Greece Set To Secure Bailout Deal - The Best from Greece

Posted on: 28/Nov/2011

by Ulrika Lomas, Tax-News.com, Brussels

| Monday, November 28, 2011

The European Union (EU) and International Monetary Fund (IMF) have welcomed a letter submitted recently by leader of the conservative New Democracy party in Greece, Antonis Samaras, pledging his support for the fiscal targets outlined in the country’s new EUR130bn (USD178bn) bailout agreement concluded at the end of October.

Marking a swift about turn, and paving the way for release of the next tranche of international aid, Samaras confirmed in writing his backing for plans to implement painful austerity measures, including plans to introduce dramatic cuts in public expenditure, to clamp down on rampant tax evasion, and to implement accelerated structural reform and privatisation measures.

Samaras’s decision to formally back the fiscal targets followed a stern warning by Prime Minister Papademos, to all parties involved in the transitional government of national unity, to provide written assurances of their long-term commitment to the reform programme, vital for rescuing Greece from the threat of bankruptcy.

German Chancellor Angela Merkel had also warned that rescue loans would not be forthcoming until cross-party support was secured.

Nevertheless Samaras underscored the need to modify certain key points of the rescue package “on the evidence of the budget execution so far”, to enable a more rapid recovery of the Greek economy, noting that “viable policy alternatives” would be submitted for discussion.

Latest statistics revealed that despite implementation of drastic fiscal measures in Greece, the country’s public deficit is widening.

Eurozone leaders united on plans at the end of last month to grant Greece fresh financial assistance of around EUR130bn and 50% debt relief in exchange for an agreed programme of austerity measures and swift structural reforms.

The European Central Bank and IMF had called for written assurances from all members of the interim government as a precondition for disbursement of the next EUR8bn loan instalment.

source: http://www.lowtax.net/asp/story/front/Greece_Set_To_Secure_Bailout_Deal____52695.html

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Greece Set To Secure Bailout Deal - The Best from Greece
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Accommodation Business Culture & Arts Entertainment Food & Drink General Greek Gastronomy Media Products Recreation Sea Tourism Shopping Sports Tourism Travel	Greece Set To Secure Bailout Deal Posted on: 28/Nov/2011 by Ulrika Lomas, Tax-News.com, Brussels \| Monday, November 28, 2011 The European Union (EU) and International Monetary Fund (IMF) have welcomed a letter submitted recently by leader of the conservative New Democracy party in Greece, Antonis Samaras, pledging his support for the fiscal targets outlined in the country’s new EUR130bn (USD178bn) bailout agreement concluded at the end of October. Marking a swift about turn, and paving the way for release of the next tranche of international aid, Samaras confirmed in writing his backing for plans to implement painful austerity measures, including plans to introduce dramatic cuts in public expenditure, to clamp down on rampant tax evasion, and to implement accelerated structural reform and privatisation measures. Samaras’s decision to formally back the fiscal targets followed a stern warning by Prime Minister Papademos, to all parties involved in the transitional government of national unity, to provide written assurances of their long-term commitment to the reform programme, vital for rescuing Greece from the threat of bankruptcy. German Chancellor Angela Merkel had also warned that rescue loans would not be forthcoming until cross-party support was secured. Nevertheless Samaras underscored the need to modify certain key points of the rescue package “on the evidence of the budget execution so far”, to enable a more rapid recovery of the Greek economy, noting that “viable policy alternatives” would be submitted for discussion. Latest statistics revealed that despite implementation of drastic fiscal measures in Greece, the country’s public deficit is widening. Eurozone leaders united on plans at the end of last month to grant Greece fresh financial assistance of around EUR130bn and 50% debt relief in exchange for an agreed programme of austerity measures and swift structural reforms. The European Central Bank and IMF had called for written assurances from all members of the interim government as a precondition for disbursement of the next EUR8bn loan instalment. source: http://www.lowtax.net/asp/story/front/Greece_Set_To_Secure_Bailout_Deal____52695.html «« Let's get back to the News Overview	Mykonos Rhodes Crete Aegina Kefalonia Ios Book Online Mykonos Rhodes Crete Aegina Kefalonia Ios
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