WEDNESDAY, 28 JUN 2017

 

CONNECT

Facebook Linked In Twitter
Accountancy_728x90px
GloriaJeans_266x90px
IMH LTD

Anastasiades Repeats Greek Cypriot Positions to Boris Johnson

Antonio Guterres: UNSG Takes Full Note of Anastasiades Concerns on Common Document

IMH LTD
Volvo_19/06-19/07_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

Holland & Barrett Sold For £1.8bn to Russian Billionaire

Holland & Barrett, the UK's biggest health food retailer, is being bought by a ...

Merkel: UK Offer On EU Citizens a Good Start

German Chancellor Angela Merkel has described UK plans to ensure the rights of EU ...

Theresa May To Present Brexit Plans to EU Leaders

UK Prime Minister Theresa May is to address EU leaders on her plans for the issue of ...

FROM AROUND GOLDNEWS

   

Japan and EU Press Ahead On Free Trade Pact to Counter U.S. Protectionism

Japanese and European Union negotiators meeting in Tokyo aim to reach a free trade deal that would stand against a protectionist tide threatening the global ...
   

European Commission Fines Google €2.42 Billion for Breaching EU Antitrust Rules

  The European Commission has fined Google €2.42 billion for breaching EU antitrust rules. Google has abused its market dominance as a search ...
   

Antonio Guterres: UNSG Takes Full Note of Anastasiades Concerns on Common Document

UN Secretary General Antonio Guterres has sent a reply letter to Cyprus President Nicos Anastasiades, noting he takes full note of the President’s ...
   

Anastasiades Repeats Greek Cypriot Positions to Boris Johnson

Cyprus President Nicos Anastasiades repeated the Greek Cypriot side’s positions ahead of the start of the discussions on security and guarantees, Cyprus ...
   

CBC: International Investment Position of Cyprus Deteriorates in Q1 2017

The international investment position of Cyprus deteriorated in the first quarter of 2017, showing a net liability position at €23,057 million, compared ...
   

Conference on Cyprus Opens Today in Crans-Montana

The UN-hosted Conference on Cyprus in Crans-Montana, Switzerland, opens on Wednesday June 28 with a discussion on the chapter of "Security and ...
   

6th CIPA International Investment Award Winners - Video

The 6th CIPA International Investment Awards ceremony took place in the Gardens of the Presidential Palace in Nicosia on Monday, June 26.  The ...
   

Melco Enters into Agreement to Purchase Hard Rock’s Interests in Limassol Casino

Melco currently holds 35.37% of the Project Company and has entered into an agreement to purchase Hard Rock’s interest in the Project Company, completion ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
Gold_Issue_300x250px

IMH LTD