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Greece to exit EU/IMF bailout deal in 2014 – PM

Published time: December 30, 2013 21:03
Laid-off members of the finance ministry's cleaning staff shout slogans during a protest outside the ministry in Athens during the visit of the so-called troika creditors on December 11, 2013 (AFP Photo / Louisa Gouliamaki)

Laid-off members of the finance ministry's cleaning staff shout slogans during a protest outside the ministry in Athens during the visit of the so-called troika creditors on December 11, 2013 (AFP Photo / Louisa Gouliamaki)

Greece will exit its EU-IMF bailout agreement in 2014, as scheduled, and will require no further loans, Greek Prime Minister Antonis Samaras said on Monday.

In his address on national television, Samaras said that Greece “will make the big step to exit the loan agreement" next year.

“In 2014, Greece will venture out to the markets again [and] start becoming a normal country,” the prime minister stated.

The Mediterranean country’s debt “will be officially declared viable, meaning there’ll be no need for new loans and new bailout agreements,” he added.

Greece, which is going through its sixth year of recession and has an unemployment rate of more than 27 percent, has been bailed out on two occasions.

In 2010, the European Union, the International Monetary Fund (IMF), and the European Central Bank loaned 110 billion euros (US$151 billion) to the government in Athens. However, the money injection didn’t work - Greece still found itself on the brink of exiting the eurozone in 2012.

One year after the first bailout, the country was handed a second rescue package worth 130 billion euros ($179 billion), as well as private sector debt write-off totaling more than 100 billion euros ($138 billion).

The Greek government expects slim economic growth to begin in 2014, alongside a small budget surplus – not counting debt servicing costs.

Greece hopes to join Ireland, which in December became the first country to exit an EU-IMF rescue program.

But creditors don’t seem to share the same optimism, expressing doubts that Athens will be able to meet its 4.4 billion euro ($5.4 billion) loan repayments set for mid-2014.

Comments (4)

 

Basil Venitis 31.12.2013 13:32

The Greek presidency of EU must be annulled, because the kleptocratic alliance of Pasok mafia and Nea Democratia mafia cannot be trusted. The freakish government of Greece, the most corrupt country of Europe, stole my computer, my files, and my life in cold blood!

 

Steffo Mio 31.12.2013 09:43

They never leave, it's all hype. Greece Gov is totally in Hands of the EU. So they can never more do what they want.

 

Kristyn Kelly 30.12.2013 22:06

Greek bail-in here we come!

View all comments (4)
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