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00:00I'm going to make a statement. We get it within Greek. Then I will switch to English and then I'll take questions in order to get my English and I will answer them accordingly. Okay. He said to me you get he asked the gun. Three meetings two Eurogroup places and three asses. It's just there now. Laxman Laxman sadly there's a lover Laxman only those have adopt idea but I might have SI unit they inhabit the Macedonia. Yeah but I might never see so many that talk of honour but I love you. Why does he seem any leftover. No. I'd be Manus Cranny CCTV was. I like it. I've talked not see many. He's. I thought I'd done enough at the station have you noticed it . What is that besides acceptable. What have they done it was enough to put it they knew this was done. Goodness of style . Steve ise do the Nikkei is delighted though double that this Scimitar vixen made all the aprons by the glow of his moon . These names must be vetted this is says 50 guests. If his means for finally say I meant to say that is my hero whom woman Nikkei advocacy. The one of. I've not done a glove is my goodness . See I must have people spot here ibex. But other you know so that he met a businessman after eating a milk deal he made I mean he had discussed this on The Voice February you only got 38 done. Oh come on you more Nasdaq gala Panther bye you make you wait and see more please get this a delay. You had only about Nikkei a military blow to someone the but I might have a message for the blessed to you. 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Did any of these do you mean you know you're talking about a bundle. Yeah this is funny I've been in an Army Corps FEMA Island an army of FEMA so I mean now I got FTSE Guy Johnson Sabonis got him ise up when I brought the Weimar I think he got the FTSE although they mostly have these and other people and me star got up you still my not but actually got that logo because you think I'm a tournament that is my son FTSE Evans is assessing the Bazemore methods at that is to give you a graft on fineness of some other key difficulty muta years get cut us or do you lover. I finished optimizing a piece on CAC almost as syncing graphics to get along with them and that is mission precise argument method is missing. Yes . I'll give Magnus this program I guess CAC is really the gift you know Nikkei economy is CAC within a second potential but it did not believe that Dan Monroe University giving them up or trapped some images if one nearby but they FTSE. Now if I see a comment thread I Nejra Cehic either some FTSE but a woman is Yvonne man RTS Dax you IBEX this is the FBI sunny sky and Mexico to get you a missile Alex is Metro stop being here this message for a woman to give evidence she wasn't the reason why I broke up your e-mails but I lie on a trip some type of belief to Copenhagen isn't blown Asma didn't vestments the YA people. Up next a couple of Guinness blows one two three athletic I go off I does what I'm paid to see you come in peace and I'm sick I don't get fed those love at this point the geese I know that he's getting up here then it's been almost there Miss yet don't be offended I mean I give evidence you'll be able to say you but a woman may have been busy so formal ise they're not gonna do this Nikkei here I've thought about it again this early on as my was up a dehumidifier those sassy Navy obviously up overseas maybe you need a Euro group. He now the appointed that made him give me my dismiss it on a thetan must game on was offered at this point I might guess it figures but the metaphysical and geeky economic tough or sexy they let you back in as Alan saw us. Appropriate frame primary surpluses. Let the billionaire no announcement I get this if Bob Manus Cranny ise bonus Nasdaq may. Part my guess but I met was silly. This economy is getting us nothing . Jim and me by Nikkei see my Zimmer togetherness was meant to got a mere gallows for us to join. The veil is still in his element but not on his mind either. It was joined at the voltage to plug into the gas balloon as my WC Navy but I will make it up ominously to carriers the next Alix steel degrees greasy gives the Nanak office the all year to coastal Manus Cranny lover on appeal after that but I think any elderly mother they'll be limited. I found the part of the envelope NASDAQ that they'll be eight Nancy funny who says the guy so there was just bleary asphyxia. Yet they both in a bed they'll call the following so there are a coming up yes this makes it seem to get better my . There's mistake I make about ise a month. Or the insufferable myself. I mean I'm one of many. You know BFA here I don't need to go up or tell is my Steve them he must you know Mickey's out of here Steven. Kareem Abdul Mr. Dougie stuff that I do the gig and you got there Steven economic. Yeah and I got some scholars after I got cabinet trouble I see my got trouble. You know me . There's tell him element I hope because Methodism is this is I mean it ain't broke it yet I guess yoga it broke it then ya Dax you know I knew a prosecutor yet is the mixing process mess of less than pollutants tons two characters sick I mean very busy the sale of my CV FTSE is Mrs Nasdaq one out of the two got Dixie boy David Westin let me go. He doesn't find out he started out with them but still the timing out abusive phone is a male it here but many VIX Stephen Engle me yeah. If anybody of those global news 24 hours a day on air and @TicToc on Twitter. powered by more than 2700 journalists and analysts in more than 120 countries. this is Bloomberg million ask estimate inevitably get mental gets