Friday Jan 30, 2015 Search
Weather | Athens
16o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece finalizes reforms ahead of Eurogroup, as eurozone splits remain

The Greek government has finalized some details regarding structural reforms and fiscal monitoring ahead of a meeting of the Eurogroup on Tuesday, as the eurozone remains divided on how to move forward to the Greek program.

Prime Minister Antonis Samaras and Finance Minister Yannis Stournras met over the weekend to agree on the pending changes that had been demanded by the troika.

This led to the government drafting a legislative act that grants the Finance Ministry greater powers to oversee other ministries. According to the legislation, if a ministry fails to meet its fiscal targets for two quarters in a row, the Finance Ministry will place an inspector at the department in question to oversee spending practices.

The Finance Ministry will also have more control over the finances of local authorities and public enterprises (DEKOs). Executives at DEKOs face wage cuts or redundancy if they fail to meet the financial targets set by the government.

Any municipalities that fail to get their finances in order will have to increase their revenues from taxes and rates rather than receive more funding from central government, according to the legislative act.

The government also agreed on some “prior actions” demanded by the troika, which licensing for vocational colleges and installing tracking devices on trucks that transport fuel.

Samaras and Stournaras wanted to tie up these loose ends ahead of Tuesday’s Eurogroup, when the Greek government is hoping to hear positive news on the disbursement of its next loan tranche, the financing of its two-year extension and possibly with regard to the sustainability of its debt.

On Monday, however, it remained far from clear what, if any, kind of deal would be reached given the differences of opinion between the eurozone and the International Monetary Fund, and within the eurozone itself, with regard to the way forward.

The division within the eurozone was highlighted by comments made by French Finance Minister Pierre Moscovici with regards to some of his colleagues at last week’s Eurogroup, when only a decision on a two-year extension was taken.

In a fly-on-the-wall documentary for the Dimanche program for Canal +, Moscovici revealed that he raised his voice during last week’s meeting because he grew frustrated with another finance minister’s negative stance with regard to Greece.

“There are some crazy people in that room,” the French minister is heard saying. “Yes, it was necessary [for me to support Greece’s position] but I had to raise my voice to do this.”

Meanwhile, European Stability Mechanism managing director Klaus Regling expressed his opposition to the idea of a debt writedown for Greece in an article published by the German daily Handelsblatt newspaper Monday.

Regling said public sector haircuts should only happen in “extreme circumstances” and that Greece would be able to reduce its debt by a third through low interest rates on its bailout loans.

ekathimerini.com , Monday November 19, 2012 (11:51)  
Ex premier Karamanlis said to reject SYRIZA offer for presidential candidacy
Greek cleaners show dichotomy of Tsipras as markets tumble
Eurogroup chief in Athens for talks with Tsipras, Varoufakis
Supreme Court prosecutor orders probe into Lesvos bullying incident
Berlin: Greek aid extension only makes sense if Athens upholds reforms
Discussion about a debt reduction for Greece is not in tune with reality and Greece can only get an extension of its aid program if it is prepared to uphold the promised reforms, a spokesman...
Pimco says Greek bonds illiquid, volatile until accord reached
Pricing in Greece’s bonds will be volatile and the market will be illiquid until the nation’s four-day old government reaches agreement with international creditors over its debt, according ...
Inside Business
SOCCER
Olympiakos draws AEK in Cup quarterfinals
The dream draw of Olympiakos vs AEK in the quarterfinal materialized on Friday, as two of the capital's three giants will face off in a two-leg tie for a place in the semifinals of the Greek...
BASKETBALL
Below-par Olympiakos succumbs to Efes
The winning streak of Olympiakos in the second group stage of the Euroleague ended on Thursday in Turkey, as Anadolu Efes outclassed the Reds in the second half to win 84-70. Olympiakos had ...
Inside Sports
INTERVIEW
SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
“SYRIZA must realize that it is now the Greek government, not a party running an election campaign,” European Parliament President Martin Schulz, the first European official to visit Greece ...
COMMENTARY
Strange haste
The members of the new government must have a lot of confidence in themselves. Several days before announcing his program, Prime Minister Alexis Tsipras and his cabinet have opened up a mult...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ex premier Karamanlis said to reject SYRIZA offer for presidential candidacy
2. Berlin: Greek aid extension only makes sense if Athens upholds reforms
3. Pimco says Greek bonds illiquid, volatile until accord reached
4. Greek cleaners show dichotomy of Tsipras as markets tumble
5. Draghi deflation challenge underlined as prices plunge by record
6. Greek bonds rise a second day after debt negotiation assurances
more news
Today
This Week
1. SYRIZA must come up with ‘pragmatic solutions,’ Schulz tells Kathimerini
2. Why Greece went left while Europe turns to right
3. Greek government's signals very mixed, ECB's Jazbec says
4. EU's Schulz: Greece should follow EU line on Russia
5. Capital flees Greece at fastest pace since 2011
6. Monastiraki restaurant fire prompts panic, restricted before spread
Today
This Week
1. Greek Elections 2015 | LIVE
2. SYRIZA heads for historic victory but without majority
3. Greek Elections 2015 | LIVE
4. Greek Elections 2015: The day after | LIVE
5. Poll shows SYRIZA leading ND by 4 pct
6. SYRIZA's win will test institutions
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.