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Version 2 Version 3
Resolving the Greek Debt Crisis: Crucial Next Steps Resolving the Greek Debt Crisis: Crucial Next Steps
(about 1 hour later)
WHAT’S BEEN HAPPENING:WHAT’S BEEN HAPPENING:
• Greece and its European creditors reached an agreement this week that aims to resolve the country’s debt crisis and keep it in the eurozone, but the deal requires Greek lawmakers to adopt more austerity measures, including tax increases and pension cuts. Greece and its European creditors reached an agreement this week that aims to resolve the country’s debt crisis and keep it in the eurozone, but the deal requires Greek lawmakers to adopt more austerity measures, including tax increases and pension cuts.
• The International Monetary Fund has urged European leaders to give Greece substantial debt relief or risk having the bailout fall apart. The International Monetary Fund has urged European leaders to give Greece substantial debt relief or risk having the bailout fall apart.
WHAT TO WATCH FOR:WHAT TO WATCH FOR:
In GreeceIn Greece
• By the end of Wednesday, Greek lawmakers must pass a set of measures that would raise value-added taxes and cut pensions, among other changes. Another set of changes must be passed by July 22. •Late Wednesday, Greek lawmakers passed a set of measures that would raise value-added taxes and cut pensions, among other changes. Another set of changes must be passed by July 22.
• The votes are intended to show that the Greek government can deliver on the commitments in the bailout agreement despite opposition in Parliament and in the streets. •The votes are intended to show that the Greek government can deliver on the commitments in the bailout agreement despite opposition in Parliament and in the streets.
In GermanyIn Germany
• If the Greek Parliament approves the policy changes, German legislators would vote this week on whether to move ahead with new talks on the details of the bailout. •With the Greek Parliament approving the policy changes, German legislators are expected to vote this week on whether to move ahead with new talks on the details of the bailout.
At the I.M.F.At the I.M.F.
• The International Monetary Fund, which has lent Greece at least $23.6 billion so far, has suggested that it might not lend it any more money if Germany and the other European lenders do not forgive some of the Greek debt, or at least stretch out the repayments. •The International Monetary Fund, which has lent Greece at least $23.6 billion so far, has suggested that it might not lend it any more money if Germany and the other European lenders do not forgive some of the Greek debt, or at least stretch out the repayments.
• The I.M.F.’s stance is putting pressure on Germany and others to soften their positions against debt relief — and providing some hope to Greeks that they will have a new ally in debt talks. •The I.M.F.’s stance is putting pressure on Germany and others to soften their positions against debt relief — and providing some hope to Greeks that they will have a new ally in debt talks.
At the BanksAt the Banks
• Greece needs €7 billion, about $7.7 billion, to meet debt payments and other obligations. Its creditors are working on a bridge loan to provide that money. Greece would then need €5 billion more next month. •Greece needs €7 billion, about $7.7 billion, to meet debt payments and other obligations. Its creditors are working on a bridge loan to provide that money. Greece would then need €5 billion more next month.
• Greece’s banks need money to reopen, something that the government keeps promising will happen quickly but that might take some time. •Greece’s banks need money to reopen, something that the government keeps promising will happen quickly but that might take some time.
At the Negotiating TableAt the Negotiating Table
• If lawmakers in Greece, Germany and other nations give their approval, the Greeks and their creditors will work out the details of providing Athens with as much as €86 billion in aid over three years. The question of debt renegotiation will also be on the table. •If lawmakers in Germany and other nations give their approval, the Greeks and their creditors will work out the details of providing Athens with as much as €86 billion in aid over three years. The question of debt renegotiation will also be on the table.
• Germany and others have ruled out forgiving Greece’s debt, but they are willing to discuss extending the repayment schedule or reducing interest rates. •Germany and others have ruled out forgiving Greece’s debt, but they are willing to discuss extending the repayment schedule or reducing interest rates.
• With the I.M.F. now pushing for substantial debt relief, that issue could well be the next sticking point in the crisis. •With the I.M.F. now pushing for substantial debt relief, that issue could well be the next sticking point in the crisis.