Absurd numbers

The greece rescuers want to print the debt load by 2020 to 124 percent – with a colorful patchwork from single-ends

Greece is unavailable. In any case, not with the previously pursued neoliberal policy mix of budget roots and structural reforms. Knowledge the finance ministers of the eurogroup spat has been at the latest since mid-october, when imf boss christine lagarde demanded a delay of the austerity plan for two years and a second debt section. You also know that these emergency operations cost money, a lot of money.

Absurd numbers

Federal finance minister schael was already asked before the meeting of the finance ministers. Image: council of the european union

The already adopted postponement was cost about 33 billion euros, for the controversial "haircut" germany alone had to around 17.5 billion. Pay. For the first time since the beginning of the crisis in athens three years ago, taxpayers had to bleed, because the money was lost. According to the banks, which are around 100 billion. Euro had to renounce, the burgers were asked to checkout.

But this truth is so uncomfortable that the eurogroup pushed them far from themselves. Twice the ministers met with lagarde in brussel, twice they went apart in the dispute. And every time, the german treasurer wolfgang schauble emphasized the first "haircut" having a high-speed that a second debt cut with germany should not be made that you can find other solutions that the rescue no money cost thurfe, at least no fresh.

So it was on this monday, the 26. November, at the beginning of the third crisis meeting. Only one thing was different this time: all involved actions as if they were determined to slip the gordian node. "We will find a solution", schael made sure. An agreement is imminent, france’s minister of finance pierre moscovici said before the start of the consultations. There were only missing "some centimeter".

Colorful patchwork for the crossing of the next few years

But the talks were quickly stated, from the centimeters a deep trench. And as in the first two meetings stood this time schauble and lagade unimpessibly opposite. Schael wanted to defend itself only for the next two years. On the other hand, the imf boss insisted on a sustainable solution to shut down the greek debtenberg by 2020 to 120 percent of economic output – at the moment he is rapid to the 200 percent.

Like the goods to be done, there are several models. The creders could immediately make a radical debt section – lagarde spoke of a waiver of 40 billion. Euro. But they could only have the haircut in a few years, z.B. 2014, make – then the federal election has run, and germany could probably be easier with the inevitable sense.

Osterreich finance minister maria fekter can also imagine only one "monitoring" to make the situation in greece, and then – sometime between 2014 and 2016 – to decide. But this proposal, which was traded as a favorite at the beginning of the consultations, was quickly back from the table. Lagarde was this plan to vague, she demanded concrete decisions.

But the ministers wichen. Schauble and his colleagues from finland and the netherlands had first with the idea of loving to provide no clear line, but to open a kind of bazaar in which each country exactly those "discharge" offered for athens, which suits him best in the stuff. "Greek help à la carte", baptized the ftd this plan – but he also disappeared quickly back in the trash.

Instead, there was then a mix of different small individual events – ie a colorful patchwork for the crossing of the next few years. To do this, the reduction of interest on already assigned auxiliary loans, the transfer of profits from greek government bonds to the government in athens as well as a program for the back purchase of bonds.

Not only the governments of the creders, but also the national central banks and the ecb are to participate in this proposals – which shows how roughly the need of the greece rescuer is. Because many proposals can only be lamented that it is a hidden state financing – and the ecb qua statute is prohibited. Nevertheless, caraudel obviously also schauble with these and other desire tricks.

For a moment, schauble should even have considered a debt cut, reported the "world on sunday". Daruber had been advised at a secret meeting in paris; schael showed himself open for a renunciation in 2015. But even before the talks were more concrete, the cdu minister had been repeated by the chancellor angela merkel.

Uberhaupt merkel

The chancellor plays an opaque role in the whole greece affare. All the summer over it all the way that fdp and csu loudly speculate about a sacking of the country from the euro. Then she secured the greek premier samaras in a visit to athens to the whereabouts in the territory union. Also schauble, who long with one "grexit" had threatened, had to promise to prevent a bankruptcy ("there wants not be a state bankrupt"to).

But at the eu budget summit last week, the chancellor wanted nothing to do with the hot iron greece anymore. That’s the case of the finance ministers, she appreciated the journalists. These then advised on saturday by phone. But they still could not agree on a solution. Also on monday evening it did not look for a happy ending.

Simulated rescue?

Shortly before midnight was speech by a possible deal: the debts of greece should therefore be printed to 124 percent of economic performance by 2020, which is no longer far from the 120 percent target of the imf. But apparently not only the misungs fund, but also the ecb still had to be convinced by this plan. Because without the help of the central bank goods probably not to achieve this modest goal.

Even if the deal counterfeit kame, greece was not saved for a long time. Because so far, all projections and forecasts have proven to be wrong – the 124 percent target was not allowed to make no exception. It is not much more than an absurd numbers game, which rescue is simulated, while the bankruptcy is always closer and the people of the ground already crop.

While the details of the new greece deal were still negotiated, the next editions for athens were already largely. It was agreed on sharp controls, schael said last week. So it is planned to transfer the new auxiliary loans to a lock account, so that the money can only be used for debt service – and not for social purposes.

According to a report of the "wall street journal" want to make the creders more prere in terms of privatization. When the sale of state ownership behind the plan specifications of international troika remains, the savings were automatically savved, writes the sheet. Overall, 259 new reform requirements is the speech. Greece must pay the new financial aids expensive – and even narrow straps.