€ still exists in 10 years’s time

GiNN-BerlinKontor.–-The Euro Group has approved a two-year extension to Greece’s fiscal adjustment programme, but the EU and the IMF are still in disagreement over whether Greece should be given 10 yaers oder 12 years to reach its targets. No decision was yet made in Brussels on the disbursement of an outstanding € 31.5 tranche of an EU/IMF bailout loan at  the Euro Group meeting of Euro-Zone finance ministers on November 12. Another meetings will be convened on November 20 and 26.. Euro Group chief Jean-Claude JUNCKER said, that a few more prior actions remained to be implemented by the Greek authorities by then.

There is still a big hurdle to surmount – that is the ratification for the disbursement of the next tranche to Greece by the 17 national parliaments..

IMF managing director Christine LAGARDE, who attended the meeting of the finance ministers noted that the Greek authorities have to undertake a few more prior actions in the coming days.Greece has not yet delivered - namely the fiscal commitments, the structural reforms and the sustainability of the Greek debt.

But: German Bundesbank chief Jens Weidmnann said:: “Politicians have evidently decided to continue financing Greece „Die Politik hat sich offenbar entschieden, Griechenland weiter zu finanzieren.“
By the way – Central Bank President Weidnann is convinced, that the Euro  would still exist in 10 years’ time: “I am certain of this. Clearly there is the political will to keep the € area  as a whole.”

The European Unions called for a “European Day of Action and Solidarity against Austerity”.  On November 13  general strike actions has been held simultaneously in  Greece, Spain, Portugal, Belgium and Italy to show solidarity. Strikes are also in the making in France and Germany. In Madrid a union leader told the crowd that their situation has its roots in European politics. “The policy has been imposed on us by the EU Commission,” he said, “who are following orders from Berlin.” (Sources: bundesbank de/bmF/n-tv/-Ps)



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