Thursday Jul 31, 2014 Search
Weather | Athens
32o C
25o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece will 'exit the crisis stronger' says PM

By Nick Malkoutzis

BRUSSELS - Prime Minister Antonis Samaras said that the Eurogroup’s decision on Thursday to release some 50 billion euros in loans over the next few months would give Greece the chance to “exit the crisis stronger, not on its knees.”

Speaking at a news conference in Brussels ahead of a European Union leaders' summit, Samaras said the disbursement of the money would allow the government to pay over the next few months all of the arrears it had built up with citizens and suppliers, which stand at about 9 billion euros.

“Over the next few months, we’ll get 52.5 billion euros, which is something nobody had expected,” he said. “About 40 billion of this will stay in the country and the rest is being used to reduce our debt.”

Earlier, eurozone finance ministers agreed to release 49.1 billion euros of loans for Greece. Of this, 34.3 billion euros would be disbursed immediately, possibly by next week, while another 14.8 billion euros would be transferred to Athens in tranches during the first quarter of next year as long as reform “milestones” are met.

It was also clarified by European Financial Stability Fund chief Klaus Regling earlier on Thursday that the 11.3 billion euros Greece will receive in loans in order to execute its bond buyback program will come from the 109 billion euros entailed in its second bailout rather than from additional lending.

The completion of Greece’s bond buyback program this week means that the International Monetary Fund is also due to approve its payment as part of the Greek program. This is worth 3.4 billion euros, taking the total to the 52.5 billion Samaras referred to.

From next week’s disbursement, 16 billion euros will go toward bank recapitalization, 7 billion for budgetary financing and 11.3 billion to finance Greece's bond buyback program.

“Within the next few weeks, we’ll complete the recapitalization of our banks, which will help liquidity and boost job creation, which is the top priority,” said Samaras.

“Some people expected us to be out of the euro and cannot believe that we are staying in,” added the prime minister. “We have restored trust in Greece abroad; now we will restore the dignity of the Greek people.”

Finance Minister Yannis Stournaras, also at the news conference, said that the Eurogroup’s decision on Thursday would douse, but not end, speculation about Greece leaving the euro.

“The threat of a euro exit is beginning to fade after today’s decision,” he said, adding that there was still much work for the government to do.

“Those who believed in Greece have been justified but we cannot rest,” said Stournaras. “The journey begins today.”

He emphasized that Greece would have to meet its commitments on structural reforms, starting with the new tax bill, which Stournaras said would be table in Parliament on Thursday evening.

He said fellow eurozone finance ministers showed a keen interest in the draft law, particularly in terms of what measures Greece will take to boost revenues and cut down tax evasion.

Questioned about legislation to trim parliamentary employees’ wages and privileges, Samaras said that his government was determined to push through with the measure despite opposition from the civil servants.

“The government and I will not accept blackmail,” he said.

ekathimerini.com , Thursday December 13, 2012 (18:54)  
Fake psychic caught in Thessaloniki after gaining 35,000 from victim
Motorists refusing to pay tolls on Corinth-Kalamata highway to be monitored
Strawberry farm shooting verdict draws ire
Greece evacuates Tripoli embassy
Only 5 percent of stores see brisker business during this year´s summer sales
Only 5 percent of stores have seen an increase in business during the first weeks of the summer sales compared to the same period last year, according to a survey conducted by the National C...
Euro flows reveal shift in sentiment as losses mount
The international appetite for euro- zone financial assets that underpinned the local currency the past two years is beginning to erode. While broad data showing real-time flows into and out...
Inside Business
SOCCER
Goalless draw at Liege puts Greens in driving seat
Panathinaikos got the upper hand in the battle for entry to the Champions League playoffs after snatching a goalless draw at Standard Liege on Wednesday. If anything, the Greek cup holders m...
SOCCER
Greek league recruits former referee Dallas
Former referee Hugh Dallas has been appointed as the head referee of the Greek Super League, the Hellenic Football Federation (EPO) said in a statement on Wednesday. The 56-year-old Scot ear...
Inside Sports
EDITORIAL
Populism eating up education
The fact that the issue of education is not topping the list of priorities for the current coalition government, but instead, has been left in the hands of incapable politicians is utterly i...
COMMENTARY
A valued but mistreated professional
I did not know much on a personal level about Dimitris Stefanou, Greece’s former administrative reform general secretary who died earlier this week at the age of 46. I did, however, have a s...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Fake psychic caught in Thessaloniki after gaining 35,000 from victim
2. Only 5 percent of stores see brisker business during this year´s summer sales
3. Motorists refusing to pay tolls on Corinth-Kalamata highway to be monitored
4. Euro flows reveal shift in sentiment as losses mount
5. EU puzzles over emergency funds for euro area bank crisis agency
6. Goalless draw at Liege puts Greens in driving seat
more news
Today
This Week
1. Euro flows reveal shift in sentiment as losses mount
2. EU puzzles over emergency funds for euro area bank crisis agency
3. Motorists refusing to pay tolls on Corinth-Kalamata highway to be monitored
4. Only 5 percent of stores see brisker business during this year's summer sales
5. Fake psychic caught in Thessaloniki after gaining 35,000 from victim
6. Wine cup used by Pericles found in grave north of Athens
Today
This Week
1. Quadriplegic woman on life support 'dies due to unpaid power bills'
2. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
3. Defense Minister Avramopoulos to represent Greece at European Commission
4. Front-line threats
5. Wine cup used by Pericles found in grave north of Athens
6. Greece names fifth privatization agency chief in four years
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.