234:
317:, supporting continued adherence to the main principles outlined by the signed bailout plan. The new government however immediately asked its creditors to be granted two extra years, extending the deadline from 2015 to 2017 before being required to be self-financed, with minor budget deficits fully covered by extraordinary income from the privatisation program.
387:
for the vested rights that were subsequently created (e.g. for the rehiring of fired public servants), recapitalize the banks, and privatize 50 billion of state assets. To help support growth and job creation in Greece up to 2020, the
European Commission will help mobilise up to €35 billion to fund investment and economic activity, including in
357:, and will be conditional Greece comply with all terms specified in that programme - which include final fiscal data should verify that a primary surplus indeed was achieved in 2013. The potential third bailout loan was expected to be finally considered by European Union policy makers in May or June 2014.
410:
and PASOK. Following the
Parliament's decision, the Eurogroup welcomed the agreement between Greece and its lenders, and initiated the launching of the national procedures required for the approval of the new ESM program. These national procedured were concluded by 19 August, and Greece received the
386:
toolkit I recommendations, modernise labour market legislation, modernise and strengthen the Greek administration, revoke the laws passed by the
Tsipras government counter to the February 20 agreement—except for the one concerning the "humanitarian crisis"— or identify clear compensatory equivalents
377:
came to a bailout agreement with lenders for a new ESM program. Greece will get a loan of up to €86 billion, which shall be handed to Greece gradually from 2015 until June 2018. This includes a buffer of up to €25 billion for the banking sector in order to address potential bank recapitalisation and
227:
but not doing enough to remove the risk altogether. The reason is obvious: core governments find it politically impossible to put up more money. So it is unfathomable that they did not demand more from private creditors. The debt restructuring leaves Greece and its helpers with €100bn of debt that
213:
editorial on 22 February 2012 argued leaders had "proved themselves unable to settle on a solution that will not need to be revisited yet again", that at best the deal could only hope to remedy one part of the Greek disaster, namely the country's debilitated public finances, though it would not
325:
In August 2013, Schäuble expressed his expectations that "there will have to be another (bailout) program in Greece", a remark drawing heavy criticisms by other members of the German governing coalition. However, soon thereafter the head of the
411:
first disbursement of the initial tranche of up to €26bn. A first sub-tranche of €10bn will was made available immediately, but in a segregated account at the ESM, destined for bank recapitalisation and resolution purposes.
282:. The potential exit became known as "Grexit" and started to affect international market behaviour, as well as causing an accelerated decrease of bank deposits in Greek banks (commonly referred to as a
345:
was reported again to consider offering Greece a third bailout at €15–17bn, but now in conjunction with an additional debt relief for old Troika held debt, through expanding the maturity of the
228:
could have been written down entirely and left funds to address future "accidents" without resorting to a third rescue. If there is another showdown with Greece it will have been caused by this.
365:
Investigative reporting of the negotiations detail the gap between the Greek government and its lenders. Reaching an agreement was made more difficult by Greek government attempts to use the
378:
resolution costs. In return, Greece will have to streamline the VAT system and broaden the tax base to increase revenue, reform the pension system, safeguard the full legal independence of
146:
392:
555:
120:
382:, automatically cut public spending to get primary surpluses, reform justice with a view to accelerate the judicial process and reduce costs, implement all
233:
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98:
607:
349:
bonds from 30 to 50 years and lowering the interest rate 0.5% for the initial €80bn debt pile being owed to all other EU member states through the
88:
278:
In mid-May 2012 the crisis and impossibility to form a new coalition government after elections led to strong speculation Greece would have to
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693:"Leveraging the European Refugee Crisis: Forced Displacement and Bargaining in Greece's Bailout Negotiations"
353:. A decision about this potential third bailout loan, however awaits finalization of the third review of the
366:
342:
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shared the scepticism and did not rule out a third bailout. According to a leaked official report from the
767:"A New Start for Jobs and Growth in Greece: Commission Mobilises more than €35 billion from the EU Budget"
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voted against the deal and
Tsipras had to rely on the support of the opposition: New Democracy,
218:'s latest plan did, at least, evince consistency with the currency block's previous behaviour:
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373:. After several months of negotiation, on 12 July 2015, the Greek Prime Minister,
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backed the country's new bailout deal, although more than 40 MPs from
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from the start, its approach has been a halfway house of resisting a
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that Greece might need a third bailout package as soon as in 2014.
608:"Crisis Control: Stability Fund Chief Expects Third Greek Bailout"
275:, Greece may need another €50 billion ($ 66bn) from 2015 to 2020.
