Greece: EU confirms target debt, S&P lowers outlook

IMF for a new haircut, no anti-spread requests from Spain

08 August, 11:10

(ANSAmed) - NEW YORK, AUGUST 8 - The game that the eurozone is playing with Greece and Spain remains a dangerous one. In fact, there is an increasing pressure to change the bailout of Athens by the IMF, which, according to the 'Wall Street Journal', would take a further cut in the debt-GDP to 100%. In addition to this pressing, it comes the cold shower of Standard & Poor's, which is intended to revise downwards its outlook for Greece to 'negative' from 'stable' and predicts that Athens might need further EU-IMF aid for 2012. The agency also estimates that the Greek debt will reach 170% in 2013, with GDP down by 10-11% in 2012-2013, a decline worse than the 4-5% forecast by the EU-IMF. The idea of the IMF does not seem to get unanimity in Brussels, where the Commission has confirmed the target of 120% by 2020, already considered "ambitious" for the country.

After the haircut suffered by Hellenic bonds in March, now to further cut their debt, Greeks would expect the involvement of the public sector (OSI), meaning ECB and eurozone central banks: "ideas never materialized "so far, they note from Brussels, because rejected by the Eurogroup. In any case, the Troika will remain in contact throughout August with the Greek government, that has yet to define measures for 4 billion euros. The president of the Eurogroup Jean-Claude Juncker, has warned that the output of Athens from the Euro "from the perspective of today would be a manageable process," although "not desirable" and that will occur "no earlier than autumn and even after. " The major Wall Street banks, however, have begun preparing to run for covering the possible release of an eurozone country.

"The euro is irreversible and is not necessary to guard against this risk," replied the EU Commission. The shoulder on which everybody counts on it is the ECB. ECB, with the measures announced by Draghi, according to the OECD's chief economist Pier Carlo Padoan, has made ​a"big step forward." In fact, the Estonian member of the Central Bank, Ardo Hansson, assured that the amount of transactions in which Frankfurt will speak against the spread will be "considerable." Spain continues to take time and do not require the activation of the shield anti-spread, and even the release of 30 billion euros that the Eurogroup has made available through the EFSF for banks. Madrid wants to be sure of not being subject to additional conditions. The first tranche of recapitalization of Spanish institutions is expected between October and November, once known the results of stress tests. Italy, however, should not need aid, because, as remembered by the president of ABI Giuseppe Mussari, "we have already made our homework."(ANSAmed).

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