Greece is still unable to resolve disputes with creditors

Greece is still unable to resolve disputes with creditors


Negotiations with heads of missions of creditors lasted 14 hours and ended at two o’clock, the next meeting is scheduled for 12.00 local time, reports the Athens news Agency.

ATHENS, 15 Nov. Gennady Melnik. The next round of negotiations of Ministers of the economic block of the government of Greece with a Quartet of creditors ended inconclusively.

Negotiations with heads of missions of creditors lasted 14 hours and ended at two o’clock, the next meeting is scheduled for 12.00 local time, reports the Athens news Agency.

It is not yet known, will there be a Sunday, the working group of the Eurogroup (EuroWorking Group, EwG), which should give the “green light” to the tranche of the loan of 2 billion euros and 10 billion euros to recapitalize the banks.

“The main stumbling blocks remain non-performing loans and sales under the hammer of a single housing debtors, there are some minor issues to reach agreement on a first set of measures of preconditions (allocation of credits), such as a reduction in the price of drugs-generics and other”, — said the Agency.

“According to government officials, there is a difference between the position of the Greek side institutions and creditors, will created a new market for nonperforming loans only apply to loans over 1 million euros, entrepreneurial, or it will affect small loans, including the mortgage. In addition, if those who acquire the “red” loans (e.g. funds), “chasing” the borrowers to make them repay the debts”, — says the Agency.

In addition, lenders are requested to expedite the legal review of requests for settlement of non-performing loans and to increase staff in the courts of the country.

At the meeting on 9 November, the Eurogroup has not made a decision on allocation of Greece the next tranche of 2 billion euros and 10 billion euros to recapitalize the banks. At the same time, the Eurogroup noted “progress in the implementation of the Greek program” and expects that the outstanding issues will be closed in the coming days in Athens for talks with representatives of the institutions of the creditors.