This article is from the source 'guardian' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.theguardian.com/business/live/2016/may/24/eurozone-greek-bailout-debt-relief-business-live
The article has changed 30 times. There is an RSS feed of changes available.
Previous version
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
Next version
| Version 26 | Version 27 |
|---|---|
| Eurozone agrees to hand €10.3bn bailout loans to Greece - live updates | |
| (35 minutes later) | |
| 1.49am BST | |
| 01:49 | |
| Onto questions. | |
| Q: What has to happen before Greece receives its bailout funds? | |
| ESM chief Klaus Regling says some additional steps are needed on privatisations, pensions and non-performing loans. | |
| 1.46am BST | |
| 01:46 | |
| IMF: Everyone now agrees Greece's debt is unsustainable | |
| Now the IMF’s European chief, Poul Thomsen, speaks! | |
| He says the Fund welcomes the “important package of measures” which Greece has adopted. All sides have had to compromise. | |
| And Thomsen then turns to the big issue - debt relief. | |
| We welcome that all stakeholders recognise that Greek debt is unsustainable. We welcome that it is understood that Greece needs debt relief to make it sustainable. | |
| And we welcome that there is agreement on the methodology and the objectives of what debt relief will achieve. | |
| The IMF will now spend some time analysing the short-term debt relief measures being taken. | |
| And crucially he confirms that IMF staff will recommend joining the bailout by the end of 2016, as long as the debt sustainability analysis shows that the measures on the table will work. | |
| Ultimately, though, it’s a decision for the Fund’s board. | |
| 1.35am BST | |
| 01:35 | |
| Onto the details.... | |
| The boss of the ESM bailout fund, Klaus Regling, says Greece needs to complete the outstanding ‘prior actions’ previously agreed with its lenders. | |
| Then national governments must give their approval, before the first portion of the bailout funds - worth 7.5 billion euros -- can be handed over in June. | |
| Updated | |
| at 1.38am BST | |
| 1.32am BST | |
| 01:32 | |
| Moscovici: It's a very important moment | |
| European Commissioner Pierre Moscovici says the eurogroup has reached a good agreement. | |
| It opens the way to rebuild confidence and create a “lasting economic recovery in Greece”. | |
| Moscovici adds: | |
| It is a very important moment in this long and sometimes difficult journey” | |
| Sometimes?! | |
| 1.30am BST | |
| 01:30 | |
| Curious metaphor alert, from the Slovakian finance minister: | |
| It was a complicated birth tonight. It's probably about as good as it gets. #Greece #Eurogroup #eurozone #IMF | |
| 1.29am BST | |
| 01:29 | |
| The Eurogroup’s statement is online here: | |
| Eurogroup statement on Greece | |
| It confirms that Greece will receive its bailout loans, that the eurozone will offer debt relief, and that IMF officials are planning to recommend that they join the Greek bailout programme. | |
| 1.26am BST | |
| 01:26 | |
| The key points: | |
| We achieved a major breakthrough on #Greece which enables us to enter a new phase in the Greek financial assistance programme #eurogroup | |
| We welcome intention of #imf management to recommend to Fund's board to approve a financial arrangement before end 2016 #eurogroup #Greece | |
| 1.24am BST | |
| 01:24 | |
| Dijsselbloem sounds quite cheerful, telling reporters that this is an important moment in the long Greek saga. | |
| Confidence has begun to recover since the drama of last summer, and he extends his thanks to Greek finance minister Euclid Tsakalotos and his staff. | |
| We have entered a new phase, and I welcome that very much, Dijsselbloem concludes. | |
| 1.21am BST | |
| 01:21 | |
| IMF 'on board' with Greek deal | |
| In another important development, Dijsselbloem says that that IMF is on board with the Greek bailout. | |
| He explains that the Fund’s management have agreed to recommend a new financial arrangement for Athens before the end of this year. | |
| #IMF will recommend its board to stay in programme before the end of the year | |
| 1.20am BST | |
| 01:20 | |
| Eurogroup president Dijsselbloem says ministers have agreed a range of debt relief measures for Greece. | |
| In the short term, these relate to ‘debt management’ - smoothing Greece’s repayments to avoid any shocks. | |
| Medium-term measures will kick in from mid-2018, when Greece’s bailout expires (assuming Athens complies with its demands). | |
| He also explains that profits which the European Central Bank has made on Greek bonds will be returned to Athens, to help with debt sustainability. | |
| 1.17am BST | |
| 01:17 | |
| This decision eases concerns that Greece could default over the summer. | |
| However, most of this new loan will be returned to Greece’s creditors, of course, or used to cover outstanding government bills. | |
| ESM will endorse disbursement of 10.7 mn euro - in installments (much of which Greece will send straight back in forms of arrears/loans) | |
| 1.13am BST | 1.13am BST |
| 01:13 | 01:13 |
| GREECE GETS ITS BAILOUT LOANS | GREECE GETS ITS BAILOUT LOANS |
| It’s official! Jeroen Dijsselbloem confirms that the eurozone’s bailout vehicle has agreed to extend €10.3bn of bailout loans to Greece. | It’s official! Jeroen Dijsselbloem confirms that the eurozone’s bailout vehicle has agreed to extend €10.3bn of bailout loans to Greece. |
| But as rumoured earlier, the aid will be handed over in several instalments, not in one lump. | But as rumoured earlier, the aid will be handed over in several instalments, not in one lump. |
| Dijsselbloem says: | Dijsselbloem says: |
| This is very good news... the programme is fully back on track. Greece is delivering a lot, and we are making good progress. | This is very good news... the programme is fully back on track. Greece is delivering a lot, and we are making good progress. |
| #Eurogroup Dijsselbloem: ESM will be able to endorse the disbursement of 10.3bn #euros, pending national approvals. | #Eurogroup Dijsselbloem: ESM will be able to endorse the disbursement of 10.3bn #euros, pending national approvals. |
| Updated | Updated |
| at 1.14am BST | at 1.14am BST |
| 1.11am BST | 1.11am BST |
| 01:11 | 01:11 |
| Jeroen Dijsselboem has arrived at the press conference, rubbing his hands. | Jeroen Dijsselboem has arrived at the press conference, rubbing his hands. |
| And excitingly, IMF chief Poul Thomsen is there too. | And excitingly, IMF chief Poul Thomsen is there too. |
| Thats a first! Poul Thompsen at the briefing pic.twitter.com/sUv5hse0wA | Thats a first! Poul Thompsen at the briefing pic.twitter.com/sUv5hse0wA |
| 1.05am BST | 1.05am BST |
| 01:05 | 01:05 |
| Watch the eurogroup press conference here | Watch the eurogroup press conference here |
| Eurogroup president Jeroen Dijsselbloem is about to hold a press conference about the meeting. | Eurogroup president Jeroen Dijsselbloem is about to hold a press conference about the meeting. |
| It’s being streamed live, here (right-click to open in a new tab) | It’s being streamed live, here (right-click to open in a new tab) |