Muslim as my god damn mean if only someone so valuable to start thinking about democracy without the using Apple then you will you get better look I like getting and I now see value get in an optics system a lover mid Dax a lot of us gave her a benefit that en masse amount of youth when I was about to go down here to boot the program it's chaos Epictetus the make of the others the X my Stockman Mr Howard the pragmatic giggle of the greasy bin X believable musical corrals do not believe that this is dismembered upstairs musky views method middle of euphemism is about to court I mean to be all in a gut feeling that in my view Yana sees TCM ise must have to bootleg it the DSA debt sustainability analysis chemicals it estimates of this PWC hefty got that the victim was able to see it when I get this one up on me had been at the office Christmas is on a cruise a live with us because somebody's got be a lover see matter VK up 14 more Nike keep a monastery do not be a Buddhist got them to the left out by the higher than me money on the Eurogroup Sima but becoming a lover mess up give it I might FTSE this e.g. FTSE V.A. You think I'm in direct Gabe I must not leave here this will be some happiness then Boulevard I may never meet a useful man and his mother and does the Eurogroup and does the rabbi give same as his coffee stood in the lava DeHart a CUNY utopia UCSD guy Vinnie stone after all this Alix steel never opportunist get here. Now this monument is a lever . Now in a body. Asphyxia clearly thought to die or awesome another almost yeah. The next step the greasy can I estimate the Dallas inevitably the lone Nami llama. So now you feel this . Yes. Yes. Yes personally familiar. Personally I mean just a it up paper. So now I'm going to make this state the same statement if I can. In English because I don't trust those leaps. You can't quote me on that. So it took three euro group meetings for Greece and for Europe to turn a page. There were difficult meetings but in the end we have shown that negotiation means both compromise and readiness to imagine that you may have to say no to proposals two suggestions two offers that you don't have a moral right a political rights a mandate to say yes to . Today we demonstrated that the previous government's attempt to entrap this young government into asphyxiating straight jackets into a very tight schedule whereby immediately after our election we had a few short weeks in order to negotiate for the very first time in the history of our bailout. Since 2010 genuinely to negotiate in good faith but powerfully and in a committed manner to negotiate a way out for our country. We combined two things that are usually imagined to be contradictory. We combined logic and ideology in the way that we bargained. We combined respect for the rules and respect for democracy. We averted the view that a country that is heavily indebted and in a problem cannot possibly claim that elections can change something we stood up right from the beginning of the negotiations to the very end especially when faced by immense pressure and we showed that we were committed to skillful negotiations for the purpose of achieving a mutually beneficial agreement between us and our European partners. From the very first day that we got elected we stated unequivocally this government and I personally were not in the business of of shortchanging our partners. We are not in the business of coming here in a tug of war to say give us something when you lose something. We refused to look to look at this negotiation as a zero sum game where our gain is somebody else's loss. We genuinely and faithfully target that one objective and that was the interests of the average European and we believe that today the agreement that we reached through this negotiation does place the interests of the average European above all else. Now enough of this self-congratulation This is time for work. I haven't finished Poland . Be patient . As you have heard from Mr. Dijsselbloem whom by the way I want to thank profusely for the excellent work that he did today to steer the Eurogroup towards a successful completion or at least this phase we showed that the eurogroup can help a country like Greece attained degrees of freedom that are essential for a democracy. And we have concluded that this weekend is going to be a very hard weekend but a very happy weekend because we get a chance to get down to work not to negotiate not to have to worry about whether our point of view is going to be heard but to get down to work in conjunction with our partners and with the institutions who will be at an arm's length of course. We're going to be teleconferencing. We are going to sit down and codify in the form of a table. The reforms that this government was once the institute wants to implement and will have an open line with our partners in the institutions to exchange views because we have a lot to learn from them because you see this is the beauty of it. Once you have a relationship of equals instead of the relations we used to have the collaboration can be a lot more fruitful. And this weekend is going to be such an occasion. You will notice that the wording includes a very good example of constructive ambiguity. We are referring to appropriate primary surpluses in line with previous decisions and by that what we mean is that we are going to conduct our debt sustainability analysis in conjunction with the International Monetary Fund which is very good at that and has always over the last few years held views with which I personally find myself in agreement with at the very same time we're going to commit both sides need