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Germany prevented Greece from proceeding with Chinese line of credit

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Guest FriendofGreece

I wonder what is the interest rate on the loans given by the EU to Greece to bail the European banks. I heard they charge an exhorbitant rate.





"The Greek government reached an agreement on a credit line with China during its bailout talks with international creditors in 2015, but Berlin interfered and destroyed the deal with Beijing, Former Greek Finance Minister Yanis Varoufakis said Wednesday.

ATHENS (Sputnik)  Speaking on Skai TV’s Istories (Stories) program, Varoufakis stated that the first days after his appointment as the country’s finance minister, he visited the port city of Piraeus, met with representatives of the Chinese company Cosco, working in the port at that time, and informed them that the Greek Finance Ministry was open for investment.


"Thus, the process of establishing relations with the Chinese government had begun. During a visit to Beijing, Greek Deputy Prime Minister Yannis Dragasakis reached an informal agreement on direct investment in specific sectors and, simultaneously, a credit line for the Greek government, should we start to issue bonds," Varoufakis stressed.

The aim was to show that the Greek authorities had the ability to enter into agreements with other countries so that it could put pressure on the European Central Bank (ECB), he noted.

"This agreement was overturned, though, with a phone call from Berlin," Varoufakis highlighted.

The Greek economy has been severely strained for several years, because of the country’s multibillion-euro debt, accumulated after the 2008 world economic crisis decimated the state.

In July 2015, Greece's international creditors signed an agreement with the country's government, approving a third bailout package for Athens worth 86 billion euros (about $95 billion) in exchange for highly unpopular austerity reforms such as pension cuts and tax hikes."


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