860:"Eurozone Ministers Approve First Rranche of Greek Bailout Funds"
814:"Greek Parliament Approves €85bn Bailout after Rancorous Debate"
383:
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had to be announced. The new election led to the formation of a
334:
added to Schäuble's remarks, telling the German business daily
581:"Bitter Euro Truths: Crisis Could Damage Merkel's Campaign"
556:"Europe Agrees on New Bailout to Help Greece Avoid Default"
691:
Tsourapas, Gerasimos; Zartaloudis, Sotirios (2021-06-08).
398:
On 14 August, after a rancorous all-night debate, the
840:"Eurogroup Statement on the ESM Programme for Greece"
635:"EU Said to Weigh Extending Greek Loans to 50 Years"
533:"Eurogroup head cannot rule out third Greek bailout"
510:"Schäuble concedes third Greek bailout on the cards"
467:
Greece emerges from eurozone bailout programme - BBC
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will also provide funding opportunities for Greece.
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161:Third Economic Adjustment Programme for Greece
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483:"Greek rescue is still a halfway house"
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697:JCMS: Journal of Common Market Studies
105:Greek government debt crisis articles:
787:"Euro Summit statement, 12 July 2015"
741:"Euro Summit statement, 12 July 2015"
659:Η τελευταία μπλόφα [in Greek]
186:It was signed on 12 July 2015 by the
7:
554:Castle, Stephen (20 February 2012).
37:Tax evasion and corruption in Greece
773:. European Commission. 15 July 2015
531:Croft, Adrian (24 February 2012).
508:Scally, Derek (25 February 2012).
295:parliamentary election in May 2012
194:and it expired on 20 August 2018.
14:
303:government of national salvation
69:2011 proposed economy referendum
431:Second bailout package (Greece)
175:on financial assistance to the
812:Hope, Kerin (14 August 2015).
481:Editorial (22 February 2012).
426:First bailout package (Greece)
1:
291:attempts to form a government
163:, usually referred to as the
94:2015 Greek bailout referendum
42:Financial crisis of 2007–2008
16:2015 economic bailout package
891:Greek government-debt crisis
637:. Bloomberg. 5 February 2014
449:"'Μισή' έξοδος από μνημόνιο"
421:Greek government-debt crisis
369:as a bargaining chip in its
328:European Stability Mechanism
181:Greek government-debt crisis
121:Greek crisis countermeasures
846:. Eurogroup. 14 August 2015
793:. Euro Summit. 12 July 2015
747:. Euro Summit. 12 July 2015
656:Varvitsioti, Eleni (2019).
299:second election in mid-June
173:memorandum of understanding
52:Financial audits, 2009–2010
912:
393:Investment Plan for Europe
250:German minister of finance
179:in order to cope with the
313:and democratic socialist
309:with the social democrat
214:likely even do that. The
662:. Athens: Papadopoulos.
355:second bailout programme
237:Household and corporate
367:European refugee crisis
99:September 2015 election
57:Anti-austerity movement
341:In February 2014, the
246:
245:) in Greece over time.
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293:failed following the
289:In Greece, after all
236:
190:under prime minister
165:third bailout package
116:Greek crisis timeline
89:January 2015 election
79:Government formation
47:European debt crisis
400:Hellenic Parliament
371:migration diplomacy
351:Greek Loan Facility
265:European Commission
261:Jean-Claude Juncker
111:Greek eurozone exit
710:10.1111/jcms.13211
280:leave the Eurozone
247:
84:June 2012 election
63:Election articles:
669:978-960-569-779-2
253:Wolfgang Schäuble
225:sovereign default
177:Hellenic Republic
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74:May 2012 election
23:Greek debt crisis
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866:. 19 August 2015
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703:(2): 245–263.
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868:. Retrieved
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848:. Retrieved
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616:. 2013-10-04
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589:. 2013-08-27
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489:. p. 12
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641:11 February
539:21 February
454:Kathimerini
241:(including
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678:1124774228
620:2015-01-01
593:2015-01-01
437:References
259:president
850:19 August
771:europa.eu
727:236290729
719:0021-9886
535:. Reuters
408:To Potami
361:2015–2018
321:2013–2014
257:Eurogroup
824:6 August
820:. Athens
797:6 August
751:6 August
493:28 March
415:See also
297:, a new
284:bank-run
271:and the
216:Eurozone
777:15 July
565:1 March
516:1 March
330:(ESM),
198:History
171:, is a
167:or the
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404:Syriza
391:. The
380:ELSTAT
343:Troika
267:, the
723:S2CID
315:DIMAR
311:PASOK
243:repos
872:2015
852:2015
826:2015
799:2015
779:2015
753:2015
715:ISSN
674:OCLC
664:ISBN
643:2014
567:2012
541:2012
518:2012
495:2012
389:SMEs
384:OECD
347:EFSF
255:and
203:2012
159:The
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273:IMF
269:ECB
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