Wednesday August 20, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Stocks up, but ND blasts debt deal

 Greeks faced with 'nine more years of collapse and poverty,' Samaras says
A woman is reflected on a screen showing a graph of stocks at the Athens Stock Exchange, in Greece on Thursday.

Shares on Greeces stock market rose sharply Thursday following a debt deal reached by European leaders, but opposition parties blasted the landmark agreement, with conservatives warning it condemned the country to ”nine more years of collapse and poverty.”

In mid-afternoon trading, shares on the Athens Stock Exchange joined a surge in world markets and were up 5.74 percent at 818.23, with banking stocks up nearly 12 percent — after suffering heavy losses earlier this week.

Greeces sky-high rates for long-term borrowing and default insurance also eased slightly.

The deal requires banks to take on 50 percent losses on Greeks bonds. Eurozone countries and the International Monetary Fund will also provide an additional €100 billion ($140 billion) in rescue loans as a second bailout package for Greece.

”We have avoided a mortal national danger,” Socialist Prime Minister George Papandreou told a news conference in Brussels after the night-long negotiations.

”Today we have the ability to close our accounts with the past,” he said. ”A burden from the past has gone, so that we can start a new era of development, on our own steam.” Greeces troubled €230 billion ($320 billion) economy is heading into a fourth year of recession, with unemployment at 16.5 percent and taxpayers struggling to cope with a barrage of new taxes on property, purchases and their shrinking incomes.

The Socialists have 153 seats in the 300-seat parliament, its majority whittled down from 10 seats over two years by opposition to the harsh austerity measures that have triggered frequent strikes, mass protests and violent demonstrations.

Conservative opposition leader Antonis Samaras said the debt deal ”perpetuated” mistakes that drove the country into recession.

”We are not closer to the solution, but are faced with nine more years of collapse and poverty. Neither the economy nor society can withstand this,” Samaras said.

Prominent left-wing deputy Dimitris Papadimoulis said the agreement would doom Greeks to a deeper recession.

”The deal puts Greece in a eurozone quarantine,” he said. ”We are now locked in a system of continuous austerity, haphazard privatization, and continuous supervision by our creditors.”

He also noted an inherent conflict of interest in the European debt plan.

”Those who monitor us do not have our interests in mind. Their priority is that we pay back our loans,” Papadimoulis said.

Some analysts also appeared critical of Thursday’s deal, worried that it might failed to improve the sustainability of Greeces €350 billion ($490 billion) national debt.

”Theres absolutely nothing in the package that was agreed that gives us even a modicum of hope that anything along the lines of (economic) development is happening,” Yanis Varoufakis, professor of economics at the University of Athens, told AP television.

”We have more austerity and more wishful thinking in terms of how much liquidity can be extracted from the Greek economy, either through privatization or through taxation, in order to pay for these deals,” he added. [AP]

ekathimerini.com , Thursday October 27, 2011 (16:41)  
Police detain suspects over Kardamyli double murder [Update]
Syrian chemicals were safely destroyed off Crete, says OPCW
Greece to give children at primary school road safety lessons
Two missing men found shot dead near Kalamata
Only fraction of debtors declare bank accounts to avert confiscation
Out of some 3.3 million Greeks with debts to the state, only around 80,000 have declared to tax authorities a single bank account whose savings -- up to a 1,500-euro limit -- would be protec...
Russian sanctions seen giving EU 6.7 billion hit in ING estimate
Russia’s ban on imports of western food could cost the European Union an annual 6.7 billion euros ($9 billion) in lost production, according to ING Groep NV. “The potential effects of the Ru...
Inside Business
ATHLETICS
Long jumper Tsatoumas takes Greece´s second silver at European Championships
Greece won its second medal at the European Athletics Championships in Zurich, Switzerland, on Sunday with Louis Tsatoumas coming second in the long jump. Briton Greg Rutherford won the even...
SWIMMING
Silver for Greece in 5k team event at European Swimming Championships
Greece claimed the silver in the team 5 kilometer event at the 32nd European Swimming Championships in Berlin on Saturday. The Greek team of Spyros Gianniotis, Antonis Fokaidis and Kalliopi ...
Inside Sports
COMMENTARY
Logged out of reality
It is a global phenomenon, and we have yet to fully grasp its implications for democracy and the functionality of Western states. The Internet is a bottomless well of information and a vast ...
EDITORIAL
Manipulated institutions
Greece’s leftist opposition must not manipulate an institution as important as the President of the Republic for the sake of political ends. Regrettably, SYRIZA leader Alexis Tsipras appears...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Police detain suspects over Kardamyli double murder [Update]
2. Only fraction of debtors declare bank accounts to avert confiscation
3. Russian sanctions seen giving EU 6.7 billion hit in ING estimate
4. Syrian chemicals were safely destroyed off Crete, says OPCW
5. Greek firms see 30 pct rise in PayPal payments from abroad in 2014
6. Greece to give children at primary school road safety lessons
more news
Today
This Week
1. Two missing men found shot dead near Kalamata
2. Greek current account surplus widens in June
3. Logged out of reality
4. ECB in policy limbo, boxed in by its own plans
5. Greek firms see 30 pct rise in PayPal payments from abroad in 2014
6. Greece to give children at primary school road safety lessons
Today
This Week
1. Carved sphinxes at Ancient Amphipolis tomb will not be removed
2. Samaras expects 'exceptionally important find' at Ancient Amphipolis
3. Rhodes villa built for Mussolini among properties Greek privatization fund is selling
4. Canada’s fiscal adjustment has lessons for Greece
5. Treating Amphipolis with care
6. Greece to offer law on restructuring bad loans next month
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.