BRUSSELS—Euro-zone policy makers on Thursday appeared no nearer to settling a dispute over Finland's collateral demands in exchange for participating in a €110 billion ($158.6 billion) bailout for Greece, raising concerns that the Mediterranean nation may default. Markets have grown more worried about the potential for a Greek debt default amid an apparent lack of progress in resolving the collateral issue this week. Finland, meanwhile, shows no sign of backing down. Students protesting legislation trimming education spending scuffled with riot police Wednesday in Athens. Also Thursday, German Chancellor Angela Merkel unexpectedly canceled a trip to Russia in early September to shepherd through parliament a crucial change to the euro-zone bailout fund. The cancellation comes at a sensitive time for relations with Russia, and amid growing nervousness about dissent within the ranks of her own party over her handling of the euro-zone debt crisis. "The date collides with the introduction of the [European Financial Stability Facility] treaty into the Bundestag," a German government official said Thursday, adding that the chancellor wants to stay in Berlin due to the significance of the issue. Yields on Greek two-year bonds rocketed Thursday to a record of over 43%, according to Tradeweb, and the cost of insuring Greek government bonds against default also rose sharply. Greek five-year sovereign credit-default swaps were 1.37 percentage points wider at 22.75 percentage points, according to Markit. Euro-zone governments are looking into alternative forms of collateral after a cash deal reached earlier between Greece and Finland was rejected by key member countries, including Germany and the Netherlands. Under terms of that deal, Greece would pay Finland hundreds of millions of euros from its bailout loans as collateral for those same loans at the expense of other euro-zone countries. Since Finland is set to contribute just 2% of Greece's total rescue package, guarantees from the richer euro-zone nations would be going directly to Finland. The collateral dispute, if not resolved soon, could derail a second bailout package for Greece agreed by euro-zone leaders on July 21. Without support from all 17 euro-zone countries, no funds can be released, while changes to the European Financial Stability Facility, the currency bloc's bailout fund, can't go forward either. The International Monetary Fund, which has been contributing to Greek bailout loans, opposes any deal that would threaten its preferred-creditor status, which ensures the fund is always first to be repaid.
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Friday, August 26, 2011
BRUSSELS—Euro-zone policy makers on Thursday appeared no nearer to settling a dispute over Finland's collateral demands in exchange for participating in a €110 billion ($158.6 billion) bailout for Greece, raising concerns that the Mediterranean nation may default. Markets have grown more worried about the potential for a Greek debt default amid an apparent lack of progress in resolving the collateral issue this week. Finland, meanwhile, shows no sign of backing down. Students protesting legislation trimming education spending scuffled with riot police Wednesday in Athens. Also Thursday, German Chancellor Angela Merkel unexpectedly canceled a trip to Russia in early September to shepherd through parliament a crucial change to the euro-zone bailout fund. The cancellation comes at a sensitive time for relations with Russia, and amid growing nervousness about dissent within the ranks of her own party over her handling of the euro-zone debt crisis. "The date collides with the introduction of the [European Financial Stability Facility] treaty into the Bundestag," a German government official said Thursday, adding that the chancellor wants to stay in Berlin due to the significance of the issue. Yields on Greek two-year bonds rocketed Thursday to a record of over 43%, according to Tradeweb, and the cost of insuring Greek government bonds against default also rose sharply. Greek five-year sovereign credit-default swaps were 1.37 percentage points wider at 22.75 percentage points, according to Markit. Euro-zone governments are looking into alternative forms of collateral after a cash deal reached earlier between Greece and Finland was rejected by key member countries, including Germany and the Netherlands. Under terms of that deal, Greece would pay Finland hundreds of millions of euros from its bailout loans as collateral for those same loans at the expense of other euro-zone countries. Since Finland is set to contribute just 2% of Greece's total rescue package, guarantees from the richer euro-zone nations would be going directly to Finland. The collateral dispute, if not resolved soon, could derail a second bailout package for Greece agreed by euro-zone leaders on July 21. Without support from all 17 euro-zone countries, no funds can be released, while changes to the European Financial Stability Facility, the currency bloc's bailout fund, can't go forward either. The International Monetary Fund, which has been contributing to Greek bailout loans, opposes any deal that would threaten its preferred-creditor status, which ensures the fund is always first to be repaid.
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Banca Centrală a Greciei a activat programul de asistență în caz de urgență privind lichiditatea, care este disponibil pentru băncile din zona euro care au nevoie de el, se arată într-un ziar de limbă greacă citat de Reuters.
Emergency Liquidity Assistance (ELA) este un program care se activează în cazul unor circumstanțe excepționale și presupune furnizarea de bani în caz de lipsă de lichiditate temporară pentru instituții sau piețe, conform definiției date de Banca Centrală Europeană.
Practic, Banca Centrală a Greciei poate furniza fonduri chiar și în timpul în care piețele financiare sunt închise.
Grecia se află într-o situație delicată după ce Premierul finlandez Jyrki Katainen a afirmat marţi că ţara sa s-ar putea retrage din programul de ajutor pentru Grecia dacă nu va primi garanţii pentru împrumuturile sale.
Pe 16 august, Ministerul finlandez de Finanţe a anunţat că a ajuns la un acord cu Atena privind garanţia pentru partea ce-i revine Finlandei din noul împrumut de 159 miliarde de euro pentru Grecia.
Dar, aşa cum a reamintit luni Germania, acest acord bilateral trebuie să fie aprobat de celelalte 16 state membre ale Zonei euro, or el a provocat deja critici puternice din partea Austriei, Olandei şi a Slovaciei.
Potrivit experţilor, planul de salvare pentru Grecia ar putea fi compromis dacă celelalte ţări ar cere acelaşi tip de garanţii ca Helsinki.
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