Policy reactions to the Eurozone crisis
S&P says Greece’s credit rating can be upgraded
Greece’s credit rating could be upgraded to B, from CCC+ after completion of a first review of the Greek economic adjustment program, disbursement of loans according to a ESM schedule and probably combined with an ECB decision to begin accepting Greek state bonds as collateral again, Standard & Poor’s said on Thursday.
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Greece’s lenders want 6-7 bln euros worth of reforms to release 1-bln-euro tranche
Greece’s creditors from the EC, ECB, ESM and IMF want an additional 3 billion euros worth of measures to be implemented in Greece in 2016 and a total of 6-7 billion euros by 2018.
Govt’s Parallel Program casts shadow over EWG
The Euro Working Group is set to confirm whether Greece has executed the second prior actions required to unlock a 1-bln-euro bailout tranche. Members of EU finance ministries of the Eurogroup Working Group will hold a teleconference on Thursday to decide on Greece.
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EWG completes positive compliance report for Greece
The Euro Working Group (EWG) came to a “broad agreement” on Greece during its Friday meeting concerning the implementation of prior actions for Greece. Eurozone sources said on Friday that the institutions of Greece’s lenders (EC, ECB, IMF, ESM) completed a positive compliance report that was presented to the eurozone finance ministry representatives.
ESM Chief says Greece doesn’t need a debt haircut
European Stability Mechanism (ESM) General Director Klaus Regling told MEPs of the European Parliament’s Committee on Economic and Monetary Affairs that member states will monitor the progress of Greek reforms and will decide on whether there will be discussions on further debt relief. He made it clear that a haircut on nominal debt for Greece wasn’t on the cards.
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Yanis Varoufakis strikes again with new article
Former Greek Finance Minister Yanis Varoufakis uploaded a post on his blog trying to defend his actions and deconstruct the new bailout plan approved by the Greek government (he voted against it) and the Eurogroup Friday. Read the whole article:
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The truth about creditors role in Greek debt
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Ecofin releases 7.1 bln-Euro bridge loan to Greece
The European Economic and Financial Affairs Council (Ecofin) has approved a 7.16 bln-Euro bridge loan to Greece, which will allow the crisis battered country to cover its overdue debt obligations over the next 3 months to the IMF, the Bank of Greece and the ECB.
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ECB Emergency Lending to Greek Banks to Remain Unchanged
The European Central Bank (ECB) has decided to leave unchanged the volume of its emergency liquidity assistance available to Greek banks.
It will remain at EUR 89 B, as reported by a ECB spokesman quoted by the AFP.
Greek Banks to Remain Shut Beyond Wednesday - Reuters
Greece will extend its bank holiday later on Wednesday as the cash-strapped government in Athens struggles to strike a new aid deal with its eurozone partners, Reuters reported.