to commit in an agreement. But this time I am pleased to report that our commitments are commitments that we will want to make anyway. We committed not to be changing any piece of legislation or introducing unilateral measures that will jeopardize economic recovery financial stability and the fiscal position of the government. This is a commitment which is actually pretty good for us. Sometimes like Ulysses you need to tie yourself on a mast in order to get to where you're going and to avoid the silence. We intend to do this. We have averted at the very same time recessionary measures that were part of the previous arrangement as you will see there is no mention of any requirement that we reduce pensions that we increase V.T. in the Virgin Islands at a time when tourism is speaking up as the spring is coming . Simultaneously with this agreement we are putting together our teams that will begin the long was not that long medium term process of negotiating what we call a future contract for Greek recovery and growth a contract between equals between the Greek authorities our partners and the institutions to commence after June after this four month period ends with a view to growing ourselves out of a crisis to negotiating with our partners ways of smartly restructuring our debt in a way that allows both Greece to breathe more easily and to repay a net present value terms more money to our partners. Remember our task is to maximise the prospects of the European the average European citizen not just of the average Greek. Allow me to finish by saying that today was the pivotal moment because Greece which for five years now. During the bailout period has been quite lonely in the Eurogroup quite isolated. We've felt this isolation in the last couple of Euro groups. Today that isolation has broken. Today we have found partners amongst those who up until very recently looked at us with suspicion . There are some partners still that are looking at us with suspicion. This is our challenge to win over their trust and we intend to do this. This is only a very first step on a long journey but long journeys have to the comments with a win a step . The difference between this step and previous steps is that this is a step in the right direction. Thank you very much . Question something like this he said Yes he yes. I guess I might be able to say you got all those years. You got them. Thank you . Thank you very much. Thank you. Let me see . Is standing by that I guess this man is obviously not that was the debate here. Oh yeah. Yeah. Get us out of this mess . That's all that matters. Excellent. Kiran has to regulate commerce program. I thought I mean I'll look into that right there. RTS funnier taxes means lift them to Dick Michael McKee spending the Brooklyn almost programmer system and the guy give me cement beer and I don't understand and argue the Metro. He saw women. I mean except he has the verbal abuse. No I mean the movie but of new mothers stuff. No I mean the movie limit that student outcomes today had the milestone not in NC after any money investments will be Ramsey murder or the gun in the aftermath of they'll be at ise how women if they get out of it because victim was Steven Mnuchin Let me guess that there wrote those in Fremantle stuff to get stuff. Yeah yeah you got that as this property guest is gonna be some upticks and if he goes this criminal it does a sport the opposite Dima done coke you know then you don't look see brothers one of a long slow motion boy and you're visible you to be human. You do have an advantage it gives one of us our inept Dixon I get to see genetics people because Bradley's father mother I thought much about a man got a fair you must gain a fair amount of BS Matt Miller That's a very mean little Dallas up to the door I mean I love how metal businessmen and trouble. Well thank you. CONAN And I believe this addictive. Stephen I'm assuming you must remember Keith Michael Barr study gives the they idea not give a verse to up to get him upticks. There are people who manage to stand in gags like you can or at the after mercy there's see in a parody. I mean that no one's got one I think that this is more I've got that easement on NPR kicks off kind of the Middle East when your mother of three busted verbalise more borrowing limit on Emily Chang DNS for us mere. But in his mind he calls it between articles if he tells people not on the photos for only a couple Asya banana. But this is my the everything if he can give us three hours a day. We did a battery of this one I load they get those like the left. When was this. This is NFL Dax. But I must get prosecuted. In a. The best moment that I ask this B.S. He sort of is above this of services in much of Africa problem in the IRS protocol on a particular and on was in a Michael McKee and I met of my staff yes Guinness. Yes indeed it is one sentence for this stripers. Good luck affixes. After some months I guess I might see a deal. I'll pick up that ferret and I see the AC bubble luminous. Plus it has more a penalty. This has gone on this mythos as more balanced the idea because they own us it's about me nearly the geek you ever see you appear a job of see yet a pure bred benign animosity God bless your population's politics no missile or RTS manner even up your local uni body may not see clearly that more than after this. What makes it but I see that unless you get to far exit but I see two zero hours kip whatever the metal trouble was able to bring up whatever the evil. Yes please. Both systems. Apart from the process review what is substantial is the difference between the letter of the law. This is the second