Sunday October 26, 2014 Search
Weather | Athens
17o C
13o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Race to pass bailout legislation

 Deputies begin voting on bailout bills ahead of next week’s Eurogroup, EU summit
Greeces' Prime Minister Lucas Papademos exits the Presidential Palace after meeting Greek President Karolos Papoulias in Athens, Wednesday.

A parliamentary committee late on Wednesday approved legislation that will pave the way for Greece to conduct a large debt restructuring scheme but this was just the first of many political hurdles that have to be overcome over the next few days so Athens can be in a position to claim the new bailout agreed with its eurozone counterparts this week.

The legislation approved by PASOK and New Democracy MPs on Parliament’s economic affairs committee Wednesday contains the collective action clauses (CACs) that could be activated if Greece is unable to convince enough of its bondholders to take part in a voluntary swap that would reduce its debt by more than 100 billion euros.

The bill, which was rejected by opposition deputies, is to be voted on by Parliament’s plenary session on Thursday. Several other pieces of legislation must be approved by the House before next week, as eurozone finance ministers are expected to meet on Wednesday or Thursday to rubber-stamp the deal to give Greece another 130 billion euros in loans. The meeting will take place ahead of a European Union leaders’ summit in Brussels on March 1 and 2.

Other legislation tabled in Parliament Wednesday sets out the 3.2 billion euros in spending cuts that Greece will have to make this year.

Prime Minister Lucas Papademos briefed President Karolos Papoulias Wednesday on the details of the loan agreement. “If we finish our job in the next two months and if we then put in place the program successfully, we will overcome the crisis,” he told reporters, forecasting stable growth in 2014 and 2015.

Papoulias was involved last week in a spat with German Finance Minister Wolfgang Schauble and Greece’s relations with Berlin showed further strain Wednesday as a row broke out between Development Minister Michalis Chrysochoidis and Germany’s Economy Minister Philipp Roesler. Chrysochoidis objected to Roesler claiming that the Greek minister kept promising to solve problems “in two weeks” but consistently failed to deliver.

“I understand that Mr Roesler, as he is leader of the Liberal Party, is facing acute problems in the polls, so he attempts to turn on Greece to become likable to German voters,” Chrysochoidis told Mega TV.

“This is unacceptable. I am sorry for his behavior,” he added.

ekathimerini.com , Wednesday February 22, 2012 (16:49)  
Samaras pledges action after flash floods in Athens
No court hearings for civil cases
Greece’s lenders seem adamant that gov’t must act on bailout commitments
Future of Attica trash set to become clearer
Nicosia says reforms are bringing results
Economic reforms in Cyprus are starting to yield results, the government said on Saturday after one credit-rating agency upgraded its rating and a second its outlook for the bailed-out count...
TAIPED waits for green light from Eurostat
Eurostat has frozen the securitization of properties that the Hellenic Republic Asset Development Fund (TAIPED) had been planning. The project, drafted to bring some 400 million euros into t...
Inside Business
BASKETBALL
A win is a win is a win for Olympiakos
A bad Olympiakos defeated a worse Laboral Kutxa 63-57 to make it two out of two in the Euroleague on Friday. In a game where the two teams had an overall field goal rate of about one in thre...
SOCCER
Panathinaikos snatches point at Eindhoven
Panathinaikos offered its fans a glimpse of its glorious past in European competitions snatching a draw at PSV Eindhoven, on an otherwise bad night for Greek soccer in the Europa League, as ...
Inside Sports
COMMENTARY
End of reason, end of humanity
The effects of a slew of new and increased taxes introduced since the start of the crisis were first observed in the wages of those still fortunate enough to have jobs, who saw their take-ho...
EDITORIAL
Banks need to step up
What has been leaked so far regarding the results of the stress tests on Greece’s lenders, which are due to be published on Sunday, appears positive. Greece needs a healthy, private banking ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Nicosia says reforms are bringing results
2. Samaras pledges action after flash floods in Athens
3. No court hearings for civil cases
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. Future of Attica trash set to become clearer
6. Policeman admits to murder of his cousin-in-law
more news
Today
This Week
1. End of reason, end of humanity
2. Samaras pledges action after flash floods in Athens
3. Banks need to step up
4. Greece’s lenders seem adamant that gov’t must act on bailout commitments
5. No court hearings for civil cases
6. Nicosia says reforms are bringing results
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Greece’s closed society is central to its current malaise
3. Greece must stick to reforms, says Schaeuble
4. At least 11 banks to fail European stress tests, three in Greece, report says
5. Cyprus to block Turkey's EU talks after EEZ violation
6. Stop moaning and get in the game
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.