Thursday April 2, 2015 Search
Weather | Athens
14o C
09o 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)  
Samaras says hed join alliance to keep Greece in euro
Jailed ex-ministers wife escapes from custody at mental health unit
Government considers ministry switch after Parliament protest
Updated reform list still not enough to unlock aid
ECB raises ELA limit by 700 mln euros
Greek banks received a cash lifeline of just 700 million euros from the European Central Bank on Wednesday as this is the estimated amount of liquidity needed by the local credit system for ...
Attica office market sees no end to crisis-linked drop in demand
No more than 45,000 square meters of office space has been absorbed by the Attica market through new leases in the last couple of years, according to data compiled by Savills Hellas property...
Inside Business
BASKETBALL
AEK could get a wild card to the Euroleague
AEK shows capable of climbing as high as third in the Basket League, as its 16-point home win over third-placed Aris on Sunday confirmed it can challenge both Aris and PAOK to the first spot...
SOCCER
Cyprus soccer eyes reunion after 60-year divorce
Turkish Cypriot soccer officials on Monday vowed to press ahead with attempts to reunite with the Cyprus Football Association, (CFA), triggering a political storm on the ethnically-split isl...
Inside Sports
COMMENTARY
Going his own way
While up until the last election we had become accustomed to referring to the coalition government led by Antonis Samaras as one featuring a split personality, no political psychoanalyst cou...
EDITORIAL
Righting the wrongs
A country that wants to move forward should study and deal with its past mistakes in a mature and responsible manner. Greece was hit by an unprecedented debt crisis and it came to the brink ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Samaras says hed join alliance to keep Greece in euro
2. Jailed ex-ministers wife escapes from custody at mental health unit
3. ECB raises ELA limit by 700 mln euros
4. Attica office market sees no end to crisis-linked drop in demand
5. Stathakis prefers PPPs for the concession of regional airports
6. One-off takings help revenues
more news
Today
This Week
1. Jailed ex-minister's wife escapes from custody at mental health unit
2. Samaras says hed join alliance to keep Greece in euro
3. Going his own way
4. Finance Ministry officials to discuss talks progress as EU pushes for action [Update]
5. Athens aims to tighten ties with Russia
6. Spike in migrants reaching Lesvos
Today
This Week
1. Next Monday is D-Day for state funds
2. Eurogroup unlikely to be held soon to discuss Greek reforms
3. Moscow expects progress from Tsipras visit
4. Amateur antics or overstepping the mark?
5. Greece optimistic on deal with euro area next week
6. ECB nerves fray on Greece as supervisors rile central bankers
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.