European Commissioner for Economic and Monetary Affairs, Olli Rehn, said drachma clauses being inserted by the European Investment Bank (EIB) into new loan agreements with Greek companies are 'unfortunate'.
The Commission has put pressure on the lender to withdraw all clauses that relate to a possible Greek exit from the eurozone or the collapse of the euro area in general. The Finnish commissioner branded the terms “bureaucratic” and the EIB’s intention to impose them ”unfortunate and incomprehensible”.
Rehn’s intervention followed a letter from [his Greek colleague, Maria] Damanaki informing him of a report run by Kathimerini a few days ago about the insistence of EIB to include drachma clauses in the €70 million loan.
Damanaki suggested that the EIB initiative was arbitrary and running counter to the Commission’s position, and particularly to its recent statement about growth in Greece. She added that it was at least unfortunate that while the eurozone has agreed to lend Greece €130 billion, the main funding branch of the European Union disputes, if indirectly, Greece’s future in the eurozone.
Full article
© Kathimerini
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article