SCHEDA - Aiuto alla Grecia, cosa potrebbero fare Ue e Fmi

mercoledì 10 febbraio 2010 12:40
 

Qui sotto in inglese le possibili configurazioni delle misure di aiuto alla grecia da parte di Ue e Fmi

BRUSSELS Feb 10 (Reuters) - European governments are considering various options to help heavily indebted Greece in what would be the first rescue of a euro zone member in the currency's 11-year history. [ID:SGE61801C]

There is no clear procedure for bailing out a euro zone economy. Few analysts doubt that the European Union could come up with a legal justification to do so, but it might be a difficult and time-consuming legal process.

Article 122 of the EU treaty says the EU Council can decide "upon the measures appropriate to the economic situation", but adds that such steps should mainly be if severe difficulties arise in the supply of certain products, notably energy.

It also says the Council may grant, under conditions, financial assistance to a member state, if that state "is in difficulties or is seriously threatened with severe difficulties caused by natural disasters or exceptional occurrences beyond its control". It may be hard to argue Greece's budget deficit developed because of factors outside its control.

Greece has estimated it will need to borrow about 53 billion euros ($73 billion) this year to plug fiscal shortfalls and refinance its debt. Last month it raised 8 billion euros with a five-year bond issue, but was forced to offer a very high yield.

Below are possible steps that the EU and the International Monetary Fund could take to help Greece, if they felt aid was vital to prevent the Greek crisis from undermining confidence in the euro zone.

In practice, the EU could use a combination of the steps. It would have to decide whether it wanted to disburse aid in small, conditional increments, which might help it keep pressure on Greece to reform its finances, or in a single burst that might do more to convince markets that the problem was solved.

Calling in the IMF would likely be unpopular among many European politicians; Jean-Claude Juncker, head of the group of euro zone finance ministers, said last week Europe must solve the debt problems of Greece, Portugal and Spain without the IMF.   Continua...