GiNN-BerlinKontior.—-Zur Erinnerung: Vor 14 Tagen, am 15.Mai 2012, bewilligte der Vorstand der Internationalen Währunsfonds (IWF) Griechenland Zahlungen in Höhe von € 28 Milliarden, um den Verbleib Athens in der EURO-Zone sicherzustelen. Vier griechischen Banken – der Eurobank, National Bank of Greece, Alpha Bank und der Piraeus Bank wurden insgesamt € 18 Milliarden aus dem Griechenland-Rettungsschirm der EFSF überwiesen. Wie das Athener Finanzministerium mitteilte, werden auch mittlere und kleinere Banken “bedient”. Der griechischen Übergangsregierung wurde am 15. Mai unmißverständlich erklärtt, dass das Land alle Bedingungen und Forderungen der EU, des IWF und der EZB nachkommen muss. In einem IMF-Press Release hiess es:
“The Executive Board of the International Monetary Fund (IMF) today approved a four-year SDR 23.8 billion (about €28 billion, or US$36.7 billion) arrangement under the Extended Fund Facility (EFF) for Greece in support of the authorities’ economic adjustment program. The approval allows for an immediate disbursement of SDR 1.4 billion (about €1.65 billion, or US$2.2 billion). The EFF arrangement entails exceptional access to IMF resources, amounting to 2,159 percent of Greece’s quota.
The Executive Board also took note of Greece’s cancellation of the three-year Stand-By Arrangement (SBA) for Greece which had been approved in May 2010
Official sector support for the second Greek program entails €130 billion (about US$170 billion) in new financing, in addition to the remainder of the financing support for the first program of €34 billion (about US$44 billion).
The IMF contribution of €28 billion will be disbursed in equal tranches over a four-year period. It represents about three-elevenths of the total, excluding payments related to the private sector involvement (PSI) and repayments of bonds held by the European Central Bank. This will keep the Fund’s peak-exposure broadly unchanged relative to the SBA.
IMF Managing Director and Chair Christine LAGARDE said in a statement:“The new Fund-supported program will enable Greece to address these challenges while remaining in the Eurozone. The program focuses on restoring competitiveness and growth, fiscal sustainability, and financial stability. The authorities are fully committed to these ambitious objectives and stand ready to take any additional measures as may be necessary. The successful debt exchange operation, debt relief and long-term support from Greece’s European partners, and the commitment of the major Greek political parties to program objectives and policies provide important assurances for the new program.
Greece’s priority is to undertake competitiveness-enhancing structural reforms. The government’s bold labor market measures will play a crucial role in this regard, complemented by measures to liberalize professions and product markets, improve the business environment, and privatize state-owned assets.
Significant further fiscal adjustment is necessary to put debt on a sustainable downward trajectory. Reaching a primary surplus of 4½ percent of GDP by 2014 will require politically difficult cuts in government spending, as well as decisive measures to address tax evasion. It is important that the adjustment be both fair and sustainable, through strengthening the core social safety net and tax collection efforts.
“Securing financial sector stability and depositor confidence is also a priority.
The program secures liquidity support for Greek banks, and provides funds for their recapitalization, alongside incentives to preserve private ownership. The resolution framework and the governance of oversight agencies have been strengthened to ensure appropriate use of public funds and safeguard against conflicts of interest.
“Risks to the program remain exceptionally high, and there is no room for slippages. Full and timely implementation of the planned adjustment—alongside broad-based public support and support from Greece’s European partners—will be critical to success. The euro area leaders have reiterated their commitment to provide adequate support to Greece during the life of the program and beyond until it has regained market access, provided that Greece fully complies with the requirements and objectives of the adjustment program.” (Quelle: IWF/IMF)