Greece have used much of the bridge loan seven billion: Athens ordered to pay 6.2 billion to creditors, the IMF and the European Central Bank, according to the Greek newspaper Kathimerini
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Athens will pay to the ECB (European Central Bank) a total of 4200 million euro to 3,500 million euros in bonds and 700 million euros in interest.
On the other hand, Athens today saldará its debt to the IMF (International Monetary Fund) to two billion euros, which includes a credit of 1,500 million euros that matured in June and 500 million euros of interest.
payments to the European Central Bank and the International Monetary Fund (IMF) are made from the bridge loan, or transitional loan, negotiated with creditors and the European institutions. Payment was ordered on the day reopen the Greek banks, after three weeks of closure imposed by the government to avoid collapse in the banking system, in the middle of the country’s debt crisis.
However, the controls capital, in force since 29 June last, remain, although the daily limit of 60 euros in the surveys have been stretched to up to 420 euros per week.
The capital controls have already cost about three billion euros to the Greek economy, according to news agency AFP.
Louka Katseli, President of the Union of Greek banks and the National Bank of Greece, one of the four largest banking groups in the country, today called the calm taxpayers and return these to deposit their savings in banks in order to support the system’s solvency
“If we take the money from our coffers and our homes. – which anyway is not secure – and we put in the banks, we are strengthening liquidity “of the economy, he said in remarks reproduced in Mega television channel
Hollande and the euro zone Valls want six: And one. government itself
Hollande wants to create a government of the euro area with budget and own parliament. A eurozone to six, says Manuel Valls:. France, Germany, Belgium, Italy, Luxembourg and the Netherlands
The text to honor 90 years of Jacques Delors was tapped by François Hollande to recover an idea of the old leader of the European Commission: create a eurozone government. French President urged citizens to renew their faith in the European project, which came out weakened the Greek crisis.
According to the French President, while this week the euro zone managed to “reaffirm its cohesion with Greece “to reach an agreement for a third rescue plan,” prevailed the European spirit “that institutional mechanisms can not continue as they are today.
In an article in the Journal du Dimanche, with regard to 90 years that Delors complete today, Hollande stressed that to crank the Greek reforms is lacking “a stronger organization.” “The European spirit prevailed. But we can not stay here. I proposed to recover the idea of Jacques Delors of a Eurozone government and add a specific budget and a parliament to ensure democratic scrutiny,” wrote the French president.
Manuel Valls, French Prime Minister, materialize the idea – create a government with the founding countries of the European Union:. France, Germany, Belgium, Italy, Luxembourg and the Netherlands
Today the eurozone It is represented only by the Eurogroup, an informal body which houses the finance ministers of the 19 countries. “What threatens us is not an excess of Europe, but their failure,” he argued.
Hollande regretted that Europe has “left their institutions-fainting” and that the governments of 28 member states have difficulties to coordinate greater integration: “.. Parliaments are too far apart and the decisions people are away – if after being so ignored”
From the point of view of French President, this situation shows a lack of interest in European idea and “populist took advantage of this disenchantment and attack Europe because they are afraid of the world, because they want to return to the divisions, the walls and fences”.
For Hollande, Europe You can only come up with the idea to overcome and that the EU “can not be reduced to rules, mechanisms and disciplines”. “You have to convince people that it was able to preserve peace, this is the best invention to protect the values and principles that underlie our common culture, our way of life, which is also our social model” underlined
New. Greece: banks open doors, higher VAT and fresh money
Greece agreed today for the first day of a new phase of its history caused by the agreement between Alexis Tsipras government and creditors that will allow the negotiation of a third rescue. Banks also reopened with some restrictions, began to be applied increases in VAT and reach the Athens of EUR seven billion interim financing. Money that will not be long in Greek coffers, because today is due a payment of more than four billion the ECB.
But let for parties. After the capital control announced on 28 June, Greek banks again today working with some restrictions. “Banks are ready to open and we do not expect major problems on Monday,” he told Reuters source the Bank of Greece.
This reopening is possible after on Thursday the ECB has increased by 900 million emergency line for banks (ALS). An action taken following the agreement between creditors and Athens on the morning of the 13th.
The threshold value of surveys that each Greek can spend 60 euros per day to 420 per week. Go also to have access to their bank vaults – as they were not covered by capital controls, the Greeks will take them whatever they want, said bank source. Restrictions on transfers abroad remain. “We are queues at our desks in the first two or three days. Many people will ask to access your coffers,” said EFG Eurobank source, the third largest bank in Greece.
The President Association of Greek banks asked yesterday for the population do from today the opposite of what has made in recent months: deposit money in their bank accounts instead of the lift. “Tomorrow [today], when the banks reopen and normalcy is restored, we will help our economy if we take our money from our coffers and our homes. – Where are not any safe way – and we put in the banks we strengthen the liquidity of the economy, “said Louka Katsei to Skai TV.
The reopening of Greek banks was also commented on by Angela Merkel, who urged the government of Alexis Tsipras to accelerate the terms of the third rescue. “This is not a normal way of life, so we have to negotiate quickly,” said Merkel in an interview with ARD public broadcaster.
One of the austerity measures approved by the Greek Parliament on Wednesday, fulfilling stipulated in the latest agreement with creditors is the increase in VAT. According to the Ministry of Finance, the new rates begin to be implementas already today to allow a smooth transition.
These changes will affect products and services, which will be taxed at 23%, as processed foods , restaurants, cafes and public transport.
The taxi drivers have already upgraded their tables, but, according to Deputy Minister for Transport, it will take several months to apply in full the VAT increase transport. Christos Spirtzis said that the gratuity of public transport for the unemployed is to maintain.
According to the Ministry of Finance, the increase in VAT in hotels of 6.5% to 13% will come into force on 1 October, when it will be also abolished the exemption of this tax now enjoy the islands.
The Athens today reach the 7.16 billion euros the agreed interim financing Friday by 28 countries European Union.
This loan will have a maximum maturity of three months and aims to meet the most urgent needs of Greece until the country begin receiving assistance from the new European Stability Mechanism program, the permanent bailout fund eurozone.
This “fresh money” comes to payment time 4.2 billion to the European Central Bank. But as this add up the two billion that Greece has to the International Monetary Fund, although expected to last three months, this bridge loan will only be able to keep Greece out of default until August 20, when you have another payment 3.2 billion to the ECB.
The third bailout for Greece, which will last three years and involves more than 80 billion euros, should only be available in about four weeks, according to forecasts more optimistic.
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