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Friday, 6 November 2015

Greece: Prior Actions and Pending Issues



From eKathimerini: "Eurogroup unlikely to release next 2 billion after failure to settle pending issues"

"There are several key matters on which the eurozone is expecting initiatives from the coalition. Top of this list is the criteria for the repossession and foreclosure of primary residences. Also, the government has yet to come up with a definitive fiscal alternative to imposing value-added tax on private education".

"Last ditch" efforts. Kathimerini

"On the issue of primary residence repossessions, the Greek government is trying to find a formula that would protect at least half of local homeowners, compared to the proposal from the institutions, which would lead to just 20 percent not facing the threat of losing their home if they do not keep up with their mortgage repayments".

From The Telegraph: OECD - "On Complete Lack of Compliance"

"The challenges in Greece are so big”, Mr Saint-Amans told The Telegraph.
“It's about the complete lack of compliance, it's about a very weak tax administration, it's about the fact that paying taxes remains something that people don't want to do because they don't see how the money is spent.”

The Greek proposals, Kathimerini - Η πρώτη κατοικία «μπλοκάρει» την υποδόση των 2 δισ.

Sapin: "One thorny issue remains: the seizure of homes for households who can't pay their debts. I want an agreement to be reached today. France wants an agreement today."

«Αγκάθι» οι πλειστηριασμοί πρώτης κατοικίας - complicated suggestions from Greek side to protect most home-owners from risk of primary residence foreclosure

Reuters report in April

"Greece's draft law to protect primary residences from foreclosures goes beyond protecting low-income debtors and could encourage strategic defaults, the European Central Bank said in a legal opinion..."

"The very broad scope of eligible debtors, which goes beyond the protection of vulnerable and low-income debtors, may create moral hazard and could lead to strategic defaults, undermining the payment culture and future credit growth," the ECB said."

"It is likely that the prohibitions in the draft law will incentivize debtors who are not in real need of protection to stop meeting their obligations or reduce them significantly, even if they have the means to meet them in full."

Greek Debt Deal - Euclid Tsakalotos claims lenders have delayed debt relief talks for fear of emboldening anti-austerity movements in the Mediterranean (The Telegraph)

Why property prices remain firm in Corfu despite wider Greek woes, Financial Times - "Foreign buyers continue to favour the north of the island whose local communities and ancient landscapes have been protected".

"Changeless habitat"? "Little obvious effect on the environment?"

I wish it were so....





Gerald Durrell, writing in the 1980s

Paul Whyles, 2008

Only one side of the story, but it can't be hidden: I still love the island!

Food price hikes



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