Monday October 20, 2014 Search
Weather | Athens
24o C
16o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
'Ball in Greek court,' says Rehn as progress on deal is confirmed

Greece is likely to reach a deal with foreign lenders on its latest bailout review before a meeting of eurozone finance ministers on Monday to decide on further aid, EU and Greek officials said on Sunday.

Athens has been in talks with inspectors from the European Union, European Central Bank and International Monetary Fund «troika» for nearly a week to show it can deliver on its pledges after failing to meet public sector reform targets.

Greece hopes eurozone finance ministers will free up its next 8.1 billion-euro ($10.4 billion) tranche of aid when they meet on Monday because it needs part of the money to redeem about 2.2 billion euros of bonds in August.

Bailed out twice by its foreign lenders, Greece relies on foreign aid to keep afloat. Failure to successfully conclude its bailout review could push it close to bankruptcy once again, triggering a new upsurge in the euro zone crisis.

"We made very good progress," Poul Thomsen, head of the International Monetary fund's mission to Greece told reporters on Sunday, adding that he hoped talks would be concluded early on Monday before the Eurogroup meeting of finance ministers.

Greece's Finance Minister Yannis Stournaras also said he was optimistic of a deal on Monday morning. The two sides were due to leave Athens on Sunday, but could remain in touch to nail down final details.

The latest loan installment is one of the last big cash injections that Greece stands to get as part of a 240 billion-euro rescue package that expires at the end of 2014.

EU Economic and Monetary Affairs Commissioner Olli Rehn told Reuters in France that the negotiations were almost complete, but Athens needed to intensify efforts to deliver on reform commitments.

"The ball is in the Greek court and it depends on whether Greece is able to deliver the remaining elements of the milestones that have been agreed," he said.

He reiterated that aid for Greece could be split into installments. Lenders have become increasingly frustrated with Greece's slow pace of shrinking the civil service and making it more efficient and less corrupt.

Talks with the troika stumbled last week over a missed June deadline to put 12,500 state workers into a mobility scheme, under which they are transferred or laid off within a year, but an agreement was finally reached on Saturday.

"The troika gave Greece an extension of a few months," an official at the administrative reform ministry said on Sunday. "A second wave of another 12,500 staff will be placed in the scheme until the end of the year."

Other issues discussed with the troika included ways to cover a fiscal gap, including a shortfall of more than 1 billion euros at state-run health insurer EOPYY, and a possible reduction in a sales tax for restaurants that Athens had sought as a concession from lenders.

Stournaras said the tax reduction issue remained on the table, adding that Athens managed to avoid further pay and pension cuts for military and police staff. [Reuters]

ekathimerini.com , Sunday Jul 7, 2013 (17:34)  
Athens calls on Ankara to ‘reverse course’ over Cyprus EEZ
Magistrate, prosecutor disagree over handling of driver in deadly crash
Ex-party leader to see prosecutor on Tuesday over bribe allegations
PASOK objects to plans for changes to public sector wage structure
German bunds rise on sata seen adding to gloom; Greek bonds gain
German government bonds rose for the first time in three days before reports that economists said will add to signs Europe’s economic recovery is grinding to a halt, boosting demand for fixe...
ECB review will clarify Greece´s needs, says Regling
A review of the European banking sector due to be released on Oct. 26 should bring clarity on Greece's funding needs, the head of the monetary union's bailout fund said on Monday. Klaus Regl...
Inside Business
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
SOCCER
OFI stuns Panathinaikos, Mitroglou hits twice
OFI Crete produced the upset of the week in Greek soccer beating Panathinaikos in Athens for only the second time in its history on Sunday, while PAOK stayed on top beating Atromitos at home...
Inside Sports
COMMENTARY
Stop moaning and get in the game
There are so many people who love spending their days talking about the crisis and proclaiming that they know exactly what needs to be done to solve the country’s problems. Some of them obvi...
EDITORIAL
Exorcising the ghosts
Developments last week held in store an uncomfortably realistic understanding of the risks engulfing the country. The massive sell-off in Greece’s stock and bond markets was a strong shock. ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Athens calls on Ankara to ‘reverse course’ over Cyprus EEZ
2. Magistrate, prosecutor disagree over handling of driver in deadly crash
3. German bunds rise on sata seen adding to gloom; Greek bonds gain
4. ECB review will clarify Greece´s needs, says Regling
5. Ex-party leader to see prosecutor on Tuesday over bribe allegations
6. PASOK objects to plans for changes to public sector wage structure
more news
Today
This Week
1. Greece must stick to reforms, says Schaeuble
2. Bakers encircle Thessaloniki's White Tower with giant 'koulouri'
3. Hardouvelis does not see 'big surprises' in ECB stress tests
4. European leaders pivot back to debt crisis after wake-up call
5. Turkish vessel enters Cypriot Exclusive Economic Zone
6. Samaras to visit Cyprus on November 7, ahead of Egypt talks
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Less haste, more focus
3. Greece to contribute 1 mln towards Gaza reconstruction
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Istanbul skyscraper casts shadow over Greece's banking ambitions
6. Coalition shooting itself in the foot
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.