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Athens News Agency: News in English, 10-04-23

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Greece asks activation of EU support mechanism
  • [02] DM on Ankara's mutual armament spending reduction proposal: Greece is well-intentioned, but not naive, has no delusions
  • [03] Finance ministry requests activation of EU support mechanism
  • [04] IMF submits recommendations
  • [05] Stocks rise, spread falls

  • [01] Greece asks activation of EU support mechanism

    ANA/MPAPrime minister George Papandreou on Friday announced that Greece is formally asking for activation of the EU support mechanism for the Greek economy.

    "The time has come for the decision the leaders of the European member countries to support Greece to give us the time that the markets are not giving us. It is a national and pressing need to formally ask of our EU partners the activation of the support mechanism that we jointly created, Papandreou said in a televised statement from the island the southeastern island of Kastelorizo, where he is on a visit.

    Papandreou added that he has instructed finance minister George Papaconstantinou to make the necessary actions.

    The premier said that the revised figures of the true size of the Greek fiscal deficit for 2009 released on Thursday (by Eurostat) "reminded all of us of the "unfathomable mistakes, omissions and criminal choices and the storm of problems legated to us by the previous government".

    "We all -- the present government and the Greek people -- inherited a boat ready to sink, a country without prestige and credibility that had lost the respect of even its friends and partners, an economy exposed to the mercy of doubt and the appetites of speculation," he said.

    From the very first day the PASOK government rolled up its sleeves and went to work to reverse this negative climate, set out a plan, took tough measures that many times hurt, but regained the country's credibility and created new alliances, Papandreou continued.

    [02] DM on Ankara's mutual armament spending reduction proposal: Greece is well-intentioned, but not naive, has no delusions

    -PA/Greece is always prepared to look into the prospects of reducing its armaments programs, but it doesn't have any delusions, defence minister Evangelos Venizelos said on Friday, adding that the rhetoric by Turkey does not suffice, but actions are also necessary.

    Replying in parliament to a current question tabled by Popular Orthodox Rally (LAOS) leader George Karatzaferis, Venizelos stressed that Greece needs to be very cautious and examine in-depth the Turkish side's proposal for mutual reduction of the two countries' armaments programs.

    "We need actions, not rhetorical fireworks, from the Turkish side," Venizelos said, adding that Greece is "well-intentioned, but not naive".

    [03] Finance ministry requests activation of EU support mechanism

    Finance Minister George Papaconstantinou on Friday officially requested the activation of a European support mechanism for Greece agreed by EU leaders, in a letter sent to Eurogroup Chairman Jean-Claude Juncker, European Commissioner for monetary affairs Olli Rehn and ECB President Jean-Claude Trichet.

    The letter signed by the finance minister reads:

    "In accordance with the decision the heads of state and government on the 25th March 2010 for the provision of financial assistance to Greece when necessary and the subsequent decision of the finance ministers of the Eurozone on 11th April 2010, Greece requests the activation of the support mechanism".

    [04] IMF submits recommendations

    ANA-MPA/The International Monetary Fund (IMF) on Friday submitted a package of recommendations to the finance ministry aimed at improving Greece's fiscal management and taxation administration.

    The text of the document, submitted by a team of IMF experts jointly visiting Greece with European Commission and European Central Bank (ECB) officials and titled "Basic guidelines and recommendations by the IMF technical assistance for improvement of the fiscal management and taxation administration in Greece", notes inter alia that the effort for fiscal adjustment focuses mainly on the state budget, but the immense overshooting of expenditures mainly concern the general government (health and social security system).

    From the basic guidelines and recommendations of the IMF technical assistance, it arises that immediate actions are needed to regain control of the fiscal finances.

    [05] Stocks rise, spread falls

    Greek capital markets welcomed a decision by the government to officially ask for the immediate activation of an EU/IMF support mechanism on Friday. Greek stocks recovered strongly soon after the news, with the composite index of the market rising more than 1.5 pct in midday trading, while the yield spread between the 10-year Greek and German benchmark bonds fell rapidly to around 512 basis points, after rising as much as 600 basis points on Thursday.
    Athens News Agency: News in English Directory - Previous Article - Next Article
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