ATHENS: Greek Prime Minister Alexis Tsipras on Friday said the country was “turning a page” after eurozone ministers declared its crisis over as they granted Athens debt relief under a bailout exit strategy.
The eurozone ministers’ agreement comes nearly a decade after Athens finances spun out of control, sparking three bailouts and threatening the country’s euro membership.
“Yesterday we reached a historic agreement on Greece’s debt with the Eurogroup,” Tsipras told the country’s president, Prokopis Pavlopoulos.
“We are turning a page,” he said, adding that Greece had to remain on the path of reform.
Following the eurozone ministers’ hard-fought agreement declared earlier Friday, Greece is slated to leave its third financial rescue since 2010 on August 20.
“The Greek crisis ends here tonight,” said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg.
The deal was expected to be an easy one, but last-minute resistance by Germany — Greece’s long bailout nemesis and biggest creditor — dragged the talks on for six hours.
The ministers agreed to extend maturities by 10 years on major parts of its total debt obligations, a mountain that has reached close to double the country’s annual economic output.
They also agreed to disburse €15 billion ($17.5 billion) to ease Greece’s exit from the rescue program.
This would leave Greece with a hefty €24 billion safety cushion, officials said.
“The agreed debt relief is bigger than we had expected,” Citi European Economics said in a note.
“In particular, the 10-year extension of the EFSF loans’ maturity and most importantly the grace period on interest payments is a significant development,” they added.
“The Greek government is happy with the agreement,” Greek Finance Minister Euclid Tsakalotos said after the talks.
But “to make this worthwhile we have to make sure that the Greek people must quickly see concrete results... they need to feel the change in their own pockets,” he added.
The eight-year crisis toppled four governments and shrank the economy by 25 percent. Unemployment soared and still hovers over 20 percent, sending thousands of young educated Greeks abroad.
Optimism is tempered by Greece’s remaining fiscal obligations, which will demand serious discipline, observers say.
“This is a very tight program. A surplus of 3.5 percent to 2022 and 2.2 percent (on average) to 2060 is not easy at all,” Kostas Boukas, asset management director at Beta Securities, told Athens 9,84 radio.
“We’ll have to see if the pledges will be kept, especially as they depend on international developments as well,” he said.
Under pressure from its creditors, Greece has already agreed to slash pensions again in 2019, and reduce the tax-free income threshold for millions of people in 2020.
Further cuts will be made to maintain the 3.5-percent surplus, if necessary.
“It would be a terrible mistake to cultivate illusions that the end of the bailout means a return to normality,” said pro-opposition daily Ta Nea.
“What follows is tough oversight which no other country has experienced in a post-bailout period,” the daily said.
The European Commission has already specified that Greece will remain under fiscal supervision until it repays 75 percent of its loans.
Athens has received €273.7 billion in assistance since 2010, enabling it to avoid punishing borrowing rates on debt markets.
The International Monetary Fund, led by the tough-talking Christine Lagarde, welcomed the debt relief, but cited reservations about Greece’s obligations over the long term.
“In the medium term analysis there is no doubt in our minds that Greece will be able to reaccess the markets,” Lagarde said after the talks.
“As far as the longer term is concerned we have concerns,” she added.
The reform-pushing IMF played an active role in the two first Greek bailouts, but took only an observer role in the third in the belief that Greece’s debt pile was unsustainable in the long term.
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Greece ‘turning a page’ as eurozone declares crisis over
Greece ‘turning a page’ as eurozone declares crisis over
- The eurozone ministers’ agreement comes nearly a decade after Athens finances spun out of control, sparking three bailouts and threatening the country’s euro membership.
- EU Economic Affairs Commissioner Pierre Moscovici: “The Greek crisis ends here tonight.”
Germany eyes lasers, spy satellites in military space spending splurge
SINGAPORE: Germany is weighing investments ranging from spy satellites and space planes to offensive lasers under a 35 billion euro ($41 billion) military space spending plan aimed at countering growing threats from Russia and China in orbit, the country’s space commander said.
Germany will build an encrypted military constellation of more than 100 satellites, known as SATCOM Stage 4, over the next few years, the head of German Space Command Michael Traut told Reuters on the sidelines of a space event ahead of the Singapore Airshow.
He said the network would mirror the model used by the US Space Development Agency, a Pentagon unit that deploys low-Earth-orbit satellites for communications and missile tracking.
Rheinmetall is in talks with German satellite maker OHB about a joint bid for an unnamed German military satellite project, Reuters reported last week.
The potential deal comes as Europe’s top three space firms — Airbus, Thales and Leonardo — are seeking to build a European satellite communications alternative to Elon Musk’s Starlink.
Traut said Germany’s investment in military space architecture reflected a sharply more contested space environment since Russia’s full-scale invasion of Ukraine in 2022. Berlin and its European allies, he said, needed to bolster their deterrence posture by investing not only in secure communications but also in capabilities that could hinder or disable hostile space systems.
“(We need to) improve our deterrence posture in space, since space has become an operational or even warfighting domain, and we are perfectly aware that our systems, our space capabilities, need to be protected and defended,” Traut said.
INSPECTOR SATELLITES AND LASERS
Germany will channel funding into intelligence-gathering satellites, sensors and systems designed to disrupt adversary spacecraft, including lasers and equipment capable of targeting ground-based infrastructure, Traut said.
He added that Germany would prioritize small and large domestic and European suppliers for the program.
Traut emphasized Germany would not field destructive weapons in orbit that could generate debris, but said a range of non-kinetic options existed to disrupt hostile satellites, including jamming, lasers and actions against ground control stations.
He also pointed to so-called inspector satellites — small spacecraft capable of maneuvering close to other satellites — which he said Russia and China had already deployed.
“There is a broad range of possible effects in the electromagnetic spectrum, in the optical, in the laser spectrum, and even some active physical things like inspector satellites,” he said.
“You could even go after ground segments of a space system in order to deny that system to your adversary or to tell him, ‘If you do something to us in space, we might do something to you in other domains as well.’”
Germany will build an encrypted military constellation of more than 100 satellites, known as SATCOM Stage 4, over the next few years, the head of German Space Command Michael Traut told Reuters on the sidelines of a space event ahead of the Singapore Airshow.
He said the network would mirror the model used by the US Space Development Agency, a Pentagon unit that deploys low-Earth-orbit satellites for communications and missile tracking.
Rheinmetall is in talks with German satellite maker OHB about a joint bid for an unnamed German military satellite project, Reuters reported last week.
The potential deal comes as Europe’s top three space firms — Airbus, Thales and Leonardo — are seeking to build a European satellite communications alternative to Elon Musk’s Starlink.
Traut said Germany’s investment in military space architecture reflected a sharply more contested space environment since Russia’s full-scale invasion of Ukraine in 2022. Berlin and its European allies, he said, needed to bolster their deterrence posture by investing not only in secure communications but also in capabilities that could hinder or disable hostile space systems.
“(We need to) improve our deterrence posture in space, since space has become an operational or even warfighting domain, and we are perfectly aware that our systems, our space capabilities, need to be protected and defended,” Traut said.
INSPECTOR SATELLITES AND LASERS
Germany will channel funding into intelligence-gathering satellites, sensors and systems designed to disrupt adversary spacecraft, including lasers and equipment capable of targeting ground-based infrastructure, Traut said.
He added that Germany would prioritize small and large domestic and European suppliers for the program.
Traut emphasized Germany would not field destructive weapons in orbit that could generate debris, but said a range of non-kinetic options existed to disrupt hostile satellites, including jamming, lasers and actions against ground control stations.
He also pointed to so-called inspector satellites — small spacecraft capable of maneuvering close to other satellites — which he said Russia and China had already deployed.
“There is a broad range of possible effects in the electromagnetic spectrum, in the optical, in the laser spectrum, and even some active physical things like inspector satellites,” he said.
“You could even go after ground segments of a space system in order to deny that system to your adversary or to tell him, ‘If you do something to us in space, we might do something to you in other domains as well.’”
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