Saturday February 28, 2015 Search
Weather | Athens
11o C
6o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece presses case to change bailout terms

Greece's new government took up the task on Thursday of persuading skeptical lenders visiting Athens to ease the punishing terms of the bailout saving the debt-laden country from bankruptcy.

Just hours after being sworn in, Finance Minister Yannis Stournaras was due to meet senior officials from Greece's trio of international lenders - the European Union, European Central Bank and International Monetary Fund.

The so-called 'troika' is in Athens to review Greece's faltering progress on fiscal adjustment and reforms under a 130 billion euro bailout package.

Trying to take advantage of a shift in Europe towards more growth-oriented economic policy measures, Greece's coalition government wants to soften the conditions attached to the bailout - withering tax hikes, job losses and wage cuts that have deepened a recession now into its fifth year.

It faces huge public pressure following a re-run election on June 17 that saw the radical leftist Syriza bloc surge into second place on a promise to tear up the bailout terms, raising the prospect of a catastrophic Greek exit from Europe's single currency.

But the three-party coalition government led by Conservative Antonis Samaras faces stiff resistance from European partners, notably paymaster Germany, who say that while they are open to adjusting the program, they will not change the targets.

In Stockholm, Swedish Finance Minister Anders Borg said on Swedish Radio on Thursday there was a major risk would fail to fulfill its obligations to its lenders and end up in some sort of default.

Greece will run out of cash within weeks if it fails to secure the next 31.5 billion-euro installment of bailout funds.

Troika mission chiefs were to hold an initial round of meetings with the government.

They are expected to leave at the end of the week but technical staff, who have already started work, will remain to review Greece's compliance with the terms of the bailout.

The mission chiefs are expected to return later in July. Only then will lenders decide how to adjust the program to take account of weeks of political paralysis during two elections in May and June and a deeper than expected recession.

The government says it wants tax cuts, a freeze on public sector layoffs, extra help for the poor and unemployed and an additional two years to cut its deficit.

If implemented in full, that program would undo many austerity measures the country agreed to earlier this year to clinch its second bailout since 2010.

It is offering in exchange to expand and speed up the privatization process.

Stournaras, a liberal economist who helped negotiate Greece's entry into the euro in 2001, took on the job after Samaras's first choice, banker Vassilis Rapanos, withdrew citing ill health.

Stournaras was sworn in by robed priests on Thursday morning,

Prime Minister Samaras will present his government's policy at the start of a three-day parliamentary debate on Friday. A vote of confidence on the coalition is scheduled to take place late on Sunday.

[Reuters]

ekathimerini.com , Thursday Jul 5, 2012 (11:24)  
Alleged accomplices of N17s Xeros caught in Athens
Hellas Gold and workers react to Greek govt decision on plan permit
Greek ministry says teacher hirings to continue via ASEP
Women conned elderly Cretans by posing as church representatives
Greece seeks negotiations on ECB bond repayment
Greece called into question on Saturday a major debt repayment it must make to the European Central Bank this summer, after acknowledging it faces problems in meeting its obligations to inte...
Piraeus plans are coming in next few weeks
Finance Minister Yanis Varoufakis on Friday visited the installations of Piraeus Container Terminal (PCT), the local subsidiary of Cosco, with Chinese Ambassador Zou Xiaoli, in another effor...
Inside Business
BASKETBALL
Spanoulis leads Olympiakos to win over Malaga
A good second half was enough for Olympiakos to get the better of Unicaja Malaga (77-72) and score its seventh win in eight games at the second group stage of the Euroleague on Friday. Playi...
SOCCER
Ten-man Olympiakos couldnt overcome Dnipro
Olympiakos drew 2-2 with Dnipro from Ukraine at home on Thursday, playing almost the entire second half with a man down, to bow out of the Europa League, despite facing an opponent which on ...
Inside Sports
COMMENTARY
A unionist agenda
Maybe Greece will not experience a credit event, because it is in no ones interest, as Minister of State for Coordinating Government Operations Alekos Flambouraris recently assured. Maybe...
EDITORIAL
The beguiling limelight
Too much media exposure is never a good thing and there is no shortage of newcomers in politics who are beguiled by the limelight. What usually comes after this thrall of publicity is the in...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Alleged accomplices of N17s Xeros caught in Athens
2. Hellas Gold and workers react to Greek govt decision on plan permit
3. Greek ministry says teacher hirings to continue via ASEP
4. Women conned elderly Cretans by posing as church representatives
5. Spain, Portugal sought to trip up govt, Tsipras says
6. Police nab Kavala man over homegrown cannabis
more news
Today
This Week
1. Greece seeks negotiations on ECB bond repayment
2. A unionist agenda
3. Greek ministry says teacher hirings to continue via ASEP
4. Hellas Gold and workers react to Greek gov't decision on plan permit
5. Women conned elderly Cretans by posing as church representatives
6. At least three GD MPs to be released ahead of trial
Today
This Week
1. Time for Alexis Tsipras to keep his nerve
2. Greek bailout deal faces review by euro officials next week
3. Greece says eurozone deal won time as cash bled from banks
4. The ignorance of the West about the culture of Islam
5. A fierce battle looms
6. Spain said to lead push to hold Greece to terms as Podemos grows
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.