Eurozone approves funds for Greece
The 17 European Union nations that use the euro have struck an agreement with the International Monetary Fund on a programme to reduce Greek debt and put Athens on the way to get the next instalment of its much-needed bailout loans.
The first disbursement is set to take place on December 13, said Jean-Claude Juncker, head of the eurogroup of finance ministers, after today's decision.
Mario Draghi, President of the European Central Bank, said markets should pay heed.
"It will certainly reduce the uncertainty and strengthen confidence in Europe and in Greece."
This was the third time in the last two weeks that finance ministers from the eurozone had tried to hammer out a deal on the next instalment of bailout money - some 44.6 billion euro (£36 billion).
In Athens, Greek prime minister Antonis Samaras welcomed it as a great victory. "As Greeks, we fought together. And tomorrow a new day begins for all Greeks."
And the EU lauded all Greeks for holding their country back from the brink.
"We strongly believe in the Greek capacity to recover. The Greek people are courageous people. They are willing to bring their country back on the path of growth," Mr Juncker said.
The so-called troika of the European Central Bank, IMF and the European Commission, which is the 27-country EU's executive arm, have twice agreed to bail out Greece, pledging a total of 240 billion euro (£194 billion) in rescue loans - of which the country has received about 150 billion (£121 billion) so far.
In return for its bailout loans, Greece has had to impose several rounds of austerity measures and submit its economy to scrutiny.
Greece is predicted to enter its sixth year of recession shortly and has a quarter of its workforce out of a job, and there had been fears it might be forced to drop out of the eurozone, destabilising other countries in the process.
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mark borg
Nov 27th 2012, 21:14
prosit lil kull min dahhalna fdan il klabb ta pajjizi falluti u bi djun sa xfar ta ghajnejhom li jridu jghamlu tajjeb ghalijhom ahna u wliedna...sewwa kienu bellawielkhom..ghalikhom .ghalina u ghal uliedniena !
alexandra kalogeropoulou
Nov 27th 2012, 20:50
The case is not that Malta or any other european country that borrowed money to Greece, will take or not take this money back..everyone is complaining that they gave money to Greece..the case is that this capitalistic system dont work, that Malta or any other country that at the moment is in better conditions will soon arrive there...better the death to be fast and not slow...like in my country
Eddy Privitera
Nov 27th 2012, 18:17
Will this agreement cost Malta more money ?
Charles Cremona
Nov 27th 2012, 19:34
Eddy, of course it would, Malta borrowed money to lend to Greece at a given interest rate which we have to pay back, now, if they agreed to write off any interest payments for Greece then Malta will be out of pocket. However, Greece is small beer, just wait until Spain asks for a bailout, I bet gonzi PN is praying that will not happen before the election.
Eve Axiaq
Nov 27th 2012, 13:26
Kemm ghad iridu jergghu jintaqghu fiq il-Grecja! Il-midja lokali ma tghidx l-istorja kollha.
thomas vigar
Nov 27th 2012, 12:32
so this financial joke carries on - does anybody think that participating countries (and non participating like the UK which is linked to the IMF) will ever get their money back? I suppose you all know that all this is for the benefit of the money guzzling eurocrats in Brussels and nothing more
Alex Ellul
Nov 27th 2012, 12:08
The can has been kicked further down the road, but we'll meet it again soon.
Peter Murray
Nov 27th 2012, 11:10
Dear Mr Muscat,
What would make more sense,I would suggest, is to honour the terms and conditions of EU Treaties such as the Maastricht Treaty which specially forbid such "help needed" as you put it - unless as a result of a natural disaster or similar and not as a result of lying and reckless and irresponsible governance.
Charles Cremona
Nov 27th 2012, 10:41
More money we had to borrow being written off, when this Greek/Euorozone debacle started we were told by Tonio Fenech that we will make money in interest, it looks now that the opposite will happen, we will lose money we can ill afford, but its not over a bailout for Cyprus has just been approved and then the big one Spain will follow. long live the Euro.
Peter Murray
Nov 27th 2012, 08:46
In return for this loan?(another one and I think we should revisit the definition of a loan!) what is not revealed is that the 17 Eurozone nations had to take another"haircut"to help our Greek neighbours make the repaying of it(yeah right)sustainable.More losses on the way and Tonio Fenech should go on record and tell us the Maltese people exactly what our contribution is to this loan(?).
C Cassar
Nov 27th 2012, 10:00
Malta hasn't repaid a single cent of the €800 million it has received from the EU since 2004 and is now trying to get out of it's responsibilities to start paying back.
Peter Murray
Nov 27th 2012, 10:05
C CASSAR,
Can't comment on that claim sir,but what I do know is we have given(not loaned Greece) a lot of money and what I would like to know is how much now... and in total,and what concessions did we have to make on the existing loans (sic) terms??
Charles Muscat
Nov 27th 2012, 10:36
I think this is what was meant by objective one and two. Remember? Countries in the EU get the help needed and after they recover, they help others in need. It makes sense to me.
C Cassar
Nov 27th 2012, 11:03
The money has not been "given" to Greece, it is a long term loan payable over the next 15-20 years. It's in all of Europes interest that Greece recovers, reforms and becomes a net contributor to the EU as I'm confident it will be given the chance. Things can't change there overnight, especially the lack of competitiveness which are keeping prices high but that is being tackled piece by piece.
J Degabriele
Nov 27th 2012, 16:54
@ C.Muscat "after they recover"! Do you really believe that Greece is ever going to recover in the forseeable and the not so forseeable future?
@ C.Cassar "a long term loan" Yeah sure! So long term that nobody will ever see one single cent back!
Eddy Privitera
Nov 27th 2012, 18:23
C. Cassar: Do you go blind when I write about the €66 million Malta pays annually to the EU budget. the €72.5 million a year EU membership is costing Malta to introduce and implement EU regulations ( according gto 'Open Europe'), The millions we send to the EU which we collect on its behalf on imported goods coming from non-EU countries. And the hundreds of millions in bailout money?
Gordon Farrugia
Nov 27th 2012, 22:23
@ C Cassar 'The money has not been "given" to Greece, it is a long term loan payable over the next 15-20 years'
lol PN propoganda!!?? If you really believe Malta will get the full money back (let alone interest) you are disillusioned - tell that to the private investors that were owed money by Greece and had to write some 70% if not more of their lent money to them....
Please choose the reason of your report below: