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## Re: NYT On Move Towards a Bailout of Greece

Released on 2012-08-24 05:00 GMT

Email-ID | 1732382
Date | 2010-02-28 21:07:33
From | marko.papic@stratfor.com
To | analysts@stratfor.com, hughes@stratfor.com

This is about a week late imo. We have told our readers all of this
already, and more. Nice to see NYT get around to reporting this. Nothing
new in the article.
But we need to watch Rehn's visit tmrw in Athens. They'll announce new
austerity measures, which as we have said are intended for the German and
French audience so they can sell the bailoumt.
On Feb 28, 2010, at 1:52 PM, Nate Hughes <hughes@stratfor.com> wrote:
March 1, 2010
Europe Union Moves Toward a Bailout of Greece
By STEPHEN CASTLE and LANDON THOMAS Jr.
BRUSSELS a** In a tense game of brinksmanship, the European Union is
moving toward the first bailout in the history of its common currency,
which is expected to involve loan guarantees from the German and French
governments to encourage their banks to buy Greek debt.
Even as the negotiations continue, the bloc is insisting that Athens
impose further, painful austerity measures, in part to overcome
political opposition in Germany to providing aid to the spendthrift
Greeks.
During a brief visit, due to start Monday, Olli Rehn, the European
commissioner for economic and monetary affairs, will press for more
spending cuts and tax increases in Greece as a precursor to an emerging
package of financial support.
With no structure in place for dealing with a threatened default within
the 16-nation euro zone, officials are making up the rules as they go
along. That means that politics a** as much as economics a** is
determining the outcome of the worst crisis in the decade-long lifespan
of the euro, creating a kind of phony war in which battles are being
fought by leaks and behind-the-scenes briefings.
European officials say that the purchase of Greek bonds by state-owned
lenders like Germanya**s KfW a** backed by German government guarantees
a** is likely to be involved in any solution and has been an option
under discussion for three weeks.
Other alternatives, including ones that involve more countries in the
euro zone, are also being discussed. Francea**s state-owned bank Caisse
des DA(c)pA'ts et Consignations, may be involved, one Greek newspaper
reported Saturday, while Francea**s Finance Minister. Christine Lagarde,
told Europe 1 radio on Sunday that there are a**a certain number of
proposals in the euro zone, involving either private partners or public
partners or both.a**
But Germanya**s Chancellor, Angela Merkel, is not ready to sign off on a
rescue, officials said, before Greece has pushed through further cuts.
One European official, speaking on condition of anonymity because of the
sensitivity of the subject, said that Greek officials appeared to be
briefing journalists on the prospect for an big rescue package in the
hope of pushing the European Union into a quick solution, or of
convincing the markets that help is at hand.
a**The Germans will not put a euro on the table until there is a
credible austerity package,a** the official said.
Simon Tilford, chief economist at the Center for European Reform, said
that France and Germany recognize that some form of bailout is
inevitable, but that, to enable a bailout to be sold to a skeptical
German public, the Greeks first a**have to be seen to be suffering.a**
Much of the negotiating focuses on the Greek prime minister George
Papandreou. On Friday, Mr. Papandreou met with Josef Ackermann, the
chairman of Deutsche Bank, in Athens; on March 5 he plans to visit Mrs.
Merkel in Berlin. He also is scheduled to meet President Obama in
Washington on March 9.
Lurking behind the discussion are a variety of power plays involving
Brussels, Paris, Berlin and Athens. Germany is reluctant to sanction any
bailout knowing that, as the euro zonea**s biggest economy, it will bear
the brunt of the cost. But France and Germany also believe that any
recourse by Greece to the International Monetary Fund would damage the
prestige of the euro, highlighting its inability to sort out internal
problems.
Moreover, Francea**s president, Nicolas Sarkozy is said to be
particularly reluctant to see a rescue orchestrated by the monetary
fund, which is led by Dominique Strauss-Kahn, a Frenchman and a
potential rival in the next presidential elections.
Precisely that threat is being made privately by Greek officials,
according to one European diplomat, who spoke on condition of anonymity
