The Hellenic Radio (ERA): News in English, 10-04-05

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From: The Hellenic Radio (ERA) <www.ert.gr/>

CONTENTS

[01] ECB & EU Parliament Crucial Meetings

European Central Bank (ECB) meting on Thursday is expected to center on economic developments in Europe and Greece while on the same day the Presidents of the European Commision and the EU Mr. Barosso and Van Rompuy are to brief the European Parliament on the outcome of EU Summit meeting, held on March, 25, regarding support mechanism. Forecast that ECB will maintain loan interest rate firm is expected to create a favourable climate in the country's effort for recovery. Vice-president Theodoros Pagalos warned that speculators may transfer to Portugal and underlined the need for a spirit of solidarity in the euro region. An IMF delegation arrives in Athens on Wednesday to technically assist in the increase of state revenues. A mixed delegation of EU Commision, ECB and IMF inspectors will come to Athens at the beginning of May to examine the progress of the Growth and Stability Plan.

ECB & EU Parliament Meetings

ECB leadership meets in Frankfurt, on Thursday, its first meeting after the EU Summit meeting on March, 25, in the mid of high concern about the course of Greece's economy and sky rocketing unemployment to 10% in the euro region. It is almost certain that the ECB will keep basic interest rate at 1%, with analysts maintaining that European Central Bankers would not want to take measures to damage south European economies.

ECB chief Zean Claude Trichet is expected to expound details of his decision to continue accepting low rating bonds after the end of 2010.

On Thursday, EU President Herman Van Rompuy and EU Commission president Jose Manuel Barosso will brief in detail the European Parliament on provisions of support mechanism to economies facing fiscal problems.

Pagalos' Interview

In an interview with a Portuguese financial newspaper "Jornal de Negocios" , Greek vice-president Theodoros Pagalos warned " If speculators did not meet developments, Greece may use European mechanism".

The sort of problems seen in Greece may spread further in the euro zone and calls Portugal not to remain neutral on the issue of EUhelp for troubled members.

"You are the next victims. I hope it doesn't happen and solidarity prevails and we find an exit from this escalation (of borrowing costs). But if this does not happen, the next probable victim will be Portugal," he stressed. Concluding he said some European countries have formed a mistaken opinion about Greek people.

"Greeks have problems. Why do they have problems? Because they do not work enough. An why does it happen? Because they have good climate, music, drink and they are not as serious as Germans. Germany's hard line in talks with Greece was based on a "moral, racial approach" and the idea that Greeks don't work enough which does not correspond to reality. Productivity has increased by 15%."

Sources: ÍÅÔ News item: 35087

[02] Employment Minister Hospitalized

Employment Minister, Andreas Loberdos was transferred in an ambulance to Athens Hospital "Nimits" after discomfort and pain he felt on Easter eve while in Hemathia prefecture. He is undergoing tests while first results show abdomen infection. Prime-minister, G. Papandreou had a telephone contact in the afternoon and wished him speedy recovery. He was earlier briefed by Health Minister Mariliza Xenoyiannakopoulou and government spokesman, G. Petalotis.

Source: ÍÅÔ-ÁNA-ÌPA News item: 35086

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