Monday November 24, 2014 Search
Weather | Athens
14o 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)  
ILO calls for urgent action in Greece to create jobs, tackle social problems
Draghi urgency for ECB action gets final reality check
Greece to scrap need for permits in some 900 professions
Lack of EU funding puts future of Panepistimiou, Faliro revamp projects in doubt
Livestock breeders to protest in central Athens on Tuesday
Greek livestock breeders are due to protest in central Athens on Tuesday in the hope they will be able to secure a meeting with officials from the Agriculture Ministry. The farmers are due t...
Greek government sees Paris meeting as ´last phase´ in troika talks
Greek government’s spokesman Sofia Voultepsi said that a meeting between representatives of the coalition and troika in Paris on Tuesday and Wednesday represent the “last phase” of negotiati...
Inside News
BASKETBALL
Olympiakos ends PAOK´s unbeaten run in Basket League
Olympiakos put an end to PAOK’s unbeaten run in the Basket League with an emphatic win at the Peace and Friendship Stadium, leaving Panathinaikos as the only team with a perfect record so fa...
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japan’s image and economy following the triple blow of the earthquake, tsunami and nuc...
Inside Sports
COMMENTARY
Extremism from a bygone era
There are times when we seem to be overcome by self-destructive madness. I hear various commentators and politicians speaking in extreme terms of a junta, of defections, gallows, collaborato...
EDITORIAL
No call for more games
Psychological warfare has been a part of the negotiations between the troika and Athens from the very start of the crisis. But the situation is much different now and troika decision-makers ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. ILO calls for urgent action in Greece to create jobs, tackle social problems
2. Livestock breeders to protest in central Athens on Tuesday
3. Draghi urgency for ECB action gets final reality check
4. Greece to scrap need for permits in some 900 professions
5. Greek government sees Paris meeting as ´last phase´ in troika talks
6. Prosecutor recommends 64 suspects should be tried over OTE´s Siemens contract
more news
Today
This Week
1. Scientists expand excavation of ancient Amphipolis
2. Greek officials to meek troika chiefs in Paris to break review stalemate
3. EU said to plan 21 billion-euro risk-sharing fund for investment
4. Countdown to missed opportunity for EU economy
5. Biden informs Anastasiades about content of talks with Erdogan
6. Police seek to name man who opened fire with AK47 at Piraeus bar
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Anti-junta uprising anniversary to be marked amid tight security
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Give Greece a chance
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.