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Greece: Europe completes a historical

After twelve hours of marathon, the countries of the euro in the early morning concluded their negotiations on a solid support in Athens, to save him once again the bankruptcy. Assistance, debt forgiveness and contributions combined, Greece will have cost twenty months more than 350 billion euros to the EU, banks and international institutions. As much as the debt that the country continues to grow as Sisyphus his rock.

EU assistance in the night discussed by finance ministers, an amount of at least 130 billion euros, displayed more modest ambitions than the first 110 billion plan presented in May 2010 as a panacea. The 2012 version covers the next eight years, but eventually it no longer guarantees for certain relief initially hoped the debt burden (120% of GDP in 2020). It does not fill a growing distrust between Greece, is said bled dry, and creditors like Germany believe that it can never do enough.

In the calendar, the distress of Athens as important as the progress of complex financial dealings with governments, private banks, the IMF and the ECB. Under penalty of default, the government should realize Papademos an agreement with its creditors before March 20, deadline by which 14.5 billion of government bonds mature. "We must conclude today, because time is running out," said the president of the Eurogroup, Jean-Claude Juncker.

Continuous monitoring of the accounts of Athens

Faced with the enormity of the amounts, the sense of urgency was far from being shared across the currency area. North, capitals such as Berlin, The Hague and Helsinki took advantage of last hours to demand concessions maximum of Athens by suggesting, as the German Wolfgang Schäuble, a Greek bankruptcy would be manageable after all. To the south, others were alarmed instead of a possible contagion of bankruptcies in Portugal, Spain and even Italy, in the midst of a European recession saving account payday loan.

In the early hours of the morning, the agreement was tied on two parallel negotiations in Brussels. First erase the unprecedented 107-billion of private debt, accepted in principle by the banks but stumbled on an extra effort required by the euro area. "It's done and we have a good agreement," confided to 4:30 French banker Jean Lemierre at Figaro. Then a bailout of at least 130 billion euros financed by creditors themselves. It is this second part, agreed by governments, the IMF, the ECB and other central banks of the euro which validated the entire plan.

To reassure investors, and despite the anger of the street, the government is preparing to slash Papademos 3.3 billion more in its budget deficits through the envelopes of health insurance, minimum wage and defense . He also accepted a permanent monitoring of the EU and the IMF on its accounts. "The Greek people have made considerable efforts, it is now for others to do the same," let go a Christine Lagarde yet mindful of the IMF funds.

Politically, Athens refuses any loud and European tutelage and just show the vitriolic exchanges with Berlin. But in practice, Greece has made a surrender of sovereignty unique setting up a budget account blocked, intended to guarantee the repayment of debt and interest payments. The mechanism, suggested as a sign of confidence by Berlin and Paris, is to serve the foreign creditors before committing a penny of national public expenditure. Athens won an unmatched support after the night, but it will probably remain the Greeks the bitter taste of a potion imposed from outside

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