Sunday September 21, 2014 Search
Weather | Athens
27o C
19o 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)  
Results of probe into 20 Lagarde list names due soon
Police refute reports of Jihadi training
Gov’t drafts plan to secure exit from memorandum
Greek commuters have relatively long wait
ANALYSIS
Pegging reforms to debt relief acts
The government appears determined to walk the road of Portugal by tapping the markets to avoid a third bailout loan from the EU and even show the IMF the door. However, it may trip if talks ...
Demand for diesel boosts total fuel sales
After five years (2009-13) of decline, the fuel market returned to positive territory in June, albeit at the marginal rate of 0.3 percent year-on-year, according to official data, capitalizi...
Inside Business
SOCCER
Triumph for PAOK, historic result for Asteras in Europa League
Greek teams produced a patchy record on the opening night of the Europa League group stage on Thursday, as PAOK thrashed Dynamo Minsk, Asteras Tripolis snatched a draw at Besiktas and Panath...
SOCCER
Financial crisis forces Greek second division postponement
Greece's second soccer division Football League announced on Wednesday the postponement of the start of the season due to financial difficulties being faced by most clubs. "The board of dire...
Inside Sports
COMMENTARY
Universities threatened by transfers
The problem arising from the abuse of the Greek university transfer system – whereby some students are allowed to move to an institution of their choice instead of the one they were admitted...
EDITORIAL
Capital changes
A sizable part of the middle of the Greek capital has been slated to receive a significant makeover with the implementation of an urban restructuring project which includes turning a key cit...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Pegging reforms to debt relief acts
2. Demand for diesel boosts total fuel sales
3. Foreign investors not overly concerned about political risk
4. IMF unhappy over social security debt collection
5. Agenda
6. Results of probe into 20 Lagarde list names due soon
more news
Today
This Week
1. IMF unhappy over social security debt collection
2. Agenda
3. Demand for diesel boosts total fuel sales
4. Foreign investors not overly concerned about political risk
5. Pegging reforms to debt relief acts
6. ‘Greece can meet its needs on its own’
Today
This Week
1. Greece on standby
2. Greece at bottom of social justice scale among EU28
3. Central Athens traffic restrictions back in force on Monday
4. ‘Greece can meet its needs on its own’
5. Lost in the fog
6. Record sum of new debts to the state in August
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.