We begin to glimpse the light again at the end of the tunnel and the European squares take flight. Indeed, yesterday euro zone officials finalized an agreement to be submitted for signature by European governments at Monday's Eurogroup meeting. The agreement provides for strict, unprecedented constraints: a special fund will be set up which will have to have enough money to repay the Greek debt falling due in the following 9-12 months. If the fund falls below the necessary level, it will draw on the other aid granted to Greece to make the state machine work. One is also planned permanent commission of experts which will supervise (with the right of veto) the government's spending choices.
In anticipation of the Eurogroup, the Troika (ECB, EU and IMF) and the European Commission have drawn up an analysis showing the impossibility of reaching the Greek debt target of 120% in 2020. According to the study, the debt/GDP ratio of the Greece ta 8 years will be at least 129%.
The meeting of the ministers of the Eurozone countries in Brussels on Monday 20 February will therefore be decisive. But that day the attention of the markets will perhaps be more concentrated on another event of capital importance for Europe: the second stage of the Ltro operation, ie the auction of ECB loans to the banking system. And not only. At least two European automotive groups, PSA and Volkswagen, which have banking licences, have decided that they will submit a request to Frankfurt to be able to participate in the distribution of 1% loans in exchange for collateral (credits opened for the sale of cars), thus lowering the cost of money. In the autumn of 2011 Siemens, also with a banking license, had closed accounts with French banks to park its liquidity with the ECB.
