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The Hellenic Radio (ERA): News in English, 10-04-28

The Hellenic Radio (ERA): News in English Directory - Previous Article - Next Article

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

CONTENTS

  • [01] Appeal for EU Intervention to Prevent Spread of Crisis
  • [02] Speeding Procedures for Fear of Domino Effect

  • [01] Appeal for EU Intervention to Prevent Spread of Crisis

    Wednesday, 28 April 2010 17:25

    Prime-minister, George Papandreou, in his speech at the Ministers' Council discussing the "Kallikartis" plan, appealed for EU rapid intervention to prevent spreading of crisis from speculators' games across Europe. The Prime-minister called for unity to deal with the financial crisis, stressing that we have to correct mistakes of many decades in the least time. He reassured the rescue package will bear fruit. Finally, he spoke of temporary painful measures and big permanent reforms that will make us better at the end of this course.

    Appeal for Support

    The Prime-minister reassured that he would do whatever was necessary to protect the country from any danger during his speech at the Ministers' Council on Wednesday.

    We are determined to correct many decades course in the least time, stressed the Prime-minister, and called all Greeks to support this effort.

    He described this effort as a national and collective challenge that concerns all and added that Greece can and will change and will prove it. The Prime-minister said that talks on the activation of the rescue package would soon conclude and called on all Greeks to indicate that the funds would bear fruit.

    He described the measures temporary but painful and reassured that his government would do whatever possible to protect the country from any danger.

    Mr. Papandreou said the situation was difficult not only in Greece but across Europe as well, but assured that Greece would assume its part of responsibility in full.

    On its part the EU, however, should avert spread of the crisis across Europe, saying that it was not only Greece's burden but also Europe's and possibly concerned whole humanity.

    Reactions

    From Rhodes, ND leader Antonis Samaras said the government has brought the country at the brink of chaos, noting that "what counts at present is to exit from IMF the soonest possible, keeping our national cohesion"

    "Developments indicate that the EU-IMF rescue mechanism not only supports slaughter of labour rights but puts the country deeper into strong competitions between capital and governments within and out of the EU, said the GCP.

    There should be an initiative soon to send the message that we can deal with the crisis and aggressiveness , said LAOS president George Karatzaferis.

    SYN president Alexis Tsipras strongly criticized the government blaming it for having given up its right of ruling. He said the IMF is here, has taken the reins because the government has put hands up and it is ready to hand over the keys of ministers' offices.

    Sources:- 105.8-NA/PA News item: 35996

    [02] Speeding Procedures for Fear of Domino Effect

    Wednesday, 28 April 2010 16:02

    Market going mad in the last 24 hours targeting Greece and Portugal has put Europe on alert and Germany to change stand as there is visible fear of widening of the crisis. Brussels reassure that aid to Athens will be given in time. From Berlin, IMF managing director, ECB chief and German Finance Minister statements were in the same line. German Chancellor Angela Merkel is expected to make statements later. Spreads on 10-year Greek bonds exploded to 1000 basis points this morning but dropped to 600 basis points after announcements in Berlin.

    Downgrading of Greek Bonds Put Europe on Alert

    Procedures for the activation of rescue mechanism for Greece are being accelerated after the new speculative attack against Greece's economy and the Standard & Poor's credit rating agency that downgraded Greek bonds to junk status and Portuguese bonds two notches.

    Standard & Poor's rating led 10-year Greek bond to 1.012 basis points, the highest since 1995 while Greek bond yields are the highest are now the highest in the world, more than even that of Venezuela.

    Later, however, spreads dropped to 850 basis points and to 600 basis points after positive developments in Germany.

    Nervousness prevailed in the Athens Stock market. Today's session opened with a -2% fall, continued with 2% gains to close with 0.63% rise, to 1707 points.

    The Stock Market Committee taking into consideration the extraordinary circumstances in the Greek market put a two month halt in short selling.

    The possibility of a Greek and Portuguese default as well as Standard & Poor's downgrading of Greece's credit rating to junk level sent stock markets into the lowest levels of declines of the last five weeks across Asia and Europe.

    The euro hit a one-year low 1,3143 against the dollar on Wednesday.

    Berlin Accelerates Procedures

    Amid intensifying pressure for acceleration of procedures, German Chancellor Angela Merkel met in Berlin with IMF managing director Dominique Straus Khan and ECB chief Zean Claude Trichet to coordinate bail out package for Greece.

    After the conclusion of talks, German Finance Minister, Wolfgang Schaeuble said that Germany will have ratified legislation to release its share of financial aid to Greece. He added that the problem was not only for Greece but concerned the euro region, stressing Germany's resolve to combat speculation

    The faster, the better. The situation gets worse every day wasted, said IMF managing director, underlining that credibility should be restored.

    According to German Finance Ministry spokesman, the Ministers' Council will authorize release of the fund from KfW Bank during its meeting on Monday.

    Reports say EU Commission, IMF and ECB officials will have completed three-year package of measures with Greek authorities till Saturday. Finance undersecretaryPhilipos Sahinidis, in an interview with state radio NET 105.8 said it activation of support mechanism was a matter of few days.

    Call for Acceleration of Procedures

    French prime-minister pledged support to Greece as decided during the last European council and assured that Germany's hesitation would be dissolved . British Treasury secretary Allister Darling called euro region member states to urgently agree on Greece's support package in order to restore market's credibility. In an interview with LBC , he stressed that it was imperative to resolve Greece's problems quickly and effectively and placed emphasis on the responsibility of other euro region member states.

    Italian newspaper Il Sole 24 Ore says that the Italian government is preparing to ratify release of funds for Greece.

    Rompuy- Barosso Rule out restructuring of Greek Debt

    Both Barosso and EU spokesman put foot on brake about restructuring of Greek economy.

    European Commission President Jose Barroso, traveling in Tokyo, tried to reassure bond markets and investors that help will be available before a late May deadline for Greece to repay some of its investors.

    "The European Commission is making solid and rapid progress with the European Central Bank, the IMF and Greek authorities to finalize the Greek adjustment program," Barroso said. "The commission expects this work to be finalized in the coming days. In my mind, there's no doubt Greece's needs will be met in time."

    Debt restructuring is not an option for Greece or any other Eurozone

    There is no doubt that Greece's needs will be met in time said EU spokesman Amadeu Altafaj Tardio. "There is no scenario of debt restructuring. That is not being discussed .

    Sources: - 105.8-NA/PA

    News item: 35991


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