Brussels - European officials are locked in a lively debate on the issue - and how - to give more aid to the Greece debt, as a review delayed much of the country finance draws to a close.
Experts from the European Union, the European Central Bank and Monetary Fund International will probably conclude their review of accounts and austerity program of the Greece in the next 24 to 48 hours, a European official said Tuesday.
Their report is set to show the enormous gaps in funding in the budget of the Greece over the next two years, despite European billion ($157 billion) rescue loan, only a year ago. It will also set out new measures of austerity and detailed plans for privatizing housing public and active of the undertaking, as the struggles of the Government of Greece to hit deficit targets set out in the rescue program.
In addition to the review conducted in Athens, European Governments and financial institutions are wrangling over various proposals that would make potential new loans for the country safer difficulties.
Until now, there is no consensus among the countries of the eurozone on the opportunity to give new aid to Greece and how, the official said, despite the increase in the pressure these last days of the European Commission, the ECB and other financial leaders.
"It really is very chaotic," a second European official said talks between representatives of the ministries of finance in the euro area, the ECB and the European Union. "There are loads of proposals, but all proposals are opposed by some".
The two officials were speaking on the condition of anonymity because the discussions are still ongoing.
Many of the richest countries in the 17-nation euro zone are frustrated by the implementation of slow Greece of economic reforms and privatization of in the euro50 billion which were supposed to help its economy push and cut a debt of about 150 per cent of economic production. They want that the assurances they will get their money back as their own taxpayers are unhappy with what they see as non-deserved helps countries less disciplined.
The representatives of the Ministry, which will meet again Wednesday in Vienna to discuss the potential "technical assistance" for the Greece in collecting taxes and the privatization program, said the two officials. This international involvement in the internal financial affairs of a country in the euro area would be an intervention likely to face a strong opposition in the Greece unprecedented.
In addition, some countries pushed the Greece to provide warranty for all other loans, which could be collected if the Government fails to repay the aid.
Earlier this month, European political leaders also discussed the possibility of asking the private creditors such as banks and Greece investment funds to give more time to repay its obligations, but such an approach has been strictly opposed by the ECB.
ECB officials have warned that even such a "soft restructuring" or "Report" could be seen by investors as a defect, triggering panic in financial markets similar that seen after the collapse of Lehman Brothers.
Despite these concerns, the two officials said that private investors ask to extend the maturities of the bonds they hold is still on the table.
Any final agreement on the new aid will depend on which of the countries and institutions will eventually, and would have to be hammered by the Finance Ministers in June, one of the officials said. In addition to a rally scheduled for June 20, there is a "high probability" of a special meeting that the week before that, he added.
The Governments of the euro zone expect the upcoming Greece with the new measures that will help it reduce its deficit to 3% of economic output permitted under rules of the EU by 2014. Last year, at the current rate, the EU estimates that it will have a deficit of some 9.5% funding this year, 2 percentage points higher target and it posted a deficit of 10.5%.
Any new aid would not relieve the Greece to implement painful and unpopular austerity and reform measures but only give more space to breathe in keeping a little longer international debt markets.
The Greece was intended to raise some euro27 billion next year and a similar amount in 2013 to start some of its bills covering once more, but with interest rates for bonds to 10 years over 16 per cent that this perspective now seems unrealistic.
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