WSJ: Secret Meeting Held on Greece



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According to a publication by the U.S. newspaper Wall Street Journal, Greece’s creditors seem to be deeply concerned about the rhythm in which the Greek structural reforms are being put through by the government.

The article published late on Friday reveals that shortly after the meeting of the eurozone’s finance ministers (Eurogroup) last Monday in Brussels, senior officials of the International Monetary Fund, the European Commission and the European Central Bank, as well as the finance ministers of Germany and France, Wolfgang Schaeuble and Pierre Moscovici, held a secret meeting on the Greek financial crisis.

The Greek finance minister Yiannis Stournaras, who was briefing the press in a building across the street at the time, wasn’t invited, mentioned the WSJ.

During the secret meeting, the officials tried to tackle two issues that threaten to unsettle the economic recovery of Greece and the eurozone, in general.

The participants tried to find a way for pressing the Greek government to forge ahead unpopular structural reforms, while also exploring additional funding sources. These would be used to cover a shortfall in the country’s financing for the second half of 2014, which is estimated at 5 to 6 billion euros.

The meeting was inconclusive, said people familiar with the situation, who spoke to the newspaper on condition of anonymity, as they weren’t authorized to talk to the press.

Concerns are growing because Greece faces a large maturity of state bonds in May of €11 billion. The IMF hasn’t disbursed any aid to Greece since last July and is €3.8 billion behind in scheduled aid payments. The IMF insists on having a clear view of the country’s finances 12 months ahead, but this condition hasn’t been met yet.

Upon being asked about the publication, Greek finance ministry officials stated that such meetings are frequently held as part of the Eurogroup and shouldn’t cause any concerns.


11 COMMENTS

  1. Additional funding sources to the tune of 6 billion just for 2014?From where?As I wrote before,the IMF had effectively discontinued its participation in the Greek bailout due to the Greece’s incompliance with the terms and conditions of its bailout.Europe is unwilling to contribute free funds to plug the Greek gap either.It looks like the Eurocrats are desperate to find 6 billion euros to plug the sinking Titanic ,but shelling out 6 billion taxpayers money to a country that very publicly does not live up to its end of the deal would be impossible sell to their electorate.And they can’t force the Greek government to live up to its obligations either.Grexit next?The secret nature of this meeting where Stournaras had not been invited point very clearly in this direction.

  2. The IMF, ECB and Creditors are upset because of all the Business & Political Crimes PASOK & ND Parties have allowed in Greece for easy BRIBES over the last 40 years of corrupt rule that is now caught up to ALL of these Thieves in Parliament– GET RID OF THESES CROOKS NOW !

  3. Concerns are growing because Greece faces a large maturity of state bonds in May of €11 billion.

    Hmmmm. May! Just in time for the Greek municipal and EU parliamentary elections! The New Democracy-PASOK coalition regime aka the Venizelos-Samaras Junta is headed into the dustbin of history.

  4. Everything is fine, according to our Yannis and Antonis, no new austerity, a primary surplus, and the economy is beginning to come to life after turning the corner and seeing the light at the end of the tunnel. Don’t worry WSJ and all the exchanges…be happy all is well. They know better than you.

  5. As I have mentioned before,the Greek media collective pedals the Greek government blatant lies.I guess the average Greek think that they are bottoming out with the loudly touted “Surplus”.Not only there is no ‘Surplus”,but as the article pointed out ,only for the second half of 2014 the budget deficit is 6 billion,probably more.

  6. You realize there will be a EU smoke and mirror show to give the electorate the “Now you see it….Now you don’t” version until after the elections. The global markets are increasingly nervous and it will not take much for the Euro to deflate in value. These are the times when Brussels does it’s magic trick of pulling a hat out of a rabbit. It’s bloody, messy and they always get it backwards.

  7. “Greece is done and gone to the Drachma”

    I’ll be here to remind you that you said that!
    You will be found out as a liar once again by all who read these posts when I supply links to all your false predictions Tedi Am-Turd

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