Eurozone

Euro group gives Greece-aid-free

White smoke after a long impasse: Athens next week to get fresh money. Also, the signals from the international monetary Fund are positive. Care power of the Euro group of a possible Brexit.

The highly indebted Greece gets the beginning of next week to 7.5 billion euros in fresh aid money and finances in order over the summer. The Supervisory Board of the Euro bailout Fund, the ESM, have made the way for the withdrawal, said EU monetary Affairs Commissioner Pierre Moscovici (In the article image to the right) on Thursday in Luxembourg. “This will bring oxygen to the Greek economy.”

The early British EU Referendum may have dampened the joy of the Euro-Finance Ministers appreciably. “Of course we are worried,” said Euro group chief Jeroen Dijsselbloem. It would be considered “possible scenarios”. A Plan B for a change in policy there.

Dramatically of the difference expressed at the end of the Finnish Minister Alexander Stubb. “I think that would be a Lehman Brothers moment for Europe,” he said with views of a Brexit. The collapse of the Lehman Bank in the USA was triggered in 2008, the international financial and economic crisis.

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The green light on Friday

Over the next Greece disbursement of funds, the ESM will decide on Friday formally. The Euro group had agreed at the end of may, in principle, aid of € 10.3 billion available, for to Athens, delivered the necessary reforms. In the past weeks, Athens and met any outstanding conditions.

The 7.5 billion euros of the first part of this payment; the Rest of the money will be disbursed in the fall. The Greek Minister Euclid Tsakalotos recognized in the balance sheet, it had been a difficult year, especially for his countrymen. “It’s a long way still to go,” he warned. The country depends on since 2010, on the drip of international donors and 2015 acute was threatened with expulsion from the Eurozone. A Grexit but is no longer spoken.

Also the IMF in the boat

Positive signals came from the International monetary Fund (IMF) to pull the auxiliary program of up to 86 billion Euro. The IMF was not yet so far that he could participate in the financing, a spokesman said in Washington: “But I hope that we are at the end of the year so far.” He added: “Debt relief is now formally on the Agenda.” The Euro group and the IMF had agreed in may to a concrete schedule for it.

Germany, France and eight European partners are continuing their efforts in a common financial tax. The Austrian Finance Minister Hans Jörg Schelling presented on the sidelines of the meeting, a compromise paper, which was accepted by all participating States, reported diplomats. The project, to clarify open questions by the end of June, is not observed. The negotiations are extremely cumbersome and take a long time for years.

More Investment Promotion

Details of the future tax will be discussed over the summer in two working groups. In September, will then be submitted to results. Schelling wants to lead in this time, the group further. The proposed tax works as a value-added tax on the trade in, Bank and stock exchange products. Such as stocks or speculative papers. According to previous plans, the group of the trading with shares and derivatives should be taxed. Derivatives are financial instruments whose price is derived from other values, such as stocks or currencies.

In the Ministerial meeting there was a minute of silence for the British Labour politician Jo Cox, was attacked in the Brexit campaign, and then died. IMF Chief Christine Lagarde, who attended the Meeting, said she was sad and shocked. Lagarde suggested that the increased promotion of investments and projects in the Euro-zone. This could be modeled after the Juncker Plan for more investments in additional joint.

The Juncker Plan was launched last year and aims to trigger investments of 315 billion Euro. The vast majority of the investment needs to come from the private sector.

who/wl (dpa/rtrd)