Sunday April 26, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Parliament approves debt swap deal

 MPs take first step to endorsing loan deal; vote on implementation, pension cuts due on Wed
The Coalition of the Radical Left (SYRIZA) said only banks benefit from the PSI

Parliament on Thursday took the first step toward endorsing a new debt deal with the country’s foreign creditors, approving a bond swap with private bondholders which underpins the whole agreement and would relieve the country of more than 100 billion euros of its debt burden.

The official public offer to bondholders is to be made today with the aim of completing the procedure by March 12.

With the two parties in the ruling coalition, Socialist PASOK and conservative New Democracy, enjoying a comfortable majority, and as no request was made for a vote by roll call, the law passed automatically.

Meanwhile Parliament’s social affairs committee approved a second bill which details the implementation of austerity measures and reforms that already have been approved and imposes another 3.2 billion euros in extra measures including cuts to pensions. That bill is to be voted on next Wednesday.

Finance Minister Evangelos Venizelos said the approval of the debt swap deal -- known as PSI (for private sector involvement) -- “will allow us to start emerging from the maelstrom.” “But to succeed, we need to be united, serious, trustworthy, persistent and to work, work, work,” he said.

Foreign officials went further. Mario Draghi, the head of the European Central Bank -- one of Greece’s three official foreign creditors, along with the European Commission and the International Monetary Fund -- said in comments published in Germany’s Frankfurter Allgemeine Zeitung that Greece’s compliance with the terms of a new debt deal must be “flawless” for it to avoid worse trouble.

Government spokesman Pantelis Kapsis insisted that authorities are “determined to take all the measures necessary for the agreement to proceed as planned.”

In comments to state television channel NET, he added that additional measures for 2013 and 2014 would be discussed in June, when a new government is expected to be in place following elections set for April.

Both the two main parties are gearing up for snap polls. Kathimerini understands that Venizelos, the key challenger for the PASOK leadership, is to inform party cadres in coming days of his intention to run for the post. It is thought that Venizelos will not quit as minister until the PSI process is complete. He and Prime Minister Lucas Papademos are expected to discuss the matter soon.

ekathimerini.com , Thursday February 23, 2012 (22:47)  
Greek tax officers turn to small debtors for cash
As European officials hint at ‘plan B,’ pressure grows on gov’t to compromise
FM warns against a lose-lose situation [Update]
PM tries to appease mayors, regional governors over cash bill
Construction material costs slide anew
The decline in oil rates has contributed to the further fall in construction material prices and the cost of building new residential properties, according to data released on Friday by the ...
Navios taps German shipping opportunities
The wide margin of difference between the health of Greek and German shipping is clearly illustrated by the deal for the sale of 14 oceangoing vessels by German bank HSH Nordbank AG debtor c...
Inside Business
WATER POLO
Olympiakos wins Euro crown in women´s water polo
The women’s water polo team of Olympiakos won its first ever LEN Euro League at the Final Four it hosted in Piraeus by beating holder Sabadell from Spain 10-9 in Saturday’s final. After defe...
SOCCER
Rival soccer fan clashes leave man stabbed
One man was stabbed and several others slightly injured as rival Thessaloniki club fans clashed late on Friday at an event held by Aris supporters. Reports from Greece’s second city stated t...
Inside Sports
COMMENTARY
Five years ago
This week marks five years since Greece officially entered a period of crisis when then Prime Minister George Papandreou announced that the country would seek a bailout from the eurozone and...
EDITORIAL
Slippery slope
The extremely divisive language that is currently being used by parliamentary deputies and coalition ministers is both unacceptable and dangerous. It is high time that the tired, old argumen...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Olympiakos wins Euro crown in women´s water polo
2. Greek tax officers turn to small debtors for cash
3. As European officials hint at ‘plan B,’ pressure grows on gov’t to compromise
4. FM warns against a lose-lose situation [Update]
5. PM tries to appease mayors, regional governors over cash bill
6. Border checks aim to stop jihadists
more news
Today
This Week
1. Five years ago
2. PM tries to appease mayors, regional governors over cash bill
3. Poll: Large majority of Greeks want compromise with lenders
4. FM warns against a lose-lose situation [Update]
5. Greece not playing a game of chicken on debt
6. Slippery slope
Today
This Week
1. Greek government's popularity takes a hit as talks drag on
2. Europe's collision course with Greece
3. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
4. Leaving the past in the past
5. Denialism
6. The price of compromise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.