Saturday November 29, 2014 Search
Weather | Athens
16o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Greece to miss tranche deadline

 Reshuffle and closure of Parliament mean postponing implementation of prior actions beyond June 13

By Prokopis Hatzinikolaou

It seems highly unlikely that Greece’s next sub-tranche of 1 billion euros will be approved before the next Eurogroup meeting as the upcoming government reshuffle and a decision to end the parliamentary season have made it virtually impossible to implement the prior actions required in time.

According to the deadlines chart set by the country’s creditors, the government would need to have everything completed by June 13, the date of the Euro Working Group meeting, for the disbursement of the 1 billion euros to be approved.

However the unexpected early closure of Parliament and the start of the summer sessions from June 17 will effectively halt the submission and voting of bills included in the prior actions. A senior Finance Ministry official told Kathimerini on Wednesday that if Athens cannot fulfill all the prior actions needed by June 13, then this will happen by the next Eurogroup meeting in July, by which time all requirements will have been met.

In the meantime the Greek state has sufficient cash reserves for now, but problems will start to arise after July, as Greece will need to pay 7 billion euros for maturing bonds and other obligations in August.

The main problem is with the bill for the zoning plans, which will apparently be passed over to the Parliament’s summer sessions. Another issue that will remain pending beyond June 13 is the further reduction of pharmacists’ profit margins: From the original 19 percent, the rate has dropped to 17 percent, according to Health Ministry officials, but the revised bailout agreement provides for a reduction to just 15 percent. However the government is not ready to submit a bill to that end as it does not want to open another front with the pharmacists. The government has already started talks with the the pharmacist’ union to find a solution, but the country’s creditors have not been informed of that and it is not known whether they will give their consent.

A third outstanding issue is the splitting of the Public Power Corporation for the creation of the so-called “Small PPC,” which will be privatized. This could test the coalition government’s cohesion in Parliament.

ekathimerini.com , Wednesday June 4, 2014 (22:46)  
Q3 growth was bigger than thought
Who will pay for the state’s ADMIE stake?
Christmas budgets slashed due to higher taxes, healthcare costs
Finance Ministry inundated with applications for debt settlement
Venizelos extends invite to Turkey at start of visit
Foreign Minister Evangelos Venizelos arrived in Ankara Friday night for two days of talks. Ahead of his visit he sought to make it clear that Greece is prepared to discuss maritime issues wi...
Vatopedi trial for 14 suspects
The Supreme Court decided Friday that 14 people should stand trial for the notorious property swap between the Vatopedi Monastery and the state six years ago. Those who will face charges of ...
Inside News
BASKETBALL
One more emphatic win sees Panathinaikos make top 16
Panathinaikos has mathematically qualified to the top 16 of the Euroleague after another emphatic home win, this time against Bayern Munich, with an 87-72 score on Friday. Given the changes ...
SOCCER
PAOK is one win from Europa League´s last 32
A late brace by Stefanos Athanasiadis gifted PAOK a precious win at Dynamo Minsk on Thursday, meaning that the Thessaloniki team is one win away from graduating from the group stage of the E...
Inside Sports
COMMENTARY
Change of US president won´t mean change of foreign policy
Americans have again voted for change in Washington as opposition Republicans take control of both houses of the US Congress. As attention now turns to the 2016 presidential race, it's time ...
COMMENTARY
The presidential election paradox
A few days ago, speaking with a visiting colleague who neither works in Europe nor covers events here, I suddenly felt how much we Greeks take for granted some things that should have worrie...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. One more emphatic win sees Panathinaikos make top 16
2. Venizelos extends invite to Turkey at start of visit
3. Vatopedi trial for 14 suspects
4. New proposals on way to troika
5. Cabbie who carried shooter claims he was threatened
6. Gov´t urged to allow Syrian refugees to move on
more news
Today
This Week
1. Change of US president won't mean change of foreign policy
2. Child molester suspect photo released by police
3. Greek economy expands 0.7 pct q/q in Q3
4. Lebanese FM: Cyprus may be jihadi transit point
5. Athens water supply 9-month profit falls 45 pct on lower charges
6. Armed man arrested on Thessaloniki campus
Today
This Week
1. Give Greece a chance
2. Extremism from a bygone era
3. Scientists expand excavation of ancient Amphipolis
4. Greece paralyzed by major strike, flights cancelled
5. Piraeus nightclub shooting leaves 3 seriously injured
6. Cosco’s Greek unit adds multinational rail-freight client
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.