The decisive agreement for the salvation of Greece will come "in the coming days“. This was assured by the finance minister of Athens, Evangelil Venizelos, arriving this morning at the Ecofin summit in Brussels. The agreement in question is that between the Greek treasury and private creditors to reach finally to the longed-for debt restructuring.
Tonight the ministers of the economy of the Eurozone rejected the latest agreement proposal between Athens and its creditors, asking for a new solution soon. Negotiations will now continue until February 13.
This morning the Finance Minister of Austria, Maria Fekter, he specified that “the International Monetary Fund will work on a new aid program with the Greeks. But we will be able to give our agreement only if the parties in power and the others demonstrate that they have reached an agreement” to implement the reforms. And “this must be done in writing”.
If you can't find a solution soon, in March, Greece may not have the funds to repay the 14,4 billion maturing bonds. The agreement is also necessary for the ok to arrive for the disbursement of new international aid to the country.
The fundamental node in the “debt swap” operation, ie the replacement of current maturing securities, is sui interest rates. The creditors, who hold about 206 billion euros of Greek debt (equal to about 330 billion in total), do not want to go below 3%, as the government would like.
