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Image header Agence Europe
Europe Daily Bulletin No. 10715
Contents Publication in full By article 14 / 31
ECONOMY - FINANCE - BUSINESS / (ae) greece

Greek government tries to agree on savings package

Brussels, le 22/10/2012 (Agence Europe) - The Greek prime minister, Antonis Samaras, will be meeting on Tuesday with the heads of his coalition parties, PASOK and Democratic Left (Dimar), Evangélos Vénizélos and Fotis Kouvelis respectively, to agree on the €13.5 billion savings required by the country's lenders. It is expected that they will be able to reach agreement that very day so the measures can go to the Greek parliament for approval, which Greek media suggest could be arranged the following week.

Greece is adamant that the measures be adopted ahead of the eurozone finance ministers' meeting on 12 November because the savings are a precondition for the disbursement of a crucial aid instalment of €31.5 billion. Samaras says Greece can get by until 16 November without the new cash, but needs the aid to stay afloat (see EUROPE 10714). On Monday, the prime minister's party, New Democracy, threw Nikos Stavrogiannis out of its midst at the Greek parliament after he said on Greek radio that he would vote against the measures, describing them as “unfair, tough and ineffective”.

In connection with the negotiations between Greece and the troika of lenders (the European Commission, European Central Bank and International Monetary Fund), which hit a troubled patch over reform of the labour market, the European Commission is refusing to comment on a recent announcement by the Councl of Europe that several 2010 reforms of the Greek labour market are illegal. The Council of Europe's human rights committee says the apprenticeship contracts and minimum wage for under 25-year-olds currently in force in Greece are illegal and must be changed.

The European Commission has brushed aside rumours about a special meeting of Eurogroup on Friday 26 October. A spokesperson for Euro Commissioner Olli Rehn said that no Eurogroup meetings were planned at the moment apart from the one on 12 November. (EL/transl.fl)

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