Merkel: “I don’t see debt haircut for Greece”

In an interview with FAZ on Saturday, German Chancellor Angela Merkel said, “I don’t see [another] debt haircut for Greece…and it always astounds me how carelessly this topic is discussed. Such a step could unleash uncertainty in other parts of Europe.” German Finance Minister Wolfgang Schäuble backed her position, insisting another debt write down “won’t…

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Fitch note on Greek Economy

In its latest comment on Greece (05/02/2013) Fitch noted that Greece has hit its fiscal target for 2012 and posted a minor primary surplus despite economic underperformance. The deficit reduction was achieved by a combination of larger than expected cuts in primary government expenditure and private and official sector debt relief. Fitch stressed that continued…

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Prior actions required for loan tranche disbursement

According to a press report (Kathimerini), ten prior actions are required for the Greece to the disbursement of the next loan tranche. Namely: (1) revision of the privatizations programme; target revised to EUR10bn by 2016 and EUR25bn by 2020 from EUR50bn previously, (2) tax reforms: appointment of auditors, (3) new medium-term fiscal adjustment programme for…

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EU plans XXL bailout package

According to FT Deutschland, eurozone leaders are preparing a larger than expected rescue fund (‘XXL bailout package’) to be validated by the end of November at the latest. Same source notes that modifications to the Greek bailout and the program planned for Cyprus as well as a second Spanish request for aid could all be…

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