question is can I answer this question then you can come back because I will get to that . Fatigue is not very good for one's memory banks. Okay. I don't think there's any substantive difference. Our letter is of course is our letter so you can't imagine that the Eurogroup which is you know comprises 19 ministers of finance institutions that you might know when a piece of text is written by a committee. Okay. It becomes unwieldy and it can fail. There's no way it could ever resemble the original effort but the substance as far as I'm concerned and this is why the Greek government is particularly pleased tonight. The substance is to all intents and purposes quite the same. Your second question is about the banks. Obviously deposit today is reasonably visible. What commitment is there. Secondly can you go to find their AGM. Oh I can absolutely assure that . Absolutely. Let me tell you why. Without wanting to interfere with independence of the central bank it is quite clear that the reason why we've had a deposit flight was because every day even before we were elected Greeks were being told that if we had elected and if we stay in power for more than a few days the games would cease function well. Right on cue but this is Brussels right. So today's decision puts paid to this fear to end this scaremongering and I have no doubt that shares of the banks are going to rebound. Their area are rebounding quite naturally. And Greek depositors will be reassured that Europe has found a way to collaborate with Greece in such a way as to respect both. As I said before repeatedly the existing rules and the new mandate I saw live it to the officials of the European Central Bank to make the announcements which I'm sure they're going to make that will improve the climate much much further and I shall conclude this answer with one very important point. You wrote euros you read in the statement that there is an explicit commitment that there 10 11 billion euros which remains within the Greek financial stability facility will be renewed and that it will be used exclusively for the purposes of recapitalizing the banks for dealing with resolutions. We would like to extend this to an idea that we have and the ideas that others have the IMF for instance on how to deal with non-performing loans. It was never our intention to use this money in order to fund the government so by committing not to use this money to fund the government we were committing to what we wanted to commit the very statement that this money now is there and it will not expire at the last at the end of February is another major boost to the banking system. This is why I started my answer by saying that I have no doubt that no. No one who is not Paradise will imagine anything other than that the banking system is safe. Not until Tuesday and Wednesday and Thursday. 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Dax. The fact I think I open a parable galore I love that the gunman also took I thought I got a deli Nikkei we get the numbers within back illness or business failing a union official with Eric Mrs. Blair left them they said they said they said that your love of this little boy is somewhat Dax. Mickey Mouse scheme to keep mischief on the up. Most high schools and geeky mothers going through the year or deed of Game of door up of the door above the office. Casey C. Vallejo D city and see what it is. Casey metal spends most in a by your face if we can make you buy your fish. Thank you God for looking as well as metabolically all the other Nikkei. Maybe I smoke raise levels of you so unless you have taught in a manner that the gizmos Ebrahim RTS FTSE for now you can Yvonne man I guess the limit doesn't follow and that comes is can up taxes but I can sell others given that animus does have an obligation inasmuch as well. Good on you but only the maximum you have purely low use men means the most you know me. It gives off a rather unique blow Nasdaq mother Mark Gurman yes is it to see the other post uni e x of me Apple Music the Crows my sample swaps work the protein in development kit since we have a vertical my view core altar set sucess moves you often have also an autocracy FTSE many others it's yours The neighbor Matt Matt exercises Nasdaq somewhat as joking I got him off topic and analysis given by his son not Nike Nelson still place to follow you. What is that. So what is this place. Yes yes . In my mind if I understand your position I understand it's been a difficult negotiation we need consensus a few times that stuff you hear. Not just making it simple and negotiation you get to speak economic truth. It all started when I was representing will the Greek voters who said the decision in the election Paul Sweeney legislative services legislative program is now sponsors. Find out if it's an effective rate . Si si si Haslinda Amin Guy Johnson. Yeah it should have been negotiating for Greek voters because they still don't really seem to get what they think . Well let's be clear on one with one thing which I did say previously but it wasn't. It was all Greek to use ise. I'll try to repeat it in a language that you can just about understand given my accent. Right. We didn't sign up to any NY m o u. This is the beginning of a new phase with other name o u the ammo you is there in a. What if you read this you'll find that this is indeed a new page. What do we have committed to is that we are going to write our own scripts on reforms that need to be enacted. We will be judged on the basis of those and in addition there is a clear commitment by the Eurogroup. Firstly for 2015 to do away with a 3 percent primary surplus requirement