Greek stock exchange has finally officially regained its activity. As informed by most authoritative international media, this event happened on Monday, August 3. It is worth mentioning that the market had not worked during five previous weeks. When this piece of nerws went public, many direct players of Greek market expected the cost of stocks to drop.
Business edition “Market Leader” reminds that at the end of June there was made a decision about timely termination of trade at once perspective Athenian stock exchange. Such decisions was made in order to prevent massive outflow of Euro from the country. In this reference the government has limited withdrawal of cash money means in bank machines. The citizens could not get over 60 Euro per day. Yet on July 20 Greek financial organizations have started to gradually return to their usual work. Despite this piece of news, the previously set limitations on withdrawal of cash money means remained anyway.
Even after mending the negotiation process with international creditors high-ranking representatives of Greek government stated the fact that their state continues experiencing not the best of times in economic reference. In this connection Athens insist on the fact that the first tranche of financial help given to their country by international creditors amounts to 24 billion Euro.
These finances will be directed to holding reforms in most important spheres of activity. Particularly, full-scale recapitalization of the country’s bank structures is supposed to happen in the soonest possible time. Final results of negotiations concerning this point remain unknown to public. The point is that the European Union wants to get guarantees that transfered money means will be directed into what local politicians say. It was found out earlier that not all representatives of Europe are satisfied with current requirements of Athens.
French Minister of Finance Criticizes the Idea of Greek Withdrawal from EU
Until now there remain discussions about the possibility of Greece to quit the eurozone at certain circumstances. Many European politicians did not hide their indignation about this. Particularly, the Head of Ministry of Finance of France Michel Sapin has publicly criticized his German colleague Wolfgang Schäuble. The main point of pretensions lied in the fact that the head of German financial authority continued advocating Greek withdrawal from eurozone very actively. To be fair it should be specifed that only timely withdrawal is meant, but Paris believes that even this will lead to rather serious negative consequences for the whole EU. First of all, this concerns Greece itself, which has got too far ahead in overcoming the long-running debt crisis. Because of this the mere idea of probable Greek withdrawal from eurozone should not be mentioned in negotiation process on regulation of most topical problems of the country.
During his public speach Michel Sapin supposes that Wolfgang Schäuble is mistaken or goes in contradiction with deep European initiative. The situation even with timely withdrawal of Athens from eurozone acn be modelled. One should understand that this step will automatically mean that if certain problems arise, any other country of eurozone can decide them exclusively by adjustment of its own currency. Such approach to overcoming difficulties will obviously not favour perspective European development. At the same time, the authoritative representative of French government reminds that the generally accepted principle of currency union is absolutely different. It presupposes supporting competitiveness of its countries. This can be done by holding structural reform and making a balanced state budget.
It is fundamentally important that even the currently rising contradiction around situation with future of Greece has in no way broken the firm Franco-German union. Mister Sapin expresses the same opinion. European media has informed earlier about an ention of German Minister of Finance olfgang Schäuble to provide Athens with 50 billion Euro at once, but the obligatory condition for getting the money was Greek withdrawal from eurozone. Mr. Schäuble was hoping that representatives of Greek government would follow his initiative. To encourage such decisive step the head of German financial authority was literally ready was to put the promised money out. It became clear within some time that far from all European politicians share this opinion. And political management of Greece prefers consulting with its international creditors prior to taking any decisions.