due to the sensitivity of the issue.
The Greek government can be pushed only so far, said Daniel Gros,
director of the Center for European Policy Studies.
Such brinkmanship on both sides was brought about by the lack of clarity
from an European Union summit earlier this month when leaders promised
a**determined and coordinated actiona** if needed to protect the
euroa**s stability.
Refusing to specify what this would be, European leaders sought to
inject more rigor into Greecea**s budget deficit reduction program.
Having concealed its true economic situation and largely squandered the
proceeds of the good economic years, Greece is not seen as a deserving
cause in Berlin.
a**Germany has, in the last 10 years, been through very painful social
reform which mean curtailing rights and social benefits and pushing back
the retirement age,a** said Thomas Klau of the European Council on
Foreign Relations and author of a book on the birth of the euro. a**The
argument in Germany is a**why should our workers work to the age of 67
to enable Greeks to retire earlier?a**a**
But Mrs. Merkel is under equally strong pressure from her European
partners to protect the euro from the consequences of a Greek default.
a**She has to show leadership,a** Mr. Klau said, a**in taking and
pushing through a decision which is unpopular with her electorate and
much of her party and is not backed wholeheartedly by her junior
coalition partya**.
Already the Greeks have agreed to freeze wages, cut bonus, crackdown on
tax evasion and raise the official retirement age. But European
officials have made it clear that they do not believe these measures go
far enough to narrow Greecea**s budget deficit. Athens is now weighing
an increase of two percentage points in the 19 percent value-added tax,
higher fuel prices and the possible abolition of one of two additional
months of pay received by public sector workers and by employees of many
private firms.
The new austerity package is likely to be announced after Mr. Rehna**s
visit to Athens but well in advance of a crucial meeting of European
finance minister on March 16.
For weeks now the Greek government, which faces 23 billion in debt
repayments in April and May, has been testing investora**s diminishing
appetite for its bonds via a 3 to 6 billion euro ($4 billion to $8
billion) 10-year offering that it had hoped to bring off at an interest
rate in the 6 percent range. That would be well above the roughly 3
percent rate investors receive on German bonds but not as costly as the
7 percent or so rate that some investors claim is necessary to
compensate them for the extra risk of buying Greek bonds.
The offering itself is fairly small. But its significance for Europe and
the bedraggled euro is far greater.
a**I see this as a game of chicken between the markets and the German
finance ministry,a** Mr. Gros said.
Greece is pressing for a much detail as possible on rescue contingencies
to ensure that it will be get some relief from the attack in the markets
for imposing a harsh plan on its restive public.
Greek officials have privately pointed out that, when a country goes to
the International Monetary Fund, it gets protection from the markets
until its economy has stabilized.
For example, in November 2008 when Hungary went to the monetary fund it
received a stand-by loan worth about euros 12.3 billion, then $15.7
billion, of which euros 4.9 billion or $6.3 billion was on tap
immediately and the remainder available in five installments subject to
quarterly reviews.
Without similar help the Greek austerity drive might prove
counterproductive.
a**Cutting public spending by this amount,a** Mr. Tilford said, a**when
there is no other source of demand in the economy, when export demand is
extremely weak and the country is running a huge current account
deficit, is almost certain to push their economy into a slump.a**
Without the I.M.F., the only credible source of support to ease the
shift in fiscal policy in Greece are the other European governments that
rely on the euro as well.
a**The Greeks are in a bad position,a** Mr. Tilford said, a**but their
bargaining power is stronger than some governments concede. If the euro
zone doesna**t come up with something they will have little option but
to go to the I.M.F.a**
Stephen Castle reported from Brussels and Landon Thomas Jr. from London.
Jack Ewing contributed reporting from Frankfurt.
--
Nathan Hughes
Director of Military Analysis
STRATFOR
nathan.hughes@stratfor.com