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The Eurogroup is confident that, jointly, the above-mentioned initiatives by Greece and the other euro area Member States would bring Greece's public debt back on a sustainable path throughout this and the next decade and will facilitate a gradual return to market financing. Euro area Member States will consider further measures and assistance, including inter alia lower co-financing in structural funds and/or further interest rate reduction of the Greek Loan Facility, if necessary, for achieving a further credible and sustainable reduction of Greek debt-to-GDP ratio, when Greece reaches an annual primary surplus, as envisaged in the current MoU, conditional on full implementation of all conditions contained in the programme, in order to ensure that by the end of the IMF programme in 2016, Greece can reach a debt-to-GDP ratio in that year of 175% and in 2020 of 124% of GDP, and in 2022 a debt-to-GDP ratio substantially lower than 110%.
(Eurogroup Statement on Greece, 27 November 2012 [PDF])

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Mar 13th, 2015 at 10:44:36 AM EST
[ Parent ]
It is contingent on Greece fulfilling the program, indeed. BUT, all I'm saying is that the now politically unacceptable restructuring is already envisaged in the agreement.
by Upstate NY on Fri Mar 13th, 2015 at 10:57:58 AM EST
[ Parent ]
The only "restructuring" envisaged is an interest rate reduction.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Fri Mar 13th, 2015 at 11:00:16 AM EST
[ Parent ]

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