Greek minister insists global aid on its way



AGENCE FRANCE PRESSE

Published — Saturday 10 November 2012

Last update 10 November 2012 1:40 am

| نسخة PDF Print News | A A

ATHENS: Brussels gave a much needed boost to Greek Finance Minister Yannis Stournaras yesterday as he sought to reassure Greeks that a long-delayed installment of crucial international aid was well on its way.
Stournaras said “there is no reason to worry” even as a four-billion-euro debt payment loomed and Germany warned that a deal on the aid could be weeks away.
An EU official in Brussels backed Stournaras assuring that international creditors would not allow Greece to default on its debt and were ready to give Athens two extra years to put its house in order.
“There will be no default, not accidental, not premeditated,” said the source, who spoke on condition of anonymity.
Two days after Greek Parliament passed a new round of austerity, Stournaras stressed that “Greece is doing what it has to do, and so is Europe, the tranche will be paid.”
Stournaras said Athens expected a decision on the funds at a meeting of euro zone finance ministers on Monday, although media reports said the aid decision could be delayed to Nov. 26.
Approval of the a new loan slice for Greece will top the agenda at that meeting in Brussels, which comes a day after Greek lawmakers are to vote on the 2013 budget.
Greece is surviving at present on two huge bailout packages from the European Union, International Monetary Fund and European Central Bank.
Private creditors also agreed in March to erase more than 100 billion euros ($127 billion) in the Greek public debt they held.
Analysts at Fitch Ratings said that approval by the Greek parliament late Wednesday of an additional 13.5 billion euros in austerity measures “shows that the near-term risk of Greece leaving the euro zone has receded.”
Capital Economics said: “We’re throwing in the towel on a Greek euro exit in 2012. But that’s a matter of timing, not a change in our fundamental position on Greece or on the broader debt crisis.”
On Thursday, European leaders welcomed the Greek parliament’s adoption of a package of more than 18 billion euros in new cuts and reforms, but German Finance Minister Wolfgang Schaeuble warned that there might not be a aid deal for weeks.
Greek newspapers on Friday criticized delays in securing the latest aid tranche, which has been frozen since June, with one daily accusing the creditors of “blackmail”.
“They are making fun of Greece,” the radical left newspaper Avghi charged. The left-wing Eleftherotypia newspaper accused Greece’s partners of “blackmail right up to the end”.
The liberal Kathimerini newspaper said the delay was the result of the EU’s “inability to reach agreement with the IMF on a compromise on the viability of Greek debt.”
Meanwhile, Greece’s public debt management agency PDMA said it would make a special debt issue worth 3.125 billion euros in one- and three-month treasury bills to help cover debt payments due on November 16.
The last-minute operation is meant to help Greece reimburse 4.1 billion euros on that date, given that Athens might not have received the 31.5 billion euros tranche due from international creditors.
Greece’s total debt is forecast to swell to 346 billion euros next year or almost 190 percent of economic output, while the economy is projected to shrink by a worse than expected 4.5 percent, which would mark its sixth year of recession.
A European Commission spokesman said Thursday the latest Greek austerity plan only clears the way for further talks on the country’s financing needs.
The austerity measures — which have triggered general strikes and sometimes violent protests by angry Greeks — include further salary cuts for public workers, a rise in the retirement age to 67 and pension cuts as well as planned deregulation of the labor market.
In late trading on Friday, the Athens stock market’s ASE index showed a gain of 0.97 percent to 802.37 points.

What's happening around Saudi Arabia

RIYADH: Custodian of the Two Holy Mosques King Salman briefed the Cabinet, on Monday, about the message he sent to the Kuwaiti emir and the messages he received from the Moroccan king and the Qatari emir.The king also spoke about the outcome of his m...
RIYADH: The Eastern Mediterranean Office (EMRO) of the World Health Organization (WHO) on Monday announced that the region is considered a Zika virus-free zone.Dr. Alaa Alwan, the regional director of EMRO, said that it does not mean that Middle East...
JEDDAH: The Saudi Health Council is working to establish an electronic system to prevent manipulation of sick leave holidays.Dr. Yaqoob Al-Mazrouh, secretary-general of the council, disclosed this during a seminar on Sunday. He did not elaborate on h...
RIYADH: Specialized Clinics Arabia (SCA) treated a total of 9,220 Syrians at the Zaatari Refugee Camp in Jordan during the month of January 2016, according to Dr. Hamid Mufalana, SCA medical director.“Many of the patients were children who were given...
JEDDAH: The Jeddah police have solved the mystery surrounding the thrashing of a man by another, the video clip of which had gone viral.It was a Herculean task for the police to search for the victim, who had not bothered to lodge any complaint. The...
JEDDAH: The Cutoms Department at Yanbu’s Prince Abdul Mohsen bin Abdul Aziz Airport recently foiled an attempt to smuggle 64,165 Captagon pills found hidden in four boxes.Saad Al-Buqami, director-general of Customs at the Airport, said: “During our c...
AL-AHSA: Plans are afoot to turn the Al-Ahsa dates festival into an international event by adopting top standards in the manufacture, packaging and marketing of the product, Adel Al-Mulhim, the general supervisor of the festival, has said.Speaking du...
RIYADH: A gang comprising two women and youth has been arrested for allegedly looting cash from pharmacies and snatching women’s handbags in malls.Col. Fawaz bin Jameel Al-Maiman, police media spokesman of the Riyadh region, said the arrests were mad...
RIYADH: Riyadh Gov. Prince Faisal bin Bandar on Sunday called for conservation of water and electricity, even as the Water and Electricity minister said Saudi Arabia will need an investment of SR500 billion for power projects over the next 10 years t...
RIYADH: More than 200,000 people accused of various crimes were investigated by the Bureau of Investigation and Public Prosecution (BIPP) in the financial year of 1435-1436 A.H.Among the 218,000 who were investigated, around 30 percent or 65,000 were...
RIYADH: Thousands of Saudis have visited the German pavilion at the Janadriyah festival since it was opened by Custodian of the Two Holy Mosques King Salman last week, in the presence of German Foreign Minister Frank-Walter Steinmeier and German Amba...
DAMMAM: The cold wave in many parts of the Kingdom over the last week caused a decline of between 30 percent and 50 percent in farm production. This decline in turn drove prices of agricultural products at wholesale markets up by 30 percent.Farmers s...
RIYADH: The Ministry of Commerce and Industry warned on Monday that heating devices should have a voltage of 220 volts with a capacity not exceeding 2,500 watts.The announcement was made when MCI inspectors seized more than 3,000 substandard heating...
ALKHOBAR: Nearly 100 leading figures in the government and private institutions have completed training programs specializing in integrity and anti-corruption provided by the Saafah Foundation for Good Example in Riyadh, Jeddah and Alkhobar.The secre...
JEDDAH: Iraqi authorities executed in Baghdad on Sunday a Saudi prisoner, Abdullah Azam Al-Qahtani, 35, on charges described by his family as fabricated.Al-Qahtani had spent almost 13 years in the Iraqi prisons.Rumors about the execution of Al-Qahtan...

Stay Connected

Facebook