Arab Today, arab today greece gets €555bn lifeline
Last Updated : GMT 23:08:17
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.

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 Fadi Kataya explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Messi visit will contribute in tourism

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Mental conflict endures

GMT 07:36 2017 Friday ,24 February

Mental conflict endures
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 09:59 2017 Monday ,20 February

Tourism shows signs of recovery

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
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