to take effect immediately and some of them to deliver yet in this year's budget. Such is the case with the reform of the social spending too, which, as the document shows, are well above the average for the eurozone as a share of GDP. By the end of June a thorough review of the social welfare system must be over, which will identify which programmes must be stopped.
9 February 2012 11:57
Adelina Marini #Greece The Greek government commits to corrective measures in the event of underperformance of the targets. These corrective measures include additional targeted reductions of spending for public wages, social transfer expenditures and defence.
9 February 2012 12:22
Adelina Marini #Greece I wonder how precisely will the idea of the Greek government to hire 1,000 auditors be harmonised with the plans to cut 15,000 public jobs this year? These auditors are part of the fiscal institutional reform in Greece, aimed at increasing tax revenues collection. In brackets it is written in the document that these plans for hiring will be in line with the job cuts plans. This probably means that 15 public workers will be replaced by 1 auditor, roughly?
9 February 2012 13:04
Adelina Marini Olli #Rehn spokesman Amadeu Altafaj could not confirm the reports from earlier today that #Greece was given 15 days to find ways to make 300 mn euros cuts - an issue that was reported to have remained unresolved after all night's negotiations.
9 February 2012 13:13
Adelina Marini #Greece I wonder what might that mean that "there will be many new concrete things" and "a plenty of food for thought" tonight, as spokesman Altafaj said on the occasion of the negotiations that ended this morning in Athens. He earlier said that Olli Rehn will brief the Eurogroup about the outcome of the negotiations. This website will follow tonight's meeting.
9 February 2012 13:22
Adelina Marini Any moment now is expected to start the news conference of ECB chief Mario Draghi after a meeting of the Governing Council. In the meantime it was announced that a deal has been reached in Athens on the austerity measures proposed by the troika. An announcement from PM Papademos's office is expected shortly. Just in time before the Eurogroup meeting tonight at 6 CET.
9 February 2012 14:32
Adelina Marini #ECB expects euro area economy to gradually recover in 2012 but there are downside risks, Mario Draghi said.
9 February 2012 14:37
Adelina Marini Structural reforms and fiscal consolidation remain essential, Mr Draghi said
9 February 2012 14:42
Adelina Marini Mario #Draghi has just confirmed the #Greek deal. He said he got a call by Lucas Papademos a while ago. Details later in the Eurogroup
9 February 2012 14:47
Adelina Marini #Draghi has just said that all these talks of ECB sharing the losses from Greek bonds are unfounded but he made it clear that he cannot talk more about this before tonight (the Eurogroup meeting)
9 February 2012 15:01
Adelina Marini The most important thing about #Greece is the agreement that has just been reached today in Athens, Mario Draghi said. For some mysterious ways people focus mainly on the financial side, but it is the reforms that matter, he continued. We should focus on them first and then the rest.
9 February 2012 15:12
Adelina Marini #Draghi also suggested that the PSI is close to an agreement on #Greece debt restructuring.
9 February 2012 15:14
Adelina Marini Mr #Draghi continues to reaffirm the feeling of an extraordinary crucial Eurogroup meeting tonight. At least 10 times he said that he could not comment until the meeting tonight.
9 February 2012 15:24
Adelina Marini The political leaders in #Greece have reached an agreement on an austerity programme that will hopefully help Greece avoid a default by providing another 130 billion euros in bailout. However, in a statement from the Greek PM's office it is pointed out that the consultation with the Troika on the subject was left open for further elaboration. Such an agreement was necessary to be achieved before the Eurogroup meeting later tonight.
9 February 2012 16:31
Adelina Marini Very encouraging news are coming from Athens, said IMF chief Christine Lagarde on her entry the Council meeting for the Eurogroup meeting in Brussels.
9 February 2012 16:57
Adelina Marini Irish minister of finance Mr Noonan said it was too early to judge a deal has been concluded for #Greece. He added that during the Eurogroup it would become clearer. This is in support to what someone might think when reading the Greek PM's statement on the reported agreement earlier today that it has remained "opened for further elaboration".
9 February 2012 17:04
Adelina Marini Schaeuble on the way in
9 February 2012 17:13
Adelina Marini Venizelos also just came in and hurried inside without stopping to speak to reporters.
9 February 2012 17:18
Adelina Marini wrong - he's speaking
9 February 2012 17:19
Adelina Marini I don't think there will be a final decision tonight. This is not a disaster, Jean-Claude Juncker, Eurogroup chief said on his way in
9 February 2012 17:21
Adelina Marini First impressions from what I could get of all participants that spoke on their way in for the Eurogroup meeting in Brussels is that the agreement achieved by the Greek political leaders earlier today might not be sufficient to convince all the 17 eurozone member states to give a go ahead to the second bailout programme, worth 130 bn euros. As the German finance ministers said, Greece has not yet implemented the reforms it committed to with the first bailout programme
9 February 2012 17:26
Adelina Marini The #Eurogroup meeting is expected to start at 1800 CET and the news conference after it is planned for 2300. This, of course, is a very conditional timing as the talks are very likely to continue into the night given the current circumstances.
9 February 2012 17:33
Adelina Marini The #Eurogroup will have a thorough scrutiny of the agreement,achieved earlier today by the Greek political parties, Ollie Rehn, EU Monetary Affairs Commissioner said. He refused to forecast whether tonight there would be an agreement but reiterated that the Greek government and Parliament would have to convince their European parliaments of their concrete actions for structural and fiscal reforms.
9 February 2012 18:20
Adelina Marini The #Greek drama will continue for at least another week after the Eurogroup demanded from #Greece to ensure that it will implement the reforms programme even beyond the general elections, scheduled to take place in April. As Jean-Claude Juncker put it - no disbursement before implementation. How the Greek story unfolded in the last 24 hours you can read later on this website.
10 February 2012 08:14
Adelina Marini #Greece I have to tell you that the news from last night's Eurogroup meeting are many.
10 February 2012 08:39
free talk corner
Adelina Marini
#FAC EU foreign ministers discussed a report by the EU HR for foreign and security policy Federica Mogherini on her visit in #Libya, where the Union re-opened its offices in Tripoli
16 July 2018 15:01
Adelina Marini #FAC #Mogherini on #QMV: We never never in these almost 4 years had a problem with unanimity. I don't exclude in the future this to become a problem but now even on defence we decide with unanimity, even with UK still in. What I can indicate as a problem is the problem of inconsistency. On other issues, yes, indeed
16 July 2018 15:20
Adelina Marini
The #Eurogroup will discuss today the outcome of the European Council in the end of June and in particular the future of the euro area
12 July 2018 14:46
Adelina Marini #Eurogroup Mario Centeno: It's quite impressive the list of commitments Bulgaria has put forward to join both the ERMII and the banking union and it is something worth to praise
12 July 2018 15:01
Adelina Marini
The European Commission is proposing new proposals for a reforms programme for the euro area and a eurozone budget. Stay tuned for live updates
31 May 2018 11:33
Adelina Marini Dombrovskis: Around half of all countries could possibly be benefiting of this stabilisation fund
31 May 2018 12:15

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