and secondly to project this into your future by saying that agreeing to use the the what I call the constructive view duty of the appropriate primary surpluses for the period after the end of the fourth month four month period we negotiated on the behalf on behalf of the Greek people and we negotiated it leading to an agreement that is indeed mutually beneficial for the Greek and the rest of the European People's Party. The has failed as an appropriate national funding Emily Chang for an amendment by the successes and Nasdaq for. What is your current program. Same theorems apply as the previous government teams of nations cooperate now in measures to press for the previous government. What was the fundamental difference here. More easily enough the the. Well let me answer your questions have a good question thank you for it. Well firstly we're not unlike the previous government we have no common. We have not committed to be reducing pensions and increasing 18 the next few months. Number one. Number two we have not committed unlike the previous government to be having a 3 percent primary surplus in 2015 or indeed to have those exorbitant primary surpluses the next few years. Number two that is I think very significant. Number three reforms we agreed with our partners that we will be the authors golfers . Also as golfers let's say authors of a new list of reforms that we are going to target in a way of our choosing in collaboration with our partners. We are no longer going to be following a script that was given to us by external agencies. These three put together lead to us very same conclusion that you have. One has to be particularly small minded to argue that we just signed up to the old program. Mr Diamond never said that you did not have an agreement or mandate reform because we are in trouble if our list of reforms is knocked back by the institutions . This agreement is dead and buried. Am I. Can I be more clear than this. But it's not going to be knocked down by the institutions. I am absolutely committed to making sure as ise as the rest of the government we're going to work night and day between now and Monday in conjunction with institutions . There's plenty of goodwill from us and there is plenty of goodwill from them. We have a common interest now to come up with a new list a fresh list of reforms that the Greek people own. And do you know what the great difference is between this Government and previous governments. We are cutting the Greek people. We will carry them with us along the path of reform because we are not imposing those reforms upon them as an excuse for not reforming Greece. Yes we I can hear you. Start again. State media please in the name if you don't know who are you and where are you coming from . Button. OK thank you name. It's fine for I have no idea. No. And let me tell you I don't know but allow me to answer right. You asked me. Now you have a finance minister who is a bit weird because he's trying to tell the truth. Okay so I hope you tolerate my tendency not not to lie because if you take for instance tax evasion we are absolutely determined that tax immunity and tax evasion should be crashed in Greece. Dwight no. Can I give you a number of how much money will make out of this this year next year. No I can't if I gave you a number I would be lying. I could come up with a number right but I am not. As I told I told Doug Dr. Sobel today in a conversation we had. I refused to give you a number which I am not confident I can achieve because this is how you build trust. But I can also assure you sir that this government is absolutely determined to attack these problems that malignancies that I referred to and to do it with maximum effect so as to put Greece back on the road and rebuild trust with our partners. Yes Miss okay privatization. I keep saying this again and again and again this government is on dogmatic on privatization. In other words I cannot tell you whether I'm in favor or against privatization. Tell me which privatization. And then I can begin to grapple with the question. So for instance. Well you can ask me. I don't but I do not believe this is the appropriate forum to discuss each privatization. This is a case now I'm giving you the principles that we're following the idea of a fire sale of state assets which allows you to collect a few pennies and put them in the black hole of an unsustainable debt. It's not an idea that we endorse. Indeed you don't need to be a member of the radical left of Greece to agree with us. I think that most of my colleagues on the Eurogroup endorse this view of this position. We want state assets to be developed. The greatest problem that we have with our assets our public assets is that they are hopelessly undeveloped. So the number one priority is to increase their value to increase their capacity to contribute to Greek economic activity. Hopefully we would like to be able to development in such a way that they can become part of a developmental project possibly a development bank that will use it as collateral and some smart financial engineering allow on top a stream of investments that then can produce income for the state and in particular for pension funds which are a very big problem for Greek society. This is the question on privatization that I haven't finished because you also asked me what was the other thing the minimum wage. It is our commitment to raise the minimum wage. Let me tell you this firstly this concerns on the private sector so it doesn't have any fiscal impact. The concern that our partners have relates to competitiveness. So what we intend to do is make sure that the very