Wednesday Jul 30, 2014 Search
Weather | Athens
31o C
24o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece hopes for timely release of enhanced loan installment

Prime Minister Antonis Samaras sought on Tuesday to appear upbeat on the prospects of crucial rescue loans being released to Greece even as Finance Minister Yannis Stournaras warned that the risk of the country defaulting on its huge debt was still very real.

Stournaras and Samaras returned to Athens last night hopeful that foreign creditors will release not only a pending 31.5-billion-euro rescue loan but another two loans worth 12.5 billion euros after European officials made positive noises about Greece’s progress in approving and implementing austerity measures and reforms.

Samaras, who met with European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso in Brussels, declared that “Greece has already turned the page,” noting that only “technical details” remained before funding could be released.

Earlier in the day Stournaras had been significantly more reserved, saying in a speech before the European Parliament’s economic and social affairs committee that the risk of Greece defaulting was still real. “The troika is pressing us very hard to implement prior actions,” he said, referring to measures and reforms demanded by the troika. “But the risk of an accident is very great,” he said.

Speaking to reporters in Brussels, German Finance Minister Wolfgang Schaeuble said that Greece had made “significant decisions in the right direction” and would get three aid tranches before the end of the year, adding however that this would necessitate the operation of an enhanced “control mechanism” for the funding. Schaeuble did not provide any details but, clearly mindful that such supervision would ruffle feathers among Greeks, he acknowledged that the issue of such a mechanism was sensitive in Greece, adding however that he was confident Greek ministers would agree to it in a bid to restore confidence in Greece.

“This topic has a certain sensitivity in Greece and that’s why it’s important that it’s dealt with publicly in a certain way,” Schaeuble added.

One of the aspects involved in the enhanced control mechanism that Berlin would like to see is the bailout loans being paid into a special account, through which lenders could ensure that the money is not spent to cover Greece’s primary deficit unless outstanding debt obligations can be met.

This account already exists at the Bank of Greece but there had been suggestions by some eurozone officials that it should be located outside the country. It appears that this option is now off the table and that the account will remain in Athens.

Beyond that, the terms in a draft version of a new memorandum of understanding between Greece and the troika foresees that Athens will be obliged to automatically make fiscal adjustments if it is not meeting budget targets. This includes making up for any shortfall in revenues from privatizations. Greece will also agree to using 70 percent of any revenues beyond its targets for growth and welfare-related projects.

ekathimerini.com , Tuesday November 13, 2012 (22:47)  
Troika review in Athens unaffected by Paris meeting
Soldiers set to sue over wages
Multi-bill tabled in Parliament
Nimetz in Athens without concrete ideas on name dispute
Deals reached for twin plot on Afandou, for 42 million
State sell-off fund TAIPED announced pn Tuesday that it has reached a deal for the utilization of two adjoined plots at Afandou on Rhodes, amounting to 42.1 million euros. The fund’s governi...
More delays and red tape for companies’ tax rebates
The General Secretariat for Public Revenues has added one more bureaucratic obstacle to the efforts of cash-starved enterprises to secure liquidity, as a new regulation stipulates that they ...
Inside Business
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. “I l...
Inside Sports
COMMENTARY
Through insecurity comes optimism
Prime Minister Antonis Samaras recently expressed his optimism regarding the quota of 180 Parliamentary deputies required for the election of Greece’s next president, in order for the countr...
EDITORIAL
Futile policy
The policy that Israel has been pursuing vis-a-vis the Palestinians is wrong and futile. Current tactics have failed to resolve the security issue and, at the same time, they are rapidly dra...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Deals reached for twin plot on Afandou, for 42 million
2. More delays and red tape for companies’ tax rebates
3. Greek shipowners continue to invest in fleet renewal
4. Trainose sale is not on track
5. Industry asks for gov’t intervention
6. Troika review in Athens unaffected by Paris meeting
more news
Today
This Week
1. Greece names fifth privatization agency chief in four years
2. Archaeological council bans international climbers' gathering at Meteora
3. World’s largest solar boat on Greek mission
4. Venizelos to meet Nimetz in Athens
5. Tsipras discusses Cyprus with Anastasiades in Athens
6. More than 120,000 households to receive special benefit
Today
This Week
1. Unequal after death
2. Greek sovereign debt at 174.1 percent of GDP in first quarter
3. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
4. Quadriplegic woman on life support 'dies due to unpaid power bills'
5. Front-line threats
6. Defense Minister Avramopoulos to represent Greece at European Commission
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.