Greece will get new billion-aids?. Dream on, Germany!.
By the end of this month, the EU and the International Monetary Fund (IMF) is expected to agree a new rescue package for the damp Greece. The hope of the rich savior, the first aid package of 110 billion euro will, has not fulfilled. Now arguing about details. "World Online" answered the important questions.
Yes. The Europeans have paid for otherwise Greece in July broke. There is no other alternative, as long as the euro countries, stick to the principle that "no country is allowed to fall" (Chancellor Angela Merkel). The rescue package II for Greece will be in the words of € group chief Jean-Claude Juncker to 2014 in real terms about 90 billion €.
Where will the money come from?
There are several sources of money. In addition to the IMF represents the EU rescue fund EFSF loans available to vouch for the euro countries. Moreover, privatization proceeds will be incorporated in Greece in the amount of at least 30 billion euros. Private investors such as banks and insurers are also involved in the rescue costs. You may also flow a small amount of around ten billion euros from the EU Community budget in the new rescue package.
What Greece has to do for these services?
The EU, the European Central Bank (ECB) and the IMF are unhappy with the recent reforms and the efforts to save the country. In return for new tools to demand more reforms and austerity. The government in Athens will commit itself naturally. Fully open is whether Greece will keep that promise. If not, the donors have no real sanction in the hand. You have to pay, as long as they exclude a state bankruptcy or withdrawal of Greece from the monetary union categorically.
Why does Greece just now new billion?
EU, IMF and the ECB have come to the conclusion that Greece 2012 not to return to financial markets to borrow new money at affordable rates. This is determined indirectly, that this is "underfunded" by 2013 and ongoing adjustment program has not met the first bailout expectations. The consequence is that the next payment does not flow from the current aid package in the amount of twelve billion euros in late June can.
In that case, pay for Athens in July no wages and pensions more. So time is pressing. Thus, the twelve billion euros may be paid as scheduled, must - be secured in the next twelve months, the financing of Greece - - especially from the perspective of the IMF and that is only with a new rescue package by the end of June.
Be private investors who hold bonds Greek, are involved in the rescue costs?
This will be in every case - the only question is, how and in what amount. The participation of the private sector within the EU governments highly controversial. It is required primarily by German and Finnish politicians so they can keep not only the taxpayers are sitting on the cost of rescue. This argument is intended to facilitate public support for further rescue billions, it stings but only partly: Many creditors of Greece are in fact related, such as the ECB, Landesbank Baden-Wuerttemberg and HRE, or semi-public or Commerzbank. Experts fear therefore that the inclusion of "private" Holder rescue costs ultimately still further upward.