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The Hellenic Radio (ERA): News in English, 10-11-16
From: The Hellenic Radio (ERA) <www.ert.gr/>
 Papandreou Ruled out Debt RestructuringTuesday, 16 November 2010 12:08
Prime-minister G. Papandreou, in an interview with French newspaper "Le Figaro", ruled out any restructuring of the country's debt, saying that it would be a catastrophe for Greek people. He also spoke of the country's efforts to restore its credibility. Prime-minister G. Papandreou raised the issue of extending time for repayment of loan beyond 2013 for the first time during his meeting with French President Nikola Sarkozy on Monday. Mr. Sarkozy had a positive reaction. On the sidelines of the Socialist International Council conference on Monday, Mr. Papandreou strongly criticized Angela Merkel inflexible stand against the EU member states hit by the financial crisis.
"Debt Restructuring Would Be a Catastrophe"
"Debt restructuring would be a catastrophe for Greek citizens, a catastrophe for confidence in Europe and the euro. We are continuing on the same track. We have already disproved all those who said that Greece would not be able to put its accounts in order".
Mr. Papandreou, in his interview with "Le Figaro" said debt restructuring was out of the question, adding that there would not be any further cuts in salaries and pensions.
"Result of Sunday's elections is a clear indication that people support the government effort and realize it is necessary despite the sacrifices they have been requested to make", said G. Papandreou in response to a question related to recent local administration elections.
Socialist International two-day conference in Paris concludes at noon today. On the sidelines of the conference, Mr. Papandreou will have bilateral contacts with the general secretary of the Organization for Economic Cooperation and Development (OECD), Angel Gurria and Iraqi President Jalal Talabani.
SOURCES: ÍÅÔ, ÍÅÔ 105.8, ÁNA-ÌPA
News item: 47489
 37th Anniversary of Polytechnic UprisingTuesday, 16 November 2010 11:05
Three day events are being held to mark the 37th anniversary of the Polytechnic uprising. The President of the Republic Karolos Papoulias laid a wreath at the monument to the fallen on Tuesday, second day of events which culminate on Wednesday with the customary march to the American embassy. Tens of students, organizations and ordinary people lay wreaths and flowers at the monument. The Deans board has decided increased guarding of the building while 7.000 policemen are out in force to avert incidents. Traffic police have also taken additional measures for the surrounding streets.
"Then a Slogan, Nowadays a Challenge "
Greek people and among them the country's first citizen, the President of the Republic Karolos Papoulias, have not forgotten the sacrifice of those young people who wrote the brightest page in modern Greek history, and approach with respect to lay wreaths or flowers.
In his message, Karolos Papoulias refers to this year's anniversary of the Polytechnic uprising which as he stresses coincides with a difficult year with many questions at stake: "First of all how many will be the stone years for Greek society who is being tried but also when and how politics will regain its sovereign over the markets and when and how the political system will find the means to respond to the needs of the era".
Education Minister Anna Diamantopoulou also paid respect to the fallen while PASOK party secretary Mihalis Karhimakis laid a wreath on behalf of the party.
Education Minister Anna Diamantopoulou said: "We all have the obligation to stand next to this generation who needs hope and more opportunities and the key to this is Education".
All political parties pay tribute to the students' uprising in 1973 and send messages related to the present difficult circumstances.
The gates of the Polytechnic will close at 21:00 on Wednesday while events culminate on Wednesday at 15:00 with the customary march to the US embassy
Sources: ÁNA-ÌPA, ÍÅÔ
News item: 47429
 Yield on New 3-Month State Bonds RoseTuesday, 16 November 2010 14:28
Greece issued 3-month state bonds maturing on February, 11, 2011 on Tuesday to raise 300 million euros. Applications for 300 million euros were accepted plus an additional 90 million euros of non competitive applications. The yield of the 3-month bond rose by 35 percentage base points to 4.10% compared to last auction in October when average yield stood at 3,75% said spokesman for Public Debt Management Agency.
The auction was over covered by 4.98% compared to 5.19% in last October's auction. Settlement date is Friday, November, 19, 2010 (T+3). State bonds interest is calculated on time period ACT/360.
News item: 47522
 Eurogroup Crucial Meeting- Van Rompey Sounds BellTuesday, 16 November 2010 13:48
Greek Finance Minister George Papakonstantinou will present data on the course of Greece's economy to the Eurogroup, meeting in Brussels on Tuesday. The conference is described as crucial due to developments in Ireland while the situation in Portugal will be also discussed. We are fighting for the survival of the Eurozone and the European Union said EU President Herman Van Rompey.
"The European Union will not survive if it fails to overcome a debt crisis plaguing the single currency area", warned EU President Herman Van Rompey on Monday.
"We are facing a survival crisis. We all have to work together in order to survive with the eurozone because if we do not survive with the eurozone, we will not survive with the European Union. But I am very confident we will overcome this", said Van Rompey addressing the European Policy Center, in Brussels.
Focus on Ireland-Portugal
Finance Ministers of Euro region member countries meet in Brussels, today Tuesday amid talks about possibility of Ireland applying for a European bail out and high concerns about Portugal's state accounts. Eurozone Finance Ministers are called to relax markets and avert spread of the crisis. Ecofin holds a meeting on Wednesday.
Last year's revised Greek state deficit, about which Mr. Papakonstantinou has informed his counterparts, is likely to be included in the agenda of talks.
Related News: Eurostat: 2009 Deficit at 15,4% of GNP
News item: 47521
 New Round of Negotiations with TroikaTuesday, 16 November 2010 09:16
Negotiations with Troika officials, who are in Athens, continue. Troika officials are to meet with Finance Minister G. Papakonstantinou on Tuesday morning shortly before his departure for Brussels to attend Eurogroup meeting. The Finance Minister will brief Eurogroup and Ecofin on the course of Greece's economy on Tuesday and Wednesday respectively while new state budget will be tabled to the Parliament on Thursday. Troika officials will also meet with the leadership of Employment Ministry while talks are expected to center on labour relations under the weight of revised 2009 deficit. On Tuesday, Greece issued 3-month state bonds to raise 300 million euros.
"Ruled out Salary and Pensions Cut, New Taxes and Lay offs"
Reports say that additional measures in 2011 are to center on cuts in expenses of public utility companies, hospitals, social security funds as well as combat of tax evasion in order to raise 4 billion euros.
It is said that the Greek government will try to convince Troika officials on the need to spread in three years the additional deficit from revised 2009 deficit instead of implementation of the total fiscal stability program in 2011.
Furthermore the government has ruled out salary and pensions cut, new taxes and lay offs, underlining that there is still room to cut down on waste in the Public sector.
ND has asked the Prime-minister whether he planned to take new austerity measures or not.
"Greece does not accept Troika since the people are not responsible for the deficit and debt", said the GCP.
LAOS party suggested national strategy for renegotiation of memorandum terms.
"Upwards revised deficit will be the ground for tougher austerity measures", said SYRIZA.
Sources: ÍÅÔ, ÍÅÔ 105.8
Related News: Eurostat: 2009 Deficit at 15,4% of GNP
News item: 47351