Daily Management Review

As Bailout Quarrel Persists, Greece Edges Toward Another Crisis


03/20/2017




Eurogroup is to reiterate calls for Greece to meet loan clauses when the euro-area finance ministers meet in Brussels.
 
Edging closer to a repeat of the 2015 drama that pushed Europe’s most indebted state to the edge of economic collapse, Greece is set to miss yet another deadline for unlocking bailout funds this week.
 
The government of Alexis Tsipras has yet to comply with the terms attached to the emergency loans that have kept the country afloat since 2010, eBottom of Form
uro-area finance ministers meeting in Brussels is likely to reiterate.  A European official said last week that reaching an agreement even in April is now considered a long shot even while Tsipras had promised the long delayed review of the latest bailout would be completed by March 20.
 
The government in Athens is resisting calls for additional pension cuts and on reforms demanded by creditors in the Greek energy market, the two sides are still far apart. A finance ministry official said in an email to reporters on Friday that the issue can’t be solved in talks with technocrats while discussions continue on how to overhaul the labor market.
 
In the seven-year crisis that has reduced the Greek economy by a quarter, it is by now all too familiar - stalled bailout reviews and acrimony between successive governments and auditors representing creditor institutions. Greece may not be able to meet debt payments due in mid-July by the failure to resolve the latest standoff before the summer.
 
Uncertainty has weighed on economic activity, raising the risk that an additional bailout may be needed, even as Greek bonds have performed better than most of its euro-area peers this year on expectations that the government will capitulate. A  bleeding of deposits from the nation’s battered lenders resumed and the economy unexpectedly contracted, as unemployment rose in the last quarter of 2016.
 
“The Greek recovery is once more significantly delayed by politics,” said Nicholas Economides, a professor of economics at New York University’s Stern School of Business. “Tsipras will blink at some point in time, the question is when.”
 
(Source:www.bloombrg.com)






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