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Athens Macedonian News Agency: News in English, 15-06-26
CONTENTS
[01] Greece rejects 5-month extension of existing programme offered
by institutions
[01] Greece rejects 5-month extension of existing programme offered
by institutions
BRUSSELS (ANA-MPA/M. Aroni) - The government rejected the proposal of the
institutions for a 5-month extension of the existing Greek programme with
funding of 15.5 billion euros, Greek government sources said in Brussels.
According to the sources, no funding solution can operate within the
framework of the proposal tabled by the institutions and furthermore,
the amount offered is not enough. There are numerous scenarios laid on the
table and the important part is the overall package of a deal. They also
added that the deal should not recycle the vicious circle of recession.
Earlier, well-informed Greek sources had denounced the institutions'
proposals as "worse than a memorandum" and their approach as
"unacceptable," stressing that Europe is based on the values of democracy
and solidarity.
Greece's creditors earlier proposed a five-month extension of the existing
program until the end of November combined with funding support worth
15.5 billion euros, community sources said on Friday. The sources said
that the proposal will be discussed during Saturday's Eurogroup meeting.
Under the plan, Greece was offered 1.8 billion euros from the profits
made through Greek bond holdings by Eurozone central banks (SMPs) –
to be disbursed immediately to cover the country's debt obligations
and more particularly payment of an 1.6 billion euros installment to
the IMF on June 30. Another 8.7 billion euros will come from unused
funds of the Financial Stability Fund which will be returned to Greece,
along with 3.5 billion euros in loans from the IMF and a total of 3.3
billion euros from the SMPs program.The same sources said that the IMF
will disburse its funds at the end of the five-month period and after
Greece has adopted and implemented all measures to be agreed with its
creditors. The IMF also set a precondition that its European partners
guaranteed to fund Greece for the next 12 months.
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