On Wednesday 30 September 2015 the General Court of the EU decided that the European citizens' initiative seeking to allow cancellation of the onerous public debt of countries in a state of necessity such as Greece can not be registered. On 6 September 2012 the European Commission refused to register Mr Anagnostakis' proposal for a […]Read More..
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30 September 2015: General Court confirms there is no EU competence for unilateral member state decision not to pay back debts in state of necessityOctober 2, 2015
After the Eurogroup meeting of 7 March, President Jeroen Dijsselbloem remarked: "We discussed the state of play, in particular of course of the first review, what the next steps could be. The outcome of that is that the mission chiefs will return to Athens. I'm not sure when exactly, perhaps already tomorrow. There is enough […]Read More..
In an attempt to secure IMF participation in the 3rd Greek assistance programme, the Eurogroup of Monday 9 May agreed that: "In line with the statements of the Euro Summit and the Eurogroup in the summer of 2015, the Eurogroup stands ready to consider, if necessary, possible additional debt measures aiming at ensuring that Greece's […]Read More..
On Monday 23 May, one day before a Eurogroup meeting devoted to Greece, IMF staff has published a report with a critical preliminary debt sustainability analysis of Greece. The report was distributed to the IMF Executive Board in the morning, but – the report explicitly mentioned – was neither discussed nor approved by the same […]Read More..
The Eurogroup of 25 May 2016 welcomed the staff-level agreement between Greece and the institutions in the first programme review and considered the sustainability of Greek public debt. Read the full Eurogroup statement here. On the important issue of debt relief, the statemen reads: "In line with the 9 May Eurogroup statement, and in view […]Read More..
After Greece adopted its 2017 budget with a tight 152-146 majority on Saturday 10 December, including a total of 617 million to around 1.6 million low-income pensioners, the Eurogroup has circulated a statement concluding that the necessary unanimity for Greek debt relief (see this ESM explainer) is now lacking: "- The institutions have concluded that […]Read More..
In a blogpost, IMF economist Obstfeldt and Director of the IMF's European Department Thomsen have reacted to criticism that the IMF would be demanding more fiscal austerity for Greece, in particular for making this a condition for urgently needed debt relief. According to Obstfeldt and Thomsen, these allegations are not true. For the IMF a primary […]Read More..
An IMF staff report published on 7 February calls on the euro area to offer significant debt relief to Greece. It summarises: "Despite the policy constraints imposed by its membership in the currency union, Greece has made significant progress in unwinding its macroeconomic imbalances. But extensive fiscal consolidation and internal devaluation have come with substantial […]Read More..