Το θέμα τελειώνει σιγά σιγά, σημερινό άρθρο στο
www.spiegel.de/international/europe/0,1518,756182,00.html]Spiegel[/url]
προσοχή, αυτά δεν τα λένε πια οι κακοί αγγλοσάξωνες με τους κερδοσκόπους από πίσω ε? μιλάμε για γερμαναράδες.
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Admission of Failure
Even worse, however, is the situation in Greece. Last year, the European Commission, the ECB and the International Monetary Fund (IMF) assembled a special rescue package for Greece in order to help it avoid defaulting on its loans. But, since then, things haven't gotten much better.
After a year of financial adjustments and reforms, prices for Greek sovereign bonds are lower than they were when the rescue effort was launched, and their yields have reached record highs. Indeed, the country's government has almost the same credit ratings as it did 12 months ago.
This development can be seen as a vote of no confidence by investors in the EU's rescue measures. Players on the financial markets simply don't believe that Greece will be able to stand on its own two feet any time soon. And now there is the risk that something will happen that the Europeans already tried to prevent last year, namely that Greece will be forced to restructure its debt.
Despite all the denials, there is a growing realization that a so-called haircut can no longer be avoided. SPIEGEL reported last week that the IMF is putting pressure on Athens to restructure its debt. And it's not just the IMF that is pushing for Greece to take a haircut: Among euro-zone finance ministers, too, support is growing for the radical solution, which would involve holders of Greek sovereign bonds taking losses.
Last week, during a meeting of the European Commission, European Monetary Affairs Commissioner Olli Rehn told his colleagues that they shouldn't speak publicly about a Greek debt restructuring, but that a restructuring would have to be carried out in good time. If things really came to that, he said, it would be nothing less than an admission that the euro zone's approach to fighting the crisis had failed, at least in the short term.
Growing Deficit
The issue of restructuring Greek debt also came up in Schäuble's conference call. He and some of his colleagues expressed their unease about developments in Greece and voiced skepticism about whether the reform measures would ultimately succeed.
Their doubts are justified. [size=14pt]
Indeed, the most recent analysis by the European Commission, the IMF and the ECB on the issue of whether Greece will be able to refinance its debts by itself came to an alarming conclusion. The study found that the country's economy is contracting more than previously feared and that one of the main causes behind the contraction was the harsh austerity measures that the government has been forced to introduce in return for receiving outside assistance. As a result, the public deficit in Greece has climbed even higher than previously assumed.[/size]
The expert report also says that Greece's program for sorting out its finances has reached a critical phase. In order for the country to be able to handle its debt burden by itself, its economy will have to pick up and there must be an increase in the country's notoriously uncertain government revenues. But, at the moment, neither of these things is happening. During the conference call, some finance ministers very gingerly suggested that, given the situation, it might make more sense to let Greece restructure its debt.
"I'm not prepared to talk about that," ECB President Jean-Claude Trichet barked into the phone. If creditors grant Greece's request for a reduction in the amount it owes, he argued, the entire euro zone could face a crisis of confidence.
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έχει και άλλο, όποιος ενδιαφέρεται στο λινκ πιο πάνω.
τραμουντάνα, απαντά αυτό στο ερώτημά σου ή όχι?
ΔΕΝ ΓΙΝΕΤΑΙ ΜΕ ΤΕΤΟΙΑ ΥΦΕΣΗ ΝΑ ΡΙΞΕΙΣ ΤΟ ΕΛΕΙΜΜΑ, πόσες φορές θα χρειαστεί να το επαναλάβω?
(τώρα αρχίζουν να το επιβεβαιώνουν και οι εταιροι μας)
