Arab Today, arab today greece scraps key privatisations stocks hammered
Last Updated : GMT 12:54:35
Arab Today, arab today
Arab Today, arab today

Greece scraps key privatisations, stocks hammered

Arab Today, arab today

Arab Today, arab today Greece scraps key privatisations, stocks hammered

Alexis Tsipras (L)
Athens - AFP

Greece's new hard-left government on Wednesday scrapped key privatisation tenders and pressed home its demand for debt relief, causing sharp falls on the Athens stock market as investors fretted over the risk of a default.
Prime Minister Alexis Tsipras said his "national salvation" government would not sell a majority stake in the main ports of Piraeus and Thessaloniki, and would also halt the privatisation of the top electricity and petroleum companies.
The news sent Greek stocks tumbling, with the main index losing over 9.0 percent and banks falling by a quarter.
Yields on Greek 10-year bonds also rose above the symbolic barrier of 10 percent.
Tsipras, comfortably elected on Sunday on a pledge of ending painful austerity in a country worn down by six years of recession, said he wanted a "fair" renegotiation with Brussels of the country's 240 billion euro ($269 billion) bailout.
His finance minister, Yanis Varoufakis, insisted there would be no "showdown" between Greece and the European Union, while calling the austerity cuts a "toxic mistake" that ultimately benefited no one in Europe.
In a speech to the cabinet -- his first since taking office -- 40-year-old premier Tsipras however insisted that Greece's new leaders were no longer willing to bow to the "politics of submission", in a clear swipe at Brussels and the International Monetary Fund.
The new government had already on Tuesday taken the EU to task for threatening to impose further sanctions on Russia over the war in the Ukraine without consulting Athens about the warning.
"Our people are suffering and demand respect... We must bleed to defend their dignity," Tsipras said on Wednesday.
The new government's radical anti-austerity agenda has alarmed financial markets, reviving fears that Greece could crash out of the eurozone.
After his Syriza party stormed to power on Sunday, Tsipras forged a coalition with the nationalist Independent Greeks (ANEL), who are equally opposed to the fiscal cuts imposed over the past five years in return for bailout loans.
The ruling Syriza party has made frequent references to a "New Deal", harking back to the stimulus programme that pulled the United States out of the Great Depression in the 1930s.
The new coalition -- which has 162 seats in the 300-member parliament -- must address an end-of-February deadline set by the EU for Greece to carry out more reforms in return for a seven billion euro tranche of financial aid from the bloc and the IMF.
Tsipras, who has vowed to reverse many of the severe spending cuts and other measures that Greece's creditors insist on, must soon decide whether to delay the deadline.
Outgoing finance minister Gikas Hardouvelis said Greece had "quite acute" financing needs in March and could not afford to have negotiations drag on until the summer.
- EU 'flexible' -
Greece's European partners have been quick to stymie the prospect of debt forgiveness, with German Chancellor Angela Merkel's spokesman saying that Greek membership of the eurozone "means... sticking to its previous commitments."
However the EU's governing body indicated Wednesday that it was willing to show flexibility with the new Greek leaders to keep the debt-stricken nation in the eurozone.
European Parliament chief Martin Schulz will be in Athens on Thursday, the first foreign dignitary to hold talks with the new government.
The European commissioner for economic and financial affairs, France's Pierre Moscovici, said he ruled out any "break" between the European Commission and the new Greek administration, the French daily Le Parisien reported Wednesday.
The Commission and the European Union are willing to seek "less intrusive, more flexible forms of cooperation" with Athens, the paper quoted him as saying.
The head of the eurozone finance ministers, Jeroen Dijsselbloem, will also visit Athens on Friday "to get to know" Greece's new leaders, his spokeswoman said.
But in a newspaper interview Wednesday, a member of Germany's Bundesbank central bank warned Athens of "fatal consequences" if it rejected the bailout terms.
"If the continuation of the programme of aid for Greece is called into question... Greek banks would lose access to central bank funds," Joachim Nagel told the German business daily Handelsblatt. "It would have fatal consequences for the Greek financial system."
- 'Humanitarian disaster' -
Tsipras' Syriza party claims the stringent conditions attached to the bailout -- including wage and pension cuts and widespread privatisations -- have caused a "humanitarian disaster" in Greece.
It wants to spend 1.2 billion euros to immediately increase the minimum wage and pensions for the poorest.
However, the IMF extended an olive branch to the new government, saying it was prepared to continue its support to the country.
Greece's economy is set to emerge from recession after shrinking by a quarter in five years, a slump that has left one in four out of work.
Many Greeks say that even if Tsipras can deliver on a fraction of what he has promised, their lives will improve.
Tsipras stands alone as Europe's first anti-austerity leader for the moment, but Syriza's victory could inspire other movements born out of the crisis, including Spain's Podemos, which is aiming for an absolute majority in the Spanish election in November.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece scraps key privatisations stocks hammered Arab Today, arab today greece scraps key privatisations stocks hammered

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece scraps key privatisations stocks hammered Arab Today, arab today greece scraps key privatisations stocks hammered

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Malaysia Airlines picks new CEO

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Residents get glimpse of Raqa in ruins

GMT 07:10 2017 Saturday ,21 October

Residents get glimpse of Raqa in ruins
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 09:56 2017 Friday ,20 October

Privacy Groups Warn of Perils

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday