Thursday Jul 24, 2014 Search
Weather | Athens
31o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Athens secures rescue funding, with caveats

Eurozone officials on Monday approved the disbursement of 6.8 billion euros in rescue funding for Greece – aid that is to be released in tranches and subject to Athens honoring specific pledges – after the country’s troika of international creditors – the European Commission, European Central Bank and International Monetary Fund – concluded that the country’s economic program was broadly on track though lagging in certain areas.

The officials, who were meeting in Brussels, approved the release of 6.8 billion euros in funding over the next few months, less than the 8.1 billion euros that Greece had hoped for. According to Eurogroup chief Jeroen Dijsselbloem, 2.5 billion euros of this sum is to come from Greece’s eurozone partners and is to be disbursed this month, with another 500 million euros to be released in October. Eurozone central banks are to contribute another 1.5 billion euros this month and 500 million euros in October. Meanwhile the IMF is to release 1.8 billion euros later this month. IMF Managing Director Christine Lagarde, who attended the Eurogroup summit in Brussels, said the Fund’s board would “probably” propose the release of the sum.

Eurozone finance ministers noted in a joint statement echoing that of the troika earlier in the day that Greece’s economic reform program was “broadly on track with the prior actions to be implemented shortly.” While noting that reforms so far had led to “a significant improvement of cost competitiveness, an impressive strengthening of the fiscal position and a more resilient banking sector,” the Eurogroup said “significant further work is needed over the next weeks,” highlighting in particular the much-delayed streamlining of the Greek civil service that has already fueled protests.

A multi-bill bundling together all the prior actions that Athens must honor in order to receive the pledged funding – including an overhaul of the tax system and cutbacks in the civil service – is expected to be tabled in Parliament on Tuesday or Wednesday. The bill will be put to a debate with a vote expected next week. The most controversial aspect of the legislation is a pledge by Greece to put 12,500 civil servants into a so-called mobility scheme in the coming weeks, where they would receive lower wages ahead of a status review, as well as 15,000 layoffs by the end of next year.

On Monday, MPs began reviewing a government bill for the creation of a new state broadcaster, to replace ERT, which was shut down last month. The new organization is to be known as NERIT.

ekathimerini.com , Monday Jul 8, 2013 (21:15)  
Policeman saves bather in western Greece
Gov´t leaders try to ease tensions over evaluation
State doctors to appeal salary cuts
Coastal bill to be diluted
No property transactions for tax evaders
The Finance Ministry is blocking real estate transactions for owners who have not paid their property taxes in the last five years. Any transactions attempted without the ENFIA certificate, ...
IOBE warns crisis will return if reforms are not implemented
The Greek economy will expand by 0.7 percent this year but it risks slipping back into the mire of the recent crisis years unless the reforms are implemented, the Foundation for Economic and...
Inside Business
TRACK & FIELD
Athens, the Marathon capital of the world for good
Paco Borao, the man who restored Athens as the Marathon capital of the world with the establishment at the Olympic Sports Center of the headquarters of the International Association of Marat...
TRACK & FIELD
Pole vault record on same day as three doping cases
Greek track and field had a mixed weekend, as on the same day as Katerina Stefanidi matched the national record in pole vault as well as the leading result in Europe so far this season, thre...
Inside Sports
COMMENTARY
Front-line threats
Ongoing developments in the country’s broader neighborhood are creating new challenges as well as threats in terms of the country’s interests. While the Middle East is turning into a big bla...
EDITORIAL
Testing behavior
No country is capable of functioning properly without having an elementary evaluation system in place to assess its public sector employees. In Greece, a country where the lowest common deno...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. No property transactions for tax evaders
2. IOBE warns crisis will return if reforms are not implemented
3. Aegean has expressed an interest in Cyprus Airways
4. ‘Stop tax dodging to lower taxes’
5. Index up but some banks take a beating
6. Policeman saves bather in western Greece
more news
Today
This Week
1. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
2. Front-line threats
3. EU praises Greece’s progress in departure from troika criticism
4. Testing behavior
5. Parts of Thessaloniki university campus sealed off as police investigate bomb threat
6. Police release new photos of fugitive Roupa
Today
This Week
1. The cost of excellence
2. Ex-Credit Suisse banker taps lesson for Greek rebound
3. Greece seen in third bailout as bonds not enough, economists say
4. Climber dies in Mount Olympus fall
5. Greek banks able to tap investors after stress tests, HFSF Says
6. Greek sovereign debt at 174.1 percent of GDP in first quarter
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.