Euro-ministers and IMF in third attempt to agree on Greece

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Series Details 26.11.12
Publication Date 26/11/2012
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EUObserver, EurActiv and other news sources reported that Eurozone finance ministers and the International Monetary Fund (IMF) sought to unfreeze the second bailout package for Greece on the 26 November 2012, but they first needed to agree whether some of the official loans to Athens might eventually be forgiven to cut Greek debt.

The FT and other news sources reported on the 27 November 2012 that after two false starts in as many weeks, international lenders in the early hours of the 27 November reached a deal to overhaul Greece’s faltering bailout programme and release a long-delayed €34.4bn aid payment by agreeing to a series of measures that could relieve Greece of billions of euros in debt by the end of the decade.

However the FT also said 'Somewhere in the not-too-distant future, according to senior officials and bailout documents ... international lenders will once again have to find more water from the Greek debt stone. Many, including at the IMF, now believe the only way to do that is through a write-down of official bailout loans, known in euro-speak as “OSI” for official sector involvement.

Source Link Link to Main Source http://euobserver.com/economic/118315
Related Links
EurActiv, 26.11.12: Eurozone ministers eye Greek debt write-off http://www.euractiv.com/euro-finance/euro-zone-ministers-eye-greek-de-news-516251
ESO: Key source: The Greek Debt Crisis http://www.europeansources.info/record/the-greek-debt-crisis-key-sources/
ESO: Background information: Greek coalition wins budget vote comfortably, waits for loan tranche http://www.europeansources.info/record/greek-coalition-wins-budget-vote-comfortably-waits-for-loan-tranche/
BBC News, 26.11.12: Greece: EU ministers meet for third time for aid talks http://www.bbc.co.uk/news/business-20491005
Kathimerini, 26.11.12: Finance ministers, EU officials express hope for deal as Eurogroup gets underway http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_26/11/2012_471611
Spiegel Online International, 26.11.12: Germany's Ongoing Refusal to Forgive Greek Debt http://www.spiegel.de/international/europe/germany-remains-adamant-in-refusal-to-forgive-greek-debt-a-869300.html
Kathimerini, 27.11.12: Eurozone, IMF clinch deal on Greek loan and debt http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_27/11/2012_471717
Eurogroup: Press Release, 27.11.12: Eurogroup Statement on Greece http://www.eurozone.europa.eu/newsroom/news/2012/11/statement-greece-27-11-2012/
BBC News, 27.11.12: Eurozone finance ministers agree deal on Greece bailout http://www.bbc.co.uk/news/business-20506251
Deutsche Welle, 27.11.12: Eurogroup pulls nightshift to seal Greek deal http://www.dw.de/eurogroup-pulls-nightshift-to-seal-greek-deal/a-16407297
France24, 27.11.12: Greek lenders agree to unlock EU-IMF funds http://www.france24.com/en/20121127-greek-lenders-agree-unfreeze-eu-imf-debt
EurActiv, 27.11.12: Eurozone clinches Greek debt deal http://www.euractiv.com/euro-finance/eurozone-homes-greek-debt-deal-news-516275
Spiegel Online International, 27.11.12: Europe Agrees on New Aid Package For Greece http://www.spiegel.de/international/europe/euro-zone-finance-ministers-avert-greek-bankruptcy-in-marathon-talks-a-869487.html
European Commission: RAPID: MEMO/12/916: Statement by President Barroso on Greece http://europa.eu/rapid/press-release_MEMO-12-916_en.pdf
Kathimerini, 27.11.12: Three parliaments to vote on Greek debt deal http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_27/11/2012_471881
To Vima, 27.11.12: Greece’s creditors offer the minimum (via PressEurop) http://www.presseurop.eu/en/content/article/3083871-greece-s-creditors-offer-minimum
EUObserver, 28.11.12: German opposition may delay vote on Greek aid http://euobserver.com/economic/118340
EUObserver, 27.11.12: Greece back from the brink after EU agrees debt deal http://euobserver.com/news/118334
EUObserver, 28.11.12: Divided Europe, divided Eurozone http://euobserver.com/opinion/118352
Spiegel Online International, 28.11.12: 'Europe Hasn't Learned Lessons from Greece Crisis' http://www.spiegel.de/international/europe/german-commentators-say-greece-debt-deal-delays-the-inevitable-a-869768.html

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