emg home
Unions demand continued payment of Kosovo bonuses Kalinic arrives in Belgrade, placed in Special Court prison M. Dzurinda: Slovakia against recognition of Kosovo EU ratings at risk on economy, austerity - Moody Moldova: Police find nearly two kilos of uranium in smuggler's garage U.S. guarantees safety of poultry exports to Russia EU clears MetLife takeover of AIG unit ECRI: Anti-Gypsyism should be effectively combated in all European countries. 3 Bulgarian face murder charges Greek banks under pressure to merge Summer crowd on Croatian roads Dubrovnik 4th most desirable destination for autumn holidays Bulgaria: Private health insurers grow customer base Lower end-of-summer prices in hotels along Northern Black Sea coast BH Telecom’s profit grows by 4.8 per cent IMF delegation in visit to Banja Luka Grossruck on June 28 Elections: Oppositions are baseless Three pillars of Albanian Diplomacy presented SP: Prifti should explain the Euro 1.8 mln Rehn: Greece will overcome crisis Greece: Another West Nile virus fatality reported Slovenian Grah factory begins production in November Kosovo: Up to 3.000 Euros for Belgrade resident status Bosnia prints names of 8,000 election candidates Taxi drivers go on strike on September 1 KFOR: Kosovo police take charge of protection of Gracanica Ivanovic: Serbia distrusts KPS Ponos: We do not want conflicts with EU, but resolution stays NIS on Stock Exchange to have positive effect German investments in Serbia require stable conditions Only one draft resolution on Kosovo for now Azerbaijan to support Serbian resolution on Kosmet Wall of the Serb returnee’s house in Zas torn down again Dacic, Bogdanovic to meet with UNMIK chief Dacic to visit special anti-terrorist unit in Batajnica Djelic on visit to Svilajinac, Cuprija, Paracin Resolving wastewater problem in Serbia China plane crashes, 43 dead, 53 in hospital

News Archive

Greek FinMin: No new memorandum, no new measures

06. August 2010. | 01:14

Source: ANA

Greek Finance Minister George Papakonstantinou on Thursday said the country has secured all tranches of an EU/IMF loan -worth 110 billion euros.

Greek Finance Minister George Papakonstantinou on Thursday said the country has secured all tranches of an EU/IMF loan -worth 110 billion euros.

Speaking to reporters, after completion of a 10-day inspection visit by troika experts in Athens, the Greek minister said the country will dismiss all negative predictions and noted that "a first assessment of our economic program is positive, there is no new memorandum, no new measures. We will take the third tranche as well. We will take all tranches".

Papakonstantinou said "the first round has ended", but efforts continued focusing mainly on structural reforms. He named 10 structural changes to be implemented by the end of the year: new tax administration for combating tax evasion, a new state budget, controlling spending and overspending in hospitals and health costs, changes in civil administration and regional authorities, opening up markets and closed professions (lawyers, engineers, architects, pharmacies, accountants, etc), restructuring Hellenic Railways and public sector enterprises, promoting privatizations, better management of the stateβs real estate, changes in the banking system, a new business environment and strengthening the competitiveness and inspection of prices.

Based on a timetable, the troika will release in early September an updated technical report on the Greek economy. In September 10, the IMFβs board will meet to approve the release of the fundβs participation in the second tranche of the loan. A similar decision is expected by an ECOFIN meeting in September 7. The second tranche, worth 9.0 billion euros, will be released September 13-15. The next official assessment of the Greek economy will be held by the end of October.

The Greek minister was adamant in his comments that the government will maintain a 51 pct majority stake in Public Power Corporation and rejected talk of selling parts of the electricity utility. He also rejected talk of cutting a 13th and a 14th salary in the private sector and said there was no issue of laying off staff in loss-making public sector enterprises to be merged.

Papakonstantinou announced a new package of state guarantees, worth 25 billion euros, for Greek banks aimed at strengthening the banking system and boosting liquidity in the market. The expansion of a state guarantee plan by 25 billion euros, totaling 55 billion euros, is a precondition for the release of a new tranche of the loan since "Greek banks continued facing problems in accessing international sources of funding". He said the landscape over the banking system would begin to be clearer by the end of September and indirectly said he was "open" to any investment interest for Hellenic Postbank and ATEbank from abroad.

He said the government will sign a contract with three major firms which will evaluate the stateβs equity holdings in commercial banks, while by September a Financial Stability Fund will begin operating and a restructuring plan for ATEbank will be released. He stressed, however, that no specific timetable for the moves of private banks could be set.

"The decisions are their own, but within a framework set by the Bank of Greece," he said. He expressed his satisfaction over the results of stress test on Greek banks and reassured that ATEbank was fully safe and that the state fully guaranteed its future.

Papakonstantinou said he shared the same concerns with the troika experts over any possible risks ahead in implementing an economic program and cutting the fiscal deficit.


My Web

Enter text:


23. August - 29. August 2010.