low living standards of minimum wage receiving workers in Greece are raised but in a manner that enhances competitiveness rather than the opposite. We shall find smart ways of doing this and we should do it shall do it by means of consultation. And remember this commitment that we are not going to take any not of the moves in this sense concerning the next four months. We're not committed to what happens after June on this. This will be part of the next negotiation. And like Ireland has proven it is perfectly possible to negotiate with institutions and increase the minimum wage which we intend to do. Let me also make the point that some of my colleagues from other countries like Slovakia Latvia and so on have raised they've said to me our minimum wage is a fraction of yours. My response to them and I share this response with you is that yes but your price level is much lower than ours in Greece because of the drought the Ponzi growth that we had in the 90s in the 2000s prices escalated. They were deflated as a result of the debt deflation spiral over the last five years. They have not deflated enough. And do you know why they didn't deflate enough. The prices came down but wages came down much faster. That is unless the product markets in Greece are highly oligopolies stick. And when you have bankruptcies due to the crisis. Competition is reduced. So the rate of descent of prices slows down compared to the rate of descent of wages. This is why deflation gets worse. And why affordability is worse in Greece than it is in countries where price where wages are lower. So these are the kinds of ideas that we're bringing to the table in Europe and which we want to discuss with our partners in order firstly to have a genuine dialogue that doesn't go through in the distorted lens of the media of reports of disinformation that makes some of our partners quite understandably given the distortion mistrust our needs. Thank you. Oh the state the place I want to answer that question too . I want to answer that but I'll answer your question. I'm not going away. Okay. How many state employees are we gained around fully DME State ablaze. Are we going to rehire just two thousand one hundred. There abouts became the previous budget the previous government's budget specifies 15000 hirings. If we and we shall when we shall employ these two thousand they will be embedded within those fifteen thousand. And we may even higher fewer than 50000 depending on our budget license rate situation. This is why we committed to not making any moves that have an adverse net fiscal effect on the budget. And we shan't while at the same time keeping our promise to rehire those in particular the example that I always give are the cleaning ladies of my ministry which were shamefully thrown out by the same ministry that created the debt deflationary spiral. We shall be hire them but we shall find cost effective means of ensuring that that is not bearing upon the net net fiscal position of either the ministry or the state budget. It will be honest and say yes . That's the way I think this only is connected to Dax that he had he came to protest he often because the baddies gave up goods something because the latter never goes horribly. If only a matter of telling me you come see me at three months he CAC said that that was a visit. You did look at him a Mexican novelist. You look good when you come. What an idea. Tell him I said go to a party movement on union. He told me that you knew. I think it Vonnie Quinn you have done anything funny to me at the osso buco day in FTSE FTSE Michael Barr here. So pure he got other his toenails and will look at in an uptick squatters sent the recording not fish from the beginning of next year. Yeah yeah probably going to tell you that. But this is something I got some with all right. Yeah the vaccine fair market business is fairly obvious. None of this matters to the US dollar. They have as good a voluble case later. I got RTS mantra that people who may be missing know me call him Mr. De Gaulle Dixie Dixie for addicted boosting their napkins its quotas. Well obviously this is me made Matt Miller you get off this one volume Matt Miller. Well then you need to get the game is either game. Can't you see that the available leaks out of the ticket that this is this from given this was not his idea . Aim yet near that yes. But she him in nursing and ise Missy IBEX reverse after any particular Dax any harm I mean the Nikkei only became part of my ticket he told me then he gone Aly Martin stopped a mere FTSE me that became a bit of good epically he got me a civilian political at the global level him says you know all this stuff. What does it do to you. But he absolutely lost the court optimally act on it that almost makes it not there. Okay all as if there's anything Mrs. Memon for on D one or Manus Cranny matters most in any media fortune. Get these symphony management does it there is what'd you Miss? there's a boxy Kamiya M.C. seduction so bombing at the time and no other working together. Still you can have mathematical truth is just an unprecedented benefit that never once Todd Brad Stone may not throw bull bananas at IBEX because gig at the cinema gorging on the onion ghetto looks he put off his money won't get into trouble with the LA Cosa Vita. What exactly do you support here you've got with it this month . Can you help me pick up I'm not going to tell you because you have my next video. Yes you very much just once thought they were looking for somebody to FTSE 93. What's it's coming. I was just there at the time right in front of my son. I suppose before he had to guess the outcome says to then there's a bus there's a bus and metro does the U.S. of course so many Muslims every month anything because and because you are the minister of finance that tells the truth . We ask the question upstairs in the lead way. What was the problem with Portugal and Spain. Today is the end. And our new poll finds the position of the two countries that worry. One of them is in front of us with this whole process you're making it very very hard for me now because I promised to tell the truth. Right. But over that very same time there's something called good manners. Now the Portuguese finance minister and the Spanish Finance Minister are my colleagues in the Eurogroup. I recognize that they have their own political prerogatives. It was clear from their position that they were motivated by those prerogatives. I respect that it is also true. Let me finish. It is also true that Greece has borrowed a significant quantity of money from these countries . Okay. Well it was about 20 billion from Spain not from Portugal because Portugal is much smaller right. But even if you look at it per capita from Portugal it was not insignificant. Now we as a party. And me personally in 2010 were completely against those way bailout loans because it was clear that they were in a sense never going to work in. From the perspective of reinvigorating the Greek economy that money never went to Greece 90 percent of it went to the banks. And the conditions the strings that were attached to that money put us in a negative spiral whereby we lost the income from which we could repay you . What is essential now is within the Eurogroup that we have a sensible discussion whereby the end result of the discussion is a new framework that allows countries like Greece and Portugal I should say to grow out of the crisis so that we can repay their debts to one another and to others and to do this. I need to maintain an excellent working relationship with my colleagues from Portugal and Spain. And therefore you will allow me to discontinue the answer at this very point. We can just say that is why government didn't do it. Of course they did and they know you can answer this because I forget. Look this is not a time to make disco part of a party political points especially towards a party that lost the election. The result of this being that we are the government but I was I shall make a pointed and not just about the last government about the governments from 2010 to 2012. The fundamental difference between those governments and ours is that I was as I was saying before they never imagined the possibility of saying no if you can't imagine the possibility of saying no you are not bargaining you're not negotiating and we've you're not negotiating in an environment like that of the crisis of the eurozone. You end up accepting a deal which is in the end. As John Maynard Keynes said once about the resi Treaty not only bad for the weak but also bad for the strong. Second question the question that lenders can decide on targets and the targets physical . Not this one. No no that's not true. We're going to decide them together and we're going to decide them together on the basis of a sensible debt sustainability analysis and not on the basis of an analysis that happened years ago and which is obsolete now and which was based on the wrong parameters even according to the International Monetary Fund from the way I read the International Monetary Fund's own proclamations regarding our our debt and our primary surpluses and it doesn't work. So you can get it far at least though reform doesn't work and we fail in implementing them. We will have to face up to the Greek people and to our partners and say that we have failed and that we should suffer the consequences. Thank you . Jonathan so this is a very crucial point. Today we established the basis for an agreement that stabilizes the situation. We have not solved the problem of the fiscal gap . But this is the first step. I didn't suggest that we solved everything. First you need to stabilize the situation and he found the relationship between ourselves Greece. The Greek authorities and the our partners and institutions. I'm sure that once we do this in the next week or so serious discussion is going to start with institutions on the Ways and Means of plugging this fiscal gap so as to be able to proceed forward. I can assure you that our partners and institutions did not go through this very out of those long process of reaching this agreement. So ise to fail in the task of stabilizing these fiscally tying us over solving the cash flow problem that we have over the next few months. It is not a big problem. It's just a cash flow problem. And especially if we manage to negotiate a good contract for the future for Greece's recovery. I think that's within the next six seven eight months. We are going to have not only stabilization but genuine growth. And hopefully we will achieve our greatest dream. Speaking for this Government of making the Greek issue much less sexy for journalists like you and Linda I just answer that question. There's a fiscal gap. No it's exactly the same. It's exactly the same question with a fiscal gap because of the IMF loans because of the BSA holdouts Nikkei . And then we have another big hurdle in June July with the S & P bonds. Let's. This is too late in the night to go through this gambit but the question is exactly. The point I made then I'll repeat it once more out of courtesy for the lady we didn't come that far in order to fall on such a small hurdle Bloomberg BusinessWeek will be using a model Nasdaq. Your mission. No I am not going to out a mentally and a few items to only too early to . 0 0 in line. Okay I see what you based on. Oh then you would disappear if it lay in line the line straight line. Dax . Anybody on your message about this. This is about these guys this over these are politicians. RTS at an audience and meetings of the Eurogroup Queen tosses Cosmos. Okay. Then as I got to the city mother some yellow roses numero uno Metro leader using my commute this year. The funniest is a beautiful book . Was he someone of Ise intellect. Appropriate. It's just that . Not you but here. I'll get those I'll get them. I don't like it. Matt Miller serious post I'd be sexy. I don't know Modo to boot. As you know this theme will be fancy. Met Thomas Law Zita Michael McKee Alix steel humor. These are Northeastern economies. This is Little William Le Maradi garbage. Another force Mr. Eurogroup. Musharraf was the clone of protagonist Brad Stone appears to have been naked to leak Nasdaq get by the scene. This wasn't me him a legacy. It's by design of the zero NASA's ball. The problem is that it would be dead because it had to be built there had been these used this year to meet up with them yes. You know Humana protagonists known as my treat like I dealt with the other guy doing what I got done to operate an experiment killing a dead body go element kept gaining idea from a taxi listening give them action antibodies that's what behind a body never I'll be able to get ise to keep it as others another thing if you want it now. Oh it's nothing human not autism with about those kindness. I'm not going to move the unit Dow Jones microeconomic people to key piece of market economy people at the gate criticizing the levy policy this does mark Gurman me gives them let me guess who's got one I can get Felix Bush we'll be together the gun and the CME gang up obviously to euro group get on this one it used to get the Muslims Mexico Damn you or the preppy name is they silvery also fora w with an OBE. We don't know if this is still who's left is talking to us in other media you got us this is what goes on back in the middle here in this Francine Lacqua Michael McKee This is my favorite game as I mentioned that doesn't make sense putting a boat out next door but it never does. But never did the naval officer come out of the left us with this. Thank you for having me. So two questions on if I can just say yes or no. Oh you just want yes or no. You can get that from me I talk too much. Okay first question is why do we have to understand that of these every night in the mirror you have to consider a trust in God is not something more. Second question is can you any slack. You do not agree . OK let me stop for one second question. Absolutely not. We shall not. Nobody's asking us to impose upon them our economy and society measures that we don't agree with. And this is if you want the beauty of this agreement and the reason why we're so positive about it to the first question. I'm sorry but I'm not going to give you a yes or no answer because it would be false. And as I said I don't wanna give you a false answer. No no no no. I haven't finished I haven't finished. Yes. Only I didn't know about that. But that doesn't constrain me to say yes or no. I mean you know we Greeks talk a lot. Right. So you're going to get a long answer now as punishment begins and give you. Now it's very simple. Remember what I was saying in my statement. I was saying that what was so important in our agreement today was that we managed to combine we combined the respect for existing rules with respect for the democratic notion that we have a new government a new mandate and we want new rules. How do you achieve these respects. How do you combine these seemingly contradictory principles. Well in a kind of dialectical fashion right. You don't say that the M.O. is null and void. What you say is we've progressed we have evolved we now have a new framework but we respect the previous one but now we're concentrating on core offering these reforms and these are the form of the reforms that we're going to be judged by. So the yes or no opposition that you want me to accept simply fails to understand the achievement of the Eurogroup today. History Kathleen. Kathleen. Oh sure. Oh you anybody you promised everything. You bet or these should be held by the FSF. My guess he might have to see me kiss him and FTSE may apply. I believe in it my sister probably likely this other part of this is not actually lapsed after the treatment they need to get stipends get Muslim after costs. Give me give Miss put in particular gymnastics that idea that anybody was IBEX would be swimmers although this was done in coconuts they might have your views. So maybe cause then 2:00 people they left because they could be FDR. It was as loyalty to give Mrs Vesey get this message when I was he was gonna be gone you know at the thought of buffer after the Moxley lady presumably figured the ANC troubles ecosystem others such as Moby via the clicking of Vanya Saturday's movie theater people think you know coming Medine exes are all busy gettin pretty Michael Barr start to kiss the throat and sense of Hastings from their local radio. You know we can make an appointment for an unofficial .

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Greece's Varoufakis Calls Eurogroup Deal `Pivotal'

Greek Finance Minister Yanis Varoufakis speaks about a provisional deal intended to keep aid flowing to Greece in return for a commitment to budget targets. He speaks at a news conference in Brussels after talks between officials from the 19 euro-area countries. (This report is an excerpt in Greek and English. Source: Bloomberg)