The euro area requires more to Greece
On the Greek front, the relief was short-lived. The hope of a crisis after the announcement of an agreement between the austerity coalition in power has been showered later that evening by the Eurogroup. Indeed, the forum of finance ministers of the monetary union has not given the green light yesterday to the outbreak of a new critical assistance for Greece. "Despite the significant progress made in recent days, we did not have all the necessary elements on the table to make decisions" in the immediate future, said President of the Eurogroup, Jean-Claude Juncker, to outcome of the meeting.
The central bankers of the euro area have put three conditions for granting a new loan in Athens, and set a new appointment next Wednesday. Those responsible for the euro area demand and the Greek parliament approves austerity plan Sunday in the day yesterday accepted by the Greek political parties and its creditors. Finance ministers of the euro area also ask Athens to make "additional savings to the tune of 325 million euros" in the 2012 budget of the country, and that "by Wednesday," said Jean-Claude Juncker.
Finally, the euro area expected "strong political guarantees", written by the coalition parties in power in Athens no fax pay day loan. "We want real commitments" on reforms that are carried out, said the president of the Eurogroup. The Greek government estaccusé not fulfill all the promises of budget savings and reforms promised in exchange for international loans. However, to ensure that the funds will go far in debt repayment, the Franco-German proposal to create a special escrow account is seriously considered, said yesterday the European Commissioner for Economic Affairs, Olli Rehn.
The doubts of the euro area are justified: the new agreement accepted yesterday by the ruling coalition was the same day denounced by the Deputy Minister of Labour, Giannis Koutroumanos and has not received the green light for conservatives Antonis Samaras. But the Greek Socialist Minister of Finance, Evangelos Venizelos, is intent on achieving an agreement. Last night he gave notice to the Conservatives to support additional budgetary savings at risk if not to see the country forced to exit the euro area.
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