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The Hellenic Radio (ERA): News in English, 10-11-22

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

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

CONTENTS

  • [01] Papakonstantinou: Tough Negotiations with Troika

  • [01] Papakonstantinou: Tough Negotiations with Troika

    Monday, 22 November 2010 15:09

    Tough negotiations on the increase of revenues and drastic cuts in public sector expenses are being held between the government and Troika. Focus is being placed on Public Utility Companies and particularly on collective labour agreements and employee transfer. Disbursement of rescue package 9 billion euros third installment is considered certain, however, officials from the European Central Bank and International Monetary Fund are exercising pressure for strict timetable for implementation of structural changes. Finance Minister George Papakonstantinou briefed the President of the Republic on the situation of the economy and negotiations with Troika senior officials. Mr. Papakonstantinou spoke of tough negotiations to achieve the best results for the country.

    Papakonstantinou: Negotiations not Hampered

    The Finance Minister briefed the President of the Republic on both the course of the economy and negotiations with Troika senior officials.

    Mr. Papakonstantinou stressed that 2010 was a difficult and crucial year for Greece's economy but Greece avoided bankruptcy and achieved to drop state deficit by 6%.

    In response to the President's relevant question, Mr. Papakonstantinou said: negotiation with troika was not hampered but it continues and is difficult as the government is trying to safeguard the country's interests as much as possible having in mind that the next installment of the loan is under question at the end of this negotiation.

    Mr. Papakonstantinou also said that negotiation with Troika is coming to an end and focus is placed on big structural reforms, or else changes in the public sector, public utility companies, labour market, boosting competitiveness. He reminded that there was agreement on the new state budget already submitted.

    He made clear that the government does not intend to repeat in 2011 the "extremely painful measures" -such as cuts in salaries and pensions in the public sector- it was obliged to take in 2010.Referring to 2011 state budget, the Finance Minister spoke of fiscal stability effort which is a one-way road if Greece wants to restore its credibility in foreign markets and reenter growth track in 2012.

    Dialogue with the President of the Republic

    Finance Minister with Bloomberg

    "Debt restructuring will damage Greek economy and the banking sector and send a wrong signal to the Eurozone", Finance Minister told Bloomberg.

    G. Petalotis tough but not dramatic

    Government spokesman George Petalotis described as tough but not dramatic negotiations with Troika officials on issues regarding labour relations, transfer of personnel, underlining that the government sticks to its positions on these issues.

    Although Mr. Petalotis did not reveal the exact content of negotiations as they are still in progress, he underlined that there was neither question about salary cuts nor lay offs in the public sector.

    Sources: - 105.8 -NA/PA

    News item: 48488


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