Pure (2+1)-dimensional Einstein gravity is analysed in the Ashtekar formulation, when the spatial manifold is a torus. We have found a set of globally defined observables, forming a closed algebra. This allowed us to solve the quantum constraints, and to show that the reduced phase space of the Ashtekar formulation is greater then the corresponding space of the Witten formulation. Furthermore, we have found a globally defined time variable which satisfies all the requiriments of an extrinsic time variable in quantum gravity.