Head of Parliament: Greece will have memorandum until 2018
Greece will most likely remain under "memorandum" regimes until at least 2018 unless there is an "honest agreement" with its creditors, the head of the Greek Parliament's Budget Office Panagiotis Liargovas said on Tuesday.
He was testifying in an ongoing Parliamentary inquiry examining the conditions that led Greece to accept bailout memorandums in 2010.
"Perhaps a different honest agreement with our partners could create the conditions that allow us to gradually - because these things cannot be done in the short-term - return to the market," he said. In this case, Greece might be able to raise the money to cover its needs at a sufficiently low interest rate, he added.
"We cannot borrow [from markets] because the spreads are very high, they are forbidding," he stressed in response to a question by opposition Potami MP Giorgos Amyras.
He pointed out that Greece will need between 30 and 40 billion euros to cover its needs until 2017 and, unless it was able to generate these funds internally, it would be forced to borrow this money from abroad and was thus dependent on its international creditors.