Arab Today, arab today greece gets €555bn lifeline
Last Updated : GMT 02:04:38
Arab Today, arab today
Arab Today, arab today

Greece gets €555bn lifeline

Arab Today, arab today

Arab Today, arab today Greece gets €555bn lifeline

People walk in front of the greek parliament in Athens
Athens - AFP

In a rare piece of good news for Greek leaders, the European Stability Mechanism (ECM) confirmed Tuesday that it has been forced to throw the cash-strapped country a half-billion-euro lifeline.
After a week in which Eurogroup of finance ministers and the European Central Bank turned the screws on Athens, the 555 millions euros ($593 million) will give its radical new government a brief respite from its creditors.
In the increasingly fraught battle of wills with Brussels and Berlin, the decision is a rare victory for Athens with economist Edward Hugh tweeting, "Eurogroup just blinked."
The Luxembourg-based ECM had initially been reluctant to part with the money, according to the semi-official Athens news agency.
But with Greece having to find eight billion euros in March alone to meet its debts -- 1.5 billion of that to the IMF -- the relief the sum gives to the anti-austerity coalition is only relative.
With tension mounting, Prime Minister Alexis Tsipras again pressed home Greek claims Tuesday for unpaid reparations from Germany for the destruction it wrought on the country during World War II.
Athens insists it is owed as much as 162 billion euros, or nearly half its total public debt.
- War reparations dig -
Many in Greece blame Berlin in particular for imposing the austerity measures that helped drive the country into deep recession.
Tsipras said his government was "choosing the path of negotiation. That is our duty to history, to the people who fought and to the victims who gave their lives to defeat Nazism."
In a further dig at Berlin, he added, "As we are fulfilling our obligations, all the other parties should do the same."
The Third Reich forced the Greek central bank to loan it 476 million Reichsmarks during the war, which has never been reimbursed.
A German lower house of parliament report in 2012 put the value of the loan at 7.7 billion euros.
Athens' surprise new windfall comes from prefential shares the Greek government took to recapitalise banks at the height of the financial crisis and from money later poured into the Hellenic Financial Stabilzation Fund (HFSF) as a part of a Europe-wide effort to guarantee the banks.
The facility fund was set up in 2010 to help keep banks afloat in EU countries initially worst hit by the crisis, including Greece, Ireland and Portugal.  
ECM director general Klaus Regling had hinted after a crunch Eurogroup meeting in Brussels on Monday night that "we will certainly not have any claim on that amount" before the final confirmation came that the money could go back to
Athens.
"The EFSF does not have a stake in this as this sum is related to activities that took place before the EFSF disbursed money to Greece," a spokesman for the fund said Tuesday.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece gets €555bn lifeline Arab Today, arab today greece gets €555bn lifeline

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece gets €555bn lifeline Arab Today, arab today greece gets €555bn lifeline

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Barcelona through George Orwell’s eyes

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday