Greek bail out confusion due to complicated calculations: minister

There is no disagreement between the Netherlands and the rest of the 17 eurozone countries about the cost of the new rescue package for Greece agreed last week, finance minister Jan Kees de Jager said in a briefing to MPs on Monday evening.


At the weekend the Dutch papers reported that prime minister Mark Rutte had put the total cost at €109bn, including a €50bn contribution from the private sector.
But other EU leaders put the total package including support from the banks at €159bn.
In his briefing, De Jager said Rutte was referring to the period up to 2014, whereas other EU leaders were talking about 2020.

Complications

The calculations are extremely complicated ‘but there is no question of a different meaning’, the minister said.
In fact, the package up to 2014 comes to €109bn, including €50bn money from the banks, de Jager said.
But by 2020, the banks will have contributed a total €106bn to the rescue deal, meaning the entire package will have involved well over €200bn.
The Financieele Dagblad said in its report on the new information that De Jager had ‘corrected’ the prime minister.
And Nos television said Rutte’s earlier statement had been ‘clumsy’.
Socialist MPs have demanded parliament be recalled to discuss what it describes as Rutte’s blunder. ‘€50m is almost three times the total amount the government wants to save. You can’t make that sort of a mistake,’ SP MP Ewout Irrgang told news agency ANP.
Earlier stories
Confusion in the Netherlands about the real terms of the Greek deal

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