Wednesday April 16, 2014 Search
Weather | Athens
19o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Gov't spokesman warns of tough negotiations ahead

With Greece bracing for another tough year, the government spokesman on Monday warned of tough negotiations with foreign creditors to secure the necessary funds to keep the debt-wracked nation afloat.

“The danger for Greece is not yet over and the Papademos administration cannot afford to postpone the issues it has committed to,” Pantelis Kapsis told Skai television on Monday in reference to the crisis coalition government led by former central banker Lucas Papademos.

Negotiations with Greece's international lenders will be “extremely difficult,” warned Kapsis, adding that the government would seek to prepare the people ahead of any fresh measures by “building a climate of confidence.”

The government is looking at a tight schedule until March, when Greece will face bond redemptions of 14.5 billion euros. In order to pay investors, Athens will have to borrow the money from the European Union and the International Monetary Fund, as part of the 130-billion-euro bailout package that is currently being discussed.

However, to secure more emergency loans, Greece will have to achieve an agreement with private bondholders to accept at least a 50 percent haircut and to convince the EU and the IMF that it is progressing with the structural reforms it has promised.

IMF sources on Sunday warned that the 50 percent haircut being negotiated by the provisional government would not be enough. Sources at the Washington-based fund told Sunday’s Kathimerini that a number of alternatives, including a bigger writedown, are being examined. Other options include a purchase by the European Central Bank of Greek bonds on the secondary market or better terms on eurozone loans for Greece.

Meanwhile, the Papademos administration has to set out fiscal measures worth an extra 2 billion. It also has to make further cuts to pensions, benefits and public sector staff, as well as completing an overhaul of the country’s taxation system. EU and IMF officials are due in Athens on January 16 for their latest inspection on Greece’s progress.

While stressing that the ministers involved in the three-party coalition are not guided by partisan politics, Kapsis suggested that ongoing speculation inside PASOK regarding the succession of former Prime Minister George Papandreou at the helm of the Socialist party could be impacting on the coalition's performance.

ekathimerini.com , Monday Jan 2, 2012 (11:16)  
PASOK plays down coalition row over scheme for homeless
Greece´s new public sector wage structure ready in September
Release for 2 more guards detained after Kareli´s death
UNHCR urges Athens to rethink migrant detention periods
IBM to open new center in Athens for big data analytics
International technology giant IBM is moving ahead with the creation of a new corporate data analysis center in Greece, aimed at providing solutions and strengthening the competitiveness of ...
Benefits to all single-parent families and new unemployed
As of Thursday, those hardest hit by the financial crisis will be able to submit applications for collecting their share of the social dividend – i.e. the government handouts stemming from t...
Inside Business
BASKETBALL
Defense lets Olympiakos down at Madrid
Olympiakos played second fiddle to Real Madrid in a rather spectacular game in Spain on Tuesday going down 88-71 to trail 1-0 in the best-of-five quarterfinal series with the Spanish giant. ...
SOCCER
Apollon is relegated, Xanthi to face survival play-off
Apollon followed Aris to the second division and Xanthi will contest a relegation play-off, as the end of the regular season of the Super League on Sunday produced predictable results that a...
Inside Sports
COMMENTARY
Empty vessels
US satirist and journalist Patrick Jake O’Rourke once said about American politics, “The Republicans are the party that says government doesn’t work and then they get elected and prove it.” ...
EDITORIAL
National targets
The official news regarding Greece’s present fiscal state of affairs appears to be very good indeed and is paving the way for serious negotiations with the country’s creditors and partners r...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Defense lets Olympiakos down at Madrid
2. IBM to open new center in Athens for big data analytics
3. Benefits to all single-parent families and new unemployed
4. Supermarket chains sense worst is yet to come
5. Cost of borrowing via T-bills drops to pre-bailout levels
6. Eurobank reaps major investor interest
more news
Today
This Week
1. Greece's market return mirrors return of tourists
2. GD lawmaker hails Hitler, condemns homosexuality in interview
3. Suspected smuggler dies after trying to ram Coast Guard vessel off Kos
4. New Democracy to confirm list of candidates for Euro elections
5. Anchor investors bid for chunk of Greek Eurobank's share offer
6. Greek far right fires up Athens election campaign
Today
This Week
1. Bomb explodes outside Bank of Greece
2. Time to take a hard look at debt sustainability, says OECD chief
3. For faith and country
4. CCTV footage from Nigrita Prison shows signs of inmate torture [Video]
5. Samaras sees no need for third bailout
6. Car bomb explodes outside Greek Central Bank building, no one hurt [Update]
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.