Third Economic Adjustment Programme for Greece
Greek debt crisis |
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The Third Economic Adjustment Programme for Greece, usually referred to as the third bailout package or the third memorandum, is a
It was signed on 12 July 2015 by the Greek Government under prime minister Alexis Tsipras and it expired on 20 August 2018.[1][2]
History
2012
A Financial Times editorial on 22 February 2012 argued leaders had "proved themselves unable to settle on a solution that will not need to be revisited yet again", that at best the deal could only hope to remedy one part of the Greek disaster, namely the country's debilitated public finances, though it would not likely even do that.[3] The Eurozone's latest plan did, at least, evince consistency with the currency block's previous behaviour:
from the start, its approach has been a halfway house of resisting a sovereign default but not doing enough to remove the risk altogether. The reason is obvious: core governments find it politically impossible to put up more money. So it is unfathomable that they did not demand more from private creditors. The debt restructuring leaves Greece and its helpers with €100bn of debt that could have been written down entirely and left funds to address future "accidents" without resorting to a third rescue. If there is another showdown with Greece it will have been caused by this.[3]
German minister of finance Wolfgang Schäuble and Eurogroup president Jean-Claude Juncker shared the scepticism and did not rule out a third bailout.[4][5] According to a leaked official report from the European Commission, the ECB and the IMF, Greece may need another €50 billion ($66bn) from 2015 to 2020.[6]
In mid-May 2012 the crisis and impossibility to form a new coalition government after elections led to strong speculation Greece would have to
In Greece, after all
2013–2014
In August 2013, Schäuble expressed his expectations that "there will have to be another (bailout) program in Greece", a remark drawing heavy criticisms by other members of the German governing coalition.[7] However, soon thereafter the head of the European Stability Mechanism (ESM), Klaus Regling added to Schäuble's remarks, telling the German business daily Handelsblatt that Greece might need a third bailout package as soon as in 2014.[8]
In February 2014, the
2015–2018
Investigative reporting of the negotiations detail the gap between the Greek government and its lenders.
On 14 August, after a rancorous all-night debate, the
See also
- Greek government-debt crisis
- First bailout package (Greece)
- Second bailout package (Greece)
References
- ^ "'Μισή' έξοδος από μνημόνιο". Kathimerini.
- ^ Greece emerges from eurozone bailout programme - BBC
- ^ a b Editorial (22 February 2012). "Greek rescue is still a halfway house". Financial Times. p. 12. Retrieved 28 March 2012.
- ^ Scally, Derek (25 February 2012). "Schäuble concedes third Greek bailout on the cards". Irish Times. Retrieved 1 March 2012.
- ^ Croft, Adrian (24 February 2012). "Eurogroup head cannot rule out third Greek bailout". Reuters. Retrieved 21 February 2012.
- ^ Castle, Stephen (20 February 2012). "Europe Agrees on New Bailout to Help Greece Avoid Default". New York Times. Retrieved 1 March 2012.
- Spiegel Online. 2013-08-27. Retrieved 2015-01-01.
- Spiegel Online. 2013-10-04. Retrieved 2015-01-01.
- ^ "EU Said to Weigh Extending Greek Loans to 50 Years". Bloomberg. 5 February 2014. Retrieved 11 February 2014.
- OCLC 1124774228.
- S2CID 236290729.
- ^ "Euro Summit statement, 12 July 2015". European Council. Euro Summit. 12 July 2015. Retrieved 6 August 2015.
- ^ "A New Start for Jobs and Growth in Greece: Commission Mobilises more than €35 billion from the EU Budget". europa.eu. European Commission. 15 July 2015. Retrieved 15 July 2015.
* "Euro Summit statement, 12 July 2015". European Council. Euro Summit. 12 July 2015. Retrieved 6 August 2015. - ^ Hope, Kerin (14 August 2015). "Greek Parliament Approves €85bn Bailout after Rancorous Debate". Financial Times. Athens. Retrieved 6 August 2015.
- ^ "Eurogroup Statement on the ESM Programme for Greece". European Council. Eurogroup. 14 August 2015. Retrieved 19 August 2015.
* "Eurozone Ministers Approve First Rranche of Greek Bailout Funds". Business Insider. 19 August 2015. Retrieved 6 September 2015.