“The procedure is back on track: Greece will present its reforms, but it is clear that it will not have to take recessive measures”. These are the words of the Greek prime minister, Alexis Tsipras, after an extraordinary (and crowded) summit on the rescue plan for Athens. The German chancellor took part in the appointment, which lasted about three hours Angela Merkel, the French president Francois Hollande, the governor of the ECB Mario Draghi, the number one in the Eurogroup Jeroem Djissembloem and the Presidents of the Commission and of the European Council, Jean-Claude Juncker e Donald Tusk. Still a partial agreement, therefore, but which was enough to restore confidence in the Athens Stock Exchange.
Yesterday the price list lost 2%, but recovered 2,36% by mid-morning today. Around 10 am, the Greek two-year yield drops to 23,69%, while the 10-year rate drops to 12,03%.
Tsipras has assured that in the next few days he will provide to creditors a list of reforms to overcome the stalemate on the payment of the last tranche of the bailout funds, equal to 7,2 billion. But Angela Merkel remained impassive: “We didn't talk about figures, nor about precise commitments – she said -. New aid can only be paid when the commitments have been respected”. The meeting between the two leaders on Monday in Berlin will be decisive.
For the time being, based on last month's agreement to extend the EU-IMF rescue package, the statement released yesterday explains that "the Greek authorities will take ownership of the reforms and will present a complete list of specific interventions in the coming days" .
Meanwhile, liquidity is scarce in Athens and the Greek government is trying to recover the money to complete the payment of thelast tranche of debt with the IMF: 350 million euros due today. To this end, Tsipras has asked public utilities to provide resources to the state coffers through reverse transactions on debt securities.
