In 2012 it was expected that privatizations are EUR 2 billion

On the eve of the first anniversary of the Greek rescue plan, the euro area has avoided a new crisis of magnitude. Meeting Friday in the Luxembourg, four major countries of the euro area Finance Ministers nonetheless attracted a small wind of panic. This meeting was not yet exceptional: Ministers are regularly to prepare for the official deadlines. But, as is often the case, the information of the meeting, which should remain secret, was screened in Germany due to internal divisions in the Government coalition on assistance to the countries of the euro area in serious budgetary difficulties. Late afternoon, the Web site of the "Spiegel" assured that the output of the Greece of the euro area was under discussion. Immediately, the single currency has floundered against the greenback, dropping 1.3, 1,4316 dollar.

However, if an informal ministerial meeting information was accurate, as radical and new exit was no on the table. According to our information, Christine Lagarde (France), Wolfgang Schäuble (Germany), Giulio Tremonti (Italy), Elena Salgado (Spain), Jean-Claude Juncker (Luxembourg, President of the Eurogroup), Olli Rehn (Commission European) and Jean-Claude Trichet (ECB) examined with Georges Papaconstantinou, their Greek counterpart, the chances of the Greece to meet the objectives of the programme of assistance of 110 billion euros allocated to this country a year by the Europeans and the IMF. Other topics-l' helps the Portugal and the choice of the next President of the ECB - "have not been processed, time", stated the "echoes" a qualified European source.

All participants in the meeting rejected once again the hypothesis of a restructuring, same "soft" of debt to Athens. A mission of the troika is currently in the Greek capital to look closely at the situation. It will make its report in 10 days. On the other hand, figures gathered at the Luxembourg led Greece to actually implement the fiscal consolidation plan and accelerate privatizations. Athens has collected EUR 50 billion over five years from the sale of State assets. In 2012, it was expected that privatizations are EUR 2 billion. It is not enough, found the main European creditors of the Greece. "It will be necessary that Athens has much more, of the order of EUR 25 billion by 2013," said the source. To expedite the movement, the Executive is tasked to specialized institutions. They pay then advance to the State a portion of the value of the assets to sell before the finalisation of the transactions. "And if this was still not sufficient, the Greece will have to further tighten tax screws", adds the same source.

At the same time, Athens must continue on the path of structural reforms to accelerate the return to growth. After several participants at the meeting, Georges Papaconstantinou was convincing as to the willingness of his Government to implement these measures. For their part, Europeans have been open to hand the portfolio enhanced device failure. According to our information, the additional sum involved would be of the order of 20 to 25 billion euros. Amount that could be used to cover almost all of the Greece in 2012 funding needs unmet by the aid already granted. In the first half of next year, Athens must pay about EUR 23 billion for securities of debt maturities. Amount to be add 4.5 billion euros in interest to pay. This weekend, the debate on a new aid to Athens is amplified in the European official circles. British Chancellor of the Exchequer, George Osborne, stating that the Greece might need further support of the euro area. He added that if this event was needed, his country did there not participate.