Ocnus.Net
News Before It's News
About us | Ocnus? |

Front Page 
 
 Africa
 
 Analyses
 
 Business
 
 Dark Side
 
 Defence & Arms
 
 Dysfunctions
 
 Editorial
 
 International
 
 Labour
 
 Light Side
 
 Research
Search

Business Last Updated: Mar 13, 2019 - 2:55:28 PM


Eurozone delays Greece debt relief over household insolvency law
By Georgi Gotev, EURACTIV, 12/3/19.
Mar 12, 2019 - 1:34:59 PM

Email this article
 Printer friendly page

Eurozone ministers on Monday (11 March) held back granting Greece debt relief because the government failed to implement reforms promised during the massive bailout that ended last year, officials said.

 

Greece exited its third and final international bailout in August, a turning point in its progress out of the catastrophe that engulfed the country during the financial crisis.

The Greek government has still failed to complete housing insolvency rules that have raised fears in Greece for families threatened with foreclosure on their homes.

European officials however played down the delay, not wanting to rekindle memories of the eurozone debt crisis that nearly destroyed the Europe’s single currency.

“It’s too early to decide formally on the disbursement today,” said EU Economics Affairs Commissioner Pierre Moscovici ahead of a Eurogroup meeting of eurozone finance ministers. “We are particularly focused on the reform of the Katseli law”, he tweeted.

The so-called Katseli law, named after former economy miniter Louka Katseli, shields household from losing their primary residence in case of insolvency.

“The signal given to the markets is decisive, the message of today’s Eurogroup will be and must be positive,” he added.

The debt relief measures are mainly profits made by the European Central Bank (ECB) and other EU central banks on Greek government bonds during the bailout period.

Greece could receive just short of one billion euros from its eurozone partners in the debt relief scheme.

The delay comes days after Greece issued a 10-year bond, the country’s first since its 2010 debt crisis.

The bond was hailed as a major milestone marking Greece’s return to normalcy after almost a decade of being avoided by the markets.

The country hopes to raise a total of around nine billion euros in the markets this year to boost investor confidence in the Greek economy.

Growth is expected to reach 2.4% in 2019 after an estimated 2.1% in 2018, according to the latest International Monetary Fund (IMF) projections.

 


Source:Ocnus.net 2019

Top of Page

Business
Latest Headlines
Intelligence: The Techno Revolution
The Polar Silk Road and Arctic Geopolitics
States aren’t waiting for the Trump administration on environmental protections
Is Sri Lanka Really a Victim of China’s ‘Debt Trap’?
No US LNG Exports to China in Recent Months as Trade War Reaches Peak
Pompeo’s Arctic Shipping Lanes
Global climate finance is still not reaching those who need it most
The stunning annual costs of Trump’s steel and aluminum tariffs on US consumers and businesses
Trading Houses Caught in Crossfire of Russian Oil Contamination
Italy on course for new EU budget clash