IMF:Greece still needs ten billion euros additional financing

IMF 18 released a report that the scale of financing approved by the Greek government in 2015 to 2016 to 26 billion euros, but will continue to face a financing gap of 5.5-9.5 billion euros . The report is expected in 2012-2016, Greece's new financing needs totaling 32 billion euros, resulting in the total loans of the country since the outbreak of the crisis to about 255 billion euros; avoid Greece's debt out of control, the European Union will eventually be forced to accept Greek write-downs of loans to 25% of the total, the European Central Bank is also required to bear 25% write-down Greek bond losses.

The IMF estimated 2014 Greece may need financing scale for the first time, is also the first time to Europe in the Greek bailout may bear the loss forecast. Previously the EU had predicted the Greek aid funds from 2015 to 2016, two years demand gap of 5.6 billion euros.

The IMF said that from mid-2010 to the present, Greece from eurozone partners and the IMF to accept tens of billions of euros in emergency aid loans, averted bankruptcy. Greece sluggish economic recovery, may face the sixth consecutive year of economic recession in 2013. Currently, Greece's debt-to-GDP ratio up to 179%, the implementation of the structural reform program risk is still very high. Greece can abide by previously signed aid agreements, and timely implementation of the policy of fiscal austerity and structural reform, the EU is expected to continue in 2014 to provide up to 9.5 billion euros of new financing.

According to German media reports on the 18th, the German government is dissatisfied with slow progress in the privatization process in Greece. The Greek government will further the sale of state-owned assets, which is the condition for assistance. Reported that the European Commission data show that by the end of 2016, Greece is expected can only complete value of € 8.5 billion sale of the scale, while the previous EU expects the sale of the country at the end of 2015 will reach 50 billion euros.

Despite the aid, Greece project is still at risk, but a number of hedge funds have begun to bet on Greek assets. According to the "Financial Times" reported that just last year established hedge fund Dromeus Capital began in October last year, large-scale buying of Greek corporate bonds and stock prices fell, within 3 months of the end of last year, gains more than 40% of earnings . In addition, the U.S. billionaire Dan Loeb's hedge fund ThirdPoint the last year by betting on Greek government bond repurchase earnings amounted to $ 500,000,000.