SUNDAY, 30 APR 2017

 

CONNECT

Facebook Linked In Twitter
Accountancy_728x90px
GloriaJeans_266x90px
IMH LTD

Jyrki Katainen: There Are Significant Prospects for Development Projects in Cyprus

Petrides: Embracing Digital Technologies in a Transparent Environment is the Only Way to Economic Growth

IMH LTD
PwC_24/04-08/05_468x60px

INTERNATIONAL

brought to you by CIPA

Dijsselbloem Calls for ESM to Be Turned Into a European IMF

Dijsselbloem Calls for ESM to Be Turned Into a European IMF

The European Stability Mechanism (ESM) – the euro zone’s bailout fund – should ultimately be turned into a European version of the International Monetary Fund, the head of euro zone finance ministers told a German newspaper.

“I think it would make a lot of sense for the euro zone bailout fund ESM to be developed into a European IMF in the medium to long term,” Jeroen Dijsselbloem told Monday’s edition of Frankfurter Allgemeine Zeitung.

He said that would also mean that Greece’s current “troika” of lenders – the European Commission, European Central Bank and the IMF – would need to be broken up in the longer term.

“The ECB feels increasingly uncomfortable in its troika role, and rightly so I think,” Dijsselbloem said, adding that the European Commission had other “important tasks” that it should concentrate on.

He said the ESM should “build up the technical expertise that only the IMF has at the moment”.

German Finance Minister Wolfgang Schaeuble has also proposed turning the ESM into a European monetary fund to improve the management of crises in Europe.

Dijsselbloem said the institutions should maintain their roles for Greece’s current bailout and said he still expected the IMF to decide on a new programme, adding that it would be “most welcome” if this happened by the summer.

Germany, which holds elections in September, wants the IMF on board before new money is lent to Athens. But it disagrees with the IMF over debt relief and the fiscal targets that Greece should maintain after the bailout programme ends in 2018.

Dijsselbloem said he did not expect the current review of Greece’s bailout programme to be concluded quickly, adding that he did not think the institutions will complete it before a Eurogroup meeting in Malta in April.

Greece and its international creditors remain divided over the terms of a review, a senior euro zone official said on Thursday, a gap that will prevent Athens from getting fresh financial support.

MORE ON INTERNATIONAL

Barclays Profits Double in 2017

Barclays says its profits more than doubled in the first three months of the year, ...

Uber Looks to Deploy Flying Taxis By 2020

After upending the taxi market with its ride-hailing service, Uber Technologies Inc [UBER. ...

Jimmy Choo Seeking Offers for Sale of the Business

Luxury shoe maker Jimmy Choo has said it is seeking potential offers for a sale of the ...

FROM AROUND GOLDNEWS

   

Sony Sees Profit Surging to 73%

Sony Corp said on Friday, April 28, it expects annual operating profit to surge 73.2 percent, closing in on a two decade-old record, as its cash-cow image ...
   

EU: United Ireland Would Be Automatic Full Member

European Union leaders at a Brexit summit on Saturday, April 29, should give a formal undertaking to embrace the British province of Northern Ireland in the EU ...
   

BoC Appoints Anat Bar-Gera as Cyber Security Expert

Bank of Cyprus has appointed cyber security expert Anat Bar-Gera as a member of the broad of directors of both Bank of Cyprus Holdings Public Limited Company ...
   

Barclays Profits Double in 2017

Barclays says its profits more than doubled in the first three months of the year, boosted by better performance across the board. Pre-tax profit for the ...
   

Anastasiades Officially Welcomed At the Presidential Palace Of India

President Nicos Anastasiades was officially welcomed on Friday, April 28 by the President of India Pranab Mukherjee at the Presidential Palace of the country ...
   

Kasoulides Satisfied With the Paragraph on Cyprus in the Brexit Process Guidelines

The Minister of Foreign Affairs of Cyprus, Ioannis Kasoulides, expressed his utmost satisfaction with the paragraph incorporated in the Brexit Process ...
   

Petrides: Embracing Digital Technologies in a Transparent Environment is the Only Way to Economic Growth

Embracing digital technologies while creating a trusted, transparent and balanced environment, if possible with harmonized rules for Europe, is the only way to ...
   

Jyrki Katainen: There Are Significant Prospects for Development Projects in Cyprus

European Commission Vice President for Jobs, Growth, Investment and Competitiveness Jyrki Katainen has said that there are significant prospects for ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
GloriaJeans_300x250px

IMH LTD