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Friday, March 29, 2024

Euro FinMin Meeting Soundbites Du Hopium

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Update: And finally for some reality from Dutch fin min De Jager: “We Cannot Approve Second Programme For Greece Until Greece Has Met All Its Obligation”…

And now we know who Germany’s “+1” will be when Greece becomes Southern Goldman Bavaria: “De Jager Says He’s in Favor of a Permanent Troika in Athens”

We would love to share some witty comments and jovial banter on this latest set of soundbites by Europe’s effete bureaucrati on occasion of the latest and greatest Greek bailout, however having already done so on at least 10 times in the past, we have run out of things to say in this particular context and frankly we are bored with this topic. Which is precisely the Eurogroup’s intention. Presenting “soundbites du jour, Greece edition N+1”.

Via Reuters

EUROGROUP PRESIDENT JEAN-CLAUDE JUNCKER

ON PROSPECTS FOR A GREECE DEAL ON MONDAY:

“I would like to assume that we can reach final and concluding negotiations today. The Greek side has fulfilled many preparatory efforts we had demanded. We have to conclude today, there’s no more time to waste.

“There are still questions as to how much the public sector can contribute and how we will handle the issue of private creditors in detail, and we will have to talk about the total volume of the second programme. We can’t exceed 130 billion.”

IMF MANAGING DIRECTOR CHRISTINE LAGARDE

ON GREEK EFFORTS:

“Greece has obviously made significant efforts, and now we need to continue the work and that the entirety of the elements, particularly furnished by the other parties, are also put into place.”

GREEK FINANCE MINISTER EVANGELOS VENIZELOS

ON HOPES FOR A DEAL ON MONDAY:

“We are here, ready to conclude today this long process on the new Greek programme, and also we are ready to initiate the official procedure on the PSI (private sector involvement). I am optimistic, but in any case we need the clear political approval from the Eurogroup.”

GERMAN FINANCE MINISTER WOLFGANG SCHAEUBLE

ON PROSPECTS FOR AN AGREEMENT ON MONDAY:

“If there weren’t anything to discuss we wouldn’t have a meeting…Today we are aiming to finalise the decision on a new rescue package for Greece. The state secretaries have prepared it well but there are still some details we have to talk about.

“We still need clarity on the involvement of private creditors about a programme to make sure that Greece will not exceed a debt level of 120 percent of GDP by the year 2020. There is still some work to do and we have to make sure that the programme is implemented. I’m confident.”

AUSTRIAN FINANCE MINISTER MARIA FEKTER

ON GREEK REFORMS:

“There will be an intensive debate about the monitoring and how we can see whether Greece can implement what we have agreed. If Greece does not implement the measures we have asked for then it won’t be able to return to growth. The most important is for Greece to grow, that the administration becomes more efficient and leaner, that jobs are created. Only then Greece can recover.”

ON MONITORING:

“We will confer about how this is done, on the one hand by a permanent monitoring in view of the implementation of the measures and also a check on where the money is going. It should not happen again, what happened in the past, that billions go to Greece and it is put into consumption and that no infrastructure, no modernisation of the state and no regional development is created.”

ON THE FUNDING GAP:

“We will talk about this, and also about whether there will be more support from PSI. We don’t know how many will take part yet, and also how the gap will be filled by national banks or the European Central Bank (ECB). Looking at the official side, I believe states can’t make any more taxes available, that would overburden the states. We would have problems getting that through parliament.”

LUXEMBOURG FINANCE MINISTER LUC FRIEDEN

ON MONITORING GREEK REFORMS:

“It’s important for us that we introduce monitoring…a system of supervision which ensures that, together with the Greeks, this programme is implemented after the elections.”

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