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Fiete M

Ireland to exit international bailout by December, confirms PM - 0 views

www.independent.co.uk/...ember-confirms-pm-8877335.html

Equilibrium Ireland Banks Allocated Efficiency EU Bailout

shared by Fiete M on 13 Oct 13 - No Cached
  • Fiete M on 13 Oct 13
     
    Please excuse if I am wrong because I am admittedly not completely sure if I am interpreting this right. I believe that this article tells us that Ireland's banks up to now were in no state of allocated efficiency because the equilibrium had to be manually shifted by the EU paying money to the irish banks. This however has changed now because they are leaving the bailout program which shows that they are trying to get onto their own feet again, and no longer need help from the EU. From this I can conclude that the Irish banks are at least moving towards a state of allocated efficiency again.
Haydn W

Greece's leader warns Merkel of 'impossible' debt payments - FT.com - 0 views

www.ft.com/...b5-11e4-982a-00144feab7de.html

Foreign Debt Greece EU

shared by Haydn W on 24 Mar 15 - No Cached
  • Greece’s leader warns Merkel of ‘impossible’ debt payments
  • Alexis Tsipras, the Greek prime minister, has warned Angela Merkel that it will be “impossible” for Athens to service debt obligations
  • The warning, contained in a letter sent by Mr Tsipras to the German chancellor and obtained by the Financial Times, comes as concerns mount that Athens will struggle to make pension and wage payments at the end of this month and could run out of cash before the end of April.
  • ...12 more annotations...
  • just before Ms Merkel agreed to meet Mr Tsipras on the sidelines of an EU summit last Thursday and invited him for a one-on-one session in Berlin
  • Mr Tsipras warns that his government will be forced to choose between paying off loans, owed primarily to the International Monetary Fund, or continue social spending.
  • He blames European Central Bank limits
  • “Given that Greece has no access to money markets, and also in view of the ‘spikes’ in our debt repayment obligations during the spring and summer . . . it ought to be clear that the ECB’s special restrictions when combined with disbursement delays would make it impossible for any government to service its debt,” Mr Tsipras wrote.
  • He said servicing the debts would lead to a “sharp deterioration in the already depressed Greek social economy
  • Mr Tsipras was rebuffed in efforts to secure quick financing from either the ECB or eurozone lenders at Thursday’s Brussels meeting
  • In an interview, Luis de Guindos, Spanish finance minister, said his eurozone counterparts would not sign off on any new bailout funding until a full set of approved reforms was passed
  • Mr Tsipras’s five-page letter is particularly critical of the ECB
  • The Greek prime minister insisted the ECB should have returned to “the terms of finance of the Greek banks”
  • Far from going easier on Athens, the ECB is considering whether to give its guidance to Greek banks more authority by making it a legally binding requirement not to add to their T-bill holdings.
  • He also criticised the ECB for only increasing the amount of emergency central bank loans to Greek lenders “at shorter intervals than normal and at rather small increments”
  • Mr Tsipras wrote that Athens was “committed to fulfilling its obligations in good faith and close co-operation with its partners”, he also warned Ms Merkel that a failure to find short-term funding could lead to much bigger problems.
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