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The Hellenic Radio (ERA): News in English, 10-04-27
From: The Hellenic Radio (ERA) <www.ert.gr/>
 "Marathon" Talks on Support MechanismTuesday, 27 April 2010 15:56
EU Commissioner for Monetary Affairs, Olli Rehn, speaking to the College of Commissioners, said that Troika talks should be completed by the beginning of May. The support mechanism will be the center of talks on Wednesday, in Berlin where German Chancellor would meet with IMF managing director Dominique Straus Khan and the ECB chief Jean-Claude Trichet. Reports say Germany will reach final decision during a Ministers' Council meeting possibly to be held this week.
Our EU partners are holding marathon negotiations to be ready to release aid after completion of Troika (ECB- European Commission- IMF) talks with Greek officials.
European Commissioner for Monetary Affairs Olli Rehn, in his speech to the College of Commisioners, said that talks would be completed till next week and the plan to be presented by the 4 sides would be the ground to start financing Greece. Olli Rehn repeated that all eurozone member states have committed to participate in the rescue mechanism, underlining that financial aid does not exclusively concern Greece but ensures economic stability in the euro-zone.
Outgoing ECB deputy chief, Loukas Papadimos, speaking to the EP Monetary Affairs Committee, underlined "it is highly important to determine , through the plan worked by the European Commission, ECB , IMF and Greek authorities, specific fiscal measures and structural reforms that will correct fiscal imbalances and structural weaknesses in Greece".
According to Papadimos this will ensure "viability of state finances and improve the country's competitiveness at world level".
Strong Negotiations in Germany
Support mechanism will dominate talks on Wednesday during the meeting of IMF managing director Dominique Straus Khan, ECB chief Zean Claude Trichet with German Chancellor and Germany's economic staff.
Government sources say that Angela Merkel will call a closed doors Ministers' Council meeting this week to decide on an action course for Greece.
The German Chancellor said on Monday that Greece should first work on a credible plan with the ECB and IMF before her government releases its share of financial aid.
Fokker Kaunter , the president of Christian Unions CDU/CSU, the coalition led by Angela Merkel, said that the Finance Ministry would have drafted a first draft-bill on Monday to present to deputies during a special session of the budget committee.
Fokker said that the German Parliament two bodies may decided release of financial aid till May, 7 but added that deadline was not guaranteed.
He also rejected idea that Germany was trying to postpone any decision for aid to Greece for after local elections on May, 9 in Rinania-Westfalia, very important for the government coalition.
"There is no willingness for such practice", he said.
Berlin will contribute the largest share of the loan to Greece mounting to 8.4 billion euros.
Austria same Position with Germany
Austria shares the same position with Germany announcing that it would release its share in the support mechanism after measures and cuts in Greece are finalized. The Austrian Finance Minister, however said Austria has decided to allocate 858 million euros.
France Ready on May, 4
"France's contribution to Greece's rescue package will be tabled to the National Assembly for approval on May, 4" said the president of the French lower house. France's contribution mounts to 6.3 billion euros.
Sources: ΝΕΤ-ΝΕΤ 105.8-ΑNA/ΜPA
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